Operators of wind and wind-solar hybrid generation assets under long-term PPAs.
Adani Green EnergyOwner · MediumListed
Orient Green PowerOperator · HighListed
Juniper Green EnergyOwner · MediumListed
Clean Max Enviro Energy SolutionsOwner · LowListed
NTPC Green EnergyOwner · LowListed
Clean Max Enviro Energy Solutions (CLEANMAX)
India's largest commercial and industrial (C&I) renewable developer - solar, wind and hybrid plants that sell power directly to companies (listed Mar 2026)
Price
₹1,260
snapshot 6 Nov 2026
Strengths
~2.8 GW operational, owned and managed capacity plus ~3.2 GW contracted (Oct 2025), sold under long-term corporate PPAs
Risks
Open-access rules for C&I power differ by state and can change
Listed below its issue price in Mar 2026; debt-funded growth
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹14,818 Cr
Stock P/E
83.0x
Div Yield
0%
ROCE
6.2%
ROE
1.8%
P/B
3.1x
Revenue growth
+27.9%FY26
Profit growth
+352.6%FY26
Net margin
4.5%FY26
1Y vs Nifty
—
Revenue, ₹ Cr (5-yr) — company table
702FY22
930FY23
1,390FY24
1,496FY25
1,913FY26
Stock price return · as of 6 Nov 2026
TrendNot enough history
52-week range as of 6 Nov 2026 vs snapshot price · 18% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Owns and operates wind and increasingly wind-solar hybrid generation assets, selling power under long-term PPAs.
Why it matters
Hybrid projects pairing wind's night/monsoon-season output with solar's daytime output deliver steadier, more grid-friendly power than either alone - a growing share of new renewable capacity.
Where the value pool sits
Same annuity-like PPA revenue profile as solar IPPs, with hybrid projects commanding a premium for their steadier output profile.
Key drivers
Wind-solar hybrid tender volumes
Repowering of older low-capacity wind sites with modern turbines
Round-the-clock (RTC) renewable power tenders favoring hybrid/storage-backed bids
Potential bottlenecks
Wind resource is geographically concentrated in a handful of states
Grid-connectivity and transmission capacity in wind-rich corridors
Smaller-cap pure-play wind IPPs have thinner balance sheets than diversified majors