Directorate of Revenue Intelligence conducts search at Waaree Energies' Sangam Solar One plant

Waaree Energies Limited on Thursday informed stock exchanges that the Directorate of Revenue Intelligence (DRI) conducted a search at the manufacturing plant of its wholly owned subsidiary, Sangam Solar One Private Limited, located in Village Unn, Navsari, Gujarat.

In a regulatory filing to the BSE and NSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company said the search proceedings commenced on August 27, 2026, and concluded the same day at 6:40 PM (IST).

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The search was conducted under Section 105 of the Customs Act, 1962. According to the disclosure, the matter pertains to the classification of certain stainless-steel pipes and tubes imported under the Export Promotion Capital Goods (EPCG) Scheme and the consequent applicability of Anti-Dumping Duty (ADD) on the imports.

Waaree Energies stated that it has already deposited the ADD amount, along with applicable interest, and that no further payment is required.

"The Company has paid the ADD amount of Rs. 2,33,82,930 along with interest and there is no further payment required to be made. There is no impact on financials, operations or other activities of the Company except the amount stated above," the filing said.