Shares of Clean Max rose 5.1% to ₹1,439 in early trade on Wednesday, September 23, as Macquarie launched coverage with an "outperform" rating and a ₹1,700 target. The jump comes after the stock already posted a 64% YTD advance, marking a sharp rebound from its listing price.
Macquarie’s note places Clean Max's target at the joint third‑highest on the street, trailing only Ventura’s ₹1,940 and Antique’s ₹1,711 but matching HSBC’s ₹1,700. The brokerage cited the company’s status as India’s largest pure‑play consumer and industrial renewables platform, noting a projected installed base of 8 GW by FY2029.
The firm projects an additional 5 GW of incremental capacity from FY2026‑2029, which should lift EBITA at a compounded annual growth rate of 50% over the same period. This growth is underpinned by repeat orders in the commercial & industrial segment and exposure to Data & AI deployments.
Macquarie also flagged a net debt/EBITDA ratio of roughly 7.5x by FY29, benefiting from lower borrowing costs and strategic investments. With nine of the nine ratings at "buy" and a YTD surge of 64%, the stock is positioned for a steady climb toward the ₹1,700 target.