Shares of Clean Max Enviro Energy Solutions will be in focus on Monday after Augment India Holdings LLC is likely to sell 85 lakh shares, representing a 7.25% stake in the company, through a block deal, according to reports.
The offer is estimated at Rs 1,062.8 crore, with the floor price set at Rs 1,250 per share. The offer price could be at a discount of up to 10% to the current market price, the reports said. As of June 30, 2026, Augment India Holdings LLC held 1,11,40,172 shares, or a 9.50% stake, in Clean Max Enviro Energy Solutions, according to shareholding data available on the BSE.
The stake sale comes just days after two major brokerages initiated coverage on the stock.
Wall Street major Macquarie initiated coverage on Clean Max Enviro Energy Solutions with an Outperform rating and a target price of Rs 1,700. It became the second brokerage to start coverage on the stock in two sessions, after JM Financial.
Macquarie expects CleanMax's installed capacity to more than double to around 8 GW by FY29E. The brokerage sees repeat commercial and industrial (C&I) business, along with exposure to Data & AI transactions, supporting growth and longer-term earnings upside in India's underpenetrated C&I renewables market.
According to Macquarie, C&I users account for more than 50% of electricity consumption, with two-thirds of them relying on relatively expensive DISCOM supply. The brokerage expects renewable adoption in the segment to grow faster than demand as companies seek to reduce costs, with potential savings of up to 35%, while also working towards decarbonisation.
Macquarie considers CleanMax a corporate-energy platform rather than a conventional independent power producer (IPP), citing its roughly 600 customer relationships, multistate regulatory capabilities and integrated energy solutions.
The brokerage said repeat C&I business provides consistent growth, while Data & AI transactions, which make up around 42% of contracted capacity, could provide longer-term upside.
Macquarie expects continued customer savings versus conventional power procurement to drive capacity additions at a faster pace than the market currently expects. Its 25%-weighted bull case assumes annual additions of more than 2 GW and an EBITDA CAGR of 60% or more over FY26-29E. The brokerage also highlighted regulatory, execution and dilution risks.
JM Financial has a Buy rating on Clean Max Enviro Energy Solutions, with a target price of Rs 1,501. It said CleanMax is well positioned to benefit from India's corporate green-energy transition despite temporary headwinds from curtailment in CTU-connected projects.
JM Financial expects demand from the commercial and industrial segment to remain strong, supported by rising electrification requirements, higher captive power demand amid utility power deficits and the rapid growth of data centres.
The brokerage said CleanMax's leadership in the C&I market and strong customer stickiness leave it well placed to benefit from the expected increase in C&I power demand. JM Financial values the stock at 10.5x FY28E run-rate EBITDA.
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
