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Zetwerk Manufacturing IPO

Zetwerk Manufacturing IPO

Power Generation/Distribution
upcoming
₹14,157Min. investment
  1. Pre-apply
    TBA
  2. Bid start
    15 Oct
  3. Bid end
    19 Oct
  4. Allotment
    21 Oct
  5. Release of funds
    22 Oct
  6. Demat transfer
    22 Oct
  7. Listing
    23 Oct

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 20NaN - Mar 20FY
₹15,913CrHigher than sector avg
Growth rate3Y CAGR
13.45%Higher than sector avg

Zetwerk Manufacturing Limted IPO Overview

Zetwerk Manufacturing Business IPO date

Zetwerk Manufacturing Business IPO will open for subscription on October 15, 2026, and the closing date for the IPO is October 19, 2026. After this, investors are expected to be updated about the allotment status on October 21, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on October 22, 2026. The shares will be listed on NSE and BSE on Friday, October 23, 2026.

Zetwerk Manufacturing Business IPO price band

The IPO includes fresh issues and an offer for sale. The IPO price band has been set between ₹143 and ₹151 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹2,830 crore and an offer for sale of ₹2,182 crore. Zetwerk Manufacturing Business IPO listing price will be determined on October 23, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Zetwerk Manufacturing Business IPO lot size

Zetwerk Manufacturing Business IPO details have been declared. The minimum lot size for an application is 99 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹5,012 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹15,913Cr
This sector
₹7,783.3Cr
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3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
13.45%
This sector
0.01%
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
-₹1,606.17Cr
This sector
₹1,281.2Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹25,583Cr
This sector
₹38,103.65Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
-13.70
This sector
45.35
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.47
This sector
2.10
Compare with companies

Objectives

Repayment of loan
45.90%
Repayment of subsidiaries' loan
30.30%
General corporate purposes
23.60%

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.

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.

How to apply for Zetwerk Manufacturing Business IPO?

If you are interested in this investment opportunity but unsure how to apply for a Zetwerk Manufacturing Business IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Zetwerk Manufacturing Business IPO on Upstox:
  • Log in to your Upstox account using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Zetwerk Manufacturing Business IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Frequently asked questions

Investors can apply for the Zetwerk Manufacturing IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Zetwerk Manufacturing IPO is 5012 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Opens on 15 Oct 2026