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Nomura starts Clean Max Enviro with Buy rating and ₹1,510 target
Nomura says Clean Max’s group captive model and EPC margins can reduce the developer’s equity funding need while supporting tariff-driven returns.
Nomura has initiated coverage on Clean Max Enviro Energy Solutions with a Buy rating and a target price of ₹1,510, implying potential upside of about 20.7% versus the stock’s closing price of ₹1,251 on 28 August 2026, according to LiveMint Markets.
The brokerage’s bullish view centers on what it describes as favorable electricity tariff economics in India. Nomura argues that commercial and industrial consumers typically pay substantially higher tariffs than subsidised segments, which can let independent power producers supply renewable power directly to businesses at competitive rates.
Nomura also expects Clean Max to benefit from capital efficiency tied to its group captive structure. Under the arrangement, consumers contribute part of the project equity, while the company’s EPC margins can help fund part of its equity contribution, improving how equity returns are generated.
For growth, Nomura pointed to rising electricity demand from AI infrastructure and data centres. It estimates that out of Clean Max’s 6GW of operational and contracted capacity, about 2.5GW is linked to data centres and AI customers, reflecting demand for reliable, round-the-clock power that aligns with renewable supply.