Waaree Energies shares drop over 6% after Income Tax Department conducts searches

Waaree Energies Share Price: Shares of solar module maker Waaree Energies came under pressure on Wednesday, November 19, after the company disclosed that officials from the Income Tax Department carried out searches at several of its offices and facilities across India.

The stock slipped as much as 6.3 per cent to Rs 3,075.1 on the National Stock Exchange before trimming some losses. At 1:25 pm, Waaree Energies was trading 4 per cent lower at Rs 3,148 apiece.

IT searches underway; Waaree says it is fully cooperating

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In an exchange filing on Tuesday, the company confirmed the presence of tax officials across multiple sites.

“Some officials of the Income Tax Department visited certain offices and facilities of the company for conducting an investigation under the Income Tax Act, 1961. The proceedings are underway and the company is extending its full co-operation,” the filing stated.

The company has not commented on the scope or potential implications of the ongoing investigation.

Strong Q2 performance cushions sentiment

The decline comes despite Waaree Energies recently reporting a robust September quarter, marked by a sharp surge in profitability and revenue.

The company posted a 132.97 per cent jump in consolidated net profit to Rs 842.55 crore, up from Rs 361.65 crore a year earlier.
Revenue from operations rose 69.69 per cent year-on-year to Rs 6,065.64 crore, supported by strong demand and expansion in module capacity.

Waaree Energies also declared an interim dividend of Rs 2 per share for FY26, with October 24 set as the record date.

Capacity expansion in India and US boosts outlook

Amit Paithankar, Whole Time Director and CEO, highlighted that Q2 was the company’s “best-ever quarter” in terms of revenue and profitability.

He noted that the EBITDA margin expanded by over 800 bps, driven by a favourable product mix and improved operational efficiency.

The company has continued to scale capacity aggressively:

India module capacity increased by ~3 GW in Q2, reaching 16.1 GW

US capacity now stands at 2.6 GW, following the acquisition of Meyer Burger’s assets

Paithankar said the US demand outlook remains strong and that the ramp-up is progressing as planned.

Management commentary

Waaree Energies reiterated its FY26 EBITDA guidance of Rs 5,500–6,000 crore, citing a strong order book, disciplined margin management, strategic acquisitions, and continued capacity expansion.