Zetwerk Manufacturing Business Limited
Zetwerk Manufacturing Business Limited
INE09PO01019
Incorporation Date: 06-Dec-2017
Listing Status: DRHP Filed
About Zetwerk Manufacturing Business Limited
Overview of Zetwerk Manufacturing Business Limited
Zetwerk Manufacturing Businesses Limited
🏢 Company Overview
- Industry & Scope: Incorporated in 2018, Zetwerk Manufacturing Businesses Limited is a tech-enabled, global B2B managed manufacturing marketplace and custom manufacturing platform. Acting as a "virtual mega-factory," the company aggregates fragmented third-party manufacturing capacities across 7,000+ small-and-medium enterprise (SME) suppliers and its 26 owned plants to provide end-to-end supply chain execution.
- Global Footprint: Headquartered in Bengaluru, Karnataka, Zetwerk operates across India, North America (USA), Europe (Germany, Spain), Southeast Asia (Singapore), and the Middle East, offering precision engineering, custom fabrication, and specialized electronic component assembly.
⚙️ Business Model & Operational Verticals
| Vertical | Scope & Manufacturing Execution | End-Markets Served |
| Industrial & Heavy Engineering | Custom heavy fabrication, structural steel work, precision CNC machining, forging, casting, and pressure vessels. | Energy, oil & gas, process industries, railways, and public infrastructure. |
| Renewable Energy & Utilities | In-house and outsourced manufacturing of solar PV module structures, solar components, wind turbine parts, and power transmission hardware. | Solar developers, EPC contractors, and clean energy OEMs. |
| Consumer Electronics & Appliances | Contract manufacturing (EMS) of consumer electronics, wearable devices, hearables, television PCBs, and household appliances. | Original Brand Manufacturers (OBMs) and global consumer tech brands. |
| Aerospace, Defense & High-Tech | High-precision aerospace components, satellite parts, unmanned system airframes, defense ordnance structures, and defense electronics. | Defense OEMs, public space agencies, and defense technology primes. |
👥 Management & Leadership Structure
- Amrit Pratik Acharya: Co-Founder, Executive Director, Chairman & Chief Executive Officer (CEO)
- Srinath Ramakkrushnan: Co-Founder, Executive Director & Chief Operating Officer (COO)
- Ankit Fatehpuria: Co-Founder & Chief Financial Officer (CFO)
- Rahul Sharma: Managing Director (Precision Business / Electronics)
- Vishal Chaudhary: Managing Director (Aerospace & Defense)
- Prominent Institutional Directors: Supported by board representation from Peak XV Partners (Shailesh Lakhani) and Lightspeed Venture Partners.
💰 Valuation, Capital & Financial Profile
- Corporate Status: Unlisted Public Limited Company.
- Total Equity Capital Raised: ~$930+ Million across equity funding rounds backed by Peak XV Partners, Accel, Greenoaks Capital, Lightspeed, D1 Capital, and Avenir.
- Current Private Market Valuation: ~$3.0 Billion – $3.1 Billion (₹25,000+ Crore).
- Financial Performance (FY26 Benchmark):
- Operational Revenue: ₹15,913 Crore (~$1.9B), up 40.4% YoY from ₹11,332 Crore in FY25.
- EBITDA & Profitability: Manufacturing order book expanded to ₹12,370 Crore as of March 2026. The restated net loss stood at ₹1,606 Crore in FY26, driven by non-cash exceptional charges linked to share-conversion adjustments and restructuring.
🚀 Mainboard IPO Roadmap
- Confidential Pre-Filing & SEBI Clearances: Zetwerk initially submitted its confidential pre-filed DRHP with SEBI in March 2026 and received regulatory observations clearing the pipeline in July 2026.
- Public DRHP Filing (August 13, 2026): Zetwerk officially transitioned its papers to the public domain by filing its Updated Draft Red Herring Prospectus (UDRHP-I) with SEBI, BSE, and NSE on August 13, 2026.
- Issue Size & Structure:
- Fresh Issue: Equity shares aggregating up to ₹2,600 Crore.
- Offer For Sale (OFS): Up to 96,837,455 (9.68 crore) equity shares from existing shareholders and promoters.
- Use of Proceeds: ~₹1,250 crore earmarked for repaying parent entity debt, ~₹550 crore for clearing subsidiary debt, and the remainder allocated to fund capital expenditure across green energy and consumer electronics assembly lines.
- Investment Bankers: Managed by Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus, and JM Financial.
Insights of Zetwerk Manufacturing Business Limited
Zetwerk Manufacturing Business Limited
1. Financial Highlights – FY25 vs FY26
All monetary values are in ₹ Crore.
| Metric | FY25 | FY26 | YoY Growth | Margin FY25 | Margin FY26 |
|---|---|---|---|---|---|
| Net Revenue | 1,133.19 | 1,591.33 | +40.42% | — | — |
| EBITDA | 27.77 | 33.45 | +20.45% | 2.45% | 2.10% |
| PBT | -20.46 | -91.64 | Loss widened | -1.81% | -5.76% |
| PAT | -37.07 | -160.62 | Loss widened | -3.27% | -10.09% |
Key Insights:
Revenue increased 40.4% to ₹1,591.33 Cr, showing strong expansion in the company's operating scale.
EBITDA increased 20.5% to ₹33.45 Cr, but EBITDA margin declined from 2.45% to 2.10%, indicating that operating profitability did not grow as quickly as revenue.
PBT loss widened significantly from ₹20.46 Cr to ₹91.64 Cr, primarily reflecting the much higher exceptional loss in FY26.
PAT loss widened from ₹37.07 Cr to ₹160.62 Cr, with the FY26 result also including ₹64.18 Cr loss from discontinuing operations and ₹83.58 Cr exceptional items.
2. Key Company Developments
Strong revenue expansion: Consolidated revenue grew by ₹458.14 Cr to ₹1,591.33 Cr in FY26, representing 40.4% YoY growth.
Operating scale-up: Purchases of stock-in-trade increased from ₹680.03 Cr to ₹987.98 Cr, while employee benefit expenses increased from ₹47.73 Cr to ₹64.38 Cr, reflecting the larger business scale.
Operating profitability remained positive: EBITDA increased to ₹33.45 Cr; however, the EBITDA margin compressed to 2.10%.
Significant exceptional impact: Exceptional items increased sharply from a loss of ₹8.35 Cr in FY25 to ₹83.58 Cr in FY26, materially affecting reported profitability.
Discontinuing operations: FY26 included a ₹64.18 Cr loss from discontinuing operations, compared with ₹15.56 Cr in FY25, further increasing the reported consolidated loss.
3. Industry Insights & Trends
Manufacturing outsourcing: Increasing outsourcing of manufacturing and component production can create opportunities for technology-enabled manufacturing platforms that aggregate and manage fragmented supplier networks.
Digital manufacturing adoption: Greater use of technology for supplier discovery, production monitoring, quality control and supply-chain coordination is supporting the evolution of manufacturing ecosystems.
Industrial localisation: India's focus on domestic manufacturing and supply-chain diversification can support demand for domestic manufacturing and sourcing capabilities.
Scale versus profitability: Manufacturing platforms operating at high transaction volumes need to balance rapid revenue growth with procurement efficiency, operating margins and working-capital management.
Capital intensity and execution: As manufacturing businesses scale, inventory, supplier payments, customer receivables and financing requirements can have a significant impact on cash generation and profitability.
4. Key Takeaways
Zetwerk delivered strong 40.4% revenue growth in FY26, reaching ₹1,591.33 Cr.
EBITDA increased 20.5%, but the EBITDA margin declined to 2.10%, indicating pressure on operating profitability.
Reported losses increased substantially, with FY26 impacted by ₹83.58 Cr of exceptional losses and ₹64.18 Cr loss from discontinuing operations.
Key areas to monitor are operating-margin improvement, exceptional items, discontinued operations, working-capital requirements and the ability to convert strong revenue growth into sustainable profitability.
Financial Charts of Zetwerk Manufacturing Business Limited
Balance Sheet of Zetwerk Manufacturing Business Limited
Profit and Loss of Zetwerk Manufacturing Business Limited
Ancillary of Zetwerk Manufacturing Business Limited
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Zetwerk Manufacturing Business Limited
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How to buy Zetwerk Manufacturing Business Limited?
Below are three ways through which you can purchase Zetwerk Manufacturing Business Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Zetwerk Manufacturing Business Limited, please click on the trade button at the top of this page
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Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Zetwerk Manufacturing Business Limited?
Below are three ways through which you can sell Zetwerk Manufacturing Business Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Zetwerk Manufacturing Business Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Zetwerk Manufacturing Business Limited?
We provide a two way quote on all the shares we deal in. Your buy price for Zetwerk Manufacturing Business Limited is ₹N/A and your sell price for Zetwerk Manufacturing Business Limited is ₹N/A. The price is based on our estimates and market conditions.
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What is the lock-in period of Zetwerk Manufacturing Business Limited?
The lock-in period for Zetwerk Manufacturing Business Limited varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Zetwerk Manufacturing Business Limited
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Zetwerk Manufacturing Business Limited
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Zetwerk Manufacturing Business Limited price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Zetwerk Manufacturing Business Limited. The price is also determined from the most recent funding round for Zetwerk Manufacturing Business Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Zetwerk Manufacturing Business Limited?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Zetwerk Manufacturing Business Limited with us kindly click here.
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What are the financials of Zetwerk Manufacturing Business Limited?
The financials of Zetwerk Manufacturing Business Limited which includes the P/L of Zetwerk Manufacturing Business Limited and the Balance Sheet of Zetwerk Manufacturing Business Limited is in the financials section (Click on link).
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Where can I find the annual report of Zetwerk Manufacturing Business Limited?
The annual report of Zetwerk Manufacturing Business Limited is available in the annual report section (Click on link).
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Is buying Zetwerk Manufacturing Business Limited legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Zetwerk Manufacturing Business Limited?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Zetwerk Manufacturing Business Limited and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Zetwerk Manufacturing Business Limited once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Zetwerk Manufacturing Business Limited?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Zetwerk Manufacturing Business Limited from its platform?
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With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
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