Clean Max IPO: Tariffs May Fall, But Returns Intact, Says CMD Kuldeep Jain

• Clean Max Enviro Energy Solutions is preparing for its public subscription, driven by company scale, not market timing.
• Chairman and MD Kuldeep Jain is confident about unit economics ensuring returns despite falling renewable energy tariffs.
• The company aims for a valuation that ensures incoming shareholders have the best chance of making money, prioritizing investor returns over aggressive pricing.
• Rs 1,200 crore fresh issue will largely repay debt, improving net debt to EBITDA ratio and saving interest costs.
• Clean Max emphasizes strong cash PAT and cash ROE, with gross margins of 93-94% on renewable energy sales, and quick equity payback.