Antique Stock Broking has initiated coverage on CleanMax Enviro Energy Solutions with a 'Buy' rating and a target price of Rs 1,711, implying an upside of about 31% from current levels. The brokerage believes the company is well positioned to benefit from India's accelerating corporate clean energy transition, supported by rising demand from data centres and artificial intelligence infrastructure.
Calling CleanMax the country's largest commercial and industrial (C&I) renewable energy platform, Antique said the company has built a differentiated business model by supplying renewable power directly to corporate customers under long-term bilateral contracts, bypassing traditional discoms. The brokerage estimates CleanMax commands around 12% market share, with 3.1 GW of operational capacity and a 5.7 GW contracted portfolio at the end of FY26.
One of the key investment drivers, according to Antique, is the rapid rise in data centre and AI-related demand. The brokerage noted that data centres and AI now account for 42% of CleanMax's contracted order book, up sharply over the last two years.
Antique estimates the company has secured 35-38% of India's hyperscaler renewable energy contracts, with customers including global technology companies and Indian data centre operators. Around two-thirds of this order book is backed by 25-year contracts for difference, providing stable, long-term cash flows with limited exposure to merchant power prices.
Antique also highlighted the company's strong revenue visibility. Since projects are contracted before construction begins, CleanMax enjoys a highly visible execution pipeline, and the brokerage expects the company to expand its operational capacity to 7.8 GW by FY29, representing a 2.5x increase over current levels.
Financially, Antique projects revenue and EBITDA CAGR of 48% and 63%, respectively, between FY26 and FY28, driven by project commissioning and operating leverage. Consolidated EBITDA margins are expected to expand from about 59% to 71% over the period, while net profit could rise to Rs 350 crore by FY28.
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