CleanMax Stock: Ventura Predicts 55% Rally, Initiates ‘Buy’

CleanMax Enviro Energy Solutions Ltd. (CleanMax Energy) is projected to rally 55%, with Ventura Securities initiating a ‘buy’ rating and setting a target price of Rs 1,940. This outlook emerges despite the renewable energy stock correcting nearly 20% from its June highs.

Stock Performance Overview

• IPO Date: March 2, 2026
• IPO Price: Rs 1,053 per share
• Initial Drop (late March 2026): Over 30% to Rs 728
• Rebound (June 24): 110% to Rs 1,532.80
• Current Trading (August 21): Around Rs 1,260
• Market Capitalization: Approximately Rs 15,000 crore

CleanMax Energy specializes in providing renewable energy solutions, including wind, hybrid, and solar projects, operating under long-term electricity supply contracts. The company primarily caters to high-quality corporate clients, with growing engagement in the Data and AI sectors within India’s commercial and industrial (C&I) segment.

Ventura Securities underscores CleanMax’s strategic position to capitalize on India’s C&I segment, which constitutes over half of the nation’s total power consumption. State incentives and open-access frameworks are noted to reduce power costs by 25-30% compared to traditional grid electricity, positioning CleanMax’s weighted average tariff of Rs 4.06 per kWh to offer over 40% savings against typical industrial grid tariffs of Rs 7-9 per kWh.

Ventura’s Growth Projections and Outlook

• Target Price: Rs 1,940, indicating 55% potential upside
• Revenue CAGR (FY26-FY29E): 40%, reaching Rs 5,294 crore by FY29E
• EBITDA CAGR (FY26-FY29E): 53%, reaching Rs 4,030 crore by FY29E
• Net Profit CAGR (FY26-FY29E): 71%, reaching Rs 469 crore by FY29E
• Identified Risks: High capital intensity, project execution, and financing challenges

The company achieved profitability in the June 2026 quarter, marking a significant turnaround. This quarter saw a net profit of Rs 55 crore, a notable improvement from a net loss of Rs 16.6 crore reported in the prior year.

• Quarterly Revenue: More than doubled to Rs 832 crore
• Adjusted EBITDA: Increased 74% year-on-year to Rs 494 crore
• EBITDA Margins: Slightly narrowed to 50% for the quarter

Other brokerage firms also maintain positive sentiments regarding CleanMax Energy’s prospects. DR Choksey Finserv highlights the company’s C&I-focused business model, strong execution capabilities, and increasing Renewable Purchase Obligation (RPO) requirements as key growth drivers.

• JP Morgan: ‘Overweight’ rating, Target Price Rs 1,478
• HSBC Securities & Capital Markets: ‘Buy’ rating, Target Price Rs 1,700
• Antique Stock Broking: ‘Buy’ rating, Target Price Rs 1,711
• IIFL Capital: ‘Buy’ rating, Target Price Rs 1,400