CleanMax Enviro shares rebound after upbeat Q2 results; brokerages see up to 40% upside

Shares of Clean Max Enviro Energy Solutions Ltd staged a smart rebound on Wednesday after the commercial and industrial (C&I) renewable energy player reported better-than-expected results for the September 2026 quarter. Following the earnings beat, brokerages remained positive on the stock, suggesting an upside potential of up to 40 per cent.

Shares of Clean Max Enviro Energy Solutions rose 3.5 per cent from day's low on Wednesday to Rs 1,257, taking its market capitalisation to nearly Rs 33,500 crore. The stock is down 28 per cent from its all-time high of Rs 1,739, hit on September 15, 2026. CleanMax was listed in March 2025 after raising Rs 3,080 crore through its IPO at an issue price of Rs 1,053 per share.

CleanMax reported adjusted EBITDA of Rs 553 crore for Q2 FY27, up 43 per cent year-on-year (YoY). The company’s profit after tax (PAT) rose 82 per cent YoY to Rs 65 crore. Demand from hyperscalers and conventional C&I customers drove growth as businesses sought tailored, reliable and cost-effective renewable energy solutions.

For H1 FY27, revenue from operations grew 67 per cent YoY to Rs 1,560 crore, while reported EBITDA increased 58 per cent to Rs 1,011 crore. PAT rose more than sixfold to Rs 120 crore from Rs 19 crore in H1 FY26. Repeat customers accounted for about 85 per cent of newly contracted capacity.

At the end of September, CleanMax had 6.3 GW of contracted renewable power sales capacity and 0.8 GW of renewable energy services capacity, taking its operational and contracted portfolio to 7.1 GW. Its platform capacity, including available grid evacuation capacity and connectivity applications, crossed 15 GW by the end of October.

“Our operational portfolio continues to expand. To serve the next wave of C&I renewable energy demand, securing grid connectivity ahead of demand is important as we prepare to support the growing energy requirements of businesses,” said Kuldeep Jain, Founder & MD at CleanMax.

CleanMax has set a minimum reported EBITDA target of Rs 3,000 crore for FY28. The company exceeded Street estimates for EBITDA for the third consecutive quarter. All 11 analysts covering the stock have maintained ‘buy’ or ‘overweight’ ratings, making the consensus stance positive. However, brokerage ratings and target prices could change following the company’s earnings conference call on Wednesday.

Macquarie and Axis Capital reiterated their positive views on the stock following its Q2 performance. Macquarie maintained an ‘outperform’ stance, with a target price of Rs 1,700, while Axis Capital retained its ‘buy’ rating, with a target price of Rs 1,578.

According to Macquarie, CleanMax’s EBITDA exceeded expectations, supported by a favourable mix of higher-margin power sales and lower other expenses. The brokerage believes the company remains on track to achieve its estimated capacity addition of 1.6 GW in FY27. It also noted that the EBITDA performance in H1 FY27 presents an upside risk to its full-year estimates.