Waaree Energies share price slips more than 6% amid Income Tax Department searches at its offices; check details

The stock declined as much as 6.3% to ₹3,075.1 apiece on the National Stock Exchange (NSE). At 9:45 am, it was down 3.71% to ₹3,160 per unit.

In an exchange filing on Tuesday, Waaree Energies stated that it is extending full co-operation to the IT Department officials in their probe.

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

In the September quarter of the current financial year, Waaree Energies reported a 132.97% increase in its consolidated net profit to ₹842.55 crore as compared to ₹361.65 crore a year back.

Its consolidated revenue from operations advanced 69.69% to ₹6,065.64 crore in the quarter under review as against ₹3,574.38 crore in the corresponding period of the last fiscal year.

The company had also declared an interim dividend of ₹2 per share of face value of ₹10 each for the financial year ending March 31, 2026. The record date was October 24.

Commenting on the results, Amit Paithankar, the company's Whole Time Director and CEO, said, "This quarter is a best ever quarter in terms of revenue and profitability. Our EBITDA margin expanded by over 800bps backed by favourable revenue mix...The company continue to expand its operations capacity both In India and US. The Indian module capacity has expanded by ~3 GW during Q2 to reach 16.1 GW and US capacity now stands at 2.6 GW with acquisition of Meyer Berger assets outlining our strong commitment towards US market. The demand outlook for US market remains robust and our rampup is progressing as per schedule."

"Moving forward, Waaree reaffirms its FY26 EBITDA guidance of ₹5,500 to ₹6,000 crore. This outlook is supported by strong orderbook, focused margin management, prudent capital investments and strategic acquisitions," he added.