Zetwerk Manufacturing Businesses Ltd IPO

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Bidding for this IPO has closed

Subscription rate
Category	Subscribed
Qualified Institutional Buyers	4.73x
Non-Institutional Investor	1.4x
Retail Individual Investor	0.73x
Employee Reservation	1.59x
Total	3.06x

Updated 21 Oct 2026, 04:32 pm IST

*All values are in ₹ crore

Our unique business model enables us to serve multiple demand pools and makes us resilient across economic cycles
Ability to scale in a capital-efficient manner.
Zetwerk OS, our proprietary technology enables end-to-end workflow management across the manufacturing lifecycle while driving powerful network effects across our operations.
Deep relationships with customers driving higher revenue visibility and stickiness.
Ability to add value-additive ecosystem services to our manufacturing platform.
Experienced, cycle-tested management team backed by an experienced board of directors.
Comprehensive and institutionalised risk management framework with strong protection against external risks.

Technology-led manufacturing platform: Zetwerk combines its proprietary Zetwerk OS with 6,979 third-party suppliers across 26 countries and 26 manufacturing facilities across four countries in FY2026. The network supports multi-industry production and coordinated order execution.
Strong manufacturing growth: Manufacturing Business revenue increased 50.02% to ₹9,374.68 crore in FY2026. Its order book reached ₹13,062.40 crore by June 30, 2026.
Exposure to growing sectors: Energy Products generated ₹6,507.57 crore in FY2026 revenue, while Precision Products grew at a reported 55.08% CAGR between FY2024 and FY2026.
Repeat customer relationships: Zetwerk served 1,802 customers in FY2026. Repeat customers contributed 80.15% of Manufacturing Business revenue.

Persistent losses: Zetwerk reported a total loss of ₹1,606.17 crore in FY2026, including losses from discontinued operations and exceptional items.
Negative operating cash flow: Cash used in operating activities reached ₹681.53 crore in FY2026, following outflows in FY2024 and FY2025.
Customer and supplier concentration: The top 10 customers contributed 35.90% of continuing-operations revenue in FY2026, while the top 10 suppliers accounted for 38.18% of expenses.
Legacy disputes and control weaknesses: The Civil Infrastructure Works exit involved a ₹453 crore impairment. Historical audit reports also highlighted internal-control weaknesses related to project costing and billing.
Thin margins and valuation: Adjusted EBITDA margin declined to 2.65% in FY2026. At the ₹151 upper IPO price, the company is valued at approximately ₹25,583 crore, despite reported losses.

Particulars	FY2026	FY2025	FY2024
Revenue from operations (₹ crore)	15,913.32	11,331.86	12,364.37
Total income (₹ crore)	16,100.63	11,492.23	12,523.46
Adjusted EBITDA (₹ crore)	421.34	322.59	97.03
Adjusted EBITDA margin (%)	2.65	2.85	0.78
Total reported loss (₹ crore)	-1,606.17	-370.71	-917.95
Diluted EPS (₹), including discontinued operations	-11.02	-2.03	-5.23
Return on net worth (%)	-21.11	-4.76	-21.00

Particulars	Q1 FY27 / June 2026	FY2026	FY2025	FY2024
Manufacturing order book (₹ crore)	13,062.40	12,370.01	8,628.98	6,169.75
Manufacturing new orders (₹ crore)	3,147.45	15,393.35	11,327.11	8,994.14
Repeat manufacturing customers (%)	89.26	80.15	84.80	78.11
Top 10 customer revenue share (%)	29.39	35.90	26.89	22.37

Product vertical (% of manufacturing revenue)	Q1 FY27	FY2026	FY2025	FY2024
Energy Products	59.64	69.42	55.72	68.40
Precision Products	22.96	14.90	22.50	9.55
Capital Goods	17.37	15.62	21.66	21.64