Clean Max Enviro Energy IPO opens on February 23: Know its business model, financials, strength and risks

Clean Max Enviro Energy IPO: Renewable energy solution provider CleanMax Enviro Energy Solutions is set to launch its public issue on February 23, 2026. Brookfield Corporation-backed company plans to raise ₹3,100 crore through a combination of fresh issue and offer-for-sale.

CleanMax Enviro Energy Solutions is the largest provider of commercial and industrial (C&I) renewable energy solutions in India, boasting 2.80 GW of operational owned and managed capacity and a further 3.17 GW of contracted capacity under execution as of October 31, 2025.

The company focus on assisting corporate clients in their transition to net zero and decarbonization mainly through the supply of renewable power, energy services, and carbon solutions.

Clean Max Enviro Energy IPO details

Clean Max Enviro Energy IPO aims to raise ₹3,100 crore through its public issue by selling over 2.9 crore shares. The IPO consists of a fresh issue of ₹1,200 crore and an offer for sale of ₹1,900 crore.

The company has fixed the price band of the issue at ₹1000 to ₹1053 per share. The lot size, or the minimum bid quantity to apply for the issue, is 14 shares. This equates to a minimum investment amount of ₹14,742 per lot at the upper end of the price band under the retail investors category.

Clean Max Enviro Energy Solutions has appointed Axis Capital as the book-running lead manager of the IPO, while MUFG Intime India is the registrar for the issue.

Clean Max Enviro Energy IPO timeline

Clean Max Enviro Energy IPO will remain open for subscription on Monday, February 23 and will remain open until Wednesday, February 25, 2026. After the bidding is closed, the allotment of shares is expected to be finalised on February 26.

Successful bidders can expect the shares to be credited to their demat accounts by February 27, with others receiving refunds on the same day. Clean Max Enviro Energy shares are scheduled to list on the BSE and NSE on Monday, March 2 2026.

Clean Max Enviro Energy Financials

Clean Max Enviro Energy IPO objective

• Repayment of borrowings: The company will use ₹1,122.67 crore for repayment/ pre-payment of certain borrowings.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes and issue-related expenses.

About the company

Clean Max Enviro Energy Solutions conducts its business through two primary segments: Renewable energy power sales and renewable energy services. Under the power sales segment, the company provides electricity supply through onsite solar installations at customer facilities and offsite renewable farms (solar, wind, and hybrid).

The company has one of the largest onsite portfolios with 1,330 plants aggregating 368.06 MWp spread over 23 states in India and international markets of Thailand, UAE, and Bahrain. For the offsite projects, the company possesses both state transmission utility (STU-connected) and central transmission utility (CTU-connected) assets and had 1,942.26 MW of STU operating capacity as of September 30, 2025.

The company follows a customer-centric contracting model where projects are customised to meet the corporate needs precisely, and power is sold through long-term bilateral agreements. Through this approach, the company built a customer base of 555 as of 30 September 2025, with nearly 71.72% of the contracted capacity in H1FY26 coming from repeat customers. The company's power purchase agreements (PPAs) also offer long-term visibility with an average duration of 22.85 years and a lock-in of 16.86 years

The company generates a large share of its revenue from the segment of renewable energy power sales, which accounted for around 74% of the total revenue in FY25. Besides, this segment has higher gross margin levels of ~92-93% compare to 16-33% in the services business. Within the power sales segment, the revenue is quite diversified across different operating models, with STU group captive being the biggest at 48.2% of power sales revenue in FY25, followed by STU third-party open access at ~36.6%, and onsite solar at ~15.1%.

The company had a total installed capacity of 2,796.10 MW as of September 30, 2025, with the offsite STU group captive projects accounting for the biggest chunk of the lineup at ~50.16%.

The company is well diversified across new-age technology firms and traditional industrial clients. On September 30, 2025, technology customers represented 43.51% of the operational and contracted capacity, whereas conventional commercial and industrial clients made-up 56.49%.

The technology segment consists of global companies like Amazon, Apple, Cisco, Equinix, and Google, essentially data centre and AI-driven energy demand, while the conventional customers are companies like Bajaj Auto Limited, BASF India Limited, Grasim Industries Limited, and Welspun Living.

Strengths and opportunities

• Market leadership in C&I renewable segment: The company has established itself as a market leader in the commercial and industrial (C&I) renewable energy segment that is witnessing very fast growth as corporations aggressively set net-zero targets. With 2.80 GW of operational capacity and an additional 3.17 GW already contracted, the company has more scale and good growth visibility. Its mix of solar, wind, and hybrid solutions also allows it to serve various customer needs, which further enhances its competitiveness.
• High-quality customer base: The company has a portfolio of more than 555 corporate clients, including global technology giants and large Indian industrial groups. Most of the customers are investment-grade rated; very low counterparty risk. The long-term power purchase agreements (with an average duration of almost 23 years) ensure steady cash flows, while the over 70% repeat customer rate indicates a great level of customer satisfaction.

Risks and threats

• Capital-intensive business model: The company's growth plan will require substantial capital investment and, as a consequence, lead to the company carrying high leverage levels. Total borrowings stood at approximately ₹7,974 crore in FY25, compared with ₹3,843 crore in FY23. This sharp increase is a reflection of the ongoing expansion. High debts expose the company to interest rate risk, refinancing risk, and the requirement for covenant compliance.
• Power generation variability: The company's revenues from renewable energy assets are largely determined by the actual energy produced, which in turn depends on solar irradiation, wind speeds, and weather conditions. Due to the changing behaviour of the weather patterns caused by climate change, the energy output can be less than the planned level, which can affect the revenue stability of a company.