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 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.