Zetwerk Manufacturing Businesses Ltd is raising up to ₹5,012.33 crore through a book-built IPO that opens on 15 October 2026 and closes on 19 October 2026. The price band is ₹143 to ₹151 per share, the lot size is 99 shares, and the minimum retail investment is ₹14,949 at the cap price. This review covers the issue details, financials, use of proceeds, valuation context, risks and how to apply.
Zetwerk IPO Key Details
| Parameter | Details |
|---|---|
| IPO Dates | 15 October 2026 to 19 October 2026 |
| Anchor Book | 14 October 2026 |
| Face Value | ₹1 per equity share |
| Price Band | ₹143 to ₹151 per share |
| Lot Size | 99 shares (minimum ₹14,949 at the cap price) |
| Issue Type | Book-built, fresh issue and offer for sale |
| Total Issue Size | Up to ₹5,012.33 crore (at the cap price) |
| Fresh Issue | Up to ₹2,830 crore |
| Offer for Sale | Up to 14,45,25,036 equity shares (about ₹2,182.33 crore at the cap price) |
| Listing Exchanges | BSE and NSE (NSE is the designated stock exchange) |
| Allotment Date | 21 October 2026 (tentative) |
| Credit to Demat | 22 October 2026 (tentative) |
| Listing Date | 23 October 2026 (tentative) |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India), Pantomath Capital Advisors |
Reservation Split
The offer is made under Regulation 6(2) of the SEBI ICDR Regulations, because the company does not meet the conditions of Regulation 6(1)(b). This is the route for companies that have not yet met the profitability track record, and under it a large share of the issue goes to institutions.
| Category | Allocation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not less than 75% of the net offer |
| Non-Institutional Investors (NII) | Not more than 15% of the net offer |
| Retail Individual Investors (RII) | Not more than 10% of the net offer |
| Eligible employees | 7,00,000 shares, at a discount of ₹14 per share |
What a Retail Application Actually Costs
- One lot of 99 shares costs ₹14,157 at the floor price of ₹143 and ₹14,949 at the cap price of ₹151.
- Your bank blocks funds at the cap price, even if you bid lower in the band.
- The maximum retail application is 13 lots, which is 1,287 shares and ₹1,94,337 at the cap price.
- A 14th lot would take the application to ₹2,09,286. That is above the ₹2 lakh retail limit, so it moves you into the small non-institutional category.
About Zetwerk Manufacturing Businesses
Zetwerk describes itself as a technology-led, asset-light manufacturing platform for industrial and consumer goods. It combines manufacturing capacity from third-party suppliers and its own facilities into what it calls a “universal factory”, run through its own software called Zetwerk OS. The company was incorporated in 2017 and has its registered office at #84/1, Vaishnavi Sovereign, Green Glen Layout, Bellandur, Bengaluru 560103. The promoters are Amrit Pratik Acharya (Managing Director and CEO) and Srinath Ramakkrushnan (Chief Operating Officer).
- Two segments. Manufacturing Business (Energy, Precision and Capital Goods products) made up 58.91% of FY 2025-26 revenue. The Ecosystem Business (Terra91), which buys industrial commodities and supplies them to customers as a principal, made up 41.09%.
- Mix is shifting. In the April to June 2026 quarter, the Ecosystem Business was 53.81% of revenue, higher than the Manufacturing Business at 46.19%.
- Energy dominates manufacturing. Energy Products brought in ₹6,507.57 crore in FY 2025-26, about 69% of manufacturing segment revenue.
- Scale of operations. 26 own manufacturing facilities across India, Spain, Germany and the USA, plus 6,979 third-party suppliers across 26 countries.
- Named customers. Siemens Gamesa, Acer India, boAt, CG Power, NTPC Renewable Energy, Indian Oil Corporation, National Aluminium Company, Nordex Acciona, DRDO (LRDE) and the Indian Air Force are among those the company lists.
- Geography. India contributed 82.54% of FY 2025-26 revenue and the USA 14.33%.
Financial Performance
Restated consolidated figures, converted from the RHP’s ₹ million to ₹ crore. Revenue, margins, EBITDA and the continuing-operations loss relate to continuing operations.
| Particulars (₹ crore) | FY 2023-24 | FY 2024-25 | FY 2025-26 | Q1 FY 2026-27 (Apr to Jun 2026) |
|---|---|---|---|---|
| Revenue from operations | 12,364.37 | 11,331.86 | 15,913.32 | 4,117.88 |
| Revenue growth | Not disclosed in the RHP | (8.35%) | 40.43% | 55.42% (against Q1 FY 2025-26) |
| Gross margin | 7.66% | 12.06% | 12.13% | 12.05% |
| Adjusted EBITDA | 97.03 | 322.59 | 421.34 | 103.16 |
| Adjusted EBITDA margin | 0.78% | 2.85% | 2.65% | 2.51% |
| EBITDA (restated) | (293.54) | 293.33 | (353.53) | 141.22 |
| Loss from continuing operations | (852.53) | (215.07) | (964.39) | (64.13) |
| Total restated loss | (917.95) | (370.71) | (1,606.17) | (732.98) |
| Net worth | 4,065.31 | 4,418.59 | 4,691.21 | 3,959.69 |
| Total borrowings | 1,232.10 | 1,746.55 | 1,936.16 | 1,942.19 |
Revenue grew at about 13.45% a year between FY 2023-24 and FY 2025-26 (two years of growth, so the calculation uses a two-year period). Adjusted EBITDA has been positive for three years, but it excludes items such as share-based payments and exceptional items. Regular EBITDA and net profit are still negative for the full years, so read the two measures side by side.
The “total restated loss” is larger than the “loss from continuing operations” in every period. The gap relates to discontinued operations, which the abridged prospectus does not break down. The full RHP explains them.
Cash flow tells a separate story. Net cash used in operating activities was ₹281.54 crore in FY 2023-24, ₹386.28 crore in FY 2024-25 and ₹681.53 crore in FY 2025-26. Financing inflows of ₹1,789.31 crore in FY 2025-26 covered the gap. Growth so far has needed outside funding, which is why the debt repayment object matters.
These are historical disclosures and do not indicate future performance.
Valuation Metrics Explained
| Metric | FY 2023-24 | FY 2024-25 | FY 2025-26 | Q1 FY 2026-27 (not annualised) |
|---|---|---|---|---|
| EPS, basic and diluted, continuing operations (₹) | (4.86) | (1.17) | (6.69) | (0.45) |
| Return on Net Worth (RoNW) | (21.00%) | (4.76%) | (21.11%) | (1.74%) |
| Net Asset Value per share (₹) | 22.77 | 23.81 | 31.26 | 25.85 |
The basics, in plain words
- EPS = profit after tax divided by the number of shares. A negative EPS means a loss per share.
- P/E = share price divided by EPS. It tells you how many rupees you pay for each rupee of yearly profit.
- RoNW = profit divided by net worth. It shows how much profit the company earns on shareholders’ money.
- NAV per share = net worth divided by the number of shares.
Working out the Valuation
The RHP leaves the price-dependent fields blank because the price band was fixed after filing. Here is what can be worked out at ₹151.
- P/E: Not meaningful. EPS is negative in all four periods shown, so a P/E ratio cannot be calculated at either ₹143 or ₹151. A negative P/E should not be read as cheap.
- Price to book: ₹151 divided by the FY 2025-26 NAV of ₹31.26 gives about 4.83 times. On the 30 June 2026 NAV of ₹25.85, it is about 5.84 times.
- Market capitalisation: About ₹25,583 crore at the cap price, as stated in the company’s filing and reported by the press. Counting every fully diluted pre-offer share (153.77 crore) plus the fresh-issue shares gives about ₹26,049 crore. The difference is the way unvested options and similar items are counted.
- Price to sales: ₹25,583 crore divided by FY 2025-26 revenue of ₹15,913.32 crore is about 1.61 times.
How that Compares With Listed Peers
The RHP states that there are no listed companies in India or globally that are comparable to Zetwerk in business and scale, so it does not provide a peer comparison of its KPIs. A fair comparison therefore needs your own judgement about which companies to use. The full “Basis for Offer Price” section of the RHP (page 248) has the details.
What the numbers say, without a verdict: the company is valued at roughly 1.6 times revenue while reporting losses and a thin adjusted EBITDA margin of about 2.65%. Supporters point to the 40.43% revenue growth and a manufacturing order book of ₹13,062.40 crore. Sceptics point to the continuing losses and negative operating cash flow.
These ratios are shared for educational understanding, not as investment guidance.
Objects of the Issue
Only the fresh issue of ₹2,830 crore goes to the company. The offer for sale of 14,45,25,036 shares (about ₹2,182.33 crore at the cap price) goes to the selling shareholders, not to Zetwerk. The fresh issue is about 56% of the total issue size.
| Object | Amount from net proceeds (₹ crore) |
|---|---|
| Repay or prepay borrowings of the company | 1,300.00 |
| Repay or prepay borrowings of nine subsidiaries, through investments in them | 860.00 |
| Unidentified acquisitions, other strategic acquisitions and general corporate purposes | Balance, shown as [●] in the RHP |
| Total | [●] |
Both debt repayment amounts are planned for FY 2026-27. Together they come to ₹2,160 crore, which is about 76% of the fresh issue. The subsidiaries named are Sharp Tanks and Structurals, Terra91 International, Smile Electronics, Kryfs Power Components, Kryfs Transformers, Unimacts Global LLC, Zetwerk Manufacturing SG Pte. Ltd., Zap91 Solar India and Zet Town India.
The RHP caps the spend on general corporate purposes and unidentified acquisitions together at 35% of the gross proceeds (₹990.50 crore on ₹2,830 crore), and each one individually at 25% (₹707.50 crore). Money for unidentified acquisitions is the least visible use of your capital, since the targets are not named.
The abridged prospectus does not give the lender list, interest rates or the borrowing balance as on a recent date for the debt being repaid. Read “Objects of the Offer” on page 201 of the RHP for those details. It also does not disclose a credit rating.
Strengths and Risk Factors
| Strengths | Risks |
|---|---|
| Revenue rose 40.43% to ₹15,913.32 crore in FY 2025-26 | Loss from continuing operations of ₹964.39 crore in FY 2025-26, and losses in all three years |
| Manufacturing order book of ₹13,062.40 crore at 30 June 2026, up about 53% from ₹8,534.70 crore a year earlier | Top 10 customers were 35.90% of FY 2025-26 revenue, up from 22.37% in FY 2023-24 |
| Manufacturing segment EBITDA of ₹565.09 crore in FY 2025-26, a 6.03% margin | Top 10 suppliers were 38.18% of total expenses in FY 2025-26 |
| 26 own facilities and 6,979 third-party suppliers across 26 countries | Net cash used in operations: ₹681.53 crore in FY 2025-26, the third year in a row of outflow |
| Gross margin improved from 7.66% to 12.13% between FY 2023-24 and FY 2025-26 | India is 82.54% and the USA 14.33% of revenue, so demand shifts in either market matter |
| Adjusted EBITDA positive for three years, at ₹421.34 crore in FY 2025-26 | The company says it has no firm long-term purchase commitments with many customers |
| Customers across renewables, defence, aerospace, AI infrastructure and oil and gas | Auditors included emphasis of matter and modifications under “Report on Other Legal and Regulatory Requirements” in all periods (no qualification to the financials) |
| Positive revenue momentum in Q1 FY 2026-27: 55.42% growth | 5 criminal, 30 tax and 12 statutory or regulatory proceedings against the company, plus 1 material civil case |
How to Apply for the Zetwerk IPO via Findoc
- Log in to your Findoc account.
- Open the IPO section and select Zetwerk Manufacturing Businesses Ltd.
- Enter your UPI ID and the quantity in multiples of 99 shares.
- Bid at a price within ₹143 to ₹151, or at the cut-off price.
- Approve the UPI mandate request on your UPI app before 5:00 PM on 19 October 2026.
You can also apply through your bank’s ASBA facility. If you do not have a demat account yet, open a demat account before the issue closes on 19 October 2026.
Checking Your Zetwerk IPO Allotment
The basis of allotment is expected on 21 October 2026. Check on the KFin Technologies website (the registrar), on BSE or on NSE using your PAN, application number or DP ID and client ID. Refunds and the credit of shares to demat accounts are tentatively scheduled for 22 October 2026, with listing on 23 October 2026.
Key Takeaways
- The issue is up to ₹5,012.33 crore: a ₹2,830 crore fresh issue and an offer for sale of 14,45,25,036 shares.
- The price band is ₹143 to ₹151, the lot is 99 shares, and a retail investor can apply for a maximum of 13 lots (₹1,94,337).
- Bidding runs from 15 October to 19 October 2026, with listing tentatively on 23 October 2026.
- FY 2025-26 revenue was ₹15,913.32 crore, up 40.43%, but the company reported a ₹964.39 crore loss from continuing operations.
- P/E cannot be calculated as earnings are negative. Price to book is about 4.83 times at the cap price.
- About 76% of the fresh issue goes to repaying debt. Customer concentration, losses and negative operating cash flow are the main risks.
Investments in securities are subject to market risks. This is not investment advice; please read all related documents carefully before investing.
Related Stock Market Insights
- What is an IPO?
- How to Apply for IPO?
- How IPO Work?
- What is Grey Market in IPO and How it Works?
- Things to Know Before Investing in IPO
- How to Check IPO Allotment Status?
Leave a Reply