Anand Rathi Share and Stock Brokers initiated coverage on Clean Max Enviro Energy Solutions with a buy recommendation and target price of Rs 1,657, citing its group-captive model, customer franchise, CTU connectivity and VPPA/EAPA structures. The brokerage expects Clean Max's operating capacity to rise from nearly 4.2GW in FY26 to nearly 9.2GW by FY29E, driving 45.9%, 52.7% and 75.1% revenue, EBITDA and PAT CAGR respectively.