Stock to Buy: Renewable Energy Stock With 36% Upside Potential

Synopsis: Antique initiated coverage on Clean Max Enviro Energy Solutions Limited with a Buy rating, citing strong renewable energy growth, long-term contracts, and a 35.52% upside potential.

This Small-cap stock, engaged in developing, owning, and operating renewable energy projects, providing clean power solutions through solar, wind, and hybrid energy systems for commercial and industrial customers, is in focus after Antique gave a buy target of Rs. 1,711, which has an upside potential of 35.52 percent.

With a market capitalization of Rs. 15,038.41 crore, the shares of Clean Max Enviro Energy Solutions Limited closed at Rs. 1,270.30 per equity share, rising nearly 0.61 percent from its previous day’s close price of Rs. 1,262.55.

What is the News?

Antique, a prominent brokerage firm, has recommended a “Buy” call on Clean Max Enviro Energy Solutions Limited with a target price of Rs. 1,711 per share, indicating an upside potential of 35.52 percent from its previous day’s close price of Rs. 1,262.55 per share. 

Antique has initiated coverage on Clean Max with a Buy rating, highlighting its strong position as the largest and most differentiated renewable energy platform focused on commercial and industrial (C&I) customers. By supplying clean power directly to businesses, Clean Max helps companies reduce their dependence on traditional power distribution companies (DISCOMs), making it an attractive partner for firms pursuing their sustainability and energy transition goals.

The brokerage also sees significant growth opportunities driven by rising electricity demand from data centres and AI-related infrastructure, which require reliable long-term power supply. Clean Max’s business is supported by long-term contracted projects, providing strong revenue visibility while limiting regulatory risks. Antique expects the company to expand its operational renewable energy capacity by around 2.5 times, reaching 7.8 GW by FY29, supporting healthy earnings and long-term value creation.

Operational Highlights (FY26):

Clean Max Enviro Energy Solutions Limited continued to grow its renewable energy business during FY26. The company reached a total contracted renewable energy power sales capacity of 5.7 GW. Out of this, 3.1 GW is already operational and supplying clean power to customers. This shows the company’s strong focus on providing reliable and sustainable energy solutions.

The company also has 2.6 GW of contracted projects that will be completed in the coming years. During FY26, it successfully commissioned 1.4 GW of new renewable energy capacity. These achievements reflect the company’s steady growth, strong project execution, and commitment to increasing the use of clean energy while supporting a greener and more sustainable future.

Future Outlook:

For FY2026-27, Clean Max Enviro Energy Solutions Limited plans to add over 1.5 GW of renewable energy power sales capacity. This growth target reflects the company’s focus on expanding its clean energy portfolio, meeting rising customer demand, and strengthening its position in the renewable energy sector.

Company Overview:

Clean Max Enviro Energy Solutions Limited is an Indian renewable energy company focused on helping commercial and industrial (C&I) customers reduce electricity costs and decarbonize their operations. Founded in 2010 and headquartered in Mumbai, it develops, owns, and operates renewable energy assets, with a primary focus on solar, wind, and hybrid power solutions delivered through long-term contracts.

Recent Quarter Results:

Coming into financial highlights, Clean Max Enviro Energy Solutions Limited’s revenue has increased from Rs. 446 crore in Q4 FY25 to Rs. 557 crore in Q4 FY26, which has grown by 24.89 percent. The net profit has also grown by 164.71 percent from Rs. 17 crore in Q4 FY25 to Rs. 45 crore in Q4 FY26.

Clean Max Enviro Energy Solutions Limited’s revenue and net profit have grown at a CAGR of 25 percent and 19 percent, respectively, over the last five years.

In terms of return ratios, the company’s ROCE and ROE stand at 6.24 percent and 2.61 percent, respectively. Clean Max Enviro Energy Solutions Limited has an earnings per share (EPS) of Rs. 8.04, and its debt-to-equity ratio is 2.73x.

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