CLN EnergyShare price, financial results, shareholding and management
- Market cap
- ₹413 cr
- Stock P/E
- 20.1peers 16.4
- Book value
- ₹109
- Price to book
- 3.59
- EV / operating profit
- -
- Market cap to sales
- 1.19
- ROCE · FY26
- 22.4%
- ROE · FY26
- 19.6%
- ROE, 3-year average
- 23.5%
- Operating margin · FY26
- 10.8%peers 12.2%
- Sales growth, 3 years
- 39.0%
- Profit growth, 3 years
- 173.9%
- Debt to equity
- 0.81peers 0.58
- Borrowings
- ₹93 cr
- Interest cover
- 4.4×
- Cash from business / op. profit
- -123%
- Debtor days
- 103
- Pledged
- 0.00%
- Promoter holding
- 72.60%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 708
- 52-week high / low
- ₹599 / ₹260
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
CLN Energy share price chart
Close on 6 Nov 2026 · +0.26% on the day · Vol 2,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -17.3%
- 3 months
- -21.8%
- 6 months
- +0.3%
- 1 year
- -28.3%
- Traded a day, 20 days
- ₹0.10 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +58% | +58% |
| 3 years, a year | +39% | +174% |
| Latest half, H2 FY26 | +35% | +50% |
About CLN Energy: business, products and customers
CLN Energy puts together lithium-ion battery packs for electric vehicles, telecom towers and power storage, and also makes electric motors and sells design services. It is based in Noida and its shares trade on BSE SME.
CLN Energy was formed in 2019 and is controlled by Rajiv Seth through CLN Energy Pte, a Singapore holding company. At its Noida plant it grades and sorts battery cells and assembles them into packs for electric two and three-wheelers, material handling machines, telecom backup and solar and industrial storage, with its own battery management and testing; it also makes motors and offers storage systems from 100 kW to 5 MWh. In FY26 it closed its smaller Pune plant to bring all making into Noida.
The business model shapes the numbers. Cells, mostly bought from China, and other imported parts are the bulk of the cost, so revenue and margins move with cell prices and the rupee, and the company says its currency exposure is largely unhedged. Sales of bought-in goods, which carry thin margins, fell sharply in FY26 while its own assembled packs grew, and a separate line of design and R&D services is mostly sold abroad. Large orders bunch into the last quarter and imported stock must be held, so money owed by customers and inventory tie up much of the working capital, which is funded by bank lines.
Read more about the business
The company's documents do not name its competitors; the CARE rating note describes a battery and storage industry dominated by much larger Indian and global players with better scale and costs, and the annual report adds competition from domestic assemblers.
What is new: an order from BSNL, a 51% renewable energy subsidiary called CLNGreen, a 40.1% stake in Electrovault Power, a battery storage venture with Manikaran Power and GreenAge Capital, and a trading subsidiary in Dubai set up in March 2026. Two executive directors joined the board in July 2026, as the chief operating officer stepped down from it.
From the offer document, the FY26 annual report and the CARE Ratings notes of October 2025 and August 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 39% a year over three years.
- It earns a high return on the money it uses: ROCE 22% in FY26.
- The promoters own a large part of the company: 72.60%.
To watch
- Delivery of the BSNL order (Annual report FY26, p.70).
- Collection of receivables, which fell from ₹97.0 cr in March to ₹76.6 cr in June 2026 (CARE Ratings note, August 2026, p.2).
- Start of work at the CLNGreen subsidiary, the Electrovault Power venture and the Dubai trading arm (Annual report FY26, p.37 and p.72).
- The new executive directors who joined on 1 July 2026 (Annual report FY26, p.4).
- Customers take longer to pay than before: 103 days in FY26, against 23 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
CLN Energy revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
CLN Energy half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 75 | 144 | 152 | 194.51 |
| Expenses | 65 | 129 | 135.68 | 173.51 |
| Operating profit | 10 | 15 | 16.32 | 21 |
| OPM | 13.0% | 10.0% | 10.7% | 11.0% |
| Interest | 0 | 1 | 3.22 | 5 |
| Depreciation | 3 | 3 | 3.31 | 3 |
| Profit before tax | 7 | 12 | 10.69 | 16.81 |
| Net profit | 5 | 8 | 8.57 | 11.98 |
CLN Energy profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 122 | 129 | 133 | 219 | 346.51 |
| Expenses | 115 | 115 | 114 | 194 | 309.02 |
| Operating profit | 6 | 13 | 19 | 25 | 37.50 |
| OPM | 5.0% | 10.0% | 14.0% | 12.0% | 10.8% |
| Other income | 0 | -7 | 0 | 1 | 4.82 |
| Interest | 0 | 0 | 0 | 1 | 8.15 |
| Depreciation | 1 | 6 | 6 | 6 | 6.64 |
| Exceptional and other items | · | 1 | -1 | · | · |
| Profit before tax | 5 | 1 | 12 | 19 | 27.50 |
| Tax rate | 20.0% | 0.0% | 25.0% | 31.6% | 25.3% |
| Net profit | 4 | 1 | 9 | 13 | 20.55 |
| EPS ₹ | 32.07 | 6.43 | 27.61 | 12.24 | 25.35 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
CLN Energy profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 5.0% | 10.0% | 14.0% | 12.0% | 10.8% |
| Tax rate | 20.0% | 0.0% | 25.0% | 31.6% | 25.3% |
| ROCE | · | 33.3% | · | 36.0% | 22.4% |
| ROE | · | 33.3% | · | 27.4% | 19.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
CLN Energy debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY23, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
CLN Energy balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 1 | 1 | · | 11 | 11 |
| Reserves | 2 | 2 | · | 84 | 104 |
| Net worth | 3 | 3 | · | 95 | 115 |
| Borrowings | 0 | 0 | · | 16 | 93 |
| Other liabilities | 59 | 107 | · | 88 | 47 |
| Total liabilities | 62 | 110 | · | 199 | 255 |
| Fixed assets | 5 | 16 | · | 18 | 15 |
| Capital work in progress | 6 | 3 | · | 0 | 1 |
| Investments | 0 | 0 | · | 0 | 0 |
| Other assets | 51 | 91 | · | 181 | 239 |
CLN Energy cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 8 | 15 | · | -67 | -46 |
| Cash from investing | -9 | -15 | · | -13 | -2 |
| Cash from financing | 2 | 0 | · | 83 | 70 |
| Net cash flow | 1 | 0 | · | 3 | 22 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 23 | 71 | · | 125 | 103 |
| Inventory days | 128 | 102 | · | 142 | 87 |
| Days payable | 109 | 183 | · | 124 | 36 |
| Cash conversion cycle | 42 | -10 | · | 143 | 154 |
| Working capital days | 13 | 24 | · | 96 | 63 |
CLN Energy peers and competitors
Listed SME companies in the same industryBy sales, CLN Energy is number 2 of the 26 listed SME companies in auto components.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| CLN Energy | 413 | 20.1 | 347 | 20.6 | 10.8% | 0.81 |
| Maxvolt Energy Industries | 438 | 18.0 | 297 | 24.4 | 12.0% | 0.82 |
| Poojaa Precision Engg. | 1,696 | 54.7 | 293 | 31 | 18.0% | 0.31 |
| Forge Auto International | 109 | 8.9 | 270 | 12.3 | 10.2% | 1.03 |
| OBSC Perfection | 2,263 | 83.8 | 220 | 27 | 18.0% | 0.40 |
| Shigan Quantum Technologies | 127 | 18.8 | 218 | 6.8 | 8.6% | 0.67 |
| Emerald Tyre Manufacturers | 140 | 13.6 | 218 | 10.3 | 12.6% | 1.18 |
| Sellowrap Industries | 85 | 8.4 | 201 | 10.1 | 12.4% | 0.50 |
| New Swan Multitech | 76 | 7.6 | 177 | 10 | 12.0% | 0.42 |
| Pritika Engineering Components | 210 | 28.8 | 162 | 7.3 | 13.3% | 1.85 |
| Sumax Engineering | 192 | 14.8 | 147 | 13 | 12.0% | 0.21 |
| Median of the 10 others | 166 | 16.4 | 218 | 11.3 | 12.2% | 0.58 |
CLN Energy shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
CLN Energy shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 72.60% | 72.60% | 72.60% |
| Foreign investors (FIIs) | 12.60% | 12.60% | - |
| Indian institutions (DIIs) | 1.90% | 1.56% | - |
| Number of shareholders | 863 | 715 | 708 |
CLN Energy study: the business from its own documents
Read from 6 of the company's own documentsCLN Energy key facts from the filings
Each figure with the document it comes from
- Own assembled products
- ₹299.0 cr
- Sales of battery packs and other goods made by the company in FY26, up 92% and most of its ₹346.5 cr revenue.Annual report FY26, p.71
- Traded goods
- ₹18.3 cr
- Sales of bought-in goods in FY26, down from ₹47.1 cr as the company shifted to its own products.Annual report FY26, p.71
- R&D services exported
- ₹27.0 cr
- Design and R&D services sold abroad in FY26, most of the ₹29.0 cr service revenue.Annual report FY26, p.71 and p.24
- Goods exported
- ₹73.2 cr
- Export sales of goods in FY26, up from ₹42.5 cr.Annual report FY26, p.23
- Imported raw materials
- ₹157.2 cr
- Raw materials imported in FY26, mainly cells; foreign currency spent exceeded what was earned by ₹61.3 cr.Annual report FY26, p.23 and p.24
Show 5 more facts
- BSNL order
- ₹107.9 cr
- Order from BSNL backed by performance guarantees of ₹3.2 cr given by the company.Annual report FY26, p.70
- Last quarter sales
- About 40%
- Share of FY26 sales booked in January to March 2026.CARE Ratings note, August 2026, p.2
- Trade receivables
- ₹97.0 cr
- Money owed by customers at March 2026, down to ₹76.6 cr by June 2026.CARE Ratings note, August 2026, p.2
- Bank lines
- ₹128 cr
- Working capital limits after an increase from ₹55 cr; about 80% of the fund-based limits were used on average in the year to June 2026.CARE Ratings note, August 2026, p.1 and p.3
- Top customer
- 34.15%
- Share of FY24 revenue from the largest customer, against 12.80% a year earlier; the latest figure is not disclosed.Offer document, p.132
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has not given figures for future years. In its annual report it says it expects the growth of FY26 to continue, with telecom, data centre, electric vehicle and storage demand, and that the BSNL order gives near-term revenue visibility. It plans to build on its renewable energy subsidiary, its storage joint venture and its new Dubai trading arm, while watching working capital, cell prices and finance costs.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns an assembly margin on turning imported cells into battery packs for vehicles, telecom and storage, and has grown fast with steady margins.
Its weak spots are dependence on imported cells and the rupee, much larger rivals, a few big customers and a lot of money tied up in stock and unpaid bills.
WatchCan it set its own prices?Its cost depends on imported cells and the rupee, and its small size gives it little bargaining power with suppliers or customers.
WatchHow strong is it against rivals?It has its own battery design and certifications, but competes with far larger Indian and global battery makers.
WatchWho are its customers?Telecom operators such as BSNL, vehicle makers and storage users, with sales leaning on a small group of large buyers.
WatchDoes it need a lot of money?Yes: imported stock and late-year billing tie up money, so the business leans on bank lines.
AverageCan it keep finding new work?It has added storage systems, exports and a large telecom order, but most work comes order by order with no long-term contracts disclosed.
AverageDo good and bad years swing a lot?Margins have held steady as sales grew, but sales bunch into the last quarter and the largest customer's share has moved a lot from year to year.
Who runs CLN Energy?
Promoters, directors and officers; tap a name for the background
RSRajiv SethPromoter, Chairman and Non-Executive Director
Bachelor's degree in electronics and communication engineering from Kurukshetra University with over two decades of managing and promoting companies; acquired control of the company in November 2019 and owns 90.61% of the Singapore holding company CLN Energy Pte. Holds no shares directly.
Offer document, p.153, p.165 and p.166CECLN Energy Pte. Ltd.Corporate promoter · holds 72.60%
Holding company incorporated in Singapore in August 2021, whose directors are Rajiv Seth, Y. Kumar and Vilvarayanallur Kannan Varathan.
Offer document, p.165 and p.166SGSunil GandhiWhole-Time Director and Chief Executive Officer
Diploma in electrical engineering from YMCA Institute of Engineering, Faridabad and a postgraduate diploma in business administration from Symbiosis; over two decades in software and telecom, including Reliance Infocom and Bharti Airtel. Chief executive since April 2022, running operations, products, supply chain and customers.
Offer document, p.153; Annual report FY26, p.4RBRahul BhatnagarAdditional Executive Director
B.Sc. and M.Sc. from Delhi University and an MCA; over three decades in textiles, fashion and defence manufacturing, a founder director of Shamken Cotsyn and founder of Ameks Techfab, which makes body armour. On the board since 1 July 2026.
Annual report FY26, p.4 and p.32SKSanni KumarAdditional Director, Whole-Time Director
Electrical and electronics engineer with the company since September 2019, rising from sales engineer to senior manager in R&D; over seven years in lithium-ion pack development and certification. Whole-time director since 1 July 2026, in charge of product development, engineering, quality and manufacturing.
Annual report FY26, p.25; Offer document, p.162MSManish ShahWhole-Time Director and Chief Operating Officer until 1 July 2026
Bachelor's degree in engineering from North Maharashtra University with over two decades in electrical and telecom, including Reliance Group and Indus Towers; with the company since 2019.
Offer document, p.153; Annual report FY26, p.4RKRakesh KakkarIndependent Director
Bachelor's degree in electronics and communication engineering from Kurukshetra University with over 25 years in IT and telecom, including Netcracker and Alcatel; chairs the audit committee from August 2026.
Offer document, p.153; Annual report FY26, p.47BHBhawna HundlaniIndependent Director
Commerce and law graduate of Jai Narain Vyas University and an associate company secretary, working in compliance and secretarial roles.
Offer document, p.153AKAshish KumarChief Financial Officer
Commerce graduate of Delhi University and a chartered accountant; joined in July 2022 as senior manager, finance and accounts, and became chief financial officer in June 2024.
Offer document, p.161; Annual report FY26, p.4CLN Energy latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹195 cr (+35%), net profit ₹12 cr (+50%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 72.60%.
CLN Energy announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the Quarter ended September 30, 2026PDF ↗
- Company UpdateAllotment of 2,50,000 Equity SharesPDF ↗
- OthersOutcome of Board Meeting dated October 05, 2026PDF ↗
- AGM/EGMScrutinizer Report and Voting Results for the 7th Annual General Meeting of the CompanyPDF ↗
- Company UpdateAnnouncement under Regulation 30 of SEBI (LODR) Regulations, 2015 - Incorporation of step down subsidiary in Arab Republic of EgyptPDF ↗
- Insider Trading / SASTThe Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Beacon Stone CapitPDF ↗
CLN Energy annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 6 Oct 2025 ↗read
- Credit ratings ↗read
CLN Energy share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on CLN Energy's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,05,53,250 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹27.61) and FY25 (₹12.24) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about CLN Energy
What does CLN Energy do?
CLN Energy puts together lithium-ion battery packs for electric vehicles, telecom towers and power storage, and also makes electric motors and sells design services. It is based in Noida and its shares trade on BSE SME.
What is the share price of CLN Energy?
₹391 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of CLN Energy?
₹413 cr at the close on 6 Nov 2026, on 1,05,53,250 shares.
What is the P/E of CLN Energy?
20.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are CLN Energy's revenue and profit?
Revenue ₹347 cr and profit after tax ₹21 cr in FY26.
Who are the promoters of CLN Energy?
Rajiv Seth, CLN Energy Pte. Ltd.; promoters held 72.60% at 31 March 2026.
What is CLN Energy's website?
www.clnenergy.in
More SME companies like CLN Energy
Other listed SME companies in auto components, the closest in size first, each read from its own documents.
- Maxvolt Energy IndustriesMAXVOLT · NSE Emerge · Auto Components · listed 2025Market cap ₹445 cr
- Emmforce AutotechEMMFORCE · BSE SME · Auto ComponentsMarket cap ₹366 cr
- Thaai CastingTCL · NSE Emerge · Auto Components · listed 2024Market cap ₹307 cr
- Goldstar PowerGOLDSTAR · NSE Emerge · Auto Components · listed 2017Market cap ₹306 cr
- AVATAR IndustriesAVATAR · NSE Emerge · Auto Components · listed 2017Market cap ₹201 cr
- Pritika Engineering ComponentsPRITIKA · NSE Emerge · Auto Components · listed 2022Market cap ₹189 cr
Built from 3 annual reports, 2 credit rating notes, 1 offer document, 6 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.