Solar energy solutions provider Waaree Energies Ltd said on Tuesday, November 18, that officials from the Income Tax Department visited several of its offices and facilities across India to conduct an investigation under the Income Tax Act, 1961.
In its stock exchange filing, the company stated:
“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.”
Waaree Energies added that proceedings are currently underway and that it is extending full cooperation to the officials involved.
Q2 FY26 Financial Performance
The investigation comes shortly after the company reported strong second-quarter results. For the quarter ended September 30, 2025, Waaree Energies posted a 130% year-on-year rise in net profit to ₹871 crore, compared to ₹375.66 crore in the same quarter last year. The PAT margin for Q2 stood at 14.10%.
Total income increased 69.96% YoY to ₹6,226.54 crore, up from ₹3,663.47 crore in Q2 FY25. The company’s EBITDA surged 155.29% YoY to ₹1,567.30 crore, with EBITDA margins improving to 25.17%, compared to 16.76% a year earlier.
Production in the quarter reached 2.64 GW, supported by strong operational performance.
For the first half of FY26, total income rose 51.17% YoY to ₹10,823.72 crore, while EBITDA grew 118.19% to ₹2,735.97 crore.
