Waaree Energies Limited has disclosed that the Directorate of Revenue Intelligence (DRI) conducted a search at its wholly-owned subsidiary, Sangam Solar One Private Limited. The search, related to the classification of imported stainless-steel pipes and tubes and applicable anti-dumping duty (ADD), concluded on August 27, 2026. The company has already deposited the ADD amount of ₹2,33,82,930/- along with interest, with no further payment required. The company stated there is no impact on its financials or operations beyond the stated amount.
DRI Search at Waaree Subsidiary
Waaree Energies Limited announced that the Directorate of Revenue Intelligence (DRI) conducted a search at the manufacturing facility of its wholly-owned subsidiary, Sangam Solar One Private Limited. The search took place at the subsidiary’s plant located in Navsari, Gujarat, and commenced on August 27, 2026, concluding at 06:40 PM IST.
Details of the Search and Duty
The DRI’s action pertains to the classification of certain imported stainless-steel pipes and tubes under the EPCG Scheme and the consequent applicability of Anti-Dumping Duty (ADD). The company has informed that it has already deposited the ADD amount totaling ₹2,33,82,930/-, along with applicable interest. Consequently, there is no further payment required from the company in this regard.
Impact on Operations
Waaree Energies has stated that the incident has no material impact on the company’s overall financials, operations, or other activities, beyond the aforementioned ADD payment. The information was made available on the company’s website, www.waaree.com, following the disclosure requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source: BSE
