Clean Max Enviro Energy Solutions IPO is set to open in February 2026 and is one of the largest renewable energy IPOs in recent times. Clean Max Enviro Energy Solutions Limited, a leading renewable energy provider in India, is entering the capital markets with a ₹3,100 crore initial public offering.
The company operates in the fast-growing renewable energy services segment, offering renewable energy power sales, carbon credit solutions, and long-term clean power agreements to commercial and industrial customers. With strong customer centric capabilities and a growing managed capacity base, Clean Max Enviro Energy has positioned itself as India’s largest commercial and industrial renewable power supplier.
Clean Max Enviro Energy Solutions IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 23 to 25 Feb, 2026 |
| Listing Date | Mon, Mar 2, 2026 |
| Face Value | ₹1 per equity share |
| Price Band | ₹1,000 to ₹1,053 |
| Lot Size | 14 Shares |
| Minimum Investment | ₹14,742 (at upper price band) |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | ₹3,100 Crores |
| Fresh Issue | ₹1,200 Crores |
| Offer for Sale | ₹1,900 Crores |
| Listing At | BSE, NSE |
| Employee Discount | ₹100 per share |
Retail investors have a 35% allocation, while 50% of the net offer is reserved for qualified institutional buyers.
Investors should carefully read the red herring prospectus and all the related documents before applying in the securities market.
Initial Public Offering Timetable
| Event | Date |
|---|---|
| IPO Open | Mon, Feb 23, 2026 |
| IPO Close | Wed, Feb 25, 2026 |
| Basis of Allotment | Thu, Feb 26, 2026 |
| Refund Initiation | Thu, Feb 26, 2026 |
| Credit to Demat Account | Fri, Feb 27, 2026 |
| Listing | Mon, Mar 2, 2026 |
Shares of Enviro Energy Solutions IPO will list on both stock exchanges — BSE and NSE.
Clean Max Enviro Energy – Company Overview
Clean Max Enviro Energy Solutions Limited was founded in 2010 in Mumbai and operates across the renewable energy value chain. It develops, owns, and operates renewable power assets including solar, wind, and hybrid plants.
The company operates through two major business segments:
- Renewable Energy Power Sales
- Renewable Energy Services
The renewable energy services segment includes EPC, operations & maintenance, and carbon credit solutions.
The business model focuses on:
- Long-term PPAs and EAPAs
- Contracted capacity agreements
- Asset ownership
- Strong execution and customer centric capabilities
As of July 31, 2025:
- 2,532 MW contracted capacity
- 1,935 MW in advanced development
- 2,177.99 MW owned and managed capacity in FY25
Clean Max Enviro is backed by Brookfield and is recognized as India’s largest commercial & industrial renewable energy provider by capacity.
Business Model & Market Position
Clean Max Enviro Energy serves:
- Data centres
- AI technology customers
- Manufacturing industries
- Commercial enterprises
Over 531 commercial and industrial clients rely on the company for supplying renewable power.
Key strengths:
- 95.61% contracted capacity with investment-grade customers rated A or higher
- 70% of FY25 new projects from repeat business
- Blue-chip clients including Google, Apple, and Amazon
- No single customer contributing more than 10% revenue
Revenue from Karnataka and Gujarat contributed approximately 79% of power sales revenue in FY25, indicating geographic concentration risk.
Revenue streams are secured through long-term agreements, ensuring predictable cash flows and revenue visibility.
Operational excellence:
- 99.13% plant availability
- 98.95% grid availability
Major competitors in renewable power include NTPC Green Energy and Adani Green Energy.
Financial Performance of Clean Max Enviro Energy Solutions Limited
Company Financials (₹ Crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| Net Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
Key highlights:
- Turnaround to ₹19.43 crore profit in FY25
- Renewable Energy Services revenue grew from ₹148.86 crore (FY23) to ₹376.65 crore (FY25)
- Strong growth in managed capacity
- High leverage with ₹10,121 crore borrowings
The IPO proceeds will be used primarily for debt repayment, with ₹1,122.6 crore earmarked for this purpose.
Capital Markets Participation & IPO Registrar
The IPO is being managed by leading book running lead managers:
- Axis Capital
- HSBC Securities
- Nomura Financial Advisory
- BoB Capital Markets
The IPO registrar will handle allotment and important transactions through the depository system.
Investors can:
- Accept securities through their depository participant
- Apply via stock brokers
- Use demat account directly
- Authorize payment through their bank account (no cheque required)
Eligible investors include:
- Retail investors
- Non institutional investors
- Institutional investors
- Qualified institutional buyers
How to Apply using Tradejini Demat Account and IPO Application Form
To apply for the Clean Max Enviro Energy IPO:
Ensure active bank account
Use UPI or ASBA payment method
Apply via IPO in product’s section of CubePlus platform
Choose bid price within the price band or cut off price
Retail investors must ensure payment method confirmation before the IPO close date.
Attention investors:
- Avoid unauthorised transactions
- Only transact through SEBI registered intermediary
- Verify SEBI registration number of your broker
- Review related documents carefully
Risks to Consider
Investors must evaluate:
- High capital requirements
- Slightly high debt levels
- Heavy reliance on Indian market
- Geographic revenue concentration
- Market risks in renewable energy pricing
However, strong contracted capacity, repeat customers, and stable renewable power agreements reduce revenue volatility.
Conclusion – Should You Invest in Enviro Energy Solutions IPO?
The Clean Max Enviro Energy Solutions IPO offers exposure to India’s rapidly expanding renewable energy ecosystem. With strong contracted capacity, long-term agreements, and diversified institutional backing, the company has built a robust renewable power platform.
However, high borrowing levels and capital intensity remain key risk factors.
For investors looking for renewable energy exposure in the capital markets, this IPO represents a large-scale commercial renewable opportunity.
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