Waaree Energies share price declines as Kamath Transformers acquisition deal called off

The ₹293 crore acquisition deal, which has now been called off, was approved by Waaree Energies' Board of Directors in a meeting on May 19.

Waaree Energies share price

Shares of Waaree Energies were trading 2.4% lower at ₹3,211 apiece on the National Stock Exchange (NSE) at 2.27 pm.

In an exchange filing on July 16, the company said, "In furtherance to our earlier intimation dated May 19, 2025 with regard to Acquisition of Kamath Transformers Private Limited, we would like to inform you that the parties were unable to reach an agreement on the terms of a definitive agreement within the agreed timelines. Hence, the proposed transaction has not been consummated."

Incorporated in 1996, Kamath Transformers Pvt Ltd manufactures transformers. It had posted a turnover of ₹25.73 crore in the financial year 2021-22 (FY22), ₹54.41 crore in FY23 and ₹122.68 crore in FY24.

Waaree Energies had posted a 34.1% increase in its consolidated net profit to ₹618.91 crore for the three-month period ending in March 2025, compared to ₹461.52 crore a year back.

Its revenue from operations stood at ₹4,003.93 crore in Q4 FY25, reflecting an increase of 36.38% from ₹2,935.84 crore in the corresponding period of the previous fiscal year.

Commenting on the results, Amit Paithankar, CEO of Waaree Energies, said, "We see encouraging demand trends, which bodes well for future growth. Waaree is focused on both backward and forward integration, reflected in our expansion and investment plans including cell, ingot and wafer manufacturing, battery energy storage system, power infrastructure and inverters. Our 1.6 GW module manufacturing facility is operational in Brookshire, Texas, USA. This reinforces our commitment to the American market and underlines our local-for-local manufacturing philosophy."

"Our EBITDA outlook for FY26 stands at ₹5,500 crore to ₹6,000 crore. The quality of our order book and execution capabilities will enable us to achieve these numbers," he added.