Waaree Energies shares decline after it calls off ₹293 crore acquisition deal

Shares of Waaree Energies Ltd. declined on Thursday, July 17, after the company said it has called of its acquisition of Kamath Transformers Pvt Ltd.Waaree Energies, in a stock exchange filing on Wednesday, July 16, said both parties were unable to reach an agreement on the terms of a definitive agreement within the agreed timelines.
On May 19, Waaree Energies’ board had approved the acquisition of Kamath Transformers for ₹293 crore. The stock fell 1% the next session, snapping a five-day wining streak.
The acquisition was to be a part of the company’s business expansion activity. It was to acquire 100% shareholding in Kamath Transformers on a cash consideration basis.
Kamath Transformers was incorporated on May 23, 1996. It reported a turnover of ₹25.73 crore in financial year 2022, ₹54.41 crore in financial year 2023 and ₹122.68 crore in financial year 2024.Waaree Energies reported its strongest-ever quarter in the January to March period of the financial year 2025, with its earnings before interest, taxes, depreciation and amortisation (EBITDA) and profit at ₹920 crore and ₹620 crore, respectively.

Its EBITDA margin of 23% was up 879 basis points from the previous year, due to the start-up of 1.4 GW cell facility, enabling entry into high-priced DCR modules. Its fourth quarter production was robust at 2.1GW, up 53% from the year-ago period.

Waaree Energies shares were down 1.23% at ₹3,249.9 apiece at 9.40 am on Thursday, July 17. The stock has gained 16.7% in the past month.

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