Zetwerk IPO
Zetwerk shares listed on BSE and NSE on 23 October 2026 after an IPO priced at ₹151, an issue of ₹5,012.33 crore.
- Minimum investment
- ₹14,9491 lot of 99 shares, at the issue price
- Issue price
- ₹151
- Lot size
- 99 shares
- Issue size
- ₹5,012.33 croreFresh issue and offer for sale
- Bidding
- 15 Oct to 19 Oct
- Listing
- 23 OctBSE, NSE
Dates
Zetwerk IPO dates
RHP cover page and Terms of the Offer (p. 654)- 14 OctAnchor bidding
- 15 OctBidding opens
- 19 OctBidding closes, UPI by 5 pm
- 21 OctAllotment
- 22 OctRefunds and demat credit (expected)
- 23 OctListing
- Today7 Nov
Read before you apply
Zetwerk IPO review: read before you apply
Worth checking
- SeriousCourt petition filed during the IPO
An addendum to the RHP says contractor R.G. Buildwell Engineers filed a writ petition in a High Court, served on 16 Oct 2026, asking for allotment and listing to be held until more disclosures are made. It has also filed a ₹175.48 crore commercial suit in Bhopal over the NH-346 road project. Both are pending (RHP addendum).
- SeriousLosses every year
Total loss was ₹917.95 crore in FY24, ₹370.71 crore in FY25, ₹1,606.17 crore in FY26 and ₹732.98 crore in April to June 2026 alone. That is why retail investors get at most 10% (Risk factor 1).
- SeriousVery thin margins
Adjusted EBITDA margin was 2.65% in FY26 and 2.51% in April to June 2026. Purchases of traded goods were about 62% of revenue in FY26 (our calculation from the restated accounts).
- Cash from operations is negative
Operating cash flow was negative in every period shown, including ₹681.53 crore of outflow in FY26 (Risk factor 12).
- Civil infrastructure business shut down
The civil infrastructure works segment is now a discontinued operation. Its losses were ₹668.85 crore in April to June 2026.
- Large debt
The RHP puts consolidated borrowings at ₹5,208.07 crore on 31 Aug 2026 (p. 204). ₹2,160 crore of the fresh issue goes to repaying loans.
- Legal cases
48 cases are pending against the company and 58 against subsidiaries, including a CBI charge sheet against subsidiary Kryfs Power Components (Risk factor 32).
- No listed peers
The RHP says no listed company in India or abroad has a similar business model, so there is no P/E comparison.
Strengths
- Revenue is large and growing
Revenue grew 40.43% in FY26 to ₹15,913 crore, and 55.42% in April to June 2026 over the year before.
- Big order book
The manufacturing order book was ₹13,062 crore in June 2026, up from ₹6,170 crore in March 2024.
- Underlying loss is shrinking
Loss from continuing operations before one-time items and tax fell from ₹426.63 crore in FY24 to ₹80.60 crore in FY26.
- Customers come back
Repeat customers gave 80.15% of manufacturing revenue in FY26 and 89.26% in April to June 2026.
What Zetwerk does
Zetwerk takes manufacturing orders from companies and gets the goods made, either in its own 26 plants in four countries or through about 7,000 outside suppliers in 26 countries, coordinated by its own software.
It makes energy products, electronics, aerospace and defence parts and industrial goods, and also supplies raw materials through its Terra91 business. Customers include Siemens Gamesa, boAt, NTPC Renewable Energy and the Indian Air Force. It was set up in 2017; its promoters are Amrit Pratik Acharya and Srinath Ramakkrushnan.
Listing and subscription
Zetwerk IPO subscription status
NSE issue details (year archive), final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹151
- Listing price
- ₹159.25
- Gain at open
- +5.5%
- Day close
- ₹138.25
Subscription
- Total
- 3.06x
- Retail
- 0.73x
- Updated
- 19 Oct 2026, 5:00 pm IST
- QIB75% of offer4.73x
- NII15% of offer1.40x
- Big NII1.68x
- Small NII0.84x
- Retail10% of offer0.73x
- Employee1.59x
- Total3.06x
As of 19 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Zetwerk IPO price band, lot size and issue size
RHP cover page and The Offer (p. 78). Offer for sale in rupees is our calculation at ₹151.| Issue price | ₹151 |
| Lot size | 99 shares |
| Issue size | ₹5,012.33 crore |
| Fresh issue | ₹2,830 crore |
| Offer for sale | ₹2,182.33 crore by founders Amrit Pratik Acharya and Srinath Ramakkrushnan, promoter group firm Creovate, and investors including Peak XV, Lightspeed, Accel, Kae Capital and Kalysta |
| Face value | ₹1 per share |
| Employee discount | ₹14 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
The offer is under Regulation 6(2) of the SEBI ICDR rules, used when a company does not meet the profit track record. At least 75% goes to QIBs and retail investors get at most 10%.
What the company will do with the money
RHP, Objects of the Offer (p. 203)| Object of the issue | ₹ crore |
|---|---|
| Repay borrowings of the company | 1,300.00 |
| Repay borrowings of nine subsidiaries | 860.00 |
| General corporate purposes and unidentified acquisitions (together up to 35% of the fresh issue) |
Minimum and maximum investment
Our calculation: at ₹151 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 99 | ₹14,949 |
| Retail (max) | 13 | 1,287 | ₹1,94,337 |
| Small NII (min) | 14 | 1,386 | ₹2,09,286 |
| Small NII (max) | 66 | 6,534 | ₹9,86,634 |
| Big NII (min) | 67 | 6,633 | ₹10,01,583 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer PriceSet to the issue price, ₹151. Change it to see what you would be paying for.
- Market cap
- ₹25,582 cr
- P/E (FY26, continuing operations)
- Loss-making
- Price to book
- 6.2x
- Market cap to sales
- 1.6x
Based on FY26, continuing operations loss per share of ₹6.69, 169.42 crore shares, net worth of ₹4,094.13 crore (June 2026, total equity) and revenue of ₹15,913.32 crore. Shares after the IPO: 150.68 crore existing shares plus about 18.74 crore new shares from the ₹2,830 crore fresh issue at ₹151 (our calculation). The company is loss-making, so P/E cannot be calculated.
Financials
Zetwerk financials
RHP, Summary of Financial Information (p. 84) and KPIs (p. 252), ₹ croreRevenue and adjusted EBITDA
Revenue grew 13.4% a year from FY24 to FY26 (our calculation), after a dip in FY25.
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 12,364.37 | 11,331.86−8.4% | 15,913.32+40.4% | 4,117.88 |
| Adjusted EBITDA | 97.03 | 322.59 | 421.34 | 103.16 |
| Adjusted EBITDA margin | 0.78% | 2.85% | 2.65% | 2.51% |
| Loss from continuing operations | -852.53 | -215.07 | -964.39 | -64.13 |
| Total loss | -917.95 | -370.71 | -1,606.17 | -732.98 |
| EPS (₹) | -5.23 | -2.03 | -11.02 | -4.82 |
| Total equity | 4,062.46 | 4,453.76 | 4,813.72 | 4,094.13 |
| Borrowings | 1,232.10 | 1,746.55 | 1,936.16 | 1,942.19 |
| Trade receivables | 2,111.58 | 1,752.83 | 2,329.93 | 2,143.99 |
| Cash from operations | -281.54 | -386.29 | -681.53 | -506.18 |
Consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. FY26 includes a one-time non-cash exceptional loss of ₹835.84 crore, mostly a non-cash charge on share conversion ratios. Borrowings add current and non-current amounts from the restated balance sheet (our calculation).
The small figures under revenue and profit are the change from the previous full year, our calculation.
Key performance indicatorsGross margin, Manufacturing order book (₹ crore), Manufacturing new orders (₹ crore) and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Gross margin | 7.66% | 12.06% | 12.13% | 12.05% |
| Manufacturing order book (₹ crore) | 6,169.75 | 8,628.98 | 12,370.01 | 13,062.40 |
| Manufacturing new orders (₹ crore) | 8,994.14 | 11,327.11 | 15,393.35 | 3,147.45 |
| Revenue from India | 75.43% | 79.41% | 82.54% | 83.53% |
| Return on net worth | -21.00% | -4.76% | -21.11% | -1.74% |
Q1 FY27 figures are for three months only.
RHP, Basis for Offer Price, KPIs (p. 252)
Company
About Zetwerk
Business
RHP, Basis for Offer Price, KPIs (p. 252)Revenue comes from two segments. Manufacturing is what Zetwerk makes to order. The ecosystem business, under the Terra91 brand, pools demand to supply raw materials to manufacturers. About 83.5% of revenue in April to June 2026 came from India and 12.8% from the USA.
Segment revenue, FY26
- Manufacturing order book, Jun 2026
- ₹13,062 crore
- Outside suppliers
- 6,979
- Own plants
- 26
- Adjusted EBITDA margin, FY26
- 2.65%
Key risks
RHP, Risk Factors (p. 28)- LossesThe company and some subsidiaries have made losses and may continue to.
- Supplier dependenceMuch of the manufacturing is done by outside suppliers.
- Customer industriesDemand depends on renewables, AI infrastructure and other cyclical sectors.
- Auditor emphasisAuditors flagged ₹88.61 crore of receivables tied to a Bangladesh dispute.
- Working capitalThe business needs a lot of working capital and operating cash flow is negative.
- Order book riskOrders can be delayed, changed or cancelled.
- Missed RBI filingsSome foreign investment filings with the RBI were made late.
- Past pledgesPromoters and promoter group members pledged shares in the past.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingNo single holder owns more than 10%.
The two founders own 16.19% before the IPO and promoter group firm Creovate 2.23%. Venture investors own most of the rest. No single holder owns more than 10%.
| Shareholder | Before IPO | Shares sold in IPO | Avg cost per share |
|---|---|---|---|
| Peak XV Partners Investments V | 9.29% | 1,76,11,820 | ₹6.31 |
| Greenoaks Capital Opportunities Fund II | 8.77% | Nil | |
| Srinath Ramakkrushnan (promoter) | 8.52% | 1,42,30,672 | Negligible |
| Accel India V (Mauritius) | 7.88% | 1,20,16,622 | ₹7.84 |
| Amrit Pratik Acharya (promoter) | 7.67% | 1,42,30,672 | Negligible |
| D1 Capital Partners | 5.31% | Nil | |
| Lightspeed Venture Partners Select IV | 4.80% | 1,35,29,722 | ₹54.66 |
| KAE Capital Fund II | 3.69% | 1,25,70,262 | ₹3.94 |
| Creovate Innovation (promoter group) | 2.23% | 2,29,74,820 | ₹178.58 |
RHP, Capital Structure (p. 175) and cover page
IndustryIndia manufacturing procurement of durable goods FY2026: ₹17.37 lakh crore
- India manufacturing procurement of durable goods FY2026
- ₹17.37 lakh crore
- FY2021
- ₹9.42 lakh crore
- Expected by FY2031
- ₹37.54 to ₹42.57 lakh crore
The report gives these in ₹ trillion; ₹ lakh crore is the same amount.
Redseer report 'Overview of Durable Goods Procurement and Manufacturing Platform Market' in the RHP, commissioned and paid for by the company (p. 288)
LitigationAgainst the company: criminal, tax, regulatory and civil: 48 · Against subsidiaries: 58 · Against promoters: criminal and regulatory: 11
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax, regulatory and civil | 48 | ₹22.97 crore |
| Against subsidiaries | 58 | ₹109.28 crore |
| Against promoters: criminal and regulatory | 11 | |
| By the company | 67 | ₹620.14 crore |
The Income Tax Department has proposed prosecution against promoter Srinath Ramakkrushnan for assessment year 2020-21 after a 2022 search. He has denied the allegations and the matter is pending.
RHP, Risk Factor 32 (p. 54) and Outstanding Litigation (p. 599)
Company detailsLegal name, registered office, CIN and website
| Legal name | Zetwerk Manufacturing Businesses Limited |
| Incorporated | 6 December 2017, Chennai |
| Promoters | Amrit Pratik Acharya, Srinath Ramakkrushnan |
| Plants | 26, in India, Spain, the USA and Germany |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Zetwerk IPO allotment status
Out from 21 Oct 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Zetwerk Manufacturing Businesses LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Zetwerk IPO FAQs
When does the Zetwerk IPO open and close?
The Zetwerk IPO opens on Thursday, 15 October 2026 and closes on Monday, 19 October 2026. Anchor bidding is on 14 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Zetwerk IPO price band and lot size?
The price is ₹151 per share. The lot size is 99 shares, so the minimum bid is 99 shares, or ₹14,949 at the upper price.
What is the Zetwerk IPO size?
The Zetwerk IPO is of ₹5,012.33 crore. It is a fresh issue and offer for sale by founders Amrit Pratik Acharya and Srinath Ramakkrushnan, promoter group firm Creovate, and investors including Peak XV, Lightspeed, Accel, Kae Capital and Kalysta.
What is the Zetwerk IPO allotment date?
Allotment is on Wednesday, 21 October 2026. Refunds and demat credit are expected on 22 October 2026.
What is the Zetwerk IPO listing date?
Zetwerk shares are due to list on BSE and NSE on Friday, 23 October 2026.
Who is the registrar of the Zetwerk IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Zetwerk do?
Zetwerk is a manufacturing platform that makes industrial and consumer goods through its own plants and a network of outside suppliers, coordinated by its software.
Is Zetwerk profitable?
No. It made a total loss of ₹1,606.17 crore in FY26 and ₹732.98 crore in April to June 2026.
How much of the Zetwerk IPO is for retail investors?
At most 10%, because the issue is under Regulation 6(2) of SEBI's ICDR rules for companies without the required profit record.
What will Zetwerk do with the IPO money?
₹2,160 crore goes to repaying loans of the company and its subsidiaries. The rest is for general corporate purposes and possible acquisitions. The ₹2,182 crore offer for sale goes to the selling shareholders.
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