Waaree Energies Limited has disclosed receiving a significant GST assessment order from Maharashtra tax authorities, marking a regulatory development that the company plans to contest through appropriate legal channels.

GST Assessment Order Details

The Assistant Commissioner of State Tax (INV-0101), Investigation-A, Mumbai has issued an assessment order worth ₹5.83 crore against the company. The order was issued under Section 74 of the Central Goods and Services Tax Act, 2017, along with The Maharashtra Goods Services Tax Act, 2017 and Section 20 of Integrated Goods Services Tax Act, 2017.

Alleged Violations

During the course of investigation, tax authorities observed specific compliance issues. The assessment order alleges that Waaree Energies had availed ineligible Input Tax Credit (ITC) during the specified period. Additionally, the company allegedly had not carried out cross-charging of common Input Tax Credit as required under GST regulations.

Company's Response and Impact Assessment

Waaree Energies has stated that there is no impact on the company's financials, operations, or other activities due to this assessment order. The company emphasized its commitment to addressing the matter through proper legal channels.

Legal Proceedings and Next Steps

The company is in the process of taking appropriate steps to address the matter, including filing an appeal before the appropriate authority within the prescribed timelines. This disclosure follows an earlier communication dated February 26, 2025, indicating ongoing regulatory interactions.

The company has made this information available on its website www.waaree.com and has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Regulations, along with SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Waaree Energies Limited has issued a regulatory clarification to stock exchanges regarding its 300 MW solar module supply contract with a Sembcorp subsidiary. The clarification comes in response to queries from exchanges following media reports about the company securing a significant module supply order.

Contract Details and Timeline

The company confirmed that it entered into a contract with Green Infra Clean Wind Technology Private Limited (GICWTPL) on October 23, 2025. GICWTPL is identified as a Special Purpose Vehicle (SPV) of Sembcorp Green India Private Limited. The contract involves the supply of 300 MW solar modules to the Sembcorp subsidiary.

Regulatory Compliance Statement

Waaree Energies emphasized that the transaction was undertaken in the normal course of business operations. The company stated that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III Para B of Part A, the transaction does not constitute a material event requiring disclosure to stock exchanges.

The company addressed concerns about share price movements, clarifying that such movements are market-driven. It confirmed that there is no unpublished price-sensitive information pending disclosure to stock exchanges regarding this matter.

Legal and Regulatory Position

In its clarification letter dated December 20, 2025, Waaree Energies stated that no regulatory or legal proceedings are being initiated in relation to the aforementioned contract. The company reaffirmed its commitment to compliance with SEBI regulations.

Exchange Communication

The clarification was submitted to both BSE Limited and National Stock Exchange of India Limited. The company's response was triggered by a news item that appeared on Economic Times Energy portal dated December 18, 2025, and subsequent exchange queries dated December 19, 2025. Waaree Energies assured continued compliance with all applicable SEBI listing regulations and disclosure requirements.

Waaree Energies has provided this regulatory clarification on its 300 MW solar module supply contract with Sembcorp subsidiary, stating that the transaction was undertaken in the normal course of business. The company maintains that the contract does not require specific disclosure under current SEBI regulations and affirms its commitment to regulatory compliance.