Clean Max Enviro Energy Solutions IPO Review & Recommendations

#The NAV per share is post impact of share split of 1:10 and bonus issue of 1:1. Source:

* Financial information of the Company has been derived from the Restated Consolidated Financial Information as of or for the financial year ended March 31, 2025. $ ReNew Energy Global Plc is listed on NASDAQ and not on BSE and NSE in India. Ordinary Equity Shares of ReNew Energy Global PLC are listed on NASDAQ. Closing market price of ReNew Energy Global PLC as on February 12, 2026 is converted into INR using conversion ratio of 1USD=90.59 INR

**Source for listed peers information included above:

1. All the financial information for listed industry peer is on a consolidated basis and is sourced from the financial information of such listed industry peer available on the website of the stock exchanges (BSE/NSE/NASDAQ), as of and for year ended March 31, 2025.Further financial information for FY 2025 for Renew Energy Global PLC is on a consolidated basis and is sourced from the FORM 20-F filed with US SEC and NASDAQ.

2. NAV of listed peers has been computed as Total Equity attributable to owners of the Company.

3. P/E Ratio for the listed industry peer has been computed based on the closing market price of equity shares, on BSE for Indian peers, as of February 12, 2026 divided by the diluted EPS for the year ended March 31, 2025. Except for ReNew Energy Global PLC, where closing market price of equity shares, on NASDAQ as of February 12, 2026 divided by the diluted EPS for the year ended March 31, 2025.

4. Return on Net Worth (%) = Profit After Tax attributable to owners of the Company for the year ended March 31, 2025/ Net Worth as on March 31, 2025.

5. Net Asset Value per Equity Share represents Net Worth as at the end of the year divided by number of Equity Shares outstanding at the end of the year/period.

6. Net Worth = Net Worth means Total Equity attributable to owners of the Company excluding any debt instruments in the nature of Equity.

7. EV/EBITDA for the listed industry peers has been computed based on the Enterprise Value (calculated as closing market price of equity shares, on BSE for Indian peers and NASDAQ for Renew Energy Global PLC, as of February 12, 2026 multiplied by outstanding shares, as of March 31, 2025 less debt borrowings including lease liabilities less cash and cash equivalent, adding minority interest) divided by the EBITDA for the year ended March 31, 2025.

8. For definitions of EPS, NAV and RoNW of Clean Max refer to pages 189 to 191.