Waaree Energies Limited has informed the Exchange about Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
WAAREEENER · price
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Awaiting price reaction for this filing.
Waaree Energies informed the exchanges on December 31, 2025 about two GST demand orders it received on December 30, 2025. The first, from CGST Surat under Section 74, demands recovery of Input Tax Credit (IGST) of about ₹80.60 lakh plus an equal penalty, with additional interest of ₹19.23 lakh and penalty of ₹54.63 lakh on a previously paid ITC of ₹54.63 lakh, plus further interest of ₹22.90 lakh for non-payment to suppliers within 180 days; this relates to IPO expenses claimed during FY 2021-22 and FY 2022-23. The second, from the Maharashtra State Tax (Investigation-A) authority in Mumbai, was issued after a Show Cause Notice proposing a demand of about ₹7.91 crore for April 2021 to March 2022; after relief of ₹5.42 crore, the net tax payable works out to about ₹2.48 crore, covering issues around ineligible ITC and cross-charging. The company says it has strong legal grounds, views these as matters of legal interpretation, and will file appeals within the prescribed timelines. It has stated there is no material impact on its financials, operations, or other activities.
Near-term impact on the stock is likely limited given the relatively modest combined net demand (under ~₹6 crore after reliefs) compared to Waaree's scale, and the company's confirmation of no material financial or operational impact. However, the headline of tax notices may cause short-term sentiment weakness until the appeal process concludes.