Mumbai: Zetwerk, a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).
The company aggregates manufacturing capacity across a network of third-party suppliers and its own facilities into a “universal factory,” unified through Zetwerk OS, its proprietary technology backbone. Its customers span utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas and industrial automation.
Zetwerk operates two reportable business segments: the Manufacturing Business, which enables customers to manufacture industrial and consumer products through its supplier network and own facilities; and the Ecosystem Business, branded Terra91, which aggregates and sources industrial commodities for customers. A third segment, Civil Infrastructure Works, was discontinued in FY26 as part of a strategic realignment to focus on the core segments.
The proposed initial public offering comprises a fresh issue of Equity Shares of face value of ₹1 each aggregating up to ₹2,600 crores and an offer for sale of up to 96,837,455 equity shares of face value ₹1 each by the selling shareholders.
Zetwerk plans to use the net proceeds mainly to pay down debt – ₹1,250 crores at the company and ₹550 crores across subsidiaries – with the balance towards inorganic growth through unidentified acquisitions, and general corporate purposes.
The company’s promoters are Amrit Pratik Acharya and Srinath Ramakkrushnan, both IIT Madras alumni. The company, in operation for around 8 years, connects 26 owned manufacturing facilities across India, USA, Germany and Spain and a network of 6,979 third-party suppliers in multiple countries into a unified manufacturing network.
The hybrid manufacturing model it follows allows it to benefit from the scalability of a distributed network, with capacity accessed through third-party manufacturers without a corresponding increase in invested capital together with the control of selective own capacity for complex, high-value manufacturing.
Zetwerk OS coordinates a single order across multiple facilities to speed up production cycles. It automates key decisions and replaces manual processes with technology that standardises every stage of the manufacturing lifecycle and supports distributed manufacturing.
As of March 31, 2026, Zetwerk’s Manufacturing platform had a diverse customer base ranging from start-ups to large industrial companies, including 8 of Sensex, 16 of Nifty 50, and 102 of India’s Fortune 500 companies. Some of its customers include Siemens Gamesa, Acer India, NextPower, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, NALCO, IOCL, Mortenson, Nordex Acciona, Indian Air Force and Numaligarh Refinery Limited.
Zetwerk grew revenue from operations 40.43% to ₹15,913 crores in FY26, up from ₹11,332 crores, led by a nearly doubling energy business on the back of broader themes of AI capex wave and energy transition. Operating performance improved sharply since Fiscal 2024: adjusted EBITDA rose from ₹97 crores in Fiscal 2024 to ₹323 crores in Fiscal 2025 and ₹421 crores in FY26, a 4.3x increase over two years. Adjusted PBT grew from a loss of ₹248.8 crores in Fiscal 2024 to a profit of ₹45.7 crores in FY26.
The reported PBT of -₹1,558 crores in FY26 was primarily driven by two one-time, non-cash adjustments ahead of the IPO. The first is a Management Stock Options equity top-up of ₹796 crores, thereby increasing promoter’s stake in the company. The transaction did not involve any cash outflow and is net worth neutral. The second is a one-time provision of ₹453 crores relating to the civil infrastructure business, which the company has discontinued as part of a portfolio consolidation.
Zetwerk’s manufacturing orderbook doubled to ₹ 12370 crores in FY26 as compared to ₹ 6170 crores in FY2024.
Zetwerk has benefitted from its evolving customer relationships that has gone from single order engagements to multi-year contracts across multiple categories. Revenue from Repeat Customers in its Manufacturing Business stood at 80.15% in FY2026 and the Net revenue retention stood at 120% for the same period.
Zetwerk’s top 10 customers have been associated with the company for ~3 years, and contribute to nearly 36% of revenues. The company has cumulatively delivered products and raw materials worth ₹69,588 crores in terms of GMV.
In FY 2027, Zetwerk has been recognised as India’s Fastest Growing Engineering Brand 2026, according to Strongest Indian Brands 2026 rankings published by independent brand valuation consultancy Brand Finance.
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, are the Book Running Lead Managers to the issue.
