HSBC raises CleanMax target price by 25%, maintains buy on strong renewable growth outlook
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HSBC has maintained a 'buy' rating on CleanMax Enviro Energy Solutions Ltd, raising its target price by 25% to Rs 1,650 per share. The brokerage cites strong capacity expansion and rising demand for green power, projecting a 60% CAGR growth in EBITDA from FY26-28. CleanMax's EBITDA run-rate increased significantly, with net profit nearly tripling. However, concerns include changes in accounting policy and lower fresh contract signings. HSBC increased its valuation multiple to reflect growth potential, while noting risks such as regulatory changes and high leverage.
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