Clean Max Share Price Jumps 7% to Rs 1,345 on 12 November 2026: Q2 Profit Up 82%, Rs 2,500 Crore Green Bond and Key Levels to Watch

Clean Max share price opened at Rs 1,257.70 on Thursday, 12 November 2026, and climbed to an intraday high of Rs 1,345 on the NSE, a gain of about 7.2% over the previous close of Rs 1,254.50. By 11:39 AM the stock was at Rs 1,304, up 3.95%, with about 3.14 lakh shares traded on the NSE.

The move comes a week after the Clean Max Q2 results. The question for investors is whether profit growth of 82% and lower-cost long-term funding justify a stock that now trades about 24% above its IPO price at a PE near 79. The numbers below show both sides.

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What Happened to Clean Max Stock Today?

Clean Max stock gapped up at the open and held most of its gains through the first two hours. The 7% level was reached at Rs 1,342 to Rs 1,345, after which the shares eased back toward Rs 1,300. Traders tracking Clean Max stock today are watching whether it can hold that zone.

Detail	12 November 2026 (NSE)
Previous close	Rs 1,254.50
Open	Rs 1,257.70
Day high / low	Rs 1,345 / Rs 1,257.70
Price at 11:39 AM	Rs 1,304 (up 3.95%)
Volume	About 3.14 lakh shares
IPO price (March 2026)	Rs 1,053
Premium to IPO price at Rs 1,304	About 23.8%

Why Is Clean Max Stock Rising?

Three things are working in the same direction for Clean Max stock: earnings growth, lower-cost funding and a clear capacity pipeline. Together they answer the market's main worry about the business, which is that heavy borrowing could outrun profits.

First, the Clean Max Q2 results beat street estimates on EBITDA. Second, the Clean Max green bond of Rs 2,500 crore lowered the weighted average borrowing cost to 8.3% at 30 September 2026 from 8.8% at 31 March 2026. Third, management reiterated a minimum of 1.5 GW of power sales capacity additions in FY27 and a reported EBITDA target above Rs 3,000 crore for FY28.

Clean Max Q2 Results: Profit Up 82% on Higher Capacity

Metric (Q2 FY27)	Figure	YoY change
Revenue from operations	Rs 727.7 crore	Up 37%
Total income (incl. other income)	Rs 750.88 crore	Up 34.5%
Reported EBITDA	Rs 548 crore	Up 51%
Net profit	Rs 64.9 crore	Up 82.3%
Net profit margin	6.47%	Up from 4.76%
H1 FY27 revenue / net profit	Rs 1,560 crore / Rs 120 crore	Up 67% / from Rs 19 crore

The Clean Max Q2 results also show that the company commissioned 550 MW in the first half, taking operational renewable power sales capacity to 3,638 MW, up about 57% year on year. Operational and contracted power sales capacity stands at 6.3 GW, and the total portfolio including renewable energy services is 7.1 GW. Repeat customers accounted for about 85% of new contracted capacity in H1.

Margins explain the profit jump. EBITDA margin was 75.39% in Q2 against 55.68% in Q1, though that figure reflects the capital-heavy structure of owning generation assets and is not comparable to a typical manufacturer.

Clean Max Green Bond: What the Rs 2,500 Crore Raise Means

Clean Max allotted Rs 2,500 crore of green debentures on a private placement basis, with coupons between 8.25% and 8.765% and maturities up to September 2036. The company described it as the first green bond in the commercial and industrial renewable energy segment.

For Clean Max shares, the green bond matters because it swaps shorter project-level bank loans for longer institutional capital, and a CRISIL AA rating supports the cost. The Clean Max green bond does not remove the debt burden, since the debt to equity ratio is still 3.63, but it improves the repayment schedule.

Clean Max Stock Data

Parameter	Value (12 Nov 2026, 11:39 AM)
Stock (NSE: CLEANMAX)	Clean Max Enviro Energy Solutions Ltd
Current price	Rs 1,304 (up 3.95%)
52-week high / low	Rs 1,536 / Rs 727.10
PE ratio (industry PE)	79.21 (20.74)
Price to book / book value	3.06 / Rs 411.09
EPS (TTM)	Rs 15.86
ROE / debt to equity	3.69% / 3.63
Promoter / FII / DII holding (Sep 2026)	49.28% / 13.88% / 12.81%

Clean Max Share Price Target: What Brokerages Said

Every brokerage target in the table sits above the current Clean Max stock price in every published case, although these calls date from August 2026, before the Q2 results. They may have been revised since, so check the latest research before relying on them.

Brokerage	Rating	Target price	Implied upside from Rs 1,304
Antique Stock Broking	Buy	Rs 1,711	31.2%
HSBC	Buy	Rs 1,700	30.4%
JP Morgan	Overweight	Rs 1,478	13.3%
IIFL Securities	Buy	Rs 1,400	7.4%

HSBC's Rs 1,700 target uses an 11.5 times FY28 EBITDA multiple and assigns a 50% probability to annual capacity additions of 1.5 GW beyond FY28. The brokerage lists regulatory change, high borrowing and rising equipment and funding costs as its key risks.

Technical View: Where Does Clean Max Stock Stand?

On the charts, Clean Max stock has a 14-day RSI of 69.5, close to the 70 overbought mark, after a sharp one-day move. Clean Max stock is above its 20-day simple moving average of Rs 1,241.33 and 20-day exponential moving average of Rs 1,261.42, which are the first support references, along with the previous close of Rs 1,254.50.

The MACD line at minus 7.70 has crossed above its signal line at minus 16.18, a positive momentum sign, but both remain below zero. The SuperTrend level at Rs 1,310.07 is the immediate resistance, followed by the day high of Rs 1,345 and the 52-week high of Rs 1,536. A close above Rs 1,310 would improve the short-term picture, while a slide below Rs 1,261 would suggest the rally is fading.

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Should You Buy Clean Max Stock After the Rally?

The case for Clean Max stock rests on growth and visibility, and the Clean Max Q2 results back it up. Revenue grew 37% and net profit 82% in Q2, FY26 net profit reached Rs 85.58 crore from Rs 19.43 crore in FY25, contracted capacity is 3.4 times its March 2024 level, and brokerage targets published in August sit 7% to 31% above the current price.

The case against is valuation and balance sheet strain. A PE of 79.21 against an industry PE of 20.74, a 3.69% return on equity and a debt to equity ratio of 3.63 leave Clean Max shares little room for execution slips. Profit thins out below the operating line: Q2 EBIT of about Rs 409 crore shrank to a pre-tax profit of about Rs 120 crore after interest and other costs. This is not investment advice, and a SEBI-registered advisor can match the stock to your time horizon and risk appetite.

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Key Risks for Clean Max Shares

Capital intensity is the main risk. FY26 capex was Rs 5,754 crore against operating cash flow of Rs 1,731 crore, so growth depends on continued access to debt and equity. Curtailment of some assets, delays in grid connectivity, regulatory change and a rise in equipment or borrowing costs could all hurt returns.

Institutional holding in Clean Max is also less stable than the headline suggests. FII holding fell from 29.8% in March 2026 to 13.88% in September 2026, and a block deal of about 7.25% by Augment India at Rs 1,250 per share was reported on 28 September. Further large sales by early investors could cap rallies in Clean Max shares.

Conclusion

The Clean Max share price rally has real support: an 82% rise in quarterly profit, a Rs 2,500 crore green bond and a pipeline that management says will exceed 1.5 GW this year. Against that, for Clean Max stock a PE near 79, a debt to equity ratio of 3.63 and an RSI close to 70 argue for caution after a 7% intraday move. The next triggers are a hold above Rs 1,310, progress on the 534 MW Koppal project between December 2026 and March 2027, and updated brokerage targets for Clean Max.

Frequently Asked Questions

Why is Clean Max share price rising today?

Ans. Clean Max stock is rising on strong September-quarter results and funding visibility. Q2 FY27 net profit grew 82.3% year on year to Rs 64.9 crore, and the company raised Rs 2,500 crore through its debut green bond. The stock opened at Rs 1,257.70 on 12 November 2026, hit Rs 1,345 on the NSE and traded at Rs 1,304 at 11:39 AM, up 3.95%.

What were Clean Max Q2 FY27 results?

Ans. Clean Max reported Q2 FY27 revenue from operations of Rs 727.7 crore, up 37% from Rs 530.6 crore, and net profit of Rs 64.9 crore against Rs 35.6 crore a year earlier. Reported EBITDA rose 51% to Rs 548 crore. Total income, which includes other income, was Rs 750.88 crore, up 34.5%.

How much is Clean Max above its IPO price?

Ans. The IPO price was Rs 1,053 per share. At Rs 1,304, Clean Max stock trades about 23.8% above it, and the day high of Rs 1,345 was about 27.7% above it. The shares listed on 2 March 2026 at Rs 960 on the NSE, a discount of 8.83% to the issue price.

What is the Clean Max green bond?

Ans. Clean Max raised Rs 2,500 crore through green non-convertible debentures on a private placement basis, described by the company as the first green bond in the commercial and industrial renewable energy sector. The issue has five series with coupons of 8.25% to 8.765% and maturities running up to September 2036.

What is the Clean Max share price target?

Ans. Brokerage targets published in August 2026, before the Q2 results, ranged from Rs 1,400 to Rs 1,711. HSBC has Buy with Rs 1,700, Antique Stock Broking has Buy with Rs 1,711, JP Morgan has Overweight with Rs 1,478 and IIFL Securities has Buy with Rs 1,400. These are analyst estimates, not guaranteed returns.

Is Clean Max stock overvalued?

Ans. Clean Max trades at a PE of 79.21 against an industry PE of 20.74, with a return on equity of 3.69% and a debt to equity ratio of 3.63. High growth is already priced in, so execution of capacity additions matters. This article is not investment advice, so consult a SEBI-registered advisor before deciding.

What are the Clean Max 52-week high and low?

Ans. The Clean Max 52-week high is Rs 1,536 and the 52-week low is Rs 727.10. At Rs 1,304, the stock is about 15% below its 52-week high and about 79% above its 52-week low.