Clean Max Enviro Energy Solutions Ltd.: overview
Clean Max Enviro Energy Solutions Ltd (NSE: CLEANMAX, BSE: 544717, Mcap ~INR 16,445 Cr) as at 09-09-2026, India's largest Commercial & Industrial (C&I) renewable energy platform, has hit a landmark financial milestone: Crisil Ratings Limited has assigned the Company its first-ever corporate credit rating.
COMPANY OVERVIEW
CleanMax is India's largest Commercial & Industrial (C&I) renewable energy platform, with an operating history spanning over 15 years. Built on a highly contracted, long-duration business model, the Company has scaled its total contracted portfolio to 6.8 GW — nearly 3x its size just two years ago — while serving close to 600 customers across roughly 10 states, backed by a weighted average PPA tenor of 23 years. CleanMax's growth is increasingly powered by hyperscale demand: Data Centre & AI customers now account for 42% of its contracted RE Power Sales portfolio, with dedicated capacity surging nearly 10x — from 240 MW in March 2024 to over 2.5 GW today — giving the Company an estimated 35% market share in India's hyperscaler renewable procurement, with marquee clients including Meta, Apple, Google, and Amazon.
PERFORMANCE AND GUIDANCE
Financially, CleanMax posted INR 832 Cr in revenue (+107% YoY) and INR 494 Cr in Adjusted EBITDA (+74% YoY) in its most recent quarter, with RE Power Sales EBITDA margins at a robust 83.7%. Looking ahead, management has issued its fresh formal FY28 guidance of a minimum EBITDA of INR 3,000 Cr by FY28, ~2.3x FY26 EBITDA of INR 1,295 Cr, anchored to a minimum 4.6 GW RE power sales capacity by April, 2027 (3.1 GW base + 1.5 GW FY27 additions). Critically, this is paired with a steady-state net debt of INR 16,000 Cr implies steady-state net debt/EBITDA of ~5x.
AA RATING - FURTHER DRIVES LOWER COST OF DEBT
Sitting firmly in investment-grade territory, the CRISIL AA/Stable rating is set to significantly widen CleanMax's access to capital markets while improving its overall cost of financing. This builds on a trend already visible in the Company's own numbers — even as net debt has expanded from INR 6,784 Cr in FY25 to INR 10,123 Cr in FY26 and further to INR 11,809 Cr in Q1 FY27, the cost of project debt has consistently trended down over the same period, from 9.4% to 9.2% and now to 8.4%. With the AA/Stable rating now secured, this downward trajectory in borrowing costs is well-placed to continue further. For the Company, this means stronger negotiating power with lenders, competitive interest rates, and greater flexibility to fund capacity expansion. It also sends a positive signal to institutional investors, bondholders, and corporate off-takers, reinforcing trust in CleanMax's financial discipline within India's C&I renewable energy space, and may boost participation in the planned INR 2,500 Cr NCD issuance as investors increasingly favour investment-grade issuers.
VALUATION OUTLOOK
Based on its FY28 guidance, Clean Max Enviro Energy Solutions Ltd. trades at just 8.4x EV/EBITDA — a valuation that stands out sharply against its listed peers. This places CleanMax at a meaningfully lower valuation than the broader peer set, even as it holds a leading position in India's renewable energy space. The result is a compelling entry point for investors, with clear scope for a re-rating as the Company delivers on its growth guidance and the valuation gap with peers continues to close.
Disclaimer - Informational only. Not investment advice.GoIndia Advisors LLP | SEBI Registered Research Analyst | Reg. No. INH000020040 | BSE Enlistment No. - 6518