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Clean Max Enviro Energy IPO
Clean Max Enviro Energy Solutions
Clean Max Enviro Energy IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| To be announced | -- | -- | -- |
| Issue size | IPO doc | ||
|---|---|---|---|
| -- | DRHP PDF |
| Face value |
|---|
| 1 |
About Clean Max Enviro Energy
Founded in
2010
MD/CEO
Kuldeep Jain
Parent organisation
Clean Max Enviro Energy Solutions
Strengths & Risks of Clean Max Enviro Energy
Strengths
Risks
As India's largest Commercial & Industrial (C&I) renewable energy provider by capacity, the company has rapidly scaled its operations, growing its owned and managed capacity from 1,040.14 MW in FY23 to 2,177.99 MW in FY25, reflecting its dominant market position and strong execution capabilities.
The company has achieved a significant financial turnaround, reporting a profit of ₹19.43 Crores in FY25 after incurring losses of ₹376.44 Crores in FY24 and ₹594.73 Crores in FY23. This recovery is supported by strong revenue growth, which saw a CAGR of 26.85% from FY23 to FY25, reaching ₹1,495.70 Crores.
The company serves a high-quality, diversified customer base with over 531 C&I clients, mitigating concentration risk as no single customer contributed more than 10% of revenue in FY25. As of March 31, 2025, 95.61% of its contracted capacity is with investment-grade customers rated 'A' or higher, ensuring high creditworthiness and revenue assurance.
Revenue streams are secured by long-term Power Purchase Agreements (PPAs) and Energy as a Service Agreements (EAPAs), which had a weighted average tenure of 22.73 years and an average lock-in period of 16.85 years as of March 31, 2025, providing strong and predictable revenue visibility.
The company is backed by Brookfield, a premier global investment firm with over US$1.0 trillion in assets under management. This sponsorship provides significant strategic and financial support, access to low-cost capital, and global expertise in infrastructure and renewable energy, enhancing its competitive position.
The company's Renewable Energy Services business is demonstrating strong growth, with its revenue increasing from ₹148.86 Crores in FY23 to ₹376.65 Crores in FY25. This segment, which includes services like CapEx and O&M, complements its power sales business and provides an additional, high-margin revenue stream.
Operational excellence is evident in the high and consistent plant and grid availability metrics. For FY25, the company achieved an average plant availability of 99.13% and grid availability of 98.95% across its portfolio, ensuring maximum energy generation and revenue capture from its assets.
The company maintains a strong and growing project pipeline, with 2,532 MW of contracted capacity and 1,935 MW in the advanced stage of development as of July 31, 2025. This substantial pipeline, which more than doubles its current operational capacity of 2,544 MW, underpins future growth prospects.
The company has a high level of indebtedness, with total borrowings amounting to ₹7,973.70 Crores as of March 31, 2025. Consequently, finance costs have surged from ₹217.22 Crores in FY23 to ₹562.89 Crores in FY25, significantly impacting net profitability and cash flows.
There is a notable concentration of revenue from its top customers. In Fiscal 2025, 2024, and 2023, the top 10 customers contributed 36.16%, 42.39%, and 51.22% of revenue from operations, respectively. The loss of any of these large customers could adversely affect the company's financial health.
The company, its subsidiaries, and promoters are involved in a number of outstanding legal proceedings. The aggregate amount involved in litigation against the company and its subsidiaries is ₹152.27 Crores, with an additional ₹283.53 Crores in tax proceedings. An adverse outcome in these cases could lead to significant financial liabilities.
Despite turning profitable in FY25, the company has a history of significant losses, reporting a restated loss of ₹594.73 Crores in FY23 and ₹376.44 Crores in FY24. This history indicates underlying financial vulnerabilities and there is no guarantee of sustained future profitability.
The company's operations are geographically concentrated, with projects in the states of Karnataka and Gujarat accounting for 78.76%, 79.71%, and 86.91% of revenue from Renewable Energy Power Sales in FY25, FY24, and FY23, respectively. This exposes the company to risks from adverse regulatory changes, policy shifts, or natural disasters in these specific regions.
A significant portion of promoters' shareholding is pledged. As of the DRHP date, promoters have pledged 21,998,520 equity shares, representing 10.43% of the post-offer fully diluted share capital. Enforcement of this pledge by lenders could lead to a change in management and control, potentially impacting the company's strategic direction and operations.
The company faces material contingent liabilities that have not been provided for in the financial statements. As of March 31, 2025, these contingent liabilities amounted to ₹91.83 Crores for claims against the group not acknowledged as debt and ₹85.25 Crores for goods and services tax issues, which could crystallize into actual liabilities in the future.
The business heavily depends on government policies and regulations. Changes to or termination of policies supporting renewable energy, such as open access regulations, renewable purchase obligations (RPOs), and tax benefits, could adversely affect the financial viability and profitability of both existing and future projects.
Clean Max Enviro Energy Financials
*All values are in Rs. Cr
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