| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹143 to ₹151 | 99 | 15th Oct, 2026 – 19th Oct, 2026 | ₹5012 Cr |
Zetwerk Manufacturing Business Ltd
Zetwerk Manufacturing Businesses Limited is a technology-led, asset-light manufacturing platform serving industrial and consumer goods industries in India and globally. The company integrates third-party suppliers and its own manufacturing facilities through its proprietary technology platform, Zetwerk OS. Its diversified customer base spans renewable energy, utilities, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas, and industrial automation. Its manufacturing capabilities include metal fabrication, sheet metal stamping, injection moulding, assembly, die casting, forging and machining, enabling it to cater to varied industrial requirements. The company operates through three business segments: Manufacturing Business, Ecosystem Business and Civil Infrastructure Works. The Manufacturing Business comprises three product verticals: Energy Products, Precision Products and Capital Goods, with capabilities spanning design, manufacturing, quality control, logistics and compliance. As of FY26, its manufacturing network included 26 facilities across four countries and 6,979 third-party suppliers across 26 countries, including India. This hybrid model enables the company to scale production, execute complex orders and maintain flexibility in capital deployment. The Ecosystem Business, operated under the Terra91 brand, focuses on supplying raw materials and commodities, including ferrous and non-ferrous metals and petrochemicals such as aluminium, zinc, steel, copper and lead. By aggregating procurement requirements, the company aims to improve sourcing efficiency, cost competitiveness and supply-chain reliability. During FY26, this segment served 828 customers and sourced materials from 562 suppliers. Zetwerk has expanded beyond traditional build-to-print manufacturing into original design manufacturing (ODM), while strengthening its presence across international markets and value-added manufacturing. Its technology-enabled operating model, diversified end-market exposure and global supplier network position it to benefit from increasing manufacturing outsourcing, supply-chain diversification and industrial capacity expansion.
Objective of Zetwerk Manufacturing Business Ltd
The IPO of Zetwerk Manufacturing Businesses Limited comprises a fresh issue aggregating up to Rs. 2,830 crores and an Offer for Sale (OFS) of up to Rs.2,182 crores. The net proceeds from the fresh issue are proposed to be utilised for the following purposes:
- Repayment/prepayment, in part or full, of borrowings availed by the company, amounting to Rs.1,300 crores; and repayment/prepayment of borrowings availed by certain subsidiaries through investments in such subsidiaries, amounting to Rs.860 crores;
- Funding inorganic growth through unidentified acquisitions and other strategic acquisitions, and general corporate purposes.
Rationale To Zetwerk Manufacturing Business Ltd
Investment Rationale
Diversified business model with multiple growth drivers and resilience across economic cycles
Zetwerk Manufacturing Businesses Limited operates an end-to-end manufacturing platform powered by its proprietary Zetwerk OS, connecting a fragmented supplier base with customers across multiple industries and geographies. In FY26, the company leveraged 6,979 third-party suppliers across 26 countries and 26 manufacturing facilities across four countries, including India. Its business spans Energy Products, Precision Products and Capital Goods, serving industries such as utilities, infrastructure, transportation, renewable energy, aerospace, defence, automation and space technology. This diversified presence reduces dependence on any single end-market and provides exposure to long-term growth drivers, including industrialisation, defence modernisation and the clean energy transition. The company has also expanded beyond large, project-driven capital goods into recurring components, increasing their share of Manufacturing Business GMV from 49.85% in FY24 to 50.85% in FY26, while the share rose to 71.20% in the three months ended June 2026. This shift towards recurring demand can improve business resilience across economic cycles. Additionally, the company is strengthening its original design manufacturing (ODM) capabilities, with ODM contracts contributing 13.93% of Manufacturing Business GMV in FY26, compared with 8.12% in FY24. Design-led manufacturing offers opportunities for stronger customer relationships, higher switching costs and improved margin potential. Further, its geographically diversified supplier network and manufacturing footprint provide flexibility to manage tariffs, logistics costs and regional disruptions. The company’s hybrid model, combining third-party suppliers with its own manufacturing facilities, enables it to address diverse manufacturing requirements while maintaining capital efficiency. Together, these capabilities support revenue diversification, operational flexibility and multiple avenues for sustained long-term growth.
Capital-efficient business model with scalable manufacturing capabilities
Zetwerk Manufacturing Businesses Limited operates a hybrid, technology-driven manufacturing platform that combines the scalability of a distributed supplier network with the operational control of selective in-house manufacturing. Unlike traditional manufacturers that require substantial investments in plant, machinery and working capital to expand production, the company primarily accesses capacity through third-party manufacturers, enabling it to scale operations without a proportionate increase in invested capital. At the same time, its selective investments in own manufacturing facilities allow it to undertake complex, high-value manufacturing activities and capture higher margins. This flexible operating model supports capacity expansion while maintaining capital efficiency. Further, the company’s proprietary Zetwerk OS enables simultaneous manufacturing by coordinating a single order across multiple facilities, helping shorten production cycles and automate key manufacturing workflows. By integrating production planning, capacity allocation and execution through technology, the platform improves operational coordination and supports efficient fulfilment of diverse customer requirements. As the business scales, this technology-led model can generate operating leverage by enabling higher production volumes without a corresponding increase in fixed costs. The combination of an asset-light supplier network and selective in-house manufacturing capabilities provides flexibility to address varying demand requirements while limiting incremental capital investment. Over the long term, this model has the potential to improve capital productivity, strengthen operating efficiency and support better returns on invested capital as the platform expands.
Valuation of Zetwerk Manufacturing Business Ltd
Zetwerk Manufacturing Businesses Limited is a diversified manufacturing and supply-chain solutions company operating across sectors such as electronics, aerospace, energy, industrial products and infrastructure. Its integrated manufacturing capabilities, broad product portfolio and international presence provide opportunities to benefit from increasing global demand for outsourced manufacturing and supply-chain diversification. However, the business remains exposed to competitive pressures, execution risks, working-capital requirements and fluctuations in input costs. Financially, revenue from operations increased from Rs.12,364 crores in FY24 to Rs.15,913 crores in FY26, translating into a CAGR of 13.4%. Despite the revenue growth, profitability remains a concern. The company reported a consolidated net loss of Rs.853 crores in FY24, Rs.215 crores in FY25 and Rs.964 crores in FY26. While the company offers exposure to the long-term manufacturing opportunity, persistent losses, volatility in financial performance and uncertainty regarding the timing of a sustainable turnaround warrant caution. Given the absence of positive earnings and limited visibility on near-term profitability, we assign an “AVOID” rating to the issue.
What is the Zetwerk Manufacturing Business Ltd IPO?
The initial public offer (IPO) of Zetwerk Manufacturing Business Ltd an early investment opportunity in. A stock market investor can buy Zetwerk Manufacturing Business Ltd IPO shares by applying in IPO before Zetwerk Manufacturing Business Ltd get listed at the stock exchanges. An investor could invest in Zetwerk Manufacturing Business Ltd for short term listing gain or a long term.
How to apply for the Zetwerk Manufacturing Business Ltd IPO through StoxBox?
To apply for the Zetwerk Manufacturing Business Ltd through StoxBox one can apply from the website and also from the app. Click here
When will the Zetwerk Manufacturing Business Ltd IPO open?
Zetwerk Manufacturing Business Ltd is opening on 15th Oct 2026. Apply Now
What is the lot size of the Zetwerk Manufacturing Business Ltd IPO?
The Lot Size of Zetwerk Manufacturing Business Ltd 99 equity shares. Login to your account now.
When is the Zetwerk Manufacturing Business Ltd IPO allotment date?
The allotment Date for Zetwerk Manufacturing Business Ltd IPO 21st oct 2026. Login to your account now.
When is the Zetwerk Manufacturing Business Ltd IPO listing date?
The listing Date for Zetwerk Manufacturing Business Ltd is 23rd Oct 2026. Login to your account now
What is the minimum investment required for the Zetwerk Manufacturing Business Ltd IPO?
In the Retail segment the minimum investment required is Rs 14,949 Login to your account now
What is the maximum investment allowed for Zetwerk Manufacturing Business Ltd IPO?
In the Retail segment the maximum investment requirement Rs 1,94,337 Login to your account now
What are the risks associated with investing in the Zetwerk Manufacturing Business Ltd IPO?
- The company has reported negative operating cash flows in FY24, FY25, FY26 and recent interim periods, primarily due to working capital requirements. Persistent cash flow pressure could affect its liquidity and ability to fund business operations and expansion.
- The company relies on third-party manufacturers to fulfil customer orders. Any disruption in supplier capacity, quality or timely delivery could adversely affect order execution, customer relationships and profitability.
- The company depends on repeat customers and consistent order inflows for growth. Loss of key customers, reduced orders or weaker demand across end-user industries could adversely affect revenue and profitability.
When will the Zetwerk Manufacturing Business Ltd IPO shares be credited to my Demat account?
The Zetwerk Manufacturing Business Ltd will be credited to the account on allotment date which is 21st Oct 2026. Login to your account
Where can I find the Zetwerk Manufacturing Business Ltd IPO prospectus?
The prospectus of Zetwerk Manufacturing Business Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE
