Zetwerk, a technology-led manufacturing platform serving industrial and consumer goods companies in India and overseas, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI), moving closer to its proposed initial public offering. The proposed IPO will include a fresh issue of equity shares with a face value of Rs. 1 each, aggregating up to Rs. 2,600 crore. The issue will also include an offer for sale of up to 96,837,455 equity shares by existing selling shareholders.
Zetwerk plans to use the net proceeds primarily to reduce debt. Around Rs. 1,250 crore is proposed to be used to repay borrowings at the company level, while another Rs. 550 crore will be used to repay debt at subsidiaries. The remaining proceeds are proposed to support unidentified acquisitions and general corporate purposes.
Founded by IIT Madras alumni Amrit Pratik Acharya and Srinath Ramakkrushnan, Zetwerk has built a manufacturing network that combines its own facilities with third-party suppliers. The company operates 26 owned manufacturing facilities across India, the US, Germany and Spain and works with 6,979 third-party suppliers across multiple countries.
The company uses its proprietary Zetwerk OS technology platform to connect manufacturing capacity into what it describes as a unified manufacturing network. The platform coordinates production across multiple facilities, automates key manufacturing decisions and helps standardise processes.
Zetwerk operates through two reportable businesses. Its Manufacturing Business enables customers to manufacture industrial and consumer products using its supplier network and owned facilities. Its Ecosystem Business, branded Terra91, sources and aggregates industrial commodities. The company discontinued its Civil Infrastructure Works business in FY26 as part of a strategic shift towards its core operations.
Zetwerk’s Manufacturing Business served a broad customer base as of March 31, 2026, including eight Sensex companies, 16 Nifty 50 companies and 102 Fortune 500 companies in India. Its customers include companies across renewable energy, electronics, infrastructure, aerospace, defence and industrial sectors.
Revenue from operations increased 40.43 percent to Rs 15,913 crore in FY26 from Rs 11,332 crore in the previous year. The company said growth was supported by its energy business, along with increased demand linked to energy transition and investments in artificial intelligence infrastructure. Adjusted EBITDA increased from Rs 97 crore in FY24 to Rs 323 crore in FY25 and Rs 421 crore in FY26. Adjusted PBT also improved from a loss of Rs 248.8 crore in FY24 to a profit of Rs 45.7 crore in FY26.
The manufacturing order book doubled to Rs 12,370 crore in FY26 from Rs 6,170 crore in FY24. Repeat customers contributed 80.15 percent of Manufacturing Business revenue in FY26, while net revenue retention stood at 120 percent. The company has cumulatively delivered products and raw materials with a gross merchandise value of Rs 69,588 crore. Its top 10 customers have an average relationship of around three years and contribute nearly 36 percent of revenue. Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs India, Avendus Capital, JM Financial, HSBC Securities and Capital Markets and Pantomath Capital Advisors are the book running lead managers to the issue.
