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15 Days Price Change

Clean Max Env. Energ IPO

Closing In

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Profile
Issue Size 2297.99 Cr
Profile
Price Range 1000  to  1053 per share
Profile
Min Investment ₹1053
Profile
Lot Size 1
Profile
Face Value ₹1
Profile
Draft Prospectus
Invest Before the IPO Goes Live

Buy unlisted shares early and participate in the growth before public listing.

Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

we specialize in delivering Net Zero11 and decarbonization 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”). Our 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 our customer’s premises (“Onsite”) and within CleanMax-developed renewable energy (solar, wind and hybrid) farms (“Offsite”).We also provide end-to-end decarbonization solutions to customers such as turnkey development, O&M solutions for renewable energy power plants and carbon credits solutions. We are committed to being a Net Zero partner to corporates, driven by a client-first culture, execution excellence, focus on capital efficiency and our people and culture. Read More

Basic Info

Face Value 1 per share

Price 1000  to  1053 per share

P/E (x) 363.1

Sales( Cr.) 1496

PAT( Cr.) 12

EPS 2.9

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

Kuldeep Jain Pratap Jain Nidhi Jain BGTF One Holdings (DIFC) Ltd. Kempinc LLP

Pre Issue Share Holding 65.42%

Post Issue Share Holding --%

Listing Details:

Listing Price: 952.2

Listing Gain: -10.59%

Current Price: 810.7

Gain On Issue: 810.7 | 0%

GMP: --

GMP %: -- %

IPO Tentative Timetable

Opening Date Feb 23, 2026
Closing Date Feb 25, 2026
Allotment Feb 26, 2026
Refund Feb 27, 2026
Delivery of Shares Feb 27, 2026
Listing Date Mar 02, 2026

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 14 14,742
Retail (Max) 13 182 191,646
S-HNI (Min) 14 196 206,388
S-HNI (Max) 67 938 987,714
B-HNI (Min) 68 952 1,002,456

Objective of the Issue

The net proceeds of the Fresh Issue, i.e., Gross Proceeds of the Fresh Issue less the Company’s share of the Offer related expenses (“Net Proceeds”) are proposed to be utilised in the following manner:1. Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries 2. General corporate purposes.

Issue

Category Nos Bid Bid (x)
QIB 6139997 17374756 2.8x
NII 4605000 2476152 0.5x
Retail 10744999 683844 0.1x
EMP 333333 34804 0.1x
Total 21823329 20569556 0.9x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Clean Max Env. Energ Profit & Loss

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 930 1390 1496
Other Income 31 35 116
Total Income 961 1425 1612
Total Expenditure 555 683 595
Operating Profit 406 742 1017
Interest 218 505 665
Depreciation 118 222 300
Exceptional Income / Expenses -89 -11 0
Profit Before Tax -18 5 52
Provision for Tax 43 44 40
Profit After Tax -61 -39 12
Adjustments -4 8 16
Profit After Adjustments -65 -31 28
Adjusted Earnings Per Share -9 -3.5 2.7

Clean Max Env. Energ Balance Sheet

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1211 1833 2563
Minority's Interest 258 401 641
Borrowings 3619 5195 7127
Other Non-Current Liabilities 156 136 243
Total Current Liabilities 1629 1285 2451
Total Liabilities 6872 8851 13025
Fixed Assets 2929 6649 8060
Other Non-Current Assets 2984 1195 3096
Total Current Assets 959 1007 1869
Total Assets 6872 8851 13025

Clean Max Env. Energ Cash Flow

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 52 113 50
Cash Flow from Operating Activities 928 86 1404
Cash Flow from Investing Activities -3011 -1939 -3617
Cash Flow from Financing Activities 2144 1789 2481
Net Cash Inflow / Outflow 61 -64 268
Closing Cash & Cash Equivalent 113 50 329

Clean Max Env. Energ Ratios

# Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -9 -3.52 2.74
CEPS(Rs) 7.75 20.75 30.74
DPS(Rs) 0 0 0
Book NAV/Share(Rs) 163.12 203.25 243.98
Core EBITDA Margin(%) 40.33 50.83 60.25
EBIT Margin(%) 21.46 36.67 47.96
Pre Tax Margin(%) -1.95 0.35 3.49
PAT Margin (%) -6.61 -2.8 0.79
Cash Profit Margin (%) 6.04 13.14 20.85
ROA(%) -0.89 -0.5 0.11
ROE(%) -5.19 -2.62 0.56
ROCE(%) 3.95 8.22 8.02
Receivable days 66.52 55.3 53.67
Inventory Days 30.13 15.32 11.23
Payable days 0 0 0
PER(x) 0 0 0
Price/Book(x) 0 0 0
Dividend Yield(%) 0 0 0
EV/Net Sales(x) 3.57 3.7 4.54
EV/Core EBITDA(x) 8.16 6.92 6.67
Net Sales Growth(%) 0 49.51 7.62
EBIT Growth(%) 0 155.5 40.74
PAT Growth(%) 0 36.59 130.49
EPS Growth(%) 0 60.85 177.93
Debt/Equity(x) 3.25 3.08 3.22
Current Ratio(x) 0.59 0.78 0.76
Quick Ratio(x) 0.54 0.75 0.74
Interest Cover(x) 0.92 1.01 1.08
Total Debt/Mcap(x) 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 8% 0% 0% 0%
Operating Profit CAGR 37% 0% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 1% -2% -2% -2%
ROCE Average 8% 7% 7% 7%

Company Contact Information

Clean Max Enviro Energy Solutions Ltd.

Ullash Parida

91 22 6252 0000

Secretarial@cleanmax.com

4th Floor, The International 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate

IPO Lead Manager(s)

Clean Max Enviro Energy Solutions Ltd.

Axis Capital Ltd.

JP Morgan India Pvt Ltd

BNP Paribas

HSBC Securities & Capital Markets (India) Pvt Ltd

IIFL Capital Services Ltd.

Nomura Financial Advisory & Securities (India) Pvt Ltd.

BOB Capital Markets Ltd

SBI Capital Markets Ltd

Registrar Info

Clean Max Enviro Energy Solutions Ltd.

MUFG Intime India Pvt Ltd.

C 101, 247 Park, LBS Marg, Vikhroli (W), Mumbai (Old Address:) C-13 Pannalal Silk Compound, L B S Marg, Bhandup Mumbai Maharashtra

+91 810 811 8484

91-022-49186060

rnt.helpdesk@in.mpms.mufg.com

https://in.mpms.mufg.com/

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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