Zetwerk Manufacturing Businesses IPO
Zetwerk Manufacturing Businesses IPO Details
-
Open Date
15 Oct 2026
-
Close Date
19 Oct 2026
- IPO Price Range
₹ 143 to ₹151
- IPO Size
₹ 5,012.33 Cr
Zetwerk Manufacturing Businesses IPO Timeline
Last Updated: 12 October 2026 4:52 PM by 5paisa
Zetwerk Manufacturing Businesses Limited is a technology-led manufacturing platform that provides end-to-end manufacturing and supply chain solutions to customers across industrial and consumer sectors. Its operations cover energy products, precision manufacturing, capital goods, electronics, aerospace and defence, and industrial commodities.
The company operates a hybrid manufacturing model combining its own facilities with an extensive third-party supplier network. It uses its proprietary technology platform, Zetwerk OS, to manage manufacturing workflows, supplier coordination, production monitoring, quality control and delivery. As of 31 March 2026, Zetwerk served 1,802 customers through 6,979 third-party suppliers across 26 countries, supported by 26 owned manufacturing facilities in India, Spain, Germany and the United States.
Its manufacturing business supplies products for renewable energy, power transmission, artificial intelligence infrastructure, consumer electronics, oil and gas, and other industrial applications. The company generated ₹15,913.32 crore in revenue from operations in FY26, with India accounting for 82.54% and the United States contributing 14.33%.
Established in: 2017
Chairman and Managing Director: Amrit Pratik Acharya
Zetwerk Manufacturing Businesses Objectives
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objectives:
1. Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
2. Repayment or prepayment of borrowings availed by specified subsidiaries through investments in those subsidiaries.
3. Funding inorganic growth through unidentified acquisitions and other strategic acquisitions.
4. General corporate purposes.
Zetwerk IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹5,012.33 Cr |
| Offer For Sale | ₹2,182.33 Cr |
| Fresh Issue | ₹2,830.00 Cr |
Zetwerk IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 99 | 14157 |
| Retail (Max) | 13 | 1287 | 194337 |
| S-HNI (Min) | 14 | 1386 | 196812 |
| S-HNI (Max) | 66 | 6534 | 986634 |
| HNI (Min) | 67 | 6633 | 948519 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 12364.37 | 11331.86 | 15913.32 |
| EBITDA | (293.54) | 293.33 | (353.53) |
| PAT | (917.95) | (370.71) | (1606.17) |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 10330.85 | 10355.43 | 13384.63 |
| Share Capital | 10.70 | 11.31 | 11.38 |
| Total Liabilities | 6268.39 | 5901.67 | 8570.91 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (Used In) Operating Activities | -281.54 | -386.29 | -681.53 |
| Net Cash Generated From / (Used In) Investing Activities | -621.90 | -147.92 | -394.13 |
| Net Cash Generated From / (Used In) Financing Activities | 763.22 | 150.64 | 1789.31 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -140.22 | -383.57 | 713.65 |
Strengths
1. Diversified manufacturing network: Zetwerk operated 26 owned facilities and worked with 6,979 third-party suppliers across 26 countries as of March 2026, providing access to multiple manufacturing processes and geographies.
2. Broad customer coverage: The company served 1,802 customers, including 98 companies from India's Fortune 500, across industrial and consumer sectors.
3. Technology-enabled operating model: Its proprietary Zetwerk OS platform supports supplier coordination, manufacturing execution, quality monitoring and delivery management across a distributed manufacturing network.
4. Expanding manufacturing order book: The manufacturing order book increased from approximately ₹6,169.75 crore in FY24 to ₹12,370.01 crore in FY26.
5. Diversified industrial exposure: Operations span renewable energy, electrical infrastructure, electronics, precision components, aerospace and defence, and capital goods.
Weaknesses
1. Recurring financial losses: Zetwerk reported restated losses of ₹917.95 crore in FY24, ₹370.71 crore in FY25 and ₹1,606.17 crore in FY26.
2. Negative operating cash flows: Net cash used in operating activities increased to ₹681.53 crore in FY26, indicating continuing working-capital and cash-generation challenges.
3. Customer concentration: The top 10 customers accounted for 35.90% of revenue from continuing operations in FY26, compared with 26.89% in FY25.
4. Supplier dependence: The top 10 suppliers represented 38.18% of total expenses from continuing operations in FY26, creating exposure to supplier availability, quality and pricing risks.
5. Geographic concentration: India contributed 82.54% of revenue from continuing operations in FY26, leaving the business sensitive to domestic industrial demand and regulatory conditions.
Opportunities
1. Expansion in renewable energy manufacturing: Investments in solar, wind and power transmission infrastructure provide opportunities for the company's energy products business.
2. Growing electronics manufacturing ecosystem: Increasing localisation of consumer electronics and electronic components creates opportunities for contract manufacturing and supply-chain services.
3. International expansion: Zetwerk can broaden its presence in overseas markets through its existing supplier relationships and manufacturing facilities in the United States and Europe.
4. Higher-value manufacturing services: The company's strategy to expand design-led manufacturing and original design manufacturing could increase its involvement across the product development cycle.
5. Strategic acquisitions: Acquisitions of complementary manufacturing capabilities could help the company enter additional product categories and strengthen its technical capabilities.
Threats
1. Manufacturing demand fluctuations: Changes in customer capital expenditure across renewable energy, electronics, energy infrastructure and other industries could affect order flows.
2. Raw-material price volatility: Fluctuations in metals, energy inputs and other manufacturing materials may affect procurement costs and contract profitability.
3. Supplier and execution risks: Product defects, manufacturing delays or failures to meet customer specifications could result in contract penalties, cancellations or reputational damage.
4. International trade and currency exposure: Operations spanning India, the United States and Europe are exposed to tariffs, exchange-rate movements, customs requirements and geopolitical disruptions.
5. Intense industry competition: Competition from established manufacturers, contract manufacturing providers and specialised engineering companies could create pricing and margin pressures.
1. Revenue growth: Revenue from operations increased by 40.43% in FY26 to ₹15,913.32 crore, supported by expansion in manufacturing activities.
2. Established manufacturing network: The company's combination of owned facilities and 6,979 third-party suppliers provides access to manufacturing capabilities across multiple regions and industries.
3. Growing order book: Its manufacturing order book increased from approximately ₹6,169.75 crore in FY24 to ₹12,370.01 crore in FY26, representing higher contracted manufacturing activity.
4. Technology-led execution: Zetwerk OS connects manufacturing processes, supplier management and delivery tracking, supporting coordination across a geographically distributed supplier network.
5. Debt reduction objective: Approximately ₹2,160 crore from the proposed fresh issue proceeds is allocated towards repayment or prepayment of company and subsidiary borrowings, potentially reducing outstanding debt and related finance costs.
1. India's manufacturing sector is undergoing expansion supported by industrial investment, supply-chain localisation, infrastructure development and increasing demand for higher-value manufactured products.
2. According to the Redseer industry estimates included in Zetwerk's offer documentation, India's manufacturing procurement market for durable goods reached approximately ₹17.37 trillion in FY26, compared with ₹9.42 trillion in FY21. The market is projected to reach ₹37.54–42.57 trillion by FY31.
3. The addressable market for manufacturing platforms in India was estimated at ₹10.26–12.57 trillion in FY26 and is projected to expand to ₹17.68–20.00 trillion by FY31. These estimates reflect growing opportunities for businesses that coordinate manufacturing requirements across fragmented supplier networks.
4. Zetwerk operates within this ecosystem through its combination of proprietary technology, third-party manufacturing relationships and owned facilities. Its manufacturing business generated approximately ₹9,374.68 crore in segment revenue during FY26, compared with ₹6,249.10 crore in FY25.
5. The company's manufacturing order book increased to approximately ₹12,370 crore in FY26, while international markets contributed 29.60% of manufacturing business revenue. Its future growth will depend on execution of existing orders, customer acquisition, supplier performance, manufacturing capacity and the ability to convert revenue growth into sustainable profitability and positive operating cash flow.
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FAQs
Zetwerk IPO opens on 15 October 2026 and closes on 19 October 2026.
The total size of the Zetwerk IPO is approximately ₹5,012.33 crore, comprising a Fresh Issue of ₹2,830 crore and an Offer for Sale of approximately ₹2,182.33 crore.
The price band of Zetwerk IPO is fixed at ₹143 to ₹151 per equity share.
To apply for the Zetwerk IPO, follow these steps:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Zetwerk IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum lot size for Zetwerk IPO is 99 shares, requiring an investment of ₹14,157 at the floor price of ₹143 per share.
The basis of allotment for Zetwerk IPO is expected to be finalised on 21 October 2026.
Zetwerk IPO is tentatively scheduled to list on BSE and NSE on 23 October 2026.
The book-running lead managers for Zetwerk IPO are Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, and Pantomath Capital Advisors Private Limited.
The principal objectives of the Zetwerk IPO are:
1. Repayment or prepayment of certain outstanding company borrowings.
2. Repayment or prepayment of borrowings of specified subsidiaries through investments in those subsidiaries.
3. Funding inorganic growth through unidentified acquisitions and other strategic acquisitions.
4. General corporate purposes.
Approximately ₹2,160 crore is proposed to be utilised towards repayment or prepayment of borrowings of the company and specified subsidiaries.