Clean Max Enviro Energy Solutions Ltd

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• DebtHigh safetyRated AA by CRISIL.
• ResultsGrowingIn the Jun 2026 quarter, sales rose 107% and profit rose 424% from a year earlier. (A year earlier it made a loss.)
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 49% of the company, about the same as in Mar 2026.
• ValuationCheap vs its pastThe share trades at 93.9 times its yearly earnings (P/E), cheaper than 90% of the time in the last 1 years. Its usual P/E is about 160.

Clean Max Enviro Energy Solutions Ltd against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)93.9 against a typical 35.5: pricier than most peers (1st = cheapest).25th of 36
• Sales growth+107% against a typical +6.5% from a year earlier.4th of 30
• Share price, 3 months−5.6% against a typical −11.9%.9th of 34
• Size₹ 14,164.1 Cr. market value against a typical ₹ 2,247.1 Cr. (1st = largest).8th of 33

Exchange filings and their impact on the company.

• 21 Oct 2026General UpdatesLow impactNeutralPrice −1.2% on 22 Oct
  Risk committee approved parent guarantee for subsidiary borrowings with no immediate P&L impact.

  On 21 October 2026, Clean Max Enviro Energy Solutions' Risk Management Committee approved issuance of a corporate guarantee for facilities availed by its subsidiaries. The filing does not disclose the guaranteed amount, lender or tenure in the extracted text, referring to Annexure A for details. For consolidated accounts this is normally neutral near-term as subsidiary debt is already consolidated, with only contingent liability at the parent level.

  Full analysisFiling
• 16 Oct 2026General UpdatesLow impactPositivePrice −3.2% on 19 Oct
  Clean Max sold a small Hachi SPV stake to Chambal Fertilisers, likely for captive solar offtake.

  On 16 October 2026, Clean Max approved the sale of 2,600 shares of its wholly owned subsidiary Clean Max Hachi Private Limited to Chambal Fertilisers and Chemicals Limited. The filing does not disclose consideration or capacity in the extracted text. The structure points to a group-captive solar arrangement where the customer takes a minority stake to buy power, giving Clean Max contracted revenue visibility with no meaningful near-term balance-sheet impact.

  Full analysisFiling
• 9 Oct 2026AcquisitionLow impactPositivePrice −2% on 12 Oct
  CleanMax buys 100% of Thai firm Massmunch to enter Thailand, with no near-term earnings scale.

  CleanMax Enviro Energy Solutions said its Dubai subsidiary's Thai units, Cleanmax Energy (Thailand) and Cleanmax IHQ (Thailand), signed a share purchase agreement on 9 October 2026 to buy 100% of Massmunch Company Limited. They will hold 99.99% and 0.01% respectively, making Massmunch a step-down wholly owned subsidiary. No deal value or financials were disclosed, so near-term impact is expected to be small, but it marks CleanMax's entry into Thailand.

  Full analysisFiling
• 7 Oct 2026Giving guarantees/indemnity/ becoming a surety for third partyLow impactNeutralPrice −2.9% on 8 Oct
  Clean Max guaranteed its subsidiary Patagonia's debt, adding contingent leverage with no immediate earnings impact.

  On 7 October 2026, Clean Max's Risk Management Committee approved issuance of a corporate guarantee for facilities availed by its subsidiary Clean Max Patagonia Private Limited. The filing does not disclose the guaranteed amount, tenure or terms in the extracted text. It increases contingent liability to support the subsidiary's borrowing while having no immediate impact on revenue or profit.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Kuldeep Jain

Executive Chairman, Managing Director

Nikunj Ghodawat

Chief Financial Officer

Pramod Deore

Global Chief Executive Officer - On-site Renewable Business

Ullash Chandra Parida

Company Secretary, Compliance Officer

Tejus A.V

Chief Commercial Officer

Amit Kumar Jain

Chief Operating Officer, Utility Scale Projects

Sweta Sajnani

Chief People and Culture Officer