CleanMax Share Price After Q2 Results: Will the Renewable Power Rally Continue? Expert Views, Targets and Key Risks

The CleanMax share price is holding firm after the Q2 results of the commercial and industrial renewable energy company. The Q2 results show net profit up 82%, revenue up 37% and an EBITDA figure that beat analyst estimates for the third quarter in a row. This guide covers the numbers, the guidance, brokerage targets and the risks of a capital-heavy business.

Here is how the CleanMax share price and the business stack up after results. Prices are NSE data as of 12:10 PM IST on 4 November 2026. Financials are consolidated for the quarter ended 30 September 2026, from the company's release and press reports. Brokerage targets quoted here were set in August and September, before the Q2 numbers, and may be revised. The 42% year-to-date rise in the headline could not be independently verified. This is not a recommendation.

Click Here – Get Free Investment Predictions

CleanMax Share Price: Where It Stands Today

Price data (NSE)	Value
Previous close	Rs 1,225.90
Day open	Rs 1,250.40
Day high / low	Rs 1,257.00 / Rs 1,215.20
Last traded price	Rs 1,238.30 (+1.01%) (as of 12:10 PM IST on 4 November 2026)
IPO issue price (Feb 2026)	Rs 1,053
Listing price (2 Mar 2026)	Rs 960 (about 8.8% below issue price)

The CleanMax share price is about 17.6% above its IPO price of Rs 1,053, a turnaround from a weak debut: the stock listed below the issue price on 2 March 2026 and at one stage fell about 31% below it. Market capitalisation is roughly Rs 14,600 crore at the current price.

CleanMax Q2 Results: The Numbers

Metric	Q2 FY27	Q2 FY26	Change
Revenue from operations	Rs 728 crore	Rs 531 crore	+37%
Adjusted EBITDA	Rs 553 crore	Rs 386 crore	+43%
Reported EBITDA	Rs 548 crore	Not stated	+51%
Net profit	Rs 65 crore	Rs 36 crore	+82%

Metric	H1 FY27	H1 FY26	Change
Revenue from operations	Rs 1,560 crore	Rs 933 crore	+67%
Reported EBITDA	Rs 1,011 crore	Not stated	+58%
Net profit	Rs 120 crore	Rs 19 crore	More than six times

The CleanMax share price reacts to the Q2 results because they also lifted the first-half profit more than six-fold. Management said adjusted EBITDA beat analyst estimates for the third consecutive quarter. Q1 FY27 revenue was about Rs 832 crore, so Q2 revenue was lower than Q1 in absolute terms, even though growth against last year was strong.

Compare renewable energy stocks on the Univest Screener

Portfolio and Guidance

Operating metric	Detail
Operational and contracted portfolio	7.1 GW (6.3 GW power sales, 0.8 GW services)
Operational power sales capacity	3,638 MW
Commissioned in H1 FY27	550 MW
FY27 capacity guidance	At least 1.5 GW of power sales capacity
FY28 EBITDA guidance	Reported EBITDA above Rs 3,000 crore

The FY28 guidance behind the CleanMax share price was reaffirmed, and the founder said the company is comfortably placed to exceed the 1,500 MW capacity addition target this year. Reaching it needs roughly 950 MW more in the second half, including a 534 MW project in Karnataka due in phases between December 2026 and March 2027. Data and AI customers account for about 42% of contracted capacity, and repeat customers made up about 85% of newly contracted capacity.

Brokerage Targets: Dated Views

Brokerage	Rating	Target	Implied move from Rs 1,238.30
Ventura Securities	Buy	Rs 1,940	About +57%
Antique Stock Broking	Buy	Rs 1,711	About +38%
HSBC	Buy	Rs 1,700	About +37%
Nomura	Buy	Rs 1,510	About +22%
IIFL Capital	Buy	Rs 1,400	About +13%

These targets for the CleanMax share price were published in August and early September 2026. They are opinions, not guarantees, and the Q2 beat may lead to revisions in either direction. After the Q2 results, the spread from Rs 1,400 to Rs 1,940 shows how differently analysts value the growth.

Key Risks to Watch

Risk	Why it matters
Debt	Net debt was about 4.75 times adjusted EBITDA in June 2026, though project debt cost had eased to 8.4%
Cash flow	Operating cash flow was negative in H1 FY27 as the company invests
Execution	The 1.5 GW target needs projects to be commissioned on time
Financing	New debt, including a proposed NCD plan, must be raised smoothly
Valuation	A rally leaves less room for disappointment

Download the Univest iOS App or Univest Android App to track CleanMax and other power stocks on your phone.

Conclusion

The CleanMax share price reflects a company that is growing profit faster than revenue and reaffirming a clear FY28 target. The questions are debt, cash flow and on-time commissioning. Investors in the CleanMax share price should weigh the strong Q2 results against these risks and the dated nature of broker targets.

Frequently Asked Questions on CleanMax Share Price

Why did the CleanMax share price rise after Q2 results?

Ans. The company reported Q2 FY27 net profit up 82% to Rs 65 crore, revenue up 37% to Rs 728 crore and adjusted EBITDA of Rs 553 crore that beat analyst estimates. It also reaffirmed its FY28 reported EBITDA guidance of above Rs 3,000 crore, which supported the stock.

What were the CleanMax Q2 results?

Ans. Revenue from operations was Rs 728 crore, up 37% from Rs 531 crore. Adjusted EBITDA was Rs 553 crore, up 43%, reported EBITDA Rs 548 crore, up 51%, and net profit Rs 65 crore, up 82% from Rs 36 crore a year earlier.

What is CleanMax's FY28 EBITDA guidance?

Ans. Management has reaffirmed that reported EBITDA will be above Rs 3,000 crore in FY28. This is a company target that depends on commissioning projects on time and operating them efficiently, and it is not a guaranteed outcome.

How big is the CleanMax portfolio?

Ans. The operational and contracted portfolio was 7.1 GW at the end of September 2026, made up of 6.3 GW of renewable power sales and 0.8 GW of services. Operational power sales capacity was 3,638 MW after 550 MW was commissioned in the first half.

What are the brokerage targets for CleanMax?

Ans. Targets set in August and September 2026 range from Rs 1,400 at IIFL Capital to Rs 1,940 at Ventura, with HSBC at Rs 1,700, Antique at Rs 1,711 and Nomura at Rs 1,510. These pre-date the Q2 results and may change.

Is the CleanMax stock up 42% this year?

Ans. The headline says so, but we could not verify the base. CleanMax listed on 2 March 2026, so a year-to-date figure depends on the starting price used. Against the IPO price of Rs 1,053, the stock is up about 17.6%.

What are the main risks for CleanMax?

Ans. The main risks are high debt, negative operating cash flow during the build-out, the need to commission at least 1.5 GW on time, financing costs and a valuation that already reflects strong growth. Policy and tariff changes can also affect returns.

Should I buy CleanMax after the Q2 results?

Ans. This article cannot give a personal recommendation. The Q2 results were strong, but the business is capital-heavy and the stock has already recovered from its lows. Compare valuation with growth, review your risk tolerance and consult a SEBI-registered advisor before deciding.