Renewable stock to buy: Recent debutant in bear grip after multibagger rise; Ventura sees 55% rally
CleanMax share price has corrected after a multibagger rally following its IPO debut. Check Ventura, JPMorgan, HSBC and other brokerage views, targets and key growth drivers.
- Aug 21, 2026,
- Updated Aug 21, 2026 1:27 PM IST
Domestic brokerage firms continue to remain positive on recently listed CleanMax Enviro Energy Solutions Ltd, suggesting a sharp upside in the renewable energy stock, as the counter has seen some correction post multibagger rally in the counter after a muted listing earlier this year.
To recall, shares of CleanMax Energy were listed on March 02, 2026, after the company raised a total of Rs 3,080 crore from its IPO, selling its shares for Rs 1,053 apiece. However, the stock listed on a muted note and plunged more than 30 per cent to hit lows of Rs 728 by the end of March 2026, but rebounded 110 per cent from those levels to hit highs of Rs 1,532.80 on June 24.
However, the stock has seen a correction of nearly 20 per cent from those levels in the last two months, to hover around Rs 1,260 on Friday, August 21. The total market capitalisation of the company stood close to Rs 15,000 crore. However, the brokerage firms see up to 55 per cent upside from these levels in the counter.
CleanMax provides renewable energy through power sales and services. It builds, owns and operates wind, hybrid and solar projects, generating revenue through long-term electricity supply contracts. It develops and maintains renewable plants for customers who own the assets, focusing on high-quality corporate customers, with growing exposure to the Data and AI sector.
CleanMax is placed to benefit from rising renewable-energy adoption in India’s commercial and industrial segment, which accounts for more than half of the country’s overall power consumption, said Ventura Securities. It said renewable adoption in the segment remains underpenetrated, leaving room for developers that can offer reliable, competitively priced and scalable green power.
It said state-level incentives and open-access structures can cut landed power costs by about 25-30 per cent against grid electricity. CleanMax has a weighted average realised tariff of Rs 4.06 per kWh, compared with typical industrial grid tariffs of Rs 7-9 per kWh, supporting savings of over 40 per cent, said Ventura.
For FY26-FY29E, Ventura expects revenue, EBITDA and net profit to grow at a CAGR of 40 per cent, 53 per cent and 71 per cent, reaching Rs 5,294 crore, Rs 4,030 crore and Rs 469 crore, respectively, by FY29E. EBITDA margin is seen at 76.1 per cent, net profit margin at 8.9 per cent, ROE at 8.5 per cent and ROIC at 8.8 per cent, it added.
It believes that CleanMax’s contracted portfolio, capacity execution and strong relationships with customers, high repeat-contracting ratio and presence in data centres and AI are a big plus. Ventura initiated on CleanMax with a 'buy' rating and a target price of Rs 1,940, hinting at a 55 per cent rise. However, it cited high capital intensity, project execution risk and financing risk as key risks for its study.
CleanMax Energy turned profitable as it clocked a bottom line 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 for the reported quarter.
"We remain positive on CleanMax's growth outlook, supported by its differentiated C&I-focused business model, strong execution capabilities, rising RPO requirements, growing data centre demand, and declining renewable energy costs. It currently trades at 20 times EV/EBITDA, in line with its historical median and peers," said DR Choksey Finserv in a note, without rating the stock.
JP Morgan, which has an 'overweight' rating with a target price of Rs 1,478, said that CleanMax continues to demonstrate ramp-up in execution with good control on operating parameters and unit economics. HSBC Securities & Capital Markets said that CleanMax derives an equity value of Rs 24,920 crore, adjusting for net debt and minority interest as of March 2028.
HSBC has a target price of Rs 1,700 with a 'buy' rating on it. Among other brokerage firms, Antique Stock Broking and IIFL Capital have a 'buy' rating on it with a target price of Rs 1,711 and Rs 1,400, respectively.
Domestic brokerage firms continue to remain positive on recently listed CleanMax Enviro Energy Solutions Ltd, suggesting a sharp upside in the renewable energy stock, as the counter has seen some correction post multibagger rally in the counter after a muted listing earlier this year.
To recall, shares of CleanMax Energy were listed on March 02, 2026, after the company raised a total of Rs 3,080 crore from its IPO, selling its shares for Rs 1,053 apiece. However, the stock listed on a muted note and plunged more than 30 per cent to hit lows of Rs 728 by the end of March 2026, but rebounded 110 per cent from those levels to hit highs of Rs 1,532.80 on June 24.
However, the stock has seen a correction of nearly 20 per cent from those levels in the last two months, to hover around Rs 1,260 on Friday, August 21. The total market capitalisation of the company stood close to Rs 15,000 crore. However, the brokerage firms see up to 55 per cent upside from these levels in the counter.
CleanMax provides renewable energy through power sales and services. It builds, owns and operates wind, hybrid and solar projects, generating revenue through long-term electricity supply contracts. It develops and maintains renewable plants for customers who own the assets, focusing on high-quality corporate customers, with growing exposure to the Data and AI sector.
CleanMax is placed to benefit from rising renewable-energy adoption in India’s commercial and industrial segment, which accounts for more than half of the country’s overall power consumption, said Ventura Securities. It said renewable adoption in the segment remains underpenetrated, leaving room for developers that can offer reliable, competitively priced and scalable green power.
It said state-level incentives and open-access structures can cut landed power costs by about 25-30 per cent against grid electricity. CleanMax has a weighted average realised tariff of Rs 4.06 per kWh, compared with typical industrial grid tariffs of Rs 7-9 per kWh, supporting savings of over 40 per cent, said Ventura.
For FY26-FY29E, Ventura expects revenue, EBITDA and net profit to grow at a CAGR of 40 per cent, 53 per cent and 71 per cent, reaching Rs 5,294 crore, Rs 4,030 crore and Rs 469 crore, respectively, by FY29E. EBITDA margin is seen at 76.1 per cent, net profit margin at 8.9 per cent, ROE at 8.5 per cent and ROIC at 8.8 per cent, it added.
It believes that CleanMax’s contracted portfolio, capacity execution and strong relationships with customers, high repeat-contracting ratio and presence in data centres and AI are a big plus. Ventura initiated on CleanMax with a 'buy' rating and a target price of Rs 1,940, hinting at a 55 per cent rise. However, it cited high capital intensity, project execution risk and financing risk as key risks for its study.
CleanMax Energy turned profitable as it clocked a bottom line 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 for the reported quarter.
"We remain positive on CleanMax's growth outlook, supported by its differentiated C&I-focused business model, strong execution capabilities, rising RPO requirements, growing data centre demand, and declining renewable energy costs. It currently trades at 20 times EV/EBITDA, in line with its historical median and peers," said DR Choksey Finserv in a note, without rating the stock.
JP Morgan, which has an 'overweight' rating with a target price of Rs 1,478, said that CleanMax continues to demonstrate ramp-up in execution with good control on operating parameters and unit economics. HSBC Securities & Capital Markets said that CleanMax derives an equity value of Rs 24,920 crore, adjusting for net debt and minority interest as of March 2028.
HSBC has a target price of Rs 1,700 with a 'buy' rating on it. Among other brokerage firms, Antique Stock Broking and IIFL Capital have a 'buy' rating on it with a target price of Rs 1,711 and Rs 1,400, respectively.