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Zetwerk Manufacturing Business IPO

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Zetwerk Manufacturing Business logo
LISTEDMAINBOARDEquity

Zetwerk Manufacturing Business

Price band
₹143 – ₹151
Lot size
99 shares
Min investment
₹14,949
Issue size
₹5,012.33 Cr

About the company

Zetwerk Manufacturing Business Ltd. was incorporated in 2017 as a technology-led global manufacturing platform. It works as a managed marketplace that connects industrial and consumer enterprises with a network of manufacturing partners for custom and large-scale production. Its customers range from startups to mature companies. The company follows an asset-light model and offers design, supplier matching, quality control and logistics. Its platform, Zetwerk OS, tracks work across the manufacturing cycle. It serves electronics, renewable energy, aerospace and defence, capital goods and precision manufacturing. The source page says it is present in over 25 countries, with 10,000+ suppliers, 1,100+ customers and 20+ manufacturing facilities across India, the United States and Mexico. In FY2026 it had 1,802 customers, of which 1,613 were in India and 189 outside India.

Zetwerk Manufacturing Business runs a managed marketplace that connects industrial customers with manufacturing partners. Total income was Rs 16,100.63 crore in FY2026 and the company posted a loss after tax of Rs 1,606.17 crore.

IPO details

Issue price
₹151
Price band
₹143 – ₹151
Face value
₹1
Lot size
99
Min investment
₹14,949
Issue size
₹5,012.33 Cr
Sale type
Fresh capital cum OFS
Listing on
BSE, NSE
BSE scrip code
8044
NSE symbol
ZETWERK.NS
Employee discount
Rs 14.00 per share

Lot size & investment by category

APPLICATIONLOTSSHARESAMOUNT
Retail (Min)199₹14,949
Retail (Max)131,287₹1,94,337
S-HNI (Min)141,386₹2,09,286
B-HNI (Min)676,633₹10,01,583

Investor reservation

CATEGORYRESERVED
QIB24,84,80,366 shares (75.00% of the Offer)
NII4,96,96,073 shares (15.00% of the Offer)
Retail3,31,30,716 shares (10.00% of the Offer)
Employee7,00,000 shares (0.21% of the Offer)

Objects of the issue

1Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company1300.00
2Funding inorganic growth through unidentified acquisitions and other strategic acquisitions
3General Corporate Purposes
4Repayment/prepayment, in part or full, of certain of or all of borrowings availed860.00

Financials

Rs. Crore • restated
METRIC30 Jun 202631 Mar 202630 Jun 202531 Mar 202531 Mar 2024
Assets12,016.0913,384.639,083.0910,355.4310,330.85
Total Income4,195.7016,100.632,702.1011,492.2312,523.46
Profit After Tax-732.98-1,606.17-1,368.47-370.71-917.95
EBITDA103.16421.3431.11322.5997.03
NET Worth4,094.134,813.723,905.134,453.764,062.46
Reserves and Surplus-771.23-15.963,803.944,355.224,025.00
Total Borrowing1,942.191,936.161,707.211,746.551,232.10

Key performance indicators

P/E Ratio
-ve
EPS (₹)
-ve
RoNW
-1.74%
NAV (₹)
25.85

✓ Strengths

• Total income grew from Rs 11,492.23 crore in FY2025 to Rs 16,100.63 crore in FY2026, up about 40%.
• EBITDA rose from Rs 97.03 crore in FY2024 to Rs 322.59 crore in FY2025 and Rs 421.34 crore in FY2026.
• The company had 1,802 customers in FY2026, with 1,613 in India and 189 outside India.
• The asset-light model serves electronics, renewable energy, aerospace and defence, and capital goods customers.
• Net worth was Rs 4,813.72 crore on 31 March 2026, up from Rs 4,453.76 crore a year earlier.

⚠ Risks

• The company made a loss after tax of Rs 1,606.17 crore in FY2026, against losses of Rs 370.71 crore in FY2025 and Rs 917.95 crore in FY2024.
• The loss for the quarter ended 30 June 2026 was Rs 732.98 crore, and net worth fell to Rs 4,094.13 crore from Rs 4,813.72 crore on 31 March 2026.
• Reserves and surplus turned negative at Rs -771.23 crore on 30 June 2026, from Rs -15.96 crore on 31 March 2026.
• The source shows RoNW as -1.74%, which looks inconsistent with a FY2026 loss of Rs 1,606.17 crore on net worth of Rs 4,813.72 crore, so this figure needs checking.
• Because of the losses, EPS is negative (pre issue EPS is Rs -10.66), so a price to earnings multiple at the upper band of Rs 151 cannot be used.
• Total borrowing rose from Rs 1,746.55 crore in FY2025 to Rs 1,936.16 crore in FY2026.
• Rs 1,300.00 crore and Rs 860.00 crore of proceeds are listed for repaying borrowings, and part is for unidentified acquisitions.
• Promoter holding falls from 21.08% before the issue to 15.71% after it. One lot is 99 shares, about Rs 14,949 at the upper band of Rs 151.

Promoters & holding

Amrit Pratik Acharya and Srinath Ramakkrushnan

Pre-issue promoter holding
21.08%
Post-issue promoter holding
15.71%

Promoters hold 21.08% before the issue and will hold 15.71% after it.

Data refreshed 09 Nov 2026, 03:00 am IST. GMP is unofficial market sentiment, not investment advice.