IPO closes on 19 Oct'26
Zetwerk Manufacturing Businesses Limited
Minimum Investment
₹ 14,949 / 99 shares
Our Verdict:
Avoid
- Revenue is scaling but losses are deepening: FY26 revenue rose 40% to ₹15,913.32 crore, yet the restated loss widened to ₹1,606.17 crore (₹964.39 crore from continuing operations) from ₹370.71 crore in FY25, and Q1 FY27 added another ₹732.98 crore. With adjusted EBITDA margin of only ~2.6% in FY26, there is no earnings base yet to anchor a valuation.
- Balance-sheet strength has weakened as scale grew: borrowings rose from ₹1,232.10 crore (FY24) to ₹1,936.16 crore (FY26), while net worth slipped from ₹4,691.21 crore at March 2026 to ₹3,959.69 crore at June 2026 after the Q1 loss. The implied market value of roughly ₹25,600 crore (~1.6x FY26 revenue) therefore rests on margin improvement not yet visible in reported earnings.
- Headline revenue overstates the profit pool: the Ecosystem business (commodity sourcing as principal) was 41.09% of FY26 revenue and typically earns thin margins, while the Manufacturing business was 58.91%. Top 10 customers were 35.90% of revenue and many customers give no firm long-term purchase commitments, so growth quality depends on the manufacturing mix improving.
About the company
Founded in
6 Dec'17
Managing director
Amrit Pratik Acharya
- Zetwerk Manufacturing Businesses Limited describes itself as a technology-led, asset-light manufacturing platform that aggregates capacity into a "universal factory" run on its Zetwerk OS software, serving energy products, precision products and capital goods customers.
- It has 26 owned manufacturing facilities across India, Spain, Germany and the USA and works with 6,979 third-party suppliers across 26 countries; India was 82.54% and the USA 14.33% of FY26 revenue. The group has 22 direct and 13 indirect subsidiaries.
- Revenue was ₹12,364.37 crore (FY24), ₹11,331.86 crore (FY25) and ₹15,913.32 crore (FY26), with restated losses in each year; Q1 FY27 revenue was ₹4,117.88 crore.
- Promoters: Amrit Pratik Acharya (Chairperson, Managing Director & CEO) and Srinath Ramakkrushnan (Executive Director & COO)
STRENGTHS
- Technology-Led Platform: Zetwerk OS coordinates multi-project manufacturing across owned and third-party capacity, supporting an asset-light model.
- Diversified End Markets: Serves energy and renewables, precision products, capital goods, electronics, and aerospace and defence customers, with 1,100+ customers including large multinationals.
- Revenue Scale and Growth: FY26 revenue of ₹15,913.32 crore, up 40.4% from ₹11,331.86 crore in FY25.
- Improving Adjusted EBITDA: Adjusted EBITDA rose from ₹97.03 crore in FY24 to ₹421.34 crore in FY26.
- Global Manufacturing Footprint: 26 owned facilities across India, Spain, Germany and the USA, plus a supplier base in 26 countries.
RISK FACTORS
- Technology-Led Platform: Zetwerk OS coordinates multi-project manufacturing across owned and third-party capacity, supporting an asset-light model.
- Diversified End Markets: Serves energy and renewables, precision products, capital goods, electronics, and aerospace and defence customers, with 1,100+ customers including large multinationals.
- Revenue Scale and Growth: FY26 revenue of ₹15,913.32 crore, up 40.4% from ₹11,331.86 crore in FY25.
- Improving Adjusted EBITDA: Adjusted EBITDA rose from ₹97.03 crore in FY24 to ₹421.34 crore in FY26.
- Global Manufacturing Footprint: 26 owned facilities across India, Spain, Germany and the USA, plus a supplier base in 26 countries.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ Up to ₹5,012.33 crore
Fresh Issue
₹ Up to ₹2,830 crore
OFS
₹ Up to ₹2,182.33 crore
Price range
₹ 143 - 151
Lot size
99 shares
Issue Objective
- Fresh Issue of up to ₹2,830 crore: ₹1,300 crore to repay or prepay the company's borrowings, ₹860 crore to repay borrowings of nine subsidiaries through investment, and the balance for unidentified inorganic acquisitions and general corporate purposes (combined cap of 35% of gross proceeds). The Offer for Sale of up to 14,45,25,036 equity shares is by the promoters (Amrit Pratik Acharya and Srinath Ramakkrushnan), Creovate Innovation and investors including Peak XV, Lightspeed, Kae Capital and Accel, and does not bring proceeds to the company.
Dates
Bidding open
15 Oct'26
Bidding close
19 Oct'26
Allotment date
21 Oct'26
Refund date
22 Oct'26
Listing
23 Oct'26
IPO Reservations
Qualified institutional buyers
>75%
Non-institutional investors
<15%
Retail individual investors
<10%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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