Waaree Energies Limited has disclosed receiving multiple GST demand orders from different tax authorities, marking significant regulatory developments that the company plans to contest through appropriate legal channels.

Latest GST Demand Orders

The company has received two separate demand orders on December 30, 2025. The Assistant Commissioner, Division-IV, CGST & CE Surat issued the first order, while the Assistant Commissioner of State Tax (INV-01), Investigation-A, Mumbai issued the second order, both under Section 74 of the CGST Act, 2017.

Surat Authority Demand Details

The Surat order involves multiple components of alleged violations. The Input Tax Credit (ITC) amounting to ₹80.60 lakh (IGST) has been demanded along with applicable interest and penalty of ₹80.60 lakh under Section 74(1) of the CGST Act, 2017.

Mumbai Authority Assessment

The Mumbai order shows a reduction from the original proposed demand. A Show Cause Notice was initially issued proposing a demand of ₹7.91 crores for the tax period April 2021 to March 2022. After examination of the company's reply and records, relief of ₹5.42 crores has been allowed, resulting in the final demand of ₹2.48 crores.

Alleged Violations

The demand orders cite several compliance issues across different periods. The Surat order relates to Input Tax Credit availed on IPO-related expenses incurred during FY 2021-22 and FY 2022-23, non-reversal of ITC due to non-payment of consideration to suppliers, and non-payment of interest on consideration not paid to suppliers within 180 days.

The Mumbai order alleges that the company had availed ineligible Input Tax Credit, claimed excess ITC in GSTR 3B which is not confirmed in GSTR 2B, and had not carried out cross-charging of common Input Tax Credit.

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 these assessment orders. The company emphasized its commitment to addressing both matters through proper legal channels and believes it has strong legal and factual grounds to contest the findings.

The company maintains that it has duly discharged its applicable GST liabilities in accordance with the law, and these matters primarily involve issues of legal interpretation. Both orders are not final and are appealable under the provisions of the Central Goods and Services Tax Act, 2017.

Waaree Energies shares gained 0.80% to ₹3,001.40 following the announcement of a major solar module order and significant management changes. The company secured a substantial 1,500 MW solar module order from a renowned domestic client engaged in power generation, transmission and distribution.

Major Solar Module Order Details

The comprehensive order encompasses 1,500 MW of solar modules scheduled for delivery during FY 2026-27. The company disclosed this significant business development through regulatory filings to stock exchanges, providing detailed contract specifications.

Stock Performance and F&O Listing

Waaree Energies shares were trading 0.80% higher at ₹3,001.40 on Wednesday, reflecting positive market sentiment following the order announcement. The stock has corrected approximately 23% from its post-listing high of ₹3,865.00. Additionally, the company entered the Futures and Options segment with F&O contracts for the January series and subsequent expiries becoming available for trading.

Leadership Transition and Management Changes

The company announced significant management changes with the resignation of Whole Time Director and Chief Executive Officer Amit Paithankar on December 29. Paithankar has decided to step down to pursue opportunities outside the organization, with his relief effective from May 15, 2026, or an earlier mutually decided date.

Strategic Implications

The board has approved the appointment of Jignesh Rathod, currently Director Operations, as Chief Executive Officer designate with immediate effect. Rathod will formally assume charge as Chief Executive Officer and key managerial personnel from May 16, 2026, or earlier, subject to Paithankar being relieved sooner. The substantial solar module order demonstrates the company's capability to serve large-scale projects while meeting both DCR compliance requirements and standard module specifications, providing clear visibility for production planning and capacity utilization through FY 2026-27.