Clean MAX Enviro Energy Solutions Limited IPO

The Company is a provider of renewable energy to commercial & industrial customers. With 15 years of experience since its inception in 2010, they specialize in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers. The Company operate two business segments: (i) Renewable Energy Power Sales Segment (where it sells power under long-term PPAs); and (ii) Renewable Energy Services Segment (where it offers EPC, O&M services and carbon services to customers). As of October 31, 2025, it had 2,799 MW operational capacity. 

1. Comprehensive Suite of Customer-Centric Capabilities Leading to C&I Market Leadership and Strong Customer Relationships
2. Timely and Cost-Effective Project Development, Execution and Management Capabilities
3. Efficient capital allocation and risk management
4. Its People and Culture

1. In Fiscals 2024 and 2023, The Company incurred restated loss for the year of ₹376.43 million and ₹594.73 million respectively and generated profits in Fiscal 2025 and during the six months ended September 30, 2025 and September 30, 2024. Further, some of its Subsidiaries have incurred losses in the six months ended September 30, 2025 and Fiscals 2025, 2024 and 2023. If they are unable to generate adequate cash profits and make scheduled loan repayments, it may not be able to maintain its profitability.
2. Its top 10 customers, all of whom are based in India, contributed 34.95%, 38.55%, 36.16%, 45.39% and 44.32% of its Revenue from operations in the six months ended September 30, 2025 and September 30, 2024 and Fiscals 2025, 2024 and 2023, respectively. The proportion of Operational Capacity attributed to its top 10 customers is expected to increase as it begin commissioning projects under construction with certain of such customers. Any failure to maintain renew or enter into new engagements with its top 10 customers could have a material adverse impact on its operations and financial condition
3. Its PPAs or EAPAs may be terminated by counterparties upon the occurrence of certain events. In the event its PPAs or EAPAs are terminated, and they are unable to secure a replacement PPA or EAPA in a timely manner or on similar terms, its business, results of operations, cash flows and prospects may be adversely affected
4. They are developing its first CTU project and ISTS project and have not commissioned a CTU project before. Any failure to develop this project successfully could have a material adverse impact on its expansion plans, business, results of operations, financial conditions and prospects
5. Certain of its PPAs and EAPAs may not extend through project lifespans, and challenges in renewing or replacing them on favourable terms could adversely affect its business, results of operations, cash flows, and prospects