JP Morgan starts India's Clean Max Enviro Energy at 'overweight'

Clean Max Enviro Energy Solutions

24/04/2026 05:12

** J.P. Morgan starts coverage of Clean Max Enviro Energy CLEM.NS with an "overweight" rating and PT of 1,250 rupees

** PT implies about 18% upside to stock's current price of 1,065.20 rupees

** Brokerage sees CLEM as a rare pure-play commercial and industrial renewable power player in India

** Highlights ~42% of portfolio contracted to commercial and industrial customers, driving higher growth versus utilities

** Notes execution and capital intensity risks, but says scale and customer stickiness underpin earnings visibility

** Long-term contracts and strong pipeline expected to support ~36% revenue CAGR in FY23-25

** Stock up ~21% since trading debut

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))