India’s largest commercial and industrial (C&I) renewable energy provider, Clean Max Enviro Energy Solutions, has filed issue papers with the Securities and Exchange Board of India (SEBI). Clean Max Enviro IPO could raise up to INR 5,200 crore. The IPO will comprise a fresh issue of equity shares worth INR 1,500 crore and an offer for sale (OFS) of up to INR 3,700 crore by existing promoters and investors.
Company Background
Founded in 2010 and headquartered in Mumbai, Clean Max has grown into a pioneer of corporate renewable energy solutions in India. With 2.54 GW of operational capacity and another 2.53 GW of contracted-yet-to-be-executed projects as of 31 July 2025, the company has built a diversified portfolio across solar, wind, and hybrid projects.
Clean Max operates both Onsite plants (installed at customer premises) and Offsite farms (group captive or third-party open access). The firm counts 531 customers, including global technology giants like Amazon, Apple, Cisco, Equinix, and Google, as well as domestic corporates such as Bajaj Auto, BASF India, Grasim Industries, Bangalore International Airport, and Welspun Living.
Clean Max Enviro IPO: Shareholding and Promoters
According to the company’s DRHP, the major shareholders include:
- BGTF One Holdings (DIFC) – 42.87%
- Augment India I Holdings, LLC – 19.96%
- Kuldeep Jain (Promoter) – 11.34%
- KEMPINC LLP – 9.54%
- Rikhab Investments B.V. – 9.52%
- DSDG Holding APS – 3.83%
Collectively, these shareholders control 97.06% of the equity. The IPO will see part-exits by several promoters and investors, including Brookfield-backed Augment India Holdings.
Use of Proceeds
The company proposes to utilise the INR 1,500 crore fresh issue primarily for:
- Repayment / prepayment of borrowings: INR 1,125 crore
- General corporate purposes and growth initiatives.
Business Model and Market Opportunity
Clean Max differentiates itself from utility-scale renewable developers by focusing on direct corporate contracting, rather than bidding for government tenders. This approach has allowed it to secure long-term PPAs averaging 22.7 years, ensuring stable revenue visibility.
The company’s offerings are spread across two segments:
- Renewable Energy Power Sales – sale of electricity via PPAs/EAPAs (Onsite, STU-connected, CTU-connected projects).
- Renewable Energy Services – turnkey EPC and O&M services under the Capex model, and a growing Carbon Services vertical, offering I-RECs and carbon credits.
Financial Performance
Key Financials
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 929.58 | 1,389.83 | 1,495.70 |
| Expenses | 555.06 | 683.74 | 595.27 |
| EBITDA | 4,059 | 7,416 | 10,151 |
| Profit/Loss After Tax | (59.47) | (37.64) | 19.43 |
| Debt-to-Equity (x) | 2.16 | 2.17 | 1.97 |
| Avg. Realised Tariff (INR/kWh) | 4.95 | 4.47 | 4.28 |
Conclusion
Clean Max has established itself as the largest corporate renewable energy provider in India, with a significant edge in the high-growth C&I segment, especially with technology and data centre clients. Its customer-first contracting model allows for premium pricing and long-term revenue visibility.
However, the company remains highly leveraged with Debt/Equity at 1.97x. The IPO’s fresh issue component, earmarked for debt reduction, will be critical in de-risking its balance sheet. Moreover, while Clean Max has achieved scale and improved EBITDA margins, net profitability is still thin compared to its peers. Sustained earnings growth will be a key determinant of post-listing investor confidence.
Given the massive market opportunity in India’s energy transition, Clean Max Enviro IPO will be closely watched by both institutional and retail investors.
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