Nomura initiates coverage on Clean Max Enviro with Buy call. Check upside potential, key reasons

Analysts at the firm expect the company to deliver revenue and EBITDA CAGRs of 39% and 50%, respectively, over FY26-29F. It sees India’s skewed tariff structure as a key driver of the commercial and industrial (C&I) renewable energy opportunity, with C&I consumers paying 60-120% more than subsidised segments.

This gap allows independent power producers such as Clean Max to offer power directly to consumers at rates below grid tariffs, creating a durable cost-saving proposition, Nomura added.

According to Nomura, C&I renewable power can deliver savings of 20-60% for customers while also helping them meet sustainability goals, while developers benefit from higher tariffs and equity returns.

Clean Max’s FY26 average tariff is around Rs 4/kWh, compared with below Rs 3/kWh for vanilla solar and below Rs 3.5/kWh for vanilla wind in reverse auctions, giving the C&I model superior tariff economics alongside a capital-efficient structure.

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Clean Max Q1 results snapshot

The company reported a net profit of Rs 55 crore for the June quarter, compared with a loss of Rs 17 crore in the year-ago period, as higher revenue and operating leverage supported earnings.
Revenue from operations more than doubled, rising 107% year-on-year to Rs 832 crore in Q1 FY27 from Rs 402 crore in Q1 FY26. The growth was driven by a larger operational asset base and a ramp-up in the renewable energy (RE) Services segment.The company said its Q1 FY27 profit after tax was supported by operating leverage and a larger base of stabilised assets. CleanMax’s total contracted capacity, including the RE Services segment, stood at 6.8 GW as of June 30, 2026.

“We added a record new capacity of over 500 MW in the first quarter, and are well on track to meet our guidance of adding a minimum of 1,500 MW of new capacity during the year,” Kuldeep Jain, Founder and Managing Director of CleanMax, said in the statement.

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