India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Clean Max Enviro Energy Solutions / Equity Bottom-Up

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>Clean Max is India's premier "Energy-as-a-Service" provider, commanding an 8% C&amp;I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.</li>
<li>The company achieved stabilized profitability in FY25, with revenue growing 12.98% to Rs.16,103.4 million and EBITDA surging 36.88% due to high operational efficiency.</li>
<li>Leveraging a 2.53 GW pipeline, the firm is utilizing 94% of IPO proceeds (Rs.1,122.67 crore) to deleverage and strengthen its financial foundation for public market transition.</li>
</ul>


Clean Max is India's premier "Energy-as-a-Service" provider, commanding an 8% C&amp;I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.
The company achieved stabilized profitability in FY25, with revenue growing 12.98% to Rs.16,103.4 million and EBITDA surging 36.88% due to high operational efficiency.
Leveraging a 2.53 GW pipeline, the firm is utilizing 94% of IPO proceeds (Rs.1,122.67 crore) to deleverage and strengthen its financial foundation for public market transition.


Clean Max: Leading The "Energy-As-A-Service" Revolution

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Clean Max Enviro Energy Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a>(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN)(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Vikram Solar (0490158D IN) raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>CleanMax is India’s largest C&amp;I RE player with 2.80 GW of operational capacity and 3.17 GW of contracted capacity servinc 555 customers over 1,200+ PPAs</li>
<li>Renewable energy penetration for C&amp;I segment in India stood at ~7.4% in FY23, projected to reach ~20% by FY30, requiring 15-18 GW of annual capacity addition (22-24% CAGR)</li>
<li>With contracted customer base and committed evacuation infra, CleanMax should deliver 35+% Revenue/EBITDA CAGR over FY25-27. It also boasts a 5GW pipeline, 60% of which is at advanced stages</li>
</ul>


CleanMax is India’s largest C&amp;I RE player with 2.80 GW of operational capacity and 3.17 GW of contracted capacity servinc 555 customers over 1,200+ PPAs
Renewable energy penetration for C&amp;I segment in India stood at ~7.4% in FY23, projected to reach ~20% by FY30, requiring 15-18 GW of annual capacity addition (22-24% CAGR)
With contracted customer base and committed evacuation infra, CleanMax should deliver 35+% Revenue/EBITDA CAGR over FY25-27. It also boasts a 5GW pipeline, 60% of which is at advanced stages


Clean Max: Dedicated Commercial & Industrial Renewable Energy Platform

SAEL Industries Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sael-industries-ltd" target="_blank" data-smartkarma-citation="entities:46005:1" rel="noopener">SAEL Industries Ltd (2600245D IN)</a> is looking to raise about US$516m in its upcoming India IPO.</li>
<li>SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO.
SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
In this note, we talk about the company’s historical performance.


Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

India

NTPC Green Energy Limited is a subsidiary of NTPC Limited, specializing in renewable energy generation in India. The company focuses on developing, owning, and operating large-scale solar and wind power projects, alongside emerging technologies like green hydrogen and battery energy storage systems. It was incorporated on April 7, 2022, and is headquartered in New Delhi, India.

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NTPC Green Energy (NTPCGREE IN)

Clean Max: Leading The "Energy-As-A-Service" Revolution

Clean Max, India's top Energy-as-a-Service provider, sees revenue grow 12.98% to Rs.16,103.4 million in FY25, with EBITDA surging 36.88% due to...

Sudarshan Bhandari

Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$342m in its downsized India IPO. In this note, we talk about RHP...

Akshat Shah

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Clean Max: Dedicated Commercial & Industrial Renewable Energy Platform

CleanMax, India's top C&I RE player, is poised for significant growth with a strong customer base and pipeline, set to deliver impressive revenue...

Himanshu Dugar

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Clean Max: Leading The "Energy-As-A-Service" Revolution

​Clean Max, India's top Energy-as-a-Service provider, sees revenue grow 12.98% to Rs.16,103.4 million in FY25, with EBITDA surging 36.88% due to...

Sudarshan Bhandari

Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$342m in its downsized India IPO. In this note, we talk about RHP...

Akshat Shah

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Clean Max: Dedicated Commercial & Industrial Renewable Energy Platform

​CleanMax, India's top C&I RE player, is poised for significant growth with a strong customer base and pipeline, set to deliver impressive revenue...

Himanshu Dugar

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Clean Max, India's top Energy-as-a-Service provider, sees revenue grow 12.98% to Rs.16,103.4 million in FY25, with EBITDA surging 36.88% due to...

CleanMax, India's top C&I RE player, is poised for significant growth with a strong customer base and pipeline, set to deliver impressive revenue...