Zetwerk Manufacturing IPO
Zetwerk Manufacturing IPO is a mainboard IPO raising ₹5,012 Cr at ₹143 – ₹151 a share. It listed on 23 Oct 2026 at ₹159, +5.5% against its issue price of ₹151, and trades at ₹144 today (−4.8% since issue). It was subscribed 3.06× in total.
3.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Zetwerk is a manufacturing platform that aggregates third-party suppliers and its own factories (run through 'Zetwerk OS', a proprietary software backbone covering supplier selection, quality control and logistics) to make industrial and consumer goods on behalf of customers. Customers range from start-ups to large companies in industries such as renewables, AI infrastructure, consumer electronics, aerospace, defence, oil & gas and industrial automation, and the supplier/factory network spans India, Vietnam, Thailand, Taiwan, Germany, Spain, Eastern Europe, Mexico and the USA. The company also separately procures and resells industrial raw materials such as aluminium, zinc, steel, copper and lead under the brand 'Terra91'.
How it earns
Revenue is earned primarily by (i) manufacturing and delivering finished industrial/consumer products to customers once production is complete ('Manufacturing Business'), and (ii) procuring and selling industrial commodities and raw materials ('Ecosystem Business', brand Terra91).
Who buys
Named customers include Siemens Gamesa, Acer India, boAt, NextPower, CG Power and Industrial Solutions, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO (LRDE), National Aluminium Company, Indian Oil Corporation, Mortenson, Nordex Acciona, Indian Air Force and Numaligarh Refinery. In FY2026 the Manufacturing Business served 906 active customers and the customer base included 8 of Sensex, 16 of Nifty 50 and 102 of India's Fortune 500 companies; the Ecosystem Business served 828 customers. Customer stickiness metrics stated: median Manufacturing Business Net Revenue Retention of 128.85% over FY2023–FY2026 (FY2026 NRR 120.24%) and Revenue from Repeat Customers of 80.15% in FY2026. Top 10 Manufacturing Business customers had an average tenure of 2.8 years (out of ~8 years of operations). Manufacturing Order Book was ₹13,062.40 crore (₹130,623.96 million) as of 30 June 2026.
Scale
6,979 third-party suppliers across 26 countries including India, plus 26 owned manufacturing facilities across 4 countries including India (FY2026); cumulative GMV delivered since incorporation of ₹74,374.21 crore (₹743,742.10 million) as of FY2026; Manufacturing Order Book of ₹13,062.40 crore (₹130,623.96 million) at 30 June 2026.
What it says sets it apart
- Asset-light hybrid model: production is done through a network of 6,979 third-party suppliers in 26 countries combined with 26 owned manufacturing facilities in 4 countries (FY2026); own-facility share of Manufacturing Business revenue rose from 7.10% in FY2024 to 33.17% in FY2026.
- Proprietary 'Zetwerk OS' technology stack that runs supplier selection, digital recipes, project management, quality control and logistics across the network, supporting execution of single orders split across multiple suppliers (an average of 7 suppliers per order in FY2026 vs 3 in FY2024).
- Significant time-to-market advantage vs industry: committed delivery timelines of 12–15 months for power transformers to the USA in FY2026 versus a Redseer-cited industry average of 36–42 months in the US and 30–36 months in India, contributing to ₹2,032.25 crore (₹20,322.52 million) of power-transformer orders in FY2026.
- Quality track record: ~99% first-pass rate on orders completed by third-party suppliers in FY2026; washing-machine controllers delivered at a 200 ppm defect rate versus a 500 ppm industry benchmark cited in the Redseer Report.
- Geographic/tariff arbitrage on supplier sourcing: e.g., in 2025 onboarded transformer suppliers in Oman facing a 10% USA tariff at a time when Indian suppliers faced 50%, used to lower landed cost of transformers for US customers; also sources from Vietnam, Mexico and the USA to hedge geopolitical risk.
Revenue mix
The numbers at a glance
The price they’re asking →Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Three months ended June 30, 2026 | ₹4,118 Cr | ₹-733 Cr | -17.8% | ₹4,094 Cr | ₹1,942 Cr |
| Three months ended June 30, 2025 | ₹2,649 Cr | ₹-1,368 Cr | -51.7% | ₹3,905 Cr | ₹1,707 Cr |
| FY2026 (year ended March 31, 2026) | ₹15,913 Cr | ₹-1,606 Cr | -10.1% | ₹4,814 Cr | ₹1,936 Cr |
| FY2025 (year ended March 31, 2025) | ₹11,332 Cr | ₹-371 Cr | -3.3% | ₹4,454 Cr | ₹1,747 Cr |
| FY2024 (year ended March 31, 2024) | ₹12,364 Cr | ₹-918 Cr | -7.4% | ₹4,062 Cr | ₹1,232 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 4.73× their allocation. Retail: 0.73×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by JM Financial Limited — median +15.5% across the 107 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 30 Nov 2026.
What to watch
- The register's top risk: Sustained massive losses from continuing operations (prospectus page 28).
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.