CleanMax IPO

CleanMax builds, owns and operates renewable power plants for businesses rather than for the grid. As of 31 October 2025 it had 2.80 GW of operational, owned and managed capacity and a further 3.17 GW contracted but not yet executed. Plants sit either inside a customer's own premises (onsite) or in CleanMax-developed solar, wind and hybrid farms that wheel power to the customer (offsite). It served 555 commercial and industrial customers as of 30 September 2025 — data centres and AI/technology firms alongside cement, steel, infrastructure, industrial manufacturing, FMCG, pharmaceuticals, real estate and global capability centres — and 94.72% of them carried an 'A-' or better credit rating or were subsidiaries of multinationals with such ratings. Alongside supplying power it sells EPC and O&M services for renewable plants and carbon-credit solutions.

Capacity is funded largely with debt, built by CleanMax and then sold under very long contracts: the PPA book has a weighted-average tenure of 22.85 years and an average lock-in of 16.86 years, so revenue is contracted far into the future. The model is deliberately not the utility-scale one — CleanMax does not bid in lowest-tariff tenders run by state distribution companies, it prices project by project for corporate buyers, which is why FY25 EBITDA of ₹1,015.07 Cr was 67.87% of ₹1,495.70 Cr of revenue from operations. The catch is where that EBITDA goes: borrowings stood at ₹10,121.46 Cr on 30 September 2025 against net worth of ₹2,598.34 Cr, and finance costs absorbed most of the operating profit, leaving FY25 PAT of ₹19.43 Cr. Growth is funded by repeat business — 71.72% of capacity contracted in the six months to 30 September 2025 came from existing customers — and by more borrowing, which is what the fresh issue was raised to partly unwind.