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
Read from the 762-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 60 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
restated loss for the period/year from continuing operations of ₹641.29 million, ₹8,806.65 million, ₹9,643.93 million, ₹2,150.69 million and ₹8,525.31 million for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively
Our Statutory Auditor's audit reports on our (i) audited consolidated financial statements for Fiscal 2024 contained a disclaimer of opinion relating to Section 143(3)(i) of the Companies Act... and (ii) audited consolidated financial statements for Fiscal 2025 contained a qualification relating to Section 143(3)(i)... internal financial controls in respect of timely management review of revision of estimated cost, margin, project value and project milestone completion, billing of construction and project contracts were not operating effectively
We had negative net cash flow from/ (used in) operations in the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024
Central Bureau of Investigation, anti-corruption branch, Bhopal filed a charge sheet dated December 27, 2024, before the Court of the Special Judge for CBI cases, Bhopal, against one of our subsidiaries Kryfs Power Components Limited
the Principal Director of Income Tax (Investigation) issued a show cause notice dated August 1, 2023, proposing to launch prosecution under Section 277 of the Income Tax Act, 1961, for assessment year 2020-21
our Company inadvertently utilized the investment amount of ₹1,737.83 million on February 10, 2021, prior to filing the return of allotment in Form PAS-3 on February 16, 2021. This resulted in a non-compliance with the provisions of Section 42(4) of the Companies Act, 2013
Total contingent liabilities 11,445.50 ... Contingent liabilities as a percentage of Net Worth 28.91%
our Company's manufacturing facility located at Greater Noida, Uttar Pradesh has been suspended and is not currently operational due to relocation of this facility to Manesar, Haryana... material approvals for which our Company and Material Subsidiaries have made an application to the appropriate authorities but not obtained the approvals
ongoing litigation and related uncertainty in respect of receivables of ₹886.06 million from our Company's customers as at June 30, 2026
Attrition rate of permanent employees... 29.79% 67.37% 55.78%... We experienced a high attrition rate for permanent employees in Fiscals 2025 and 2024
Winsharp 5.75% 2.65% 5.59%; JZNEE 5.66% 1.81% 4.17%; Zetwerk, Noida (EV chargers) 7.35% 0.88% 10.39%... Sharp Tanks Nil 46.67% 49.33%
repay or prepay borrowings availed by our Company and certain of our Subsidiaries from The Hongkong and Shanghai Banking Corporation Limited ("HSBC Bank") and Kotak Mahindra Bank Limited ("Kotak Bank"), JM Financial (Greenshoe) and JM Financial Credit Opportunity Fund - I
approximately 10 fatal and non-fatal workplace incidents have occurred at facilities operated by our Subsidiary, Kryfs Power Components Limited, in connection with which certain criminal complaints and first information reports have been filed against Kryfs Power Components Limited
in Fiscal 2025, new USA tariffs on solar piles imported from India led to reduced orders due to uncertainty around the impact of such tariffs... some customer agreements at the time did not include tariff pass-through provisions
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 16 | — | 19 | ₹10,082 Cr |
| Subsidiaries | 38 | 38 | 4 | ₹128 Cr |
| Directors | 5 | 0 | 0 | ₹1.2 Cr |
| Promoters | 2 | 0 | 0 | ₹1.0 Cr |
Ayr Energy Inc. ITC Complaint (US) vs Zetwerk + 3 Subsidiaries; Texas counterclaim damages US$1,000M (~₹95,310M); settled/withdrawn Sept 2026
Zetwerk + Rays Power SIAC arbitration vs Teesta Solar (Bangladesh 200MW solar EPC) - principal US$19M (~₹1,740.80M) + interest/penalty US$15M (~₹1,374.30M); counter-claim US$15.77M incl. performance guarantees quantified at ₹801.70M
Company's 56 proceedings under NI Act §138 for dishonoured cheques aggregating ₹505.10M
Company FIR vs Right Health Platter et al. - non-payment of US$4.7M (~₹390.10M) out of US$25M (~₹2,068.09M) Singapore-linked transactions
Company FIR vs AVEXA Corporation et al. - alleged misappropriation causing wrongful loss of ~₹298.23M; protest petition pending against B summary report
Part 1 of 11. SEBI summary table not yet presented in this section; counts derived from case descriptions visible. Conversions: 1 crore = 100 lakh = 10 million. FX rates as disclosed: 1$ = ₹91.62 for Teesta Solar; 1$ = ₹95.31 for Ayr Energy (as at 10-Jul-2026); 1$ = ₹83.00 for Right Health Platter. Tax proceedings and Promoter / Director / Group-Company buckets not visible in this part. Aurous Petro amounts (₹40.23M advance + ₹12.00M misappropriated) are stated separately but overlap. Ayr Energy Texas counterclaim/ITC matter was settled/withdrawn but is included as largest stated amount. Company 'other' = 19 matters (11 non-criminal items under regulatory/statutory actions + 1 material civil against (Nihan Infrastructure) + 2 material civil by (Teesta Solar, Ayr) + 4 requests-for-information from ED/SEBI/EOW + 1 RoC adjudication application). Subsidiary 'other' = 2 matters visible (Lumino JV criminal complaint by Labour Enforcement Officer under Contract Labour Act + Juned Pasha labour dispute vs Smile Electronics).. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
