Waaree Energies Limited has announced significant developments in its GST assessment proceedings, revealing both favorable appellate outcomes and new assessment challenges. The solar energy company disclosed these updates in compliance with regulatory requirements on April 01, 2026.

Appellate Relief for Earlier Assessments

The company achieved substantial relief through appellate proceedings for financial years 2017-18 and 2018-19. The Joint Commissioner of State Tax, IV Bandra, Mumbai, acting as the Appellate Authority, significantly reduced the GST demands following the company's appeal against audit findings.

The appellate authority upheld the GST demand raised during the audit but provided substantial relief by reducing the total demand by over 96%, from approximately ₹13 crore to less than ₹50 lakh.

New Assessment Order for FY20

Simultaneously, the Assistant Commissioner of State Tax, Maharashtra, issued a fresh assessment order under Section 74 of the Central Goods and Services Tax Act, 2017, and the Maharashtra Goods & Services Tax Act, 2017. This new assessment covers the tax period from April 2019 to March 2020.

Nature of Violations

The assessment proceedings revealed specific compliance issues:

• Earlier Assessments (2017-19): The appellate authority upheld GST demands raised during audit proceedings for the respective financial years
• New Assessment (2019-20): Investigation findings indicated the company had availed ineligible Input Tax Credit (ITC) and failed to carry out proper cross-charging of common Input Tax Credit

Company's Response and Impact

Waaree Energies has stated that these developments will not impact its financial position, operations, or other business activities. The company emphasized its commitment to addressing these matters through appropriate legal channels.

For the appellate relief cases, the company is evaluating next steps, while for the new assessment order, it plans to file an appeal before the appropriate authority. The company received intimation of both developments on April 01, 2026, at 10:23 A.M. (IST).

Regulatory Compliance

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating the company's commitment to transparent communication with stakeholders regarding material developments.

Waaree energies Limited has completed the allotment of 10,430 equity shares under its Employee Stock Option Plan 2021 (ESOP 2021) scheme. The Board of Directors approved this allotment through a circular resolution, with the shares being issued on March 28, 2026, following the exercise of vested stock options by eligible employees.

Share Capital Enhancement

The allotment has resulted in an increase in the company's equity share capital structure. The issued, subscribed and paid-up equity share capital has risen from ₹287,64,09,050 to ₹287,65,13,350. Correspondingly, the total number of equity shares has increased from 28,76,40,905 to 28,76,51,335, with each share maintaining a face value of ₹10.

ESOP Exercise Details

The 10,430 equity shares were allotted at two different exercise price levels under the ESOP 2021 scheme. The majority of shares, totaling 8,216, were exercised at ₹10 per share, while the remaining 2,214 shares were exercised at ₹405 per share. For the higher-priced shares, a premium of ₹395 per share was applicable.

Regulatory Compliance

The allotment was conducted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed both BSE Limited and National Stock Exchange of India Limited about this development. The newly allotted equity shares will rank pari passu with existing equity shares and are identical in all respects, including dividend payment rights and other shareholder benefits.

Share Characteristics

The allotted shares carry distinctive numbers from 287640906 to 287651335 and are issued in dematerialized form under ISIN number INE377N01017. No lock-in period applies to these shares, and they will be available for trading immediately upon listing. The shares are proposed to be listed on both BSE Limited and National Stock Exchange of India Limited, where Waaree Energies' existing shares are already traded.