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CleanMax Enviro block deal: Augment India Holdings likely to divest 85 lakh shares worth Rs 1,063 crore

By Sohail Khan 25 September 2026, 9:04 pm

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CleanMax Enviro block deal: Augment India Holdings likely to divest 85 lakh shares worth Rs 1,063 crore
Synopsis

Augment India Holdings may sell 85 lakh Clean Max Enviro Energy Solutions shares, representing a 7.25% stake, through a Rs 1,062.8 crore block deal. The reported floor price of Rs 1,250 implies a potential discount to market price.

CleanMax Enviro block deal: Augment India Holdings likely to divest 85 lakh shares worth Rs 1,063 crore<br> — Augment India Holdings may divest a 7.25% CleanMax stake through a Rs 1,063 crore block deal at a reported discount to market price.

Augment India Holdings LLC is likely to divest 85 lakh shares, representing a 7.25% stake in Clean Max Enviro Energy Solutions, through a block deal, according to reports.

The offer size is pegged at Rs 1,062.8 crore, while the floor price has been set at Rs 1,250 per share, the reports said. The offer may come at a discount of up to 10% to the current market price (CMP).

According to shareholding data available on the BSE, Augment India Holdings LLC held 1,11,40,172 shares, or a 9.50% stake, in Clean Max Enviro Energy Solutions as of June 30, 2026.

Shares of Clean Max Enviro Energy Solutions ended Friday’s trading session at Rs 1,392.55 apiece, up 0.54% from the previous close of Rs 1,385.05 on the BSE. The stock traded in the range of Rs 1,385 to Rs 1,475 during the session. The power generation company had a market capitalization of Rs 16,369.34 crore on the BSE.

Brokerages on CleanMax

Earlier, on September 23, Wall Street major Macquarie initiated coverage on Clean Max Enviro Energy Solutions with an Outperform rating and a target price of Rs 1,700. Macquarie is the second brokerage to initiate coverage of the stock in two sessions, following JM Financial.

Macquarie expects CleanMax’s installed base to more than double to around 8 GW by FY29E. The brokerage sees repeat commercial and industrial (C&I) business and exposure to Data & AI transactions supporting growth and longer-term earnings upside in India’s underpenetrated C&I renewables market.

The brokerage estimates that C&I users account for more than 50% of electricity consumption, with two-thirds dependent on relatively expensive DISCOM supply. It expects renewable adoption in the segment to outpace demand growth as corporates look to lower costs, with potential savings of up to 35%, while also pursuing decarbonisation.

Macquarie views CleanMax as a corporate-energy platform rather than a conventional independent power producer (IPP), supported by around 600 customer relationships, multistate regulatory capabilities and integrated energy solutions.

It said repeat C&I business provides steady growth, while Data & AI transactions, which account for around 42% of contracted capacity, offer longer-term upside.

Macquarie expects sustained customer savings compared with conventional power procurement to support capacity additions at a faster pace than the market expects. Its 25%-weighted bull case assumes annual additions of more than 2 GW and an EBITDA CAGR of 60% or more over FY26-29E. The brokerage also flagged regulatory, execution and dilution risks.

ALSO READ: Clean Max shares surge 13% in 3 days as Macquarie initiates coverage with outperform rating

JM Financial also has a Buy rating on Clean Max Enviro Energy Solutions, with a target price of Rs 1,501. The brokerage said CleanMax is well placed to capture the expansion of India’s corporate green-energy transition despite temporary headwinds from curtailment in CTU-connected projects.

JM Financial expects demand in the commercial and industrial (C&I) segment to remain robust, driven by rising electrification needs, increasing captive power demand amid utility power deficits and the rapid expansion of data centres.

The brokerage said CleanMax’s leadership in the C&I market and strong customer stickiness position the company to capitalize on the expected growth in C&I power demand. JM Financial values the stock at 10.5x FY28E run-rate EBITDA.

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here

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