Clean Max Enviro Energy Solutions IPO

About Clean Max Enviro IPO

The Clean Max Enviro IPO opens on Monday, Feb 23, 2026 and closes on Wednesday, Feb 25, 2026. The allotment of shares will take place on Thursday, Feb 26, 2026. The credit of shares to the demat account will take place on Friday, Feb 27, 2026. The initiation of refunds will take place on Thursday, Feb 26, 2026. The listing of shares will take place on Monday, Mar 2, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1,13,96,011 shares (aggregating up to ₹1,200 crores). The offer for sale portion includes 1,80,43,684 shares of ₹1 (aggregating up to ₹1,900 crores). The total number of shares are 2,94,39,695 (aggregating up to ₹3,100 crores).

Clean Max Enviro IPO’s price band is set at ₹1000 to ₹1053 per share. The lot size for an application is 14. The minimum amount of investment required by a retail investor is ₹14,742 (14 shares) (based on upper price). The lot size of investment for sNII is 14 lots (196 shares), amounting to ₹2,06,388, and for bNII, it is 68 lots (952 shares), amounting to ₹10,02,456.

Clean Max Enviro is a provider of commercial and industrial renewable energy. With nearly 15 years of experience since their inception in 2010, they specialise in delivering decarbonisation solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers. Their expertise spans across providing EPC services and O&M services for renewable energy plants including solar, wind and hybrid plants, within their customers’ premises and within CleanMax-developed farms. They operate two business segments: (i) Renewable Energy Power Sales Segment (where they sell power under long-term PPAs); and (ii) Renewable Energy Services Segment (where they offer EPC, O&M services and carbon services to customers).

Objectives of Clean Max Enviro IPO

• Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the company and/or certain of their subsidiaries.
• General corporate purposes.

Industry Outlook

India is expected to experience rapid growth, with its annual solar and wind capacity additions increasing from 35 GW in 2024 to 61 GW in 2030. This would translate into a total Renewable Energy capacity addition of about 345 GW between 2025-2030. Over 90% of the Renewable Energy capacity (about 315 GW) is expected from solar and wind projects. This would be driven by large-scale government procurement programmes, attractive tariffs and a strong commitment to addressing the effects of climate change. Within solar and wind technologies, Open Access (OA) mode, which enables C&I consumers to procure electricity directly from an Independent Power Producer rather than the state utility, is emerging as an attractive option for both consumers given the potential cost savings. As a result, the share of OA in solar and wind capacity addition has increased to 34% in CY2024 from just 5% in CY2019 (Source: CRISIL Report).

Clean Max Enviro Energy Solutions Company Information

Clean Max Enviro Energy Solutions is India’s largest India’s largest commercial and industrial (“C&I”) renewable energy provider with 2.80 GW of operational, owned and managed capacity, and 3.17 GW of contracted, yet to be executed capacity, as of October 31, 2025, according to the CRISIL Report. With 15 years of experience since their inception in 2010, they specialise in delivering Net Zero10 and decarbonisation solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers across data centres, AI and technology industries (“Technology customers”); and C&I enterprises across a range of sectors, including infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate, and global capability centres (“Conventional C&I customers”).

Their expertise spans across providing energy contracting, engineering, procurement and construction (“EPC”) services, and operation and maintenance (“O&M”) services of renewable energy plants including solar, wind and hybrid plants, within their customer’s premises (“Onsite”) and within CleanMax-developed renewable energy (solar, wind and hybrid) farms (“Offsite”).

They also provide end-to-end decarbonisation solutions to customers such as turnkey development, O&M solutions for renewable energy power plants and carbon credit solutions. They are committed to being a Net Zero partner to corporates, driven by a client-first culture, execution excellence, focus on capital efficiency and their people and culture.

Strengths of Clean Max Enviro Energy Solutions

• Comprehensive suite of customer-centric capabilities leading to C&I market leadership and strong customer relationships.
• Timely and cost-effective project development, execution and management capabilities.
• Efficient capital allocation and risk management.
• Their people and culture.

Risks of Clean Max Enviro Energy Solutions

• Any adverse developments including changes in the regulatory framework affecting the States of Karnataka and Gujarat.
• Any failure to maintain, renew or enter into new engagements with their top 10 customers.
• A decline in environmental or physical conditions surrounding their project sites.
• Dependence on the regulatory and policy environment affecting the renewable energy sector in India.
• Any disruption in their Renewable Energy Power Sales Segment.
• Failure to develop and secure rights to land suitable for the development of their solar and wind projects, including converting agricultural land acquired or leased for non-agricultural use.
• Changes in technology may render their current technologies obsolete or require them to make substantial capital investments.
• Their international operations subject them to various risks, including unfavourable regulatory, political, currency, tax and labour conditions.
• Credit and performance risks from third-party suppliers and contractors.
• Any disruptions to their technology infrastructure.

#The NAV per share is post impact of share split of 1:10 and bonus issue of 1:1.

Source: *Financial information of Clean Max Enviro Energy Solutions has been derived from the Restated Consolidated Financial Information as of or for the financial year ended March 31, 2025.
$ ReNew Energy Global Plc is listed on NASDAQ and not on BSE and NSE in India. Ordinary Equity Shares of ReNew Energy Global PLC are listed on NASDAQ. Closing market price of ReNew Energy Global PLC as on February 12, 2026 is converted into INR using conversion ratio of 1USD=90.59 INR

**Source for listed peers information included above:

1. All the financial information for listed industry peer is on a consolidated basis and is sourced from the financial information of such listed industry peer available on the website of the stock exchanges (BSE/NSE/NASDAQ), as of and for year ended March 31, 2025. Further financial information for FY 2025 for Renew Energy Global PLC is on a consolidated basis and is sourced from the FORM 20-F filed with US SEC and NASDAQ.
   
2. NAV of listed peers has been computed as Total Equity attributable to owners of the Company.
   
3. P/E Ratio for the listed industry peer has been computed based on the closing market price of equity shares, on BSE for Indian peers, as of February 12, 2026 divided by the diluted EPS for the year ended March 31, 2025. Except for ReNew Energy Global PLC, where closing market price of equity shares, on NASDAQ as of February 12, 2026 divided by the diluted EPS for the year ended March 31, 2025.
   
4. Return on Net Worth (%) = Profit After Tax attributable to owners of the Company for the year ended March 31, 2025/ Net Worth as on March 31, 2025.
   
5. Net Asset Value per Equity Share represents Net Worth as at the end of the year divided by number of Equity Shares outstanding at the end of the year/period.
   
6. Net Worth = Net Worth means Total Equity attributable to owners of the Company excluding any debt instruments in the nature of Equity.
   
7. EV/EBITDA for the listed industry peers has been computed based on the Enterprise Value (calculated as closing market price of equity shares, on BSE for Indian peers and NASDAQ for Renew Energy Global PLC, as of February 12, 2026 multiplied by outstanding shares, as of March 31,2025 less debt borrowings including lease liabilities less cash and cash equivalent, adding minority interest) divided by the EBITDA for the year ended March 31, 2025.

Anchor Investor Bidding Date

Friday, February 20, 2026

• Registrar: MUFG Intime India Private Limited

• Book Running Lead Managers:
  

• Axis Capital Limited
  

• J.P. Morgan India Private Limited
  

• BNP Paribas
  

• HSBC Securities and Capital Markets (India) Private Limited
  

• IIFL Capital Services Limited
  

• Nomura Financial Advisory and Securities (India) Private Limited
  

• BOB Capital Markets Limited
  

• SBI Capital Markets Limited

Clean Max Enviro Energy Solutions Business Model

The company earns its revenue through the following:

• Renewable Energy Power Sales Segment (where they sell power under long-term PPAs); and
• Renewable Energy Services Segment (where they offer EPC, O&M services and carbon services to customers).

Clean Max Enviro Energy Solutions Growth Trajectory

Clean Max Enviro Energy Solutions’ Total Income for FY25 was ₹1610.342 crores, whereas in FY24 and FY23 it was ₹1425.309 crores and ₹960.979 crores, respectively.

The Profit After Tax for FY25 was ₹19.429 crores, whereas in FY24 and FY23 it was ₹(37.643) crores and ₹(59.473) crores, respectively. (Note:() denotes negative)

Their EBITDA for FY25 was ₹1015.072 crores, whereas in FY24 and FY23 it was ₹741.573 crores and ₹405.919 crores, respectively.

Clean Max Enviro Energy Solutions Market Position

Clean Max Enviro Energy Solutions is India’s largest commercial and industrial (“C&I”) renewable energy provider with 2.80 GW of operational, owned and managed capacity, and 3.17 GW of contracted, yet to be executed capacity, as of October 31, 2025, according to the CRISIL Report.

As of 31st March 2025, the company’s Total Income, Profit After Tax, and EBITDA stood at ₹1610.342 crores, ₹19.429 crores, and ₹1015.072 crores, respectively.

How to apply for Clean Max Enviro IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.