Synopsis:
The shares of this energy company crashed more than 6 per cent after the company announced that the IT department had conducted raids across some of the company’s offices and its facilities.
The company, which is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 18.7 GW and has five solar module manufacturing facilities in India with an international presence, had its shares in the news today following the news of IT department raids across a few of the company’s offices and facilities.
With the market cap of Rs 90,671 crore, the shares of Waaree Energies Ltd reached a low of Rs 3,085 compared to its previous day’s close of Rs 3,283, which is a fall of about 6 per cent in today’s intraday session. The shares are trading at a PE of 33.6, whereas its median PE is 43.2.
About the IT raid
The company, in its exchange filings on 18 November, 2025, said that “We hereby inform you 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. The proceedings are underway, and the company is extending its full co-operation to the officials.”
Media reports suggest that the Income Tax department conducted a large-scale probe using around 25 teams from Mumbai, Chikhli, and Vapi, starting their investigation at the company’s 5.4 GW solar cell gigafactory in Chikhli. As of now, the news only states the IT department investigations that had occurred; the final verdict on these investigations has to be awaited.
Financials and others
The revenue from operations is at Rs 6,066 crore in Q2 FY26 versus Rs 3,574 crore in Q2 FY25, which is an increase of about 70 per cent on a YoY basis. Similarly, there has been an increase in net profit of 133.5 per cent when we compare the Q2 FY25 profit of Rs 376 crore with the Q2 FY26 profit of Rs 878 crore.
Its order book as of Q2 FY26 is at Rs 47,000 crore with a 24 GW capacity, out of which 59.5 per cent came from India and the remaining 40.5 per cent came from overseas; the order pipeline stands at over 100 GW. Similarly, its ROCE and ROE are 34.9 per cent and 27.4 per cent, respectively.
Waaree Energies is a leading name in solar modules and cells, backed by a strong record of scaling its businesses. It operates across diverse global markets and has built long-standing relationships with major international and domestic customers.
With a widespread retail presence of more than 2,800 touchpoints and one of the industry’s largest order books, the company has clear visibility for future growth. Its disciplined capital allocation, globally certified products, and NABL-accredited in-house labs further strengthen its reliability and commitment to quality.
Written by Leon Mendonca
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