After muted listing, this stock turns multibagger in just 3 months; should you still buy?
CleanMax shares have rebounded sharply after a weak listing, supported by strong Q1 earnings and robust execution. Here's what analysts expect from the renewable energy stock.
- Aug 5, 2026,
- Updated Aug 5, 2026 2:42 PM IST
Clean Max shares target price: Shares of recently listed Clean Max Enviro Energy Solutions Ltd extended its gains following a sharp performance in the June 2026 quarter and positive brokerage commentary. To recall, the stock has doubled investors wealth even after crashing sharply on its stock market debut.
Clean Max Q1 results Clean Max Energy returned to black as the company reported a net profit at Rs 55 crore in the June 2026 quarter, compared to a net loss of Rs 16.6 crore in the year ago period. Its revenue more than doubled to Rs 832 crore, while adjusted EBITDA rose 74 per cent YoY to Rs 494 crore for the reported period. However, EBITDA margins narrowed to 50 per cent.
The company commissioned a record 530 MW solar and wind capacity in Q1FY27, while the total contracted renewable power sales portfolio scaled up to 6 GW as of June 30, 2026. Data center and AI infrastructure clients comprise 42 per cent of contracted capacity, while the management maintained a EBITDA guidance of Rs 3,000 crore for FY28.
Clean Max share price Shares of CleanMax Energy shares jumped nearly 5.7 per cent to Rs 1,400 on Wednesday, with the company commanding a total market capitalization close to Rs 16,500 crore. To recall, the stock soared more than 110 per cent in just three months from its lows at Rs 728 on March 30, 2026 to its post listing highs at Rs 1,532.80 on June 24, 2026. The stock is down 9 per cent from its peak.
To recall, shares of Clean Max Enviro Energy Solutions were listed in March 2026, when the company raised a total of Rs 3,080 crore from its maiden stake sale, offering its shares at Rs 1,053 apeice. The stock tumbled nearly 31 per cent from its IPO price until the month low, while it is currently 33 per cent above its IPO price.
Clean Max target prices 1QFY27 commissioning and EBITDA run rate are broadly in line with full year estimates. Management reiterated guidance of a minimum 1.5GW of RE capacity commissioning in FY27 and FY28 reported EBITDA of Rs 3,000 crore, said JP Morgan. "CleanMax continues to demonstrate ramp-up in execution with good control on operating parameters and unit economics," it said with an 'overweight' rating and a target price of Rs 1,478.
"We make minor changes to our estimates and update our cost of equity assumptions. We value the company on the FY28e EBITDA run-rate. We assign an 11.5 times EBITDA multiple, which reflects our assumption of 50 per cent probability of 1.5GW of annual capacity addition beyond FY28, "said HSBC Securities and Capital Markets (India).
Adjusting for net debt and minority interest as of March 2028, it derives an equity value of Rs 24,920 crore. It was discounted to September 2026 to derive target price of Rs 1,700 and assigned a 'buy' rating. HSBC has cited major regulatory changes, high leverage and rise in equipment and borrowing cost as major downside risks.
Revenue and EBITDA were estimates, driven by strong execution and better-than-expected generation. Contracting momentum held, with 318 MW signed and the 2,510 MW under execution now priced at Rs 4/kWh against Rs 3.85/kWh a quarter ago, while the 525 MW BikanerII asset stays curtailed at roughly 70 per cent, said Antique Stock Broking.
"Management introduced its first FY28 guidance of a minimum Rs 3,000 crore reported EBITDA, 2.3 times FY26, on at least 4.6 GW of capacity by FY27E. We raise FY27E EBITDA by 4 per cent and leave FY28E," it added with a 'buy' an unchanged target price of Rs 1,711," it added.
IIFL Securities expects CleanMax to outperform its utility peers over the next 24 months on it being best placed to capture Big Tech's rising India energy spend as India's largest C&I developer; and structurally higher equity IRR delivery by group-captive business model combined with JV-led capital recycling. It has a 'buy' rating on the stock with a target price of Rs 1,400.
Clean Max shares target price: Shares of recently listed Clean Max Enviro Energy Solutions Ltd extended its gains following a sharp performance in the June 2026 quarter and positive brokerage commentary. To recall, the stock has doubled investors wealth even after crashing sharply on its stock market debut.
Clean Max Q1 results Clean Max Energy returned to black as the company reported a net profit at Rs 55 crore in the June 2026 quarter, compared to a net loss of Rs 16.6 crore in the year ago period. Its revenue more than doubled to Rs 832 crore, while adjusted EBITDA rose 74 per cent YoY to Rs 494 crore for the reported period. However, EBITDA margins narrowed to 50 per cent.
The company commissioned a record 530 MW solar and wind capacity in Q1FY27, while the total contracted renewable power sales portfolio scaled up to 6 GW as of June 30, 2026. Data center and AI infrastructure clients comprise 42 per cent of contracted capacity, while the management maintained a EBITDA guidance of Rs 3,000 crore for FY28.
Clean Max share price Shares of CleanMax Energy shares jumped nearly 5.7 per cent to Rs 1,400 on Wednesday, with the company commanding a total market capitalization close to Rs 16,500 crore. To recall, the stock soared more than 110 per cent in just three months from its lows at Rs 728 on March 30, 2026 to its post listing highs at Rs 1,532.80 on June 24, 2026. The stock is down 9 per cent from its peak.
To recall, shares of Clean Max Enviro Energy Solutions were listed in March 2026, when the company raised a total of Rs 3,080 crore from its maiden stake sale, offering its shares at Rs 1,053 apeice. The stock tumbled nearly 31 per cent from its IPO price until the month low, while it is currently 33 per cent above its IPO price.
Clean Max target prices 1QFY27 commissioning and EBITDA run rate are broadly in line with full year estimates. Management reiterated guidance of a minimum 1.5GW of RE capacity commissioning in FY27 and FY28 reported EBITDA of Rs 3,000 crore, said JP Morgan. "CleanMax continues to demonstrate ramp-up in execution with good control on operating parameters and unit economics," it said with an 'overweight' rating and a target price of Rs 1,478.
"We make minor changes to our estimates and update our cost of equity assumptions. We value the company on the FY28e EBITDA run-rate. We assign an 11.5 times EBITDA multiple, which reflects our assumption of 50 per cent probability of 1.5GW of annual capacity addition beyond FY28, "said HSBC Securities and Capital Markets (India).
Adjusting for net debt and minority interest as of March 2028, it derives an equity value of Rs 24,920 crore. It was discounted to September 2026 to derive target price of Rs 1,700 and assigned a 'buy' rating. HSBC has cited major regulatory changes, high leverage and rise in equipment and borrowing cost as major downside risks.
Revenue and EBITDA were estimates, driven by strong execution and better-than-expected generation. Contracting momentum held, with 318 MW signed and the 2,510 MW under execution now priced at Rs 4/kWh against Rs 3.85/kWh a quarter ago, while the 525 MW BikanerII asset stays curtailed at roughly 70 per cent, said Antique Stock Broking.
"Management introduced its first FY28 guidance of a minimum Rs 3,000 crore reported EBITDA, 2.3 times FY26, on at least 4.6 GW of capacity by FY27E. We raise FY27E EBITDA by 4 per cent and leave FY28E," it added with a 'buy' an unchanged target price of Rs 1,711," it added.
IIFL Securities expects CleanMax to outperform its utility peers over the next 24 months on it being best placed to capture Big Tech's rising India energy spend as India's largest C&I developer; and structurally higher equity IRR delivery by group-captive business model combined with JV-led capital recycling. It has a 'buy' rating on the stock with a target price of Rs 1,400.