Waaree Energies Faces Tax Inspection Amid Major Solar Module Order

28 Feb 2025 CW Team

Shares of Waaree Energies are set to be in focus after the company disclosed a tax inspection initiated by Mumbai’s Assistant Commissioner of State Tax.

In an exchange filing, Waaree Energies stated that officials conducted a search at its registered office and that of its subsidiary, Waaree Renewable Technologies.

“This is to inform you that, on February 25, 2025, the Assistant Commissioner of State Tax, Mumbai, initiated a search/inspection at the registered office of the Company and its subsidiary Waaree Renewable Technologies Limited. The search commenced at 3.45 pm and concluded at 8.00 pm, to be continued on the next day,” the company said.

The company has not disclosed the reason behind the inspection. It confirmed that authorities have sought operational details, and it is in the process of submitting the requested information.

“The search is ongoing, and the authorities have not issued any official document in this regard. The proceedings are ongoing, and the company is fully cooperating in providing the data as requested,” the company added.

Waaree Energies assured investors that its regular business activities remain unaffected, though the financial impact, if any, is yet to be determined.

Secures 410 MWp Solar Module Order Amid the tax inspection, Waaree Energies announced a significant order from ABREL EPC, a subsidiary of Aditya Birla Renewables, for the supply of 410 MWp solar PV modules.

“The company has received an order for the supply of solar modules for 410 MWp from ABREL EPC Limited (a wholly owned subsidiary of Aditya Birla Renewables Limited), engaged in the business of owning, developing, and operating renewable power projects in India,” Waaree stated.

The supply of these modules will commence in FY 2025-26.

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