A technology-led manufacturing platform opens its Rs 5,012.33 crore mainboard issue on October 15, a contract manufacturing and a supplier ecosystem across energy, AI infrastructure, aerospace and defence
Zetwerk Manufacturing Businesses Ltd, a Bengaluru-based manufacturing-tech company founded in 2017, opens for subscription on October 15 with the issue closing on October 19.
Zetwerk operates a technology-led manufacturing platform that connects businesses with manufacturers and suppliers, running across two parts: a Manufacturing business (increasingly complex, in-house and partner-made products) and an Ecosystem business (a marketplace sourcing from third-party manufacturers and suppliers).
It serves demand from renewable energy, AI infrastructure, oil & gas, consumer electronics, aerospace and defence. As of March 2026, it operated 26+ manufacturing facilities across India, the US, Germany and Spain.
Manufacturing is the growth driver — revenue there grew ~50% to Rs 9,374.68 crore in FY26 (58.91% of total), with the manufacturing order book up 43% to Rs 12,370 crore. Energy products alone were ~41% of operating income. India and the US accounted for 82.54% and 14.33% of FY26 revenue.
Product sourced from third-party manufacturers made up over 80% of manufacturing-and-ecosystem segment revenue.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 15, 2026 |
| Issue Closes | October 19, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Price Band | Rs 143 – Rs 151 per share |
| Face Value | Rs 1 |
| Issue Size | Rs 5,012.33 crore |
| Fresh Issue | Rs 2,830 crore (~18.74 crore shares) |
| Offer for Sale | Rs 2,182.33 crore (~14.45 crore shares) |
| Lot Size | 99 shares / Rs 14,949 |
| QIB / HNI / Retail | 75% / 15% / 10% |
The fresh proceeds are earmarked largely for acquisitions, strategic investments and general corporate purposes.
Price Band Analysis
At the upper band of Rs 151, the issue cannot be valued on P/E — Zetwerk is loss-making (FY26 EPS of around Rs –6.69), with a negative RoNW (–21.11%) and a FY26 NAV of Rs 31.26. The valuation rests on revenue scale and growth (and the shift toward higher-value in-house manufacturing) rather than current earnings.
GMP Watch
The Zetwerk IPO GMP stood at around Rs 21.5 (~14%) as of October 12, implying an estimated listing near Rs 172.5 over the Rs 151 upper band. GMP is unofficial, unregulated and SEBI-unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 | Q1-FY27 |
|---|---|---|---|---|
| Revenue from Operations | 12,364.37 | 11,331.86 | 15,913.32 | 4,117.88 |
| EBITDA Margin (%) | 0.78 | 2.85 | 2.65 | — |
| Net Loss | (853.77) | (210.41) | (990.53)* | (64–68) |
*Consolidated net loss widened to around Rs 1,606 crore in FY26 on a total-income basis.
Revenue rose 40.4% to Rs 15,913.32 crore in FY26 (after an 8.35% dip in FY25), with Q1-FY27 up ~55% YoY to Rs 4,117.88 crore and the Q1 loss narrowing sharply to around Rs 64 crore (from Rs 881 crore a year earlier).
EBITDA turned positive (Rs 457 crore, 2.87% margin), but margins remain thin (manufacturing adjusted EBITDA ~6.03%), operating cash flows have been under pressure, and the company remains loss-making. Top-10 customers were 35.90% of FY26 revenue (up from 26.89%).
Zetwerk brings a large, fast-growing, technology-led manufacturing platform to the mainboard — Rs 15,913 crore FY26 revenue (+40%), a Rs 12,370 crore manufacturing order book, and a shift toward complex in-house work — set against persistent losses, thin margins, cash-flow pressure, high third-party-sourcing dependence and rising customer concentration.
