CleanMax approves ₹155 crore Envision term sheet (2028)

What the committee approval covers

Clean Max Enviro Energy Solutions said its Risk Management Committee has approved a term sheet valued at ₹155.0 crore with Envision Energy India Private Limited. The term sheet covers the supply of 310 wind turbine generators. The total capacity linked to this supply is 1,550 MW. The company described the step as a pre-contractual filing cleared through an internal process. The approval is positioned as an enabling action before the execution of definitive agreements. The arrangement, as disclosed, is not a final work order at this stage.

Term sheet, not a work order: why it matters

The company flagged that the document is a term sheet and is pre-contractual in nature. As a result, it does not trigger immediate revenue recognition. Clean Max said revenue recognition will begin only after definitive agreements are executed and formal work orders are issued. This distinction is important for investors tracking near-term revenue visibility. The disclosure explicitly separates an agreed future supply value from billable revenue. The company also indicated the agreements will be executed in multiple phases rather than as a single contract.

Phased execution timeline through December 2028

Clean Max stated that definitive agreements are scheduled to be executed in seven phases. The timeline for these phases runs up to December 2028. The phased structure implies a staggered contracting and execution process. It also means the financial impact will depend on when each phase converts into formal agreements and work orders. The company did not state phase-wise values or delivery schedules in the provided text. Still, the seven-phase plan sets an outer timeframe for finalising the binding documentation.

Scale of the supply: 310 turbines and 1,550 MW

The deal framework, as disclosed, is tied to 310 wind turbine generators. The combined capacity referenced is 1,550 MW. This gives a sense of the physical scale associated with the proposed supply. The disclosure does not provide the turbine model, unit ratings, or project locations linked to the turbines. It also does not specify whether the turbines are intended for a single customer program or multiple projects. What is clear is that the supply scope is fixed in quantity and total MW capacity in the term sheet.

How large is ₹155.0 crore versus current revenue run-rate

Clean Max said the ₹155.0 crore term sheet value is about 24% of its average quarterly revenue of ₹635.32 crore. The company emphasised that this is an agreed value for future supply, not immediate billable revenue. Because the term sheet is pre-contractual, this percentage should not be read as near-term revenue addition. It is better interpreted as a gauge of relative deal size against the firm’s quarterly revenue base. The disclosure frames the filing as an internal regulatory step and not an order inflow.

Order book disclosure: zero in the past three fiscal quarters

The company stated that no previous orders were disclosed in the last three fiscal quarters. Based on that, the total disclosed order book is stated as zero. It added that the book-to-bill ratio cannot be meaningfully calculated from recent inflow data. Consequently, order book coverage is stated as 0.00 quarters of average quarterly revenue. The filing repeatedly underlines that a term sheet is not a confirmed work order. This context is relevant for readers comparing announced deal values with disclosed order-book metrics.

Funding and expansion context mentioned alongside the filing

Separately, the provided material also notes that CleanMax has secured around $175 million through a mix of domestic and international financing facilities to expand its renewable energy portfolio in India. The company’s statement, as referenced, said the funding will support around 1 GW of central transmission utility-connected solar and wind projects across Rajasthan and Karnataka. The financing is described as a multi-lender structure comprising external commercial borrowings, foreign currency non-resident bank facilities, and rupee-denominated term loans from domestic and international banks. The text also mentions VEH Green Energy raising $174 million through ECB financing from Credit Agricole, HSBC and DBS Bank. In addition, it notes rupee term loans of ₹650 crore and ₹630 crore from HSBC and BNP Paribas across separate entities.

Company profile and operating indicators cited in the material

The supplied text describes CleanMax as India’s largest Commercial and Industrial renewable energy provider with over 15 years of operating history. It also states that CleanMax has 2.80 GW operational capacity, 555 customers, and an 8% market share in FY25 open access additions. On profitability indicators, the material mentions a trailing twelve months (TTM) gross margin of 68.51%. It also lists revenue growth of +56% for 1Y (TTM) and a 3Y CAGR of +31%. The text further states that the company’s net income for the latest quarter was 485.17, without specifying the unit in the snippet. These indicators provide context but do not change the pre-contractual nature of the ₹155.0 crore term sheet.

Market snapshot and what was shown on price screens

A market snapshot included in the material shows a price of ₹1,354.00, down ₹33.40 (2.41%) on a 1D basis. Another line in the same provided content lists “Current Price ₹ 1,274”. The text does not reconcile these two points or provide a timestamp for each. As presented, they should be treated as separate snapshots. No additional inference on price action is stated in the source text. Readers should rely on the latest exchange quote for real-time price levels.

Key facts table

Financing figures mentioned (separately in the provided text)

What to watch next

The next key step is the execution of definitive agreements, which Clean Max said will be rolled out in seven phases before December 2028. Only after these agreements and subsequent formal work orders will revenue recognition begin, as per the company’s disclosure. Until then, the ₹155.0 crore figure represents an agreed value under a pre-contractual term sheet. Investors tracking order visibility may also focus on how the company reports future order inflows, given the statement that the disclosed order book was zero over the last three fiscal quarters. The company’s broader expansion financing, as cited, adds a parallel context on capacity growth plans. But the term sheet’s accounting impact remains contingent on conversion into executed agreements.