Business · India Bureau
Macquarie bullish on CleanMax's growth trajectory through FY29
Global investment bank Macquarie has projected significant upside potential for renewable energy firm CleanMax, citing strong capacity expansion plans and a diversified customer base. The brokerage forecasts the company could nearly double its renewable energy portfolio over the next fiscal years.
LSN India ·
Macquarie Research has outlined an optimistic outlook for CleanMax Solar, projecting the renewable energy platform could add approximately 5 gigawatts of capacity through fiscal year 2029. The expansion forecast underpins analyst expectations of substantial earnings growth, with the brokerage modeling an earnings before interest, tax, depreciation and amortization compound annual growth rate of 51% through FY29.
The growth trajectory is supported by what Macquarie describes as a resilient customer mix. The brokerage notes that data centre and artificial intelligence customers represent roughly 42% of CleanMax's contracted capacity, reflecting the surging demand for clean power from India's fast-growing technology sector. This concentration underscores the company's strategic positioning within high-growth segments of the Indian economy.
The capacity additions planned through FY29 would represent a significant expansion of CleanMax's operational footprint. The brokerage's analysis suggests the renewable energy player is well-positioned to capitalize on India's accelerating energy transition and the corporate sector's mounting commitment to sustainability goals and renewable procurement targets.
Macquarie's projections translate to what the bank characterizes as meaningful upside potential for CleanMax's equity valuation, though the brokerage's specific price targets and rating recommendations were not detailed in the research overview.