Nomura initiates coverage on Clean Max Enviro with Buy call. Check upside potential, key reasons

August 31, 2026

Nomura initiated coverage on Clean Max Enviro Energy Solutions with a Buy rating and a Rs 1,510 target, implying 21% upside, citing strong growth prospects in India’s C&I renewable energy market. The brokerage expects revenue and EBITDA to grow at CAGRs of 39% and 50%, respectively, through FY29, while Clean Max’s Q1 profit turned positive and revenue more than doubled year-on-year.

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