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Zetwerk IPO
Zetwerk Manufacturing Businesses Limitedzetwerk.com
Opens soonMainboardIndustrialsBSE · NSE
- Price band
- ₹143 – ₹151
- Issue size
- ₹5,012 Cr
- Lot size
- 99 sh
- Bidding
- 15 – 19 Oct
- Grey market
- ₹14
Face value ₹1.00
56% fresh capital
₹14,949 minimum
Lists 23 Oct 2026
Unofficial quote
The question this issue poses
In one sentence
A genuinely large, genuinely fast-growing asset-light manufacturer that has never made a profit — the question is whether 1.4× sales is a fair price for scale that has not yet proven it can earn.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
58Balanced
IPOVista score 58 out of 100, graded Balanced.IPOVista score
Scaling fast, not yet earning
61% of the scoring model was backed by disclosed data for Zetwerk, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
PillarScoreWeight
Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Loss-making in the latest full year
The company reported a net loss of ₹990.5 Cr in FY26. P/E is undefined, so valuation is scored on sales instead of earnings.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
To apply
6 days left
You need a demat account with a linked UPI ID. Opening one is free and usually done the same day.
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The company
What the business actually does
Founded 2018 · Bengaluru, Karnataka · 3,754 employees
Zetwerk is a technology-led contract manufacturer that gets products made for other businesses without owning most of the factories itself. It aggregates capacity from external suppliers across India, Vietnam, Thailand, Taiwan, Germany, Spain, Eastern Europe, Mexico and the USA alongside its own plants, and coordinates all of it on an in-house platform it calls Zetwerk OS. Suppliers handle sheet-metal stamping, fabrication, injection moulding, die casting, forging and machining for customers in power, renewables, consumer electronics, AI infrastructure, aerospace and defence, oil and gas, and industrial automation.
Two segments. Manufacturing is the growth engine — revenue rose from about ₹6,082 Cr in FY24 to ₹9,375 Cr in FY26, a 50% jump in FY26 alone, and contributed 58.91% of FY26 revenue at roughly 6% EBITDA margins. The Ecosystem business, essentially industrial materials supply, grew far more slowly from about ₹6,283 Cr to ₹6,539 Cr over the same window. In Q1 FY27 Ecosystem (₹2,216 Cr) was actually larger than Manufacturing (₹1,902 Cr), pulling Manufacturing's share down to 46.19%.
What makes it hard to copy
Capacity is aggregated from 6,979 third-party suppliers across 26 countries alongside 26 of its own plants in India, the USA, Spain and Germany, all scheduled through one proprietary system called Zetwerk OS, so a single order can be split across many factories rather than queued behind one.
Where the revenue comes from
Share of revenue by reportable segment, latest full year
- Manufacturing Business58.9%
- Ecosystem Business (Terra91)41.1%
Hover or focus a segment for its share and what it covers.
Who buys from it
Siemens GamesaNextPower (formerly Nextracker)Acer IndiaboAtCG Power and Industrial SolutionsNTPC Renewable EnergyL&T MHI Power BoilerDRDO - Electronics & Radar Development Establishment (LRDE)Indian Oil CorporationIndian Air Force
Customers named in the prospectus or by the company. A short list is not automatically a risk, but concentration is — check the customer-concentration risk factor before assuming a marquee name means stability.
Where it operates
- Own manufacturing facilities26
Wardha, Maharashtra · Tarapur, Maharashtra · Palghar, Maharashtra · Bhilai, Chhattisgarh · Vizag, Andhra Pradesh · Bhilwara, Rajasthan · Bengaluru, Karnataka · Chennai, Tamil Nadu · Noida, Uttar Pradesh · Greater Noida, Uttar Pradesh · Kherdi, Dadra & Nagar Haveli · Savli, Gujarat · Bhopal, Madhya Pradesh · Dharuhera, Haryana · Houston, Texas, USA · Lufkin, Texas, USA · Las Vegas, Nevada, USA · Leon, Spain · Cuxhaven, Germany
- Third-party supplier network6,979
26 countries, including India, Vietnam, Thailand, Taiwan, Germany, Spain, Eastern Europe, Mexico and the USA
- Facilities under construction1
Sangareddy, Telangana
17.5% of revenue is earned outside India.
Markets served
IndiaUnited StatesSpainGermanyRest of world
Who runs it
- Amrit Pratik AcharyaChairperson, Managing Director and Chief Executive Officer · since 2018Co-founder and promoter; on the board since 14 May 2018.
- Srinath RamakkrushnanExecutive Director and Chief Operating Officer · since 2017Co-founder and promoter; a director since the company's incorporation on 6 December 2017.
- Ankit FatehpuriaChief Financial Officer · since 2024Chartered accountant, with Zetwerk since March 2019 and CFO since 1 September 2024. Previously at Indian Oil Corporation and ITC.
- Vinod Kumar DasariNon-Executive Independent Director · since 2024Former CEO and Managing Director of Ashok Leyland, CEO of Eicher Motors and Chairman cum Managing Director of Cummins India.
- Aruna SundararajanNon-Executive Independent Director · since 2026Former IAS officer of the 1982 Kerala cadre who retired as Secretary, Department of Telecommunications, and also served as Secretary at MeitY and the Department of Steel.
The company on paper
- Legal name
- Zetwerk Manufacturing Businesses Limited
- Incorporated
- 6 Dec 2017
- CIN
- U74999KA2017PLC128777
- Sector
- Industrials · Contract manufacturing & industrial supply chain
- Employees
- 3,754
- Registered office
- #84/1, Ground & 1st Floor, Vaishnavi Sovereign, Green Glen Layout, Bellandur, Bengaluru South, Bengaluru 560103, Karnataka, India
- Statutory auditor
- S.R. Batliboi & Associates LLP, Chartered Accountants
- Promoters
- Amrit Pratik Acharya, Srinath Ramakkrushnan
- Website
- zetwerk.com
The numbers
Financial performance
Revenue has compounded at 13.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
The price
Valuation
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
The company is loss-making, so there are no earnings to price
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹-6.69
- EPS, post-issue
- ₹-5.85
- Price / sales
- 1.35× – 1.43×
- Net asset value per share
- ₹31.26
What it earns on what it has
Returns and margins. These are the figures that say whether the multiple above is deserved.
- Return on net worth
- −21.1%
- Return on capital employed
- —
- EBITDA margin
- 2.6%
- Net margin
- −6.2%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equity
- 0.17×
Valuation against listed peers
P/E against operating margin
The prospectus for this issue does not name a listed peer group, or it has not been captured yet.
The terms
How the issue is structured
56% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issue
- ₹2,830 Cr
- Offer for sale
- ₹2,182 Cr
- Total issue size
- ₹5,012 Cr
- Shares offered in the OFS
- 14,45,25,036
- Pre-issue shares outstanding
- 1,50,67,72,659
- Employee discount
- ₹14 per share
Who the shares are reserved for
Share of the net offer set aside for each investor category
- Employee reservation7,00,000 sh
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples
Bidding has not opened yet, so there is no subscription data to show.
Grey market premium
Premium quoted over the ₹151 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
Unofficial
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹14 to ₹29, a spread of ₹16, across the period shown.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
Lots
1
- Shares applied for
- 99
- At cut-off price
- ₹151.00
- Amount blocked
- ₹14,949
One lot is 99 shares at ₹14,949. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Applying needs a demat account with a linked UPI ID, and the ₹14,949 is blocked rather than debited.
Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
₹164.50
implied listing price, 8.9% over the cut-off
- Cut-off price
- ₹151.00
- Grey market premium
- ₹13.50
- If allotted 99 shares
- ₹1,337
Grey-market premiums have historically moved sharply in the days before listing and have been wrong in both directions. Treat this figure as a measure of current enthusiasm, nothing more.
If you decide to
How to apply to this issue
Nothing on this page is a recommendation to apply. If you have decided to, this is what the process needs.
Applying to Zetwerk
You need a demat account to apply
Every IPO application in India goes through a demat account with a linked UPI ID. If you do not have one yet, opening it is free and usually done the same day.
- An IPO application needs a demat account and a UPI ID linked to it.
- The money is blocked under ASBA, not debited — only an allotment is charged.
- Applications close at 5pm IST on the final day, and most brokers stop accepting UPI mandates earlier in the afternoon.
- One application per PAN per category. Separate family members need their own PAN, demat and bank account.
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Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Manufacturing revenue grew about 50% in FY26 alone, to roughly ₹9,375 Cr, and now makes up the majority of the business.
- Asset-light model: capacity is aggregated from an external supplier network across nine countries rather than owned, so growth does not require matching capex.
- The Manufacturing segment earned a 22.75% return on capital employed in FY26, down from 30.76% in FY25. This is a segment figure the company discloses; a consolidated RoCE is not published, and the group as a whole made a loss.
- Blue-chip customer list across defence and infrastructure — Siemens Gamesa, CG Power, NTPC Renewable Energy, Indian Oil, DRDO's LRDE and the Indian Air Force.
- Debt-to-equity of 0.17× leaves the balance sheet unstretched before the raise, and ₹2,160 Cr of the fresh issue goes to cutting it further.
What to weigh against it
- Loss-making in every reported year: ₹853.77 Cr in FY24, ₹210.41 Cr in FY25 and ₹990.53 Cr in FY26. The FY26 loss was the largest of the three despite the highest revenue.
- EBITDA margin of 2.65% leaves almost no cushion — a small cost shock moves the company from thin profit to loss.
- RoCE fell from 30.76% in FY25 to 22.75% in FY26, so returns are compressing as the business scales.
- Q1 FY27 saw Manufacturing revenue fall below Ecosystem revenue, reversing the mix shift the growth story depends on.
- No P/E is computable, so the valuation rests entirely on a price-to-sales multiple and on believing margins expand from here.
Easy to miss in the prospectus
- Whether the Manufacturing segment's share recovers above 50% after the Q1 FY27 dip to 46.19%.
- The gap between the 6.03% segment EBITDA margin in Manufacturing and the 2.65% consolidated figure — the Ecosystem business is diluting group profitability.
- GMP halved from ₹29 to ₹13.5 in a single day before the issue opened, which is a notably unstable sentiment signal.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Red Herring Prospectus11 Oct 2026The document the issue was bid on. Carries the price band and the dates.Opens on ir.zetwerk.com · about 15.5 MB
- Updated Draft Red Herring Prospectus - I13 Aug 2026The draft refiled after SEBI's observations. No price band yet.Opens on ir.zetwerk.com · about 11.2 MB
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Kotak Mahindra Capital Company Limited
- Registrar
- KFin Technologies Limited
How these figures were checked
Built from 1 independently published account of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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