CleanMax: 4.2 GW built, but the stock trades at 90x

Clean Max Enviro Energy Solutions Limited (NSE: CLEANMAX) added a record 530 MW in Q1 FY27. Its operating portfolio is now about 4.2 GW, up from 3.6 GW. What happened Q1 FY27 revenue roughly doubled to ₹832 crore. The company posted a net profit of ₹48.5 crore against a loss a year ago. Management has set a floor of ₹3,000 crore of EBITDA for FY28. That is more than double the ₹1,295 crore reported in FY26. The stock listed in March at ₹1,053 and now trades near ₹1,280. Why it matters CleanMax sells power directly to companies, not to state utilities. Around 43% of its contracted capacity is tied to data centres and technology clients, with customers like Amazon, Google and Equinix. Contracts run for an average of 22.8 years. So the data centre boom shows up here as locked-in revenue, not as hope. My view Do not judge this stock on its P/E of about 90. Renewable assets carry heavy depreciation and interest, which crush early profits. Cash flow is the better measure. Add the market value of ₹15,000 crore to net debt of over ₹10,000 crore, and you get an enterprise value near ₹25,000 crore. Against FY26 EBITDA, that is about 19 times. If the FY28 floor of ₹3,000 crore is met, the same value falls to roughly 8 times. That is the whole bet. It must build a lot, on borrowed money, without slipping. Miss the target and the 90 times multiple stops looking clever. What I am watching Q2 FY27 results, due in November. Capacity additions above 400 MW a quarter and interest costs matter most. On the chart, ₹1,536 is the high and ₹1,150 is my line in the sand. My stance: Buy on dips near ₹1,150. Track EBITDA delivery, not quarterly profit. Disclosure: I do not hold a position in Clean Max Enviro Energy Solutions Limited at the time of writing. This is not investment advice.