Zetwerk Manufacturing Business Ltd has filed updated papers with market regulator SEBI for an initial public offering (IPO), comprising ₹2,600 crore through a fresh issue of shares. The company filed its draft offer document with SEBI in March 2026 under the confidential pre-filing route and received regulatory approval on July 9, 2026, clearing the way for one of the largest listings by a new-age manufacturing company. The IPO structure includes a fresh issue of up to ₹2,600 crore and an offer for sale of up to 9.68 crore shares by promoters and existing shareholders. Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan and promoter group entity Creovate Innovation will offload shares through the OFS, along with selling shareholders Peak XV, Accel, Lightspeed and Kae Capital. Zetwerk plans to use ₹1,250 crore of the fresh issue proceeds to repay debt at the company level and another ₹550 crore towards borrowings at subsidiaries, with the remaining amount allocated for unidentified acquisitions and general corporate purposes.
Zetwerk's revenue from operations jumped 40.4% to ₹15,913 crore in FY26 from ₹11,332 crore a year earlier, driven by growth in renewable energy, power transmission and AI infrastructure. The company's adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) more than quadrupled to ₹421 crore in FY26 from ₹97 crore in FY24, while adjusted PBT turned positive at ₹45.7 crore from a loss of ₹248.8 crore in FY24. However, reported PBT stood at a loss of ₹1,558 crore in FY26, primarily due to a ₹796-crore non-cash management stock-options equity top-up and a ₹453-crore provision related to its discontinued civil infrastructure business. The manufacturing order book doubled to ₹12,370 crore in FY26 from ₹6,170 crore in FY24, with international markets contributing nearly 30% of manufacturing revenue. 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.
Zetwerk's manufacturing business contributed about ₹9,300 crore of FY26 revenue, with energy accounting for roughly 70% of the segment, precision manufacturing (electronics and defence) at 15%, and capital goods contributing 15-16%. The shift towards owning manufacturing capacity has been particularly sharp, with Zetwerk now operating 26 captive plants, which account for about 33% of its manufacturing segment, compared with 7% two years ago. The company moved to in-house capacity as it became harder to find third-party suppliers for more complex and high-value manufacturing. International business rose to about ₹2,800 crore in FY26 from ₹2,300 crore a year earlier, with about 30% of manufacturing revenue now coming from international markets, largely the US and Europe. About 80% of FY26 revenue came from repeat customers, while 20% came from new customers, with net revenue retention at 120%.
Founded in 2018, Zetwerk was started by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma. The company has built a technology-enabled manufacturing network connecting industrial customers with its own facilities and third-party suppliers, operating more than 20 manufacturing facilities catering to 1,100 customers across sectors including electronics, energy, capital goods, aerospace and defence in more than a dozen countries. Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, Indian Air Force and Numaligarh Refinery Ltd. Backed by investors including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed, Zetwerk has established itself as a significant player in the global manufacturing ecosystem. The company operates two key businesses -- Manufacturing Business and Ecosystem Business, branded Terra91, and discontinued its civil infrastructure business in FY26 as part of a strategic realignment.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs India Securities, Avendus Capital, JM Financial, HSBC Securities and Pantomath Capital Advisors are the book-running lead managers to the issue. According to The Economic Times, the Bengaluru-based company had submitted its pre-filed DRHP through SEBI's confidential filing route in March 2026, with deliberations ongoing and details including the size and timing of the offering could change. The company would join a growing list of firms tapping India's buoyant IPO market, where firms have raised about ₹7 billion so far this year, following a record ₹22 billion raised in 2025. As many as 22 companies have either launched or announced IPOs since July, compared to about 27 public issues between January and June, as reported by The Hindu BusinessLine, indicating a revival in India's primary market after a subdued first half of the year due to the impact of the Middle East war and a spike in crude oil prices.
