New Delhi, Sept. 1 -- Shares of Clean Max Enviro Energy Solutions could offer more than 20% upside, according to global brokerage Nomura, which has initiated coverage on the renewable energy company with a 'Buy' rating. The brokerage has set a target price of Rs.1,510, compared with the stock's closing price of Rs.1,251 on 28 August 2026, implying a potential upside of around 20.7%.

Nomura believes Clean Max is well placed to benefit from the structural disparity in India's electricity tariff system. Commercial and industrial (C&I) consumers often pay substantially higher tariffs than subsidised consumer segments, creating an opportunity for independent power producers (IPPs) to supply renewable energy directly to businesses at competiti...