🚫 Avoid
Listed
Power
Clean Max Enviro Energy Solutions Limited IPO
₹3100 Cr · Fresh Issue & OFS · Power
Price Band
₹1000 – ₹1053
Lot: 66 shares (₹69,498)
GMP (Grey Market)
₹13 (+5.78%)
Est. listing ₹1066
Issue Size
₹3100 Cr
Fresh Issue & OFS
Market Cap
₹12325.29 Cr
At upper band
P/E Ratio
634.3x
P/S: 8.2x
Listing Date
02 Mar 2026
BSE & NSE
IPO Timeline
✓
Opens
23 Feb 2026
✓
Closes
25 Feb 2026
✓
Allotment
26 Feb 2026
✓
Refund
27 Feb 2026
✓
Listing
02 Mar 2026
IPO India Hub Recommendation: Avoid
We recommend avoiding the issue. The company’s fundamentals are decent, but the extremely high valuation leaves little room for price appreciation.
Our Analysis — Key Points
✓ Strength
Strong revenue growth in power sector
The company generated revenue of about ₹1,495.70 crore in the last fiscal year, reflecting strong demand in the power segment. Its earnings are driven by a mix of conventional and renewable projects, which helps smooth cash flows.
✓ Strength
Diversified renewable energy project portfolio nationally
The company has built a diversified renewable energy project portfolio nationally, reducing reliance on any single asset. This spread across wind, solar and hybrid installations provides growth avenues as India pushes clean energy targets.
⚠ Risk
Valuation premium could erode investor returns
Valuation premium could erode investor returns. With a price‑to‑earnings multiple of roughly 634 times and a price‑to‑sales multiple of 8.2, any slowdown in earnings could cause a sharp price correction.
$ Valuation
Current multiples indicate substantial overpricing today
Current multiples indicate substantial overpricing today, with a P/E of 634.3x and a P/S of 8.2x. The market cap at the top of the band is about ₹12,325 crore, far above what comparable power firms trade at, suggesting limited upside.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Clean Max Enviro Energy Solutions Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1495.70 Cr
Net Profit
₹19.43 Cr
Industry
Power
Issue Type
Fresh Issue & OFS
Promoters
KULDEEP JAIN, PRATAP JAIN, NIDHI JAIN, BGTF ONE HOLDINGS (DIFC) LIMITED AND KEMPINC LLP
Lead Managers
Axis Capital, JP Morgan, BNP Paribas, HSBC Securities, IIFL Capital, Nomura Financial Advisory, BOB Capital and SBI Capital
Quick Actions