A Mint analysis of 2026 mainboard listings shows just five companies have hit the market so far, compared with nine IPOs during the same period last year.
The median listing loss is at 3.6%, with only one standout debut. The first maiden issue of the year, Bharat Coking Coal surged 77% on listing day after being subscribed 147 times. The rest offered little cheer. Shadowfax Technologies listed at an 11% discount despite a three-times subscription. Fractal Analytics debuted 6% below its issue price with similar demand. Amagi Media Labs and Aye Finance delivered muted single-digit or flat returns.
It is in this subdued backdrop that Clean Max Enviro Energy Solutions is launching a ₹3,100 crore IPO, testing whether a renewable infrastructure platform can buck the weak listing trend.
The IPO comprises a fresh issue of ₹1,200 crore and an offer for sale of ₹1,900 crore, priced at ₹1,000–1,053 per share. At the upper band, it implies a post-issue market capitalization of over ₹12,000 crore. The issue will be open for subscription from Monday to Wednesday.
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Can the green theme deliver?
Renewable energy listings have delivered gains before.
When NTPC Green Energy debuted in 2024, it listed with gains of about 13%, supported by a two-times overall subscription and four-times retail participation. That episode showed that green infrastructure stories can attract demand when pricing and visibility align.
But 2026 has been different. Investors are no longer rewarding growth narratives automatically. Earnings visibility, balance-sheet discipline and pricing comfort now matter more than thematic appeal.
A corporate-focused renewable platform
Founded in 2010 and headquartered in Mumbai, Clean Max Enviro Energy Solutions is a leading renewable energy provider focused on India’s commercial and industrial (C&I) segment, with a contracted capacity of about 6 GW. Unlike utility-scale developers that supply state discoms, Clean Max follows an “energy-as-a-service” model, setting up captive and group captive plants under long-term Power Purchase Agreements (PPAs) of 15–25 years. Corporate PPAs typically ensure stronger payment discipline and lower receivable risk.
The company serves over 500 clients, including global firms, and has seen rising demand from data centres and AI-driven infrastructure boost its growth outlook.
Profit inflection point
Financially, Clean Max appears to have crossed an important milestone in profitability. After reporting losses of ₹59.5 crore in FY23 and ₹37.6 crore in FY24, the company turned profitable in FY25 with a profit after tax of ₹19.4 crore. The management says the momentum has carried into the current fiscal year.
“In the first six months of this year, we have already matched the entire FY25 profit after tax. This reflects the operating leverage in our model as scale improves,” Kuldeep Jain, managing director, told Mint. For the first half of FY26, the company reported a profit of ₹19 crore.
Revenue from operations rose from ₹929.6 crore in FY23 to ₹1,495.7 crore in FY25. Ebitda more than doubled to ₹1,015 crore over the same period. Over the past three financial years, Ebitda has grown at a compounded annual growth rate of about 58%.
“With an average PPA (power purchase agreement) tenure of nearly 23 years, our revenue visibility is strong. The equity payback for projects built in the last three years is about two-and-a-half years, and our cash ROE (return on equity) is around 18%,” Jain added.
However, analysts remain cautious about the durability of the turnaround. “The FY25 profit marks a turnaround, but sustainability hinges on plant load factors, execution timelines, and financing costs,” said Harshal Dasani, business head at INVasset PMS.
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Leverage remains the swing factor
Like most renewable platforms, Clean Max has relied heavily on debt to fund growth. Its debt-to-equity ratio was at about two times in FY25, while net debt-to-Ebitda was around 4.8 times.
Jain argues that the market typically evaluates renewable platforms on net debt-to-Ebitda. “Ours stands at about 4.8 times versus an industry average of roughly 5.5 times. Despite being a high-growth company, we believe we are conservatively leveraged.”
Around ₹1,125 crore from the fresh issue will be used to repay debt, which should reduce balance-sheet pressure. However, the business will remain capital-intensive, and future expansion will continue to depend on project financing.
Dasani said “Leverage is elevated but not unusual in capital-intensive renewables, provided cash flows remain stable and refinancing risks are managed.”
Mixed multiples
At the upper price band, Clean Max is valued at roughly 17 times FY25 EV/Ebitda, compared with an industry average of around 22 times, according to management.
“Over the last three years, our Ebitda grew at about 58% CAGR (compound average growth rate) versus roughly 16% for the industry. Despite superior growth and capital productivity, we are coming at a discount,” Jain said.
However, on a price-to-earnings basis, the picture looks different.
The IPO is priced at about 365 times FY25 earnings, significantly higher than peers such as NTPC Green Energy (133 times), Adani Green Energy (119 times) and ACME Solar Holdings (49 times).
Investors must now weigh an operational bargain against a massive earnings premium.
