# Power Generation & Supply — company-by-company sector analysis > Power Generation & Supply: Clean Max Enviro Energy Solutions Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-20. Not investment advice. ## Bottom line The 52-week sector comparison is unavailable. 0 of 0 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Clean Max Enviro Energy Solutions Ltd leads with revenue of ₹2,342 crore, based on 1 of 1 comparable companies through Jun 2026. ## Sector relative strength The 52-week comparison of Power Generation & Supply against NIFTY 500 is not available from the current market series. Over 13 weeks the gap is a shortfall of 7.1%. Readings are as of 2026-08-09. 13-week sector return versus NIFTY 500: -7.1% 52-week sector return versus NIFTY 500: — Stocks leading NIFTY: 0/0 Stocks leading sector: 0/0 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹14.7K Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): 44/100 — Thin evidence · provisional; evidence 44% - Growth & earnings 15.7/35 | Capital efficiency 8.7/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 5 weeks with a reading, within the last 12 - Exact sum: 15.7 + 8.7 + 10 + 10 = 44.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Price shows what happened; relative strength shows who is winning the argument against the market and the sector. Every line covers 313 weekly closes through 2026-08-14. ### Strongest one-year price performers ### Strongest relative strength versus NIFTY 500 ## Power Generation & Supply — the story behind the numbers This is the written read behind the Power Generation & Supply figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 17 Apr 2026, so the words are older than the numbers. 4 themes are live here. The outlook for BHAGYANGR is positive, underpinned by 40% revenue growth, margin expansion to 4.9%, and a clear roadmap involving capacity expansion to 35,000 metric tons and a value-unlocking demerger. While commodity price inflation and minor labor turnover present manageable headwinds, the demand boom from AI, EV, and green energy provides a runway for growth. The Power Generation & Supply sector, represented in this analysis by BHAGYANGR, is experiencing a phase of growth driven by shifts in end-market demand. BHAGYANGR reported a 9-month revenue of ₹1,643 Cr, marking a 40% year-on-year increase that already eclipses its entire FY25 turnover. How old this read is: STALE — this read comes from our Power Generation & Supply sector brief dated 17 Apr 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs. ### Live themes, worst first - MEDIUM | Rising copper prices inflate working capital requirements and short-term debt. | LME-based hedging policies and maintaining steady working capital days. | quoted: "So our working capital will go up, our short-term debts from the bank will go up, everything will go up." | named for BHAGYANGR - LOW | Potential US tariffs on specialized copper components. | USA is a very small part of exports; looking to Europe via EU FTA. | quoted: "USA is a very small part of our exports, which is also very specialized to data centers, so we are not overly worried about the tariffs from USA." | named for BHAGYANGR - LOW | Hyderabad industrial Transformation policy requires shifting manufacturing units outside the Outer Ring Road. | Main manufacturing already shifted to Toopran; plans to convert old land to commercial/residential. | quoted: "they want to push out all the industries from within the ORR, which is the immediate city to outside the ORR" | named for BHAGYANGR - LOW | Multiple resignations in upper management and Company Secretary roles. | Management claims overall employee turnover is negligible. | quoted: "unfortunately, that, seat of company secretary seems to be a little jinxed. We have had quite a few resignations." | named for BHAGYANGR Sources: our Power Generation & Supply sector brief, 17 Apr 2026 · company earnings-call transcripts. ## Revenue Scale & Growth Durability What the numbers say: Clean Max Enviro Energy Solutions Ltd is the scale leader at ₹2,342 crore, Clean Max Enviro Energy Solutions Ltd's growth is 23.4% from a ₹2,342 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Clean Max Enviro Energy Solutions Ltd is the scale benchmark; Clean Max Enviro Energy Solutions Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Clean Max Enviro Energy Solutions Ltd's growth falls below Clean Max Enviro Energy Solutions Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Clean Max Enviro Energy Solutions Ltd · ₹2,342 crore | Not enough peers | 3/4 recent comparable periods | 1/1 companies · 8 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): ₹2.3K Cr ### Revenue growth — fastest growers 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): 23% ### 12-quarter Revenue history - CLEANMAX: Mar 2021 — | Mar 2022 — | Mar 2023 — | Mar 2024 — | Sep 2024 ₹676 Cr | Dec 2024 ₹374 Cr | Mar 2025 ₹446 Cr | Jun 2025 ₹402 Cr | Sep 2025 ₹531 Cr | Dec 2025 ₹422 Cr | Mar 2026 ₹557 Cr | Jun 2026 ₹832 Cr ### 12-quarter Revenue growth history - CLEANMAX: Mar 2021 — | Mar 2022 — | Mar 2023 — | Mar 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -21% | Dec 2025 13% | Mar 2026 25% | Jun 2026 107% ## Operating Economics & Margin Trend What the numbers say: Clean Max Enviro Energy Solutions Ltd leads both opm at 51% and margin change at -15 percentage points. Investor read: Clean Max Enviro Energy Solutions Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Clean Max Enviro Energy Solutions Ltd · 51% | Not enough peers | 1/4 recent comparable periods | 1/1 companies · 8 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): 51% ### Margin change — fastest expanders 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): −15.0 pp ### 12-quarter OPM history - CLEANMAX: Mar 2021 — | Mar 2022 — | Mar 2023 — | Mar 2024 — | Sep 2024 68% | Dec 2024 49% | Mar 2025 58% | Jun 2025 66% | Sep 2025 63% | Dec 2025 62% | Mar 2026 48% | Jun 2026 51% ### 12-quarter Margin change history - CLEANMAX: Mar 2021 — | Mar 2022 — | Mar 2023 — | Mar 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −5.0 pp | Dec 2025 +13.0 pp | Mar 2026 −10.0 pp | Jun 2026 −15.0 pp ## Profit Scale & Acceleration What the numbers say: Clean Max Enviro Energy Solutions Ltd leads net profit at ₹157 crore; the second comparison lacks enough current evidence. Investor read: Clean Max Enviro Energy Solutions Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Clean Max Enviro Energy Solutions Ltd · ₹157 crore | Not enough peers | 2/2 recent comparable periods | 1/1 companies · 8 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): ₹157 Cr ### Profit growth — fastest growers ### 12-quarter Net profit history - CLEANMAX: Mar 2021 — | Mar 2022 — | Mar 2023 — | Mar 2024 — | Sep 2024 ₹7 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹45 Cr | Jun 2026 ₹55 Cr ### 12-quarter Profit growth history - CLEANMAX: Mar 2021 — | Mar 2022 — | Mar 2023 — | Mar 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 414% | Dec 2025 — | Mar 2026 165% | Jun 2026 — ## Return On Capital Employed What the numbers say: Clean Max Enviro Energy Solutions Ltd leads ROCE at 6.2%. Clean Max Enviro Energy Solutions Ltd has the strongest latest improvement at -1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Clean Max Enviro Energy Solutions Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Clean Max Enviro Energy Solutions Ltd · 6.2% | Not enough peers | Not enough history | 1/1 companies · 0 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): 6.2% ### ROCE change — fastest improvers 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): −1.0 pp ### 12-quarter ROCE history ### 12-quarter ROCE change history ## Valuation Against Growth & Quality What the numbers say: There is not enough comparable evidence to name a reliable peg leader. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG ### P/E — lowest P/E 1. Clean Max Enviro Energy Solutions Ltd (CLEANMAX): 93.5 ### 12-quarter PEG history ### 12-quarter P/E history - CLEANMAX: Mar 2021 — | Mar 2022 — | Mar 2023 — | Mar 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 13.6 | Jun 2026 192.1 ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business. - Thin comparisons: Valuation have fewer than three usable current readings. ## Every company - Clean Max Enviro Energy Solutions Ltd (CLEANMAX) — market value ₹14.7K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD ## Source standing of each company Cross-checked: 0. Unverified: 0. Withheld: 1. Graded companies: 1. 1 of 1 company has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Clean Max Enviro Energy Solutions Ltd (CLEANMAX) — its two data sources disagree by up to 149% on reported income across 6 comparable periods, so its derived ratios are withheld. - WITHHELD | CLEANMAX | Clean Max Enviro Energy Solutions Ltd | diff_gt_2pct | disagreement up to 149% over 6 comparable periods ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-14. Up to 12 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Power Generation & Supply sector outperforming NIFTY 500? The 52-week sector comparison is unavailable. 0 of 0 covered companies currently have positive Mansfield relative strength versus NIFTY 500. ### Which Power Generation & Supply company is largest by revenue? Clean Max Enviro Energy Solutions Ltd leads with revenue of ₹2,342 crore, based on 1 of 1 comparable companies through Jun 2026. ### Which Power Generation & Supply company is growing fastest? Clean Max Enviro Energy Solutions Ltd has the fastest current revenue growth at 23.4%, across 1 of 1 comparable companies. ### Which Power Generation & Supply company has the strongest 4-Factor Sector Score? Clean Max Enviro Energy Solutions Ltd ranks first at 44.4/100 with 43.7% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### How much history does this Power Generation & Supply comparison include? The page compares up to 12 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Is there a Nifty Power Generation & Supply index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Power Generation & Supply, this page builds its own equal-weight basket of 1 listed Power Generation & Supply companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026. ### Which are the best Power Generation & Supply stocks in India? Ranked by this page's four-factor score, Clean Max Enviro Energy Solutions Ltd places first among 1 listed Power Generation & Supply companies. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Power Generation & Supply stocks are listed in India? This comparison covers 1 listed Power Generation & Supply companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026. ### Which Power Generation & Supply company is the biggest? Clean Max Enviro Energy Solutions Ltd is the largest, with trailing-twelve-month revenue of ₹2,342 crore. That covers 1 of 1 companies with comparable reporting through Jun 2026. ### Which Power Generation & Supply company has the best profit margins? Clean Max Enviro Energy Solutions Ltd has the highest operating margin at 51%, from 1 of 1 comparable companies. Clean Max Enviro Energy Solutions Ltd shows the biggest recent improvement, at -15 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Power Generation & Supply company makes the most profit? Clean Max Enviro Energy Solutions Ltd earns the most, at ₹157 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. ### Which Power Generation & Supply company earns the highest return on capital? Clean Max Enviro Energy Solutions Ltd leads on return on capital employed at 6.2%, across 1 of 1 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### How many Power Generation & Supply companies does this comparison cover, and over what period? It compares 1 listed companies over up to 12 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Power Generation & Supply sector? The 1 Power Generation & Supply companies on this page carry ₹14,666 crore of combined market value. Clean Max Enviro Energy Solutions Ltd is the largest at ₹14,666 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.