IIFL Capital starts India's Clean Max Enviro Energy with 'buy' rating

Clean Max Enviro Energy Solutions

28/04/2026 05:26

** IIFL Capital starts coverage of Clean Max Enviro Energy CLEM.NS with "buy" rating, 1,340 rupees PT, implying about 23% upside to stock's current price of 1,085.40 rupees

** Brokerage says CLEM is well-positioned to benefit from rising power demand from big tech firms expanding data centres and AI ops

** CleanMax's group‑captive business model and access to state‑grid connectivity should support faster execution and higher returns than utility‑scale peers, even as regulatory uncertainty persists - IIFL Capital

** Expects CleanMax to deliver structurally higher equity returns aided by capital recycling through JVs, shorter execution timelines and improving margins

** Stock up about 13% since trading debut in March

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))