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Zetwerk Manufacturing IPO
3.05xsubscribed

Zetwerk Manufacturing IPO

Power Generation/Distribution
listed
₹14,157Min. investment

Zetwerk Manufacturing Limted IPO Details

SectorPower Generation/Distribution
Price range₹143 – ₹151
IPO type
Regular
Lot size99 shares
Issue size₹5,012Cr
Red Herring Prospectus
Read
Market cap
₹25,583CrLower than sector avg
RevenueApr 0 - Mar 1
₹15,913CrHigher than sector avg
Growth rate3Y CAGR
13.45%Higher than sector avg

Zetwerk Manufacturing IPO Subscription Status

Date
QIB
NII
Retail
Total
15-Oct-26
0.17 times (X)
0.07 times (X)
0.15 times (X)
0.14 times (X)
16-Oct-26
0.2X
0.13X
0.24X
0.19X
19-Oct-26
1.88X
1.37X
0.72X
3.05X

As on 15-Oct-26, 5:30 PM

Zetwerk Manufacturing IPO Timeline

  1. Pre-apply
    14 Oct 2026
  2. Bid start
    15 Oct 2026
  3. Bid end
    19 Oct 2026
  4. Allotment
    21 Oct 2026
  5. Release of funds
    22 Oct 2026
  6. Demat transfer
    22 Oct 2026
  7. Listing
    23 Oct 2026

About Zetwerk Manufacturing Limted

Zetwerk Manufacturing Businesses, incorporated in December 2017, is a technology-led manufacturing platform for industrial and consumer goods. The company aggregates third-party production capacity and selected owned facilities into what it describes as a “universal factory.”
The company’s platform serves industries including utilities, renewable energy, consumer electronics, artificial-intelligence infrastructure, aerospace, space and defence, oil and gas, and industrial automation. Since incorporation, the company has delivered products and raw materials representing a cumulative gross merchandise value of ₹74,374 crore.
The company coordinates design, supplier selection, production planning, quality control, logistics, customs and documentation through Zetwerk OS, its proprietary technology platform. Zetwerk OS processes engineering drawings, matches orders with supplier capabilities and capacity, generates production plans, and monitors execution and quality across facilities. Production can take place from multiple suppliers at the same time, which helps to minimise dependency on one particular production plant. The system also accumulates supplier-performance and production data from completed orders, which management uses to refine future supplier selection and execution.
Zetwerk operates through two segments. The manufacturing business supplies products through third-party suppliers and owned facilities, while the ecosystem business, branded Terra91, aggregates industrial commodities and raw materials. Manufacturing Business revenue was 58.9% of FY26 revenue, while Ecosystem Business revenue was 41.09%. Within Manufacturing, Energy Products contributed 69.4%, Precision Products 14.9% and Capital Goods 15.6% in FY26.
The operating network comprised 6,979 third-party suppliers across 26 countries and 26 owned manufacturing facilities across India, Spain, the USA and Germany. 15 were acquired, while the remaining 11 were set up by the company. Three manufacturing facilities, one of which is a new solar module plant under construction as of the RHP date. The owned facilities mainly undertake assembly, finishing and specialised manufacturing where execution control, certification or proximity to customers is important. The capacity utilisation varied from vertical to vertical, ranging from 2.98% to 100.41% in FY26.
As of June 30, 2026, the manufacturing business order book stood at ₹13,062.4 crore; FY26 new orders were ₹15,393.3 crore. An order was allocated to an average of seven suppliers in FY26, compared with six in FY25 and three in FY24, supporting parallel execution. ODM’s share of manufacturing GMV increased from 8.12% in FY24 to 13.93% in FY26.
The customer base includes Siemens Gamesa, Acer India, boAt, NextPower, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, NALCO, Indian Oil, Mortenson, Nordex Acciona and the Indian Air Force. Revenue from repeat manufacturing business customers was 80.1% in FY26, against 78.1% in FY24; median net revenue retention during FY23-FY26 was 128.8%.
India generated 82.5% of FY26 continuing-operations revenue, the USA 14.3%, and other countries 3.13%. Within the manufacturing business, international markets accounted for 29.6% of FY26 revenue. The company served customers in 29 countries during FY26 and supported international execution through suppliers and facilities in India, the USA, Mexico, Vietnam, Germany and other markets.
India’s durable goods manufacturing procurement market expanded from ₹9.42 lakh crore in FY21 to ₹17.37 lakh crore in FY26 and may reach ₹37.54 to ₹42.57 lakh crore by FY31. The corresponding US market was ₹53.12 lakh crore in FY26 and is projected at ₹57.92 to ₹66.97 lakh crore by FY31. Within this market, the FY26 addressable opportunity for manufacturing platforms was estimated at ₹10.26 to ₹12.57 lakh crore in India and ₹2.07 to ₹6.26 lakh crore in the USA. Structural drivers include localisation, China+1 sourcing, infrastructure expenditure, energy transition and re-industrialisation, while fragmented suppliers, uneven quality and long procurement lead times remain important constraints.
Zetwerk participates in this opportunity through its exposure to energy products, electronics, capital goods, aerospace and defence, and through a network capable of distributing orders across suppliers and countries. Its ₹2,032.25 crore of FY26 power-transformer orders illustrate participation in grid and data-centre infrastructure, where industry lead times are extended. Growth is not automatic: the company must convert its ₹13,062.40 crore order book into revenue, preserve quality across third-party suppliers, control working capital and demonstrate that greater scale can produce sustained profitability and positive operating cash flow.
Now, Zetwerk Manufacturing Business is launching its initial public offering (IPO), which consists of a fresh issue of ₹2,830 crore and an offer for sale of ₹2,182 crore. The total issue size is ₹5,012 crore. Its shares will be listed on the NSE and BSE.

Zetwerk Manufacturing Limted IPO Analysis

IPO REVIEW

Zetwerk Manufacturing IPO | Analysis Video

Should you apply?

Watch our analysts break down the Zetwerk Manufacturing Limted IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
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Strength and Weakness

Diversified manufacturing platform

Exposure spans energy products, precision products and capital Goods, with both recurring opex-linked components and project-based capex products. This reduces dependence on a single product category, but energy remains the largest manufacturing vertical.

Scalable supplier and facility network

The FY26 network of 6,979 third-party suppliers across 26 countries and 26 owned facilities across four countries provides broad process capability and permits parallel production.

Visibility of orders and customer retention

Manufacturing orders were ₹13,062 crore as of June 30, 2026; repeat customers accounted for 80.1% of the FY26 manufacturing revenue; and the median NRR from FY23 to FY26 was 128.8%.

Technology-based orchestration

Zetwerk OS integrates supplier selection, production planning, quality management, inventory tracking and logistics. Accumulated operating data may improve quoting, supplier matching and exception management as order volumes scale.

Objectives of Zetwerk Manufacturing Limted IPO

Repayment of loan
45.90%
The company will use ₹1,300 crore to repay certain outstanding borrowings availed by the company.
Repayment of subsidiaries' loan
30.30%
The company will use ₹860 crore to repay loans availed by the subsidiaries.
General corporate purposes
23.60%
IPO proceeds will fund corporate needs, issue expenses, and unidentified acquisitions.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹15,913Cr13.45%-₹1,606.17Cr₹25,583Cr-13.700.47
This sector (avg.)₹7,783.3Cr0.01%₹1,281.2Cr₹38,103.65Cr45.352.10
₹1,88,138.06Cr---₹20,251.23Cr₹3,45,201.3Cr14.281.36
₹45,792.32Cr---₹15,245.13Cr₹2,38,560.5Cr15.691.41
₹11,212Cr---₹1,557Cr₹1,40,388.8Cr98.956.59

*Revenue for financial year 0-1. Lower P/E and D/E ratios are generally preferred.

Zetwerk Manufacturing IPO Contact Details

Company NameZetwerk Manufacturing Limted

How to apply for Zetwerk Manufacturing IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Zetwerk Manufacturing Limted IPO FAQs