Income Tax officials conducted searches at multiple offices and facilities of Waaree Energies across India as part of an investigation under the Income Tax Act, 1961, the company said.
What did the company say?
In a filing to the exchanges, the solar equipment manufacturer said, “…certain officials of the Income Tax (IT) Department visited some of the company’s offices and its facilities in India for conducting an investigation under the Income Tax Act, 1961.”
“The proceedings are underway, and the company is extending its full co-operation to the officials,” Waaree Energies added.
Following the development, shares of Waaree Energies declined by over 3% on Wednesday. The stock dropped 3.29% to close at Rs 3,175.10 on the BSE after falling as much as 6% to Rs 3,085 during intraday trade. On the NSE, it settled 3.27% lower at Rs 3,174.40.
Waaree under investigation from US govt
Waaree is also under investigation by the US government over allegations that it may have sidestepped US tariffs on China-made solar cells by labelling them as manufactured in India.
The company recently reported a sharp rise in earnings, with net profit more than doubling to Rs 878.21 crore in Q2FY26 from Rs 375.66 crore a year earlier. Total income rose 70% year-on-year to Rs 6,227 crore during the quarter.
During the same period, Waaree commissioned 3 gigawatts (GW) of module manufacturing capacity at its Chikli gigafactory, taking its total India footprint to around 17 GW. In the US, it has 1.6 GW through the acquired assets of Meyer Burger, along with a 1 GW facility in Arizona. It is also setting up a 6 GW module manufacturing plant in Samkhayali, Gujarat, expected to be commissioned by the end of Q4FY26.
