-JM Financial starts India's Clean Max Enviro at 'buy' on strong renewable power demand

Clean Max Enviro Energy Solutions

22/09/2026 06:10

** JM Financial initiates Clean Max Enviro Energy Solutions CLEM.NS at "buy" with PT of 1,501 rupees, citing strong commercial and industrial renewable power demand
** Brokerage expects co's renewable power capacity to rise to 7.4 GW by FY29 from 3.1 GW in FY26
** Forecasts revenue to grow 69% in FY27, followed by 35% and 29% growth in FY28 and FY29, respectively
** Sees EBITDA margin expanding to 69% by FY29 from 59% in FY26 as higher-margin renewable power sales form a larger share of business
** Expects net debt/EBITDA to fall to 6.5x by FY29 from 10x in FY26, helped by earnings growth and improving business mix
** Brokerage sees data centres, industrial electrification and an expected power deficit driving corporate renewable energy demand
** Stock up ~45% since listing on March 2

 (Reporting by Surbhi Misra in Bengaluru)
 ((Surbhi.Misra@thomsonreuters.com |  X: https://twitter.com/SurbhiMisra_  |;))