The IPO will close on February 25 and is scheduled to list on March 2. At the upper price band, the company is valued at a pre-IPO market capitalisation of Rs 12,325 crore.
CleanMax, incorporated in 2010, is India’s largest commercial and industrial renewable energy provider, with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted capacity under execution as of October 2025. The company operates across solar, wind and hybrid solutions and focuses on long-term power purchase agreements with commercial and industrial customers.
Financially, the company has shown a turnaround. Revenue rose to Rs 1,610 crore in FY25 from Rs 1,425 crore in FY24, while net profit stood at Rs 19.43 crore in FY25 compared with a loss in the previous year. EBITDA margins improved to 63.1% in FY25 from 52% in FY24.
However, leverage remains elevated. Net debt stood at Rs 5,938 crore in FY25 and net debt-to-equity at 1.9 times. A large portion of the IPO proceeds will be used to repay borrowings, which could strengthen the balance sheet.
At the upper price band, the issue is valued at around 16 times EV/EBITDA, which analysts described as expensive, though there is strong growth visibility from rising renewable penetration and demand from data centres and AI-linked industries.
Should you subscribe?
Swastika Investmart assigned a “Neutral” rating and said the issue appears aggressively valued on recent financials, though superior EBITDA margins and operating metrics justify the pricing to some extent. It added that the IPO may be avoided for short-term or listing gains but can be considered by well-informed investors for the medium to long termAditya Birla Money has recommended Subscribe for long-term, citing under-penetration in C&I renewable energy, projected capacity additions and strong capital efficiency. It expects demand visibility to improve as renewable penetration rises and sectors such as data centres require round-the-clock green power.
With grey market premium at just 0.3%, the issue does not indicate strong short-term listing excitement. Investors looking for quick gains may remain cautious, while those with a longer investment horizon and comfort with capital-intensive renewable businesses may evaluate the company’s growth prospects and debt reduction plans before taking a call.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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