Waaree Energies Shares Fall 5% After Tax Dept Visit

Waaree Energies shares fell sharply on Wednesday after the company confirmed that officials from the Income Tax Department conducted visits to some of its offices and facilities as part of an ongoing investigation. The stock opened weak, slipping 4.26% to ₹3,143.20 on the BSE, and soon extended losses to ₹3,089 — down 5.6%.

The disclosure, made after market hours on Tuesday, triggered immediate caution among investors.

In its exchange filing, Waaree Energies said:
“Certain officials of the Income Tax Department visited some of the company’s offices and facilities in India for conducting investigation under the Income Tax Act, 1961. The proceedings are underway and the company is extending full cooperation.”

The market reaction came despite the company posting exceptional financial results for Q2 FY26.

???? Strong Q2 Performance Overshadowed by Regulatory Visit

The sell-off is notable considering Waaree Energies delivered one of its strongest quarters to date:

• Net profit surged 130% YoY to ₹871 crore, up from ₹375.66 crore last year

• Total income rose nearly 70% to ₹6,226.54 crore

• EBITDA jumped 155% to ₹1,567.30 crore

• EBITDA margin improved to 25.17%, up from 16.76%

• Production for the quarter reached 2.64 GW

• H1 FY26 income climbed 51% to ₹10,823.72 crore

• H1 FY26 EBITDA increased 118% to ₹2,735.97 crore

The company also reported:

• A robust order book of ~24 GW, valued at approximately ₹47,000 crore

• Commissioning of a new 3 GW solar module facility in Chikhli, Gujarat

• Approval of an interim dividend of ₹2 per share

Despite these strong fundamentals, investors turned cautious after the tax department’s visit, as markets typically react sharply to any regulatory action when details are scarce.

⚠️ Why the Stock Is Falling Today

The immediate trigger behind the 5%+ fall:

• Income Tax Department visits to Waaree offices and facilities

• Investors seeking clarity on the scope of the investigation

• Typical market nervousness around regulatory scrutiny

• Profit-taking after the stock’s strong performance

Analysts expect the stock to remain volatile until further updates from the company or the tax authorities clarify the nature and extent of the inquiry.