In an exchange filing on July 16, Waaree said the deal was called off as both parties failed to finalise the terms of the definitive agreement within the stipulated timelines. The acquisition was originally announced on 19 May 2025, and was intended to be completed within the current financial year.
The proposed transaction involved a 100% cash-based acquisition of Kamath Transformers, as part of Waaree Energies’ expansion strategy.
Kamath Transformers, established in May 1996, manufactures transformers and has seen a strong revenue growth, reporting Rs 25.73 crore in FY22, Rs 54.41 crore in FY23, and Rs 122.68 crore in FY24.
Mumbai-based Waaree Energies is a renewable energy company. It offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
On a consolidated basis, Waaree Energies' net profit rose 34.10% to Rs 618.91 crore while net sales rose 36.38% to Rs 4003.93 crore in Q4 March 2025 over Q4 March 2024.