{
  "id": 4587188,
  "title": "Nomura initiates coverage on Clean Max Enviro with Buy call. Check upside potential, key reasons",
  "url": "https://urgent.news/2026/08/31/nomura-initiates-coverage-on-clean-max-enviro-with-buy-call-check",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-31T05:38:28.000Z",
  "source": {
    "name": "The Economic Times - Top News",
    "slug": "the-economic-times-top-news",
    "url": "https://economictimes.indiatimes.com/markets/stocks/news/nomura-initiates-coverage-on-clean-max-enviro-with-buy-call-check-upside-potential-key-reasons/articleshow/133643047.cms"
  },
  "original_language": "en",
  "account": "Japanese brokerage Nomura has given Clean Max Enviro Energy Solutions a Buy rating and set a target price of Rs 1,510, suggesting a potential 21% upside from the current stock price. The firm cites strong growth prospects for the company over the next few financial years.\n\nAnalysts at Nomura anticipate Clean Max will achieve revenue and EBITDA compound annual growth rates (CAGRs) of 39% and 50%, respectively, from FY26 to FY29. The firm highlights India's skewed tariff structure as a major factor driving the commercial and industrial (C&I) renewable energy sector. C&I consumers pay 60-120% more than subsidized segments, creating an opportunity for independent power producers like Clean Max to offer power at lower rates than the grid.\n\nClean Max's RE power can save customers 20-60% on energy costs while aiding their sustainability objectives, while developers benefit from higher tariffs and equity returns. The company's average tariff for FY26 is approximately Rs 4/kWh, compared to below Rs 3/kWh for standard solar and below Rs 3.5/kWh for wind energy in reverse auctions, giving Clean Max a competitive edge in tariff economics and capital efficiency.\n\nIn Q1 FY27, Clean Max reported a net profit of Rs 55 crore, marking a significant turnaround from a loss of Rs 17 crore in the same period the previous year. Revenue from operations surged 107% year-on-year to Rs 832 crore, driven by an expanded operational asset base and growth in the renewable energy services segment. The company's total contracted capacity, including the RE Services division, stood at 6.8 GW as of June 30, 2026, with plans to add over 500 MW of new capacity in the first quarter alone.",
  "summary": "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.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Economic Times - Top News",
        "title": "Lenskart shares to rally 40%? Nomura initiates coverage with Buy, says its growth journey has just started",
        "url": "https://urgent.news/2026/08/31/lenskart-shares-to-rally-40-nomura-initiates-coverage-with-buy-says",
        "published": "2026-08-31T03:58:05.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}