Waaree Energies Limited has told stock exchanges that the Gujarat Pollution Control Board (GPCB) issued a closure direction for its solar cell plant at Degam in Navsari district on 28 January 2026. The disclosure, dated 29 October 2026, came about nine months later, and the company said it regrets the delay. GPCB revoked the direction before it took effect. The revocation is temporary and runs on conditions, and Waaree’s application for permanent revocation is pending.
What the Filing Says
According to the Regulation 30 disclosure, the sequence of events was as follows:
- 6 January 2026: GPCB inspected the facility under Section 23 of the Water (Prevention and Control of Pollution) Act, 1974, and recorded non-compliance with the Act and the conditions of the Consolidated Consents and Authorisation.
- 28 January 2026: The GPCB Unit Head at Navsari issued a closure direction under Section 33A of the Act, to take effect 15 days later. It required a halt to manufacturing and closure of operations.
- 11 February 2026: GPCB revoked the direction for three months, before it took effect. Waaree had undertaken remedial measures.
- 8 May 2026: Waaree applied for permanent revocation.
- 26 May 2026: GPCB carried out a further inspection.
- 17 June 2026: GPCB extended the revocation for a further six months, subject to conditions including compliance with the consents by December 2026.
Waaree paid interim Environmental Damage Compensation of ₹9 lakh and furnished bank guarantees of ₹8 lakh. It describes the compensation as interim and has not stated a final figure or when one will be set. It said there was no disconnection of power or water supply. The filing does not specify the non-compliance GPCB recorded, the remedial measures taken or the other conditions attached to the extension.
Why the Disclosure Came Late
Waaree said the direction and the later orders were received at, and dealt with by, the facility’s operations and environment teams. The company said it has strengthened its internal mechanism for escalating communications from regulators, received at any of its locations, to the Compliance Officer. It also reiterated its commitment to environmental compliance and said it will disclose further developments under Regulation 30(7) of the listing regulations.
The company said there is no material impact on its financial position or operations, except to the extent of the compensation and the bank guarantee, as of now. It has not said whether the stock exchanges or the Securities and Exchange Board of India have raised any query on the delay.
Why the Site Matters
The Degam facility is in Chikhli taluka. Waaree’s investor presentation of 28 October 2026 lists Gujarat-Chikhli as its site for 14.51 GW of module capacity and 5.4 GW of cell capacity. It also shows total India cell capacity of 5.4 GW, the same figure as the Chikhli listing. The filing itself does not state the capacity of the Degam unit. The presentation describes a further 10 GW cell facility at Unn in Gujarat as an upcoming development, which would reduce that concentration. Cell output matters to Waaree because the presentation says it is targeting a higher ratio of cells to modules to support margins.
About Waaree Energies
Waaree Energies is a Mumbai-headquartered solar manufacturer. Its presentation puts module capacity in India at 24.2 GW and global module capacity at about 26 GW, before the Texas lines described below began production. It reported consolidated Q2 FY27 revenue from operations of ₹7,517.74 crore, up 23.94% from ₹6,065.64 crore, and profit after tax of about ₹754 crore. Operating EBITDA, or earnings before interest, tax, depreciation and amortisation, was ₹1,335 crore at a 17.8% margin, and the profit margin was 9.8%. The order book was about ₹59,200 crore on 26 October 2026, and the company reaffirmed operating EBITDA guidance of ₹7,000 crore to ₹7,700 crore for FY27.
Capacity Expansion
The presentation lists ongoing projects that include 10 GW of solar cells in India, 3.5 GWh of battery cells, 5.15 GWh of battery packs, 10 GVA of transformers and a 1 GW electrolyser plant. It also shows 10 GW of ingot and wafer capacity. The filing does not link the GPCB matter to any of these projects, and it mentions no GPCB action after the order of 17 June 2026.
Recent Developments
According to Waaree’s stock exchange filings in October 2026:
- 28 October 2026: Filed its Q2 FY27 investor presentation, which noted that a significant portion of export orders had been deemed cancelled because of section 232 related uncertainties in the United States.
- 29 October 2026: Disclosed the GPCB closure direction and its revocation.
- 30 October 2026: Reported the start of commercial production by Waaree Solar Americas Inc. at Brookshire in Texas, where commercial production began on new lines aggregating to 1.6 GW on 29 October 2026, taking that facility’s annual capacity to 3.2 GW.
Outlook
GPCB extended the revocation by six months in its order of 17 June 2026. The filing does not state the end date, and the compliance condition falls in December 2026. GPCB’s decision on the application for permanent revocation is the next event to watch. Waaree has said it will report further developments to the exchanges under Regulation 30(7).
Official Sources
- Waaree Energies Limited – Regulation 30 disclosure: GPCB closure direction for Degam facility and its revocation (NSE, 29 October 2026): https://nsearchives.nseindia.com/corporate/WAAREE_30102026003505_WEL_Reg30_Disclosure_GPCB_Degam.pdf
- Waaree Energies Limited – Investor presentation Q2 FY27 (NSE, 28 October 2026): https://nsearchives.nseindia.com/corporate/WAAREE_28102026002950_InvestorPresentation_signed.pdf
- Waaree Energies Limited – Commencement of commercial production by Waaree Solar Americas Inc. (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/WAAREE_30102026153320_CommencementofCommercialProduction_signed.pdf
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