Macquarie has initiated coverage with an “outperform” rating on Clean Max with a target price of ₹1,700 per share. This is the joint third-highest price target on the street for the stock after Ventura’s ₹1,940 and Antique’s ₹1,711. HSBC also has a target of ₹1,700 on the stock.
The brokerage said the company is India’s largest pure-play consumer and industrial (C&I) renewables platform. The installed base is expected to more than double to around 8 giga watt (GW) by the financial year 2029.
In an underpenetrated Commercial & Industrials Renewables market, CleanMax’s growth and longer-term earnings upside is supported by repeat orders in the C&I business along with its exposure to the Data & AI segment, Macquarie wrote in its note.
The brokerage has projected nearly 5 GW of incremental capacity for CleanMax through financial year 2029, and that will drive the company’s power sales Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to grow at a Compounded Annual Growth Rate (CAGR) of 50% over financial year 2026-2029.
Macquarie said Clean Max’s lower borrowing costs, strategic company investments and EBITDA growth is expected to reduce the net debt/EBITDA to around 7.5 times by FY29.
All nine stocks that have coverage on the Clean Max stock have “buy” recommendations.
Clean Max shares listed on the stock exchanges in March this year. The stock has The stock is up 30.9% from its issue price and is up 43.6% from its listing price.
Shares of Clean Max Enviro Energy Solutions were up 5.1% at ₹1,439 apiece in early trade on Monday. The stock has gained 16% so far in the last one month, taking its year-to-date advance to 64%.
Also Read: Bharat Forge raises ₹2,000 crore via its QIP – Here is the list of funds issued shares