Clean Max Enviro vs Shree Ram Twistex IPO: Where should you place your bet?

Early grey market trends indicate cautious investor sentiment toward both Clean Max Enviro Energy and Shree Ram Twistex IPO

Two mainboard public issues, Clean Max Enviro Energy and Shree Ram Twistex, opened for subscription today, February 23, 2026, offering investors exposure to two very different themes, including India’s fast-growing commercial and industrial (C&I) renewable energy space and the traditional yet evolving textile manufacturing sector.

Grey market signals remain muted

Early grey market trends indicate cautious investor sentiment toward both offerings. Shree Ram Twistex IPO is witnessing mild traction in unofficial markets, with a grey market premium (GMP) of around ₹5.5 as of 12:30 PM on February 23, implying an estimated listing price near ₹109.5, or roughly 5.3 per cent above the upper price band of ₹104.

 

In comparison, Clean Max Enviro Energy IPO is trading nearly flat in the grey market, commanding a marginal GMP of ₹2, suggesting limited expectations of immediate listing gains at the current price band of ₹1,053. 

Clean Max Enviro Energy: Structural renewable story, but valuations rich

Analysts remain broadly constructive on Clean Max Enviro Energy from a long-term perspective, even as they flag valuation concerns. Gaurav Garg, research analyst at Lemonn Markets Desk, said the company is India’s leading C&I renewable energy player, backed by a strong capacity pipeline, premium tariffs and long-tenure PPAs of around 23 years, along with robust project-level ROE of about 35 per cent. 

 

Additionally, structural drivers such as rising electricity demand from data centres and AI-linked infrastructure, along with accelerating renewable adoption, provide long-term growth visibility. However, he noted valuations appear stretched at roughly 16x EV/Ebitda, particularly given elevated leverage. The brokerage has recommended Subscribe for long-term investors.

 

Aditya Birla Capital highlighted that the company benefits from a significantly underpenetrated industry, as renewable energy penetration for C&I stood at 7.4 per cent in FY23 and is projected to grow to 20 per cent by FY30, requiring 15-18 GW of annual capacity addition and translating to a 22-24 per cent CAGR in installed capacity.

 

The brokerage said phasing out of ISTS charges & emerging high energy-consuming sectors like Data Centres & AI, which require guaranteed RTC power supply, will boost the C&I demand, which creates demand visibility & confidence in business scaling up. "At the upper price-band, the issue is valued at 16x EV/Ebitda, which according to us, is expensive," the brokerage said in its note.

 

Aditya Birla Capital has assigned a 'Subscribe for long-term' rating to the issue.  CHECK Stock Market LIVE Updates

Shree Ram Twistex: Manufacturing play with valuation risks

Shree Ram Twistex offers exposure to India’s expanding textile ecosystem, a sector projected to grow significantly amid rising exports, sustainability initiatives, and government policy support.

 

According to Swastika Investmart, improving margins and earnings momentum, supported by the shift to captive green energy, remain positive. However, the IPO valuation at around 29-30x P/E already factors in most future growth, leaving limited near-term upside compared with cheaper listed peers.

 

The brokerage added that the IPO is suitable only for high-risk, long-term investors and advised investors seeking listing gains or value entries to avoid the issue.

 

Analysts at Master Capital Services said the broader textile industry, valued at about $174 billion, is projected to reach $350 billion by 2030, driven by rising demand, sustainability initiatives and government support. Within this landscape, Shree Ram Twistex operates as a cotton yarn manufacturer serving B2B applications and could benefit from expanding domestic consumption and export opportunities.

 

Investors may consider the IPO as a potential long-term investment opportunity, the brokerage said.

 

Overall, brokerages view both IPOs as better suited for long-term investors, with modest grey market premiums and valuation concerns limiting prospects of strong listing gains.  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.