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Waaree Energies says Income Tax department conducted visits at its offices and facilities

The company said the proceedings are currently underway, and it is extending full co-operation to the officials involved. Shares of Waaree Energies Ltd ended at ₹3,283.15, down by ₹19.45, or 0.59%, on the BSE.

Waaree Energies | The biggest in the lot, Waaree Energies will see its one-and-a-half-year and beyond lock-in period end today, which will free up 4.5 crore shares or 16% of its outstanding equity. Based on Friday's closing price, these shares are worth ₹15,840 crore. The stock has nearly tripled from its issue price.

CNBCTV18·author

Published Nov 18, 2025 | 12:15 PM EST

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Solar energy solutions provider Waaree Energies Ltd on Tuesday (November 18) said officials from the Income Tax Department visited some of the company’s offices and facilities in India to conduct an investigation under the Income Tax Act, 1961.

"We hereby inform that today certain officials of the Income Tax Department visited some of the Company’s offices and its facilities in India for conducting an investigation under the Income Tax Act, 1961," according to a stock exchange filing.

Also Read: Waaree Energies shares worth ₹15,840 crore to free up for trade as shareholder lock-in ends

The company said the proceedings are currently underway, and it is extending full co-operation to the officials involved.

Second Quarter Results

Waaree Energies reported a 130% year-on-year (YoY) jump in net profit at ₹871 crore for the second quarter that ended September 30, 2025. In the corresponding quarter of the previous fiscal, Waaree Energies posted a net profit of ₹375.66 crore. The company’s PAT margin stood at 14.10% for the quarter.

The company's total income rose 69.96% year-on-year to ₹6,226.54 crore compared to ₹3,663.47 crore in Q2 FY25. EBITDA surged 155.29% YoY to ₹1,567.30 crore, with margins improving to 25.17% from 16.76%.

Production during Q2 FY26 reached 2.64 GW, supported by robust operations. For the first half of FY26, total income stood at ₹10,823.72 crore, up 51.17% year-on-year, while EBITDA rose 118.19% to ₹2,735.97 crore.

Also Read: Waaree Energies clears ₹8,175 cr capex plan to scale lithium-ion, electrolyser and inverter capacities

The company reported an order book of around 24 GW valued at approximately ₹47,000 crore. The board of directors approved an interim dividend of ₹2 per share on October 16, 2025. During the quarter, Waaree commissioned an additional 3 GW solar module manufacturing facility at Chikhli, Gujarat.

Shares of Waaree Energies Ltd ended at ₹3,283.15, down by ₹19.45, or 0.59%, on the BSE.

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