Repayment/pre-payment of borrowings (Rs. 1,122.67 Cr.)
General corporate purposes
The company will not receive proceeds from the Offer for Sale portion aggregating Rs. 1,900 Cr.
Financial Performance & Key Metrics
Revenue CAGR (FY23-25): 13.45%
EBITDA CAGR (FY23-25): 58.14%
ROE (FY25): 1.52%
Debt (net) to Adjusted EBITDA: 4.80x (vs peer average 6.40x)
Trade receivable days: 26 days (vs peer average 69 days)
The company turned positive since FY24.
Valuation Analysis
At the upper price band of Rs. 1,053, post-issue market capitalisation is approximately Rs. 12,000 Cr.
P/BV: 4.11 (NAV Rs. 256.14 as of Sep 30, 2025)
P/E (annualised FY26): ~440x
EV/EBITDA (FY25): ~13x (industry average ~22x)
Risks to Consider
Capital-intensive business model
Regulatory risk
High debt levels
Execution risk
Credit risk from C&I customers
Past losses
Revenue concentration from top 10 customers
Geographical concentration
Limited experience selling power through exchanges
Potential conflicts of interest with Brookfield affiliates
Our View – Should You Apply?
CleanMax operates in a structurally growing renewable energy sector with strong operational scale and client relationships.
However, given elevated valuation metrics and sector-specific risks, the issue may be suitable for high-risk investors with a long-term investment horizon.
Frequently Asked Questions (FAQs)
What is CleanMax’s core business?
The company provides renewable power and energy services to commercial and industrial customers.
What is the IPO price band?
The IPO price band is Rs. 1,000 to Rs. 1,053 per share.
Is the IPO suitable for conservative investors?
Due to capital intensity and elevated valuation, it may be more suitable for high-risk investors.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
Sep 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
9,693.45 |
16,103.42 |
14,253.09 |
9,609.79 |
| Total Expenditure |
3,314.87 |
5,952.70 |
6,837.36 |
5,550.60 |
| EBITDA |
6,378.58 |
10,150.72 |
7,415.73 |
4,059.19 |
| Profit/(Loss) before Tax |
530.95 |
597.47 |
61.96 |
(161.55) |
| Profit/(Loss) after Tax |
190.04 |
194.29 |
(376.43) |
(594.73) |
| E.P.S. (Diluted) |
1.05* |
2.79 |
(3.94) |
(9.01) |
| P/E (x) (Diluted) |
- |
377.42 |
- |
- |
| RONW (%) |
0.43* |
1.09 |
(1.70) |
(5.39) |
*Not annualised
PRICE CHART (@ ₹ 1,062) (Retail Category)
| LOT SIZE |
| Amount |
| 14 |
14,742 |
| 28 |
29,484 |
| 42 |
44,226 |
| 56 |
58,968 |
| 70 |
73,710 |
| 84 |
88,452 |
| 98 |
103,194 |
| 112 |
117,936 |
| 126 |
132,678 |
| 140 |
147,420 |
| 154 |
162,162 |
| 168 |
176,904 |
| 182 |
191,646 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
196 |
206,388 |
| Big HNI |
952 |
1,002,456 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
26/2/2026 |
| Initiation of refunds/unblocking ASBA Fund |
26/2/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
27/2/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
2/3/2026 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
