| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 12364.37 | 11331.86 | 15913.32 |
| Expenses | 12847.55 | 11552.03 | 16141.73 |
| Other Income | 159.09 | 160.37 | 187.31 |
| Total Revenue | 12523.46 | 11492.23 | 16100.63 |
| Profit Before Tax | -798.41 | -204.55 | -916.44 |
| Net Profit | -917.95 | -370.71 | -1606.17 |
Zetwerk Manufacturing Business
Zetwerk Manufacturing Business IPO
₹14,157
0.22 xOver-subscribedBidding Dates 15 Oct, 26 -19 Oct, 26
Min Investment ₹14,157
Lot Size99
Price Range ₹143 – ₹151
Issue Size ₹5,013.31 Cr.
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IPO Subscription Details
Retail Subscription Details
0.2 x
Non-Institutional Buyers (sHNI)
0.08 x
Non-Institutional Buyers (bHNI)
0.06 x
Qualified Institutional Buyers (QIB)
0.3 x
Employees
0.25 x
Total0.22 x
0.22 x IPO Timeline
IPO Offer Start
15 Oct,26
IPO Offer Ends
19 Oct,26
Allotment Finalisation
21 Oct,26
Refund Initiation
22 Oct,26
Listing of Shares
23 Oct,26
IPO Analysis
Strengths
The company operates a technology-led, asset-light manufacturing platform powered by Zetwerk OS, aggregating 6,979 third-party suppliers across 26 countries and 26 own facilities, serving multiple industries and geographies, providing resilience across economic cycles.
The company serves diverse industries including utilities, renewables, aerospace, defence, and AI infrastructure; new orders from thermal power customers grew from nil in Fiscal 2024 to ₹2,652.26 million in Fiscal 2026, reducing dependence on any single end-market.
The company's Manufacturing Business share of GMV from recurring components increased from 49.85% in Fiscal 2024 to 71.20% in Q1 Fiscal 2027, diversifying revenue and improving resilience across economic cycles.
Risks
The company incurred restated losses from continuing operations of ₹641.29 million, ₹8,806.65 million, ₹9,643.93 million, ₹2,150.69 million, and ₹8,525.31 million for the three months ended June 30, 2026 and June 30, 2025, and Fiscals 2026, 2025, and 2024, respectively. Additional losses from discontinued Civil Infrastructure operations further compounded the financial impact, raising concerns about the company's ability to achieve or sustain profitability.
The company relies heavily on third-party suppliers, with revenue from third-party sourced products representing up to 96.51% of combined Manufacturing and Ecosystem Business segment revenue in Fiscal 2024. The company is exposed to price volatility in commodities such as aluminium, zinc, steel, copper, and lead, as well as supply disruptions, quality failures, and foreign exchange risks that could adversely affect margins and operations.
The top 10 customers accounted for up to 35.90% of revenue from continuing operations in Fiscal 2026, while the top 10 suppliers contributed up to 40.71% of total expenses for continuing operations in the three months ended June 30, 2026. Any loss of key customers or disruption from major suppliers could significantly impact revenue, margins, and operational continuity.
Objectives
The company intends to utilise a portion of the Net Proceeds towards repayment or prepayment, in part or full, of certain borrowings availed by the company itself, to reduce outstanding indebtedness and debt servicing costs.
The company proposes to invest in certain subsidiaries — including Sharp Tanks, Terra91, Smile Electronics, Kryfs Power, Kryfs Transformers, Unimacts Global, Zetwerk Singapore, Zap91 Solar, and Zet Town — through inter-corporate loans to enable repayment or prepayment of their borrowings.
The company plans to deploy a portion of the Net Proceeds towards unidentified inorganic acquisitions and other strategic acquisitions, subject to the aggregate amount not exceeding a specified percentage of the Gross Proceeds as per SEBI ICDR Regulations.
The company intends to utilise a portion of the Net Proceeds for general corporate purposes, including strategic initiatives, capital expenditure, working capital requirements, and other corporate expenses, subject to the amount not exceeding a specified percentage of the Gross Proceeds.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 10330.85 | 10355.43 | 13384.63 |
| Fixed Assets | 1616.98 | 2515.35 | 3544.08 |
| Total Equity & Liabilities | 10330.85 | 10355.43 | 13384.63 |
| Total Liabilities | 6268.39 | 5901.67 | 8570.91 |
| Current Liabilities | 6063.54 | 5649.46 | 7326.87 |
| Non Current Liabilities | 204.84 | 252.21 | 1244.04 |
| Total Equity | 4062.46 | 4453.76 | 4813.72 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -140.22 | -383.57 | 713.65 |
| Investing Activities | -621.90 | -147.92 | -394.13 |
| Operating Activities | -281.54 | -386.29 | -681.53 |
| Financing Activities | 763.22 | 150.64 | 1789.31 |
About Zetwerk Manufacturing Business
Zetwerk is a technology-led, asset-light manufacturing platform incorporated in December 2017, operating across industrial and consumer goods segments in India and globally. The company aggregates manufacturing capacity through a network of 6,979 third-party suppliers across 26 countries and 26 own facilities across four countries, unified via its proprietary Zetwerk OS....more
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Managing DirectorAmrit Pratik Acharya
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