Zetwerk Manufacturing Businesses IPO

About Zetwerk Manufacturing Businesses IPO

Zetwerk Manufacturing Businesses IPO, a mainboard IPO, opens on October 15, 2026 and closes on October 19, 2026. The allotment of shares will take place onOctober 21, 2026. The listing of shares will take place on October 23, 2026 on BSE and NSE.

Zetwerk Manufacturing Businesses IPO's price band is set at ₹143 to ₹151 per share. The lot size for an application is 99. The minimum amount of investment required by a retail investor is ₹14,949 (99 shares) based on the upper price.

The offer is a combination of a fresh issue and an offer for sale (OFS). The fresh issue will include 18.75 crore shares aggregating up to ₹2,830 crore, while the OFS will include 14.45 crore shares aggregating up to ₹2,182.33 crore. The total issue size is 33.21 crore shares aggregating up to ₹5,012.33 crore.

Zetwerk Manufacturing Businesses is a technology led, asset light manufacturing platform for industrial and consumer goods in India and globally. It aggregates manufacturing capacity across a network of third-party suppliers and its own facilities through its proprietary technology platform, Zetwerk OS.

Zetwerk Manufacturing Businesses IPO Objectives

• Repayment/prepayment, in part or full, of certain borrowings availed by certain subsidiaries, namely 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, through investments in these subsidiaries.
• Funding inorganic growth through unidentified acquisitions and other strategic acquisitions, and general corporate purposes.

Zetwerk Manufacturing Businesses Anchor Investor Bidding Date

Wednesday, October 14, 2026

About Zetwerk Manufacturing Businesses Limited

Zetwerk Manufacturing Businesses was incorporated on December 6, 2017 in Chennai, Tamil Nadu as Zetwerk Manufacturing Businesses Private Limited. Its registered office was later shifted to Karnataka, and the company converted into a public limited company under its current name in February 2026. Its registered and corporate office is in Bellandur, Bengaluru, Karnataka. The company is promoted by Amrit Pratik Acharya and Srinath Ramakkrushnan.

The company's Manufacturing Business served 906 active customers in FY 26 through a supplier base across 26 countries and 26 own manufacturing facilities in four countries, including India. In FY 26, segment revenue from the Manufacturing Business was ₹9,374.68 crore (58.91% of revenue from operations from continuing operations), while the Ecosystem Business recorded segment revenue of ₹6,538.65 crore.

Strengths

1. In FY 26, the company's customer base included 8 Sensex companies, 16 Nifty 50 companies and 102 of India's Fortune 500 companies.
2. Repeat customers accounted for 80.15% of Manufacturing Business revenue in FY 26, and median Manufacturing Business net revenue retention was 128.85% between FY 23 and FY 26.
3. The platform transacted with 6,979 suppliers in FY 26 and can split a single order across multiple suppliers and its own facilities; an order was allocated to 7 suppliers on average in FY 26.

Risks

1. Products sourced from third-party suppliers accounted for 80.46% of combined Manufacturing and Ecosystem segment revenue in FY 26, exposing the business to supplier capacity, quality, pricing and supply disruption risks.
2. Net cash used in operating activities was ₹681.53 crore in FY 26, and operating cash flow has been negative in every period disclosed. Total consolidated borrowings, including non-fund-based facilities, stood at ₹5,208.07 crore as of August 31, 2026.
3. India and the USA accounted for 82.54% and 14.33% of revenue from operations from continuing operations in FY 26, respectively, so adverse developments in these markets could affect demand.
4. The top 10 customers contributed 35.90% of revenue from operations from continuing operations in FY 26, and the company does not have firm long-term purchase commitments with many of its customers.

Business Model

Zetwerk Manufacturing Businesses earns revenue through two segments. In its Manufacturing Business, customer orders are executed through a combination of third-party suppliers and its own manufacturing facilities, and revenue is recognised once products are manufactured and delivered.

Through its Ecosystem Business, branded Terra91, the company sources industrial commodities and raw materials such as ferrous and non-ferrous metals and petrochemicals from suppliers and supplies them to customers, including suppliers and customers of its Manufacturing Business. Zetwerk OS manages the order flow, from supplier selection to project management, quality control and logistics.

Growth Trajectory

Zetwerk Manufacturing Businesses Limited's Total Income from continuing operations for FY 26 was ₹16,100.63 crore, whereas in FY 25 and FY 24 it was ₹11,492.23 crore and ₹12,523.46 crore, respectively.

The loss after tax from continuing operations for FY 26 was ₹964.39 crore, whereas in FY 25 and FY 24 it was ₹215.07 crore and ₹852.53 crore, respectively.

Its Adjusted EBITDA for FY 26 was ₹421.34 crore, whereas in FY 25 and FY 24 it was ₹322.59 crore and ₹97.03 crore, respectively.

Market Position

Zetwerk Manufacturing Businesses has manufacturing facilities in India, Spain, the USA and Germany, and its supplier network includes India, Vietnam, Thailand, Taiwan, Germany, Spain, Eastern Europe, Mexico and the USA. In FY 26.

For FY 26, the company's Total Income from continuing operations, loss after tax from continuing operations and Adjusted EBITDA were ₹16,100.63 crore, ₹964.39 crore and ₹421.34 crore, respectively.

Industry Outlook

According to the Redseer report cited in the RHP, India's manufacturing procurement of durable goods grew from ₹9.42 lakh crore in FY 21 to ₹17.37 lakh crore in FY 26 and is projected to reach ₹37.54–42.57 lakh crore by FY 31. Policy-led capacity addition, localisation and rising domestic demand are the main drivers. In the USA, the market grew from ₹46.01 lakh crore in FY 21 to ₹53.12 lakh crore in FY 26 and is projected at ₹57.92–66.97 lakh crore by FY 31, driven by re-industrialisation and technology-led modernisation.

Within this market, the total addressable market for manufacturing platforms is estimated at ₹10.26–12.57 lakh crore in India and ₹2.07–6.26 lakh crore in the USA as of FY 26.

Peer Comparison

There are no listed companies whose business operations are similar to those of the company or are of a comparable size. Accordingly, it is not possible to provide an industry comparison for the company.

Zetwerk Manufacturing Businesses IPO Registrar Details & Book Managers

Registrar Details KFin Technologies Limited Phone: +91 40 6716 2222 / 1800 309 4001 Email: zetwerk.ipo@kfintech.com

Book Running Lead Manager

• 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
  
• Pantomath Capital Advisors Private Limited
  

Company Contact Details

#84/1, Ground & 1st Floor, Vaishnavi Sovereign, Green Glen Layout, Bellandur, Bengaluru South, Bengaluru 560 103, Karnataka, India.
Phone: +91 7624 9748 90
Email: cs@zetwerk.com

How to Apply for Zetwerk Manufacturing Businesses IPO?

1. Log in to your Kotak Neo account on the app/web and go to the "IPO" section.
2. Select the IPO to review details such as the price band and issue size.
3. Tap "Apply for IPO", select your category, and enter lots and bid price or choose the cut-off option.
4. Enter your valid UPI ID or choose ASBA to block funds in your linked bank account.
5. Submit the application and approve the mandate request sent to your UPI app to block funds.