India's Clean Max gains as Macquarie starts coverage with street-high PT

Clean Max Enviro Energy Solutions

23/09/2026 04:52

** Shares of Clean Max Enviro Energy Solutions CLEM.NS gain as much as 5.3% to 1,440 rupees
** Macquarie initiates coverage on Clean Max with "Outperform" and a street-high PT of 1,700 rupees -data compiled by LSEG 
** Sees its strong position in India's commercial and industrial renewables market, with installed capacity of over 1 GW, which it plans to more than double to about 2.8 GW by FY29
** Macquarie forecasts FY26-FY29 revenue and EBITDA CAGRs of 42% and 51%, respectively, driven by about 5 GW of incremental capacity additions
** Key catalysts include upgrades to FY27/28 commissioning guidance, higher transmission availability, and lower borrowing costs, while execution and regulatory changes are key risks
** YTD, CLEM up ~64%

(Reporting by Urvi Dugar in Bengaluru)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))