Manufacturing orderbook doubles to ₹12,370 Crore; adjusted EBITDA rises 4.3x since FY24
Zetwerk Manufacturing Businesses Limited, a technology-led, asset-light manufacturing platform serving industrial and consumer businesses in India and globally, has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI.
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹2,600 Crore and an offer for sale of up to 96,837,455 equity shares by selling shareholders. The company plans to use the net proceeds primarily towards debt repayment, including ₹1,250 Crore at the company and ₹550 Crore across subsidiaries. The remaining proceeds will be used for unidentified acquisitions and general corporate purposes.
Zetwerk connects 26 owned manufacturing facilities across India, the US, Germany and Spain with 6,979 third-party suppliers through its technology platform, Zetwerk OS. Its Manufacturing Business serves customers across renewable energy, power transmission, consumer electronics, AI infrastructure, aerospace, defence, oil and gas and industrial automation.
Revenue from operations grew 40.43% to ₹15,913 Crore in FY26 from ₹11,332 Crore, supported by strong growth in energy-related businesses. Adjusted EBITDA increased from ₹97 Crore in FY24 to ₹421 Crore in FY26, while adjusted PBT turned positive at ₹45.7 Crore from a loss of ₹248.8 Crore in FY24.
The Manufacturing Business orderbook doubled to ₹12,370 Crore in FY26 from ₹6,170 Crore in FY24, while international markets contributed nearly 30% of Manufacturing Business revenue.
Zetwerk reported ₹69,588 Crore in cumulative GMV and 80.15% revenue from repeat Manufacturing Business customers in FY26, with net revenue retention at 120%.
