JM Financial initiates Clean Max Enviro Energy Solutions at 'buy'

JM Financial started coverage of Clean Max Enviro Energy Solutions with a 'buy' rating and a price target of 1,501 rupees. The brokerage cited strong demand for renewable power from commercial and industrial sectors. JM Financial anticipates Clean Max's renewable power capacity to increase to 7.4 GW by FY29 from 3.1 GW in FY26, with revenue projected to grow 69% in FY27, followed by 35% and 29% in FY28 and FY29, respectively. The firm also expects EBITDA margins to expand to 69% by FY29 from 59% in FY26 as higher-margin renewable power sales become a larger portion of the business. Net debt to