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Clean Max Enviro Energy Soars: Macquarie Initiates Coverage with ‘Outperform’ Rating
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CNBC TV18•23-09-2026, 09:45
Clean Max Enviro Energy Soars: Macquarie Initiates Coverage with ‘Outperform’ Rating
- •Clean Max Enviro Energy Solutions Ltd. shares surged over 5% after Macquarie initiated coverage with an ‘outperform’ rating and a target price of ₹1,700 per share.
- •Macquarie’s target price of ₹1,700 is the joint third-highest on the street, following Ventura's ₹1,940 and Antique's ₹1,711, with HSBC also setting a ₹1,700 target.
- •The brokerage highlights Clean Max as India's largest pure-play consumer and industrial (C&I) renewables platform, projecting its installed base to more than double to around 8 GW by FY29.
- •CleanMax's growth is driven by repeat orders in the C&I business and exposure to the Data & AI segment, with Macquarie forecasting nearly 5 GW of incremental capacity by FY29.
- •This capacity expansion is expected to boost the company's power sales EBITDA at a CAGR of 50% from FY26-29, with net debt/EBITDA projected to reduce to around 7.5 times by FY29 due to lower borrowing costs and strategic investments.
Key Questions Answered
Brokerage firm Macquarie initiated coverage on Clean Max Enviro Energy Solutions with an "outperform" rating and a target price of ₹1,700 per share.
Macquarie reported that Clean Max is India's largest pure-play C&I renewables platform, with its installed base projected to more than double to approximately 8 gigawatts by the financial year 2029.
Clean Max shares listed on stock exchanges in March, and the stock is up 30.9% from its issue price as well as 43.6% from its listing price.
