Zetwerk Manufacturing Businesses is banking on rising demand for energy equipment and artificial intelligence (AI) infrastructure to sustain growth, as the manufacturing platform prepares to open its ₹5,012-crore initial public offering (IPO) on October 15 at a price band of ₹143-151 per share.
The company’s order book, comprising confirmed orders, rose to more than ₹13,000 crore as of the first quarter of FY27, from ₹12,300 crore reported earlier, according to Executive Director, MD, Chairperson and CEO Amrit Pratik Acharya. The order book grew about 40 per cent year-on-year, providing visibility for future revenue, he said.
A key growth driver is demand for power equipment used by US data centres. Zetwerk has disclosed around ₹2,000 crore in orders linked to this segment, where long lead times for equipment are creating opportunities for suppliers that can deliver faster.
“There’s a lag between orders and revenue,” Acharya said, adding that a substantial portion of the AI infrastructure orders won in FY26 had yet to be reflected in the previous year’s revenue. The company’s international business, largely comprising the US, contributes around 30 per cent of its manufacturing revenue.
Zetwerk reported revenue of ₹15,913 crore in FY26, up nearly 40 per cent from the previous year. Adjusted EBITDA rose to ₹420 crore from ₹97 crore in FY24, reflecting operating leverage from investments in design, engineering and software over the past eight years.
However, its reported net loss widened to ₹1,606 crore in FY26 from ₹371 crore a year earlier. Acharya attributed the increase largely to one-time, non-cash accounting adjustments following a restructuring of the company’s capital and an increase in the founders’ ownership stake, alongside charges associated with its discontinued civil infrastructure business. The adjustments did not represent equivalent cash outflows, he said.
Zetwerk’s energy products account for around 60 per cent of revenue, spanning solar panels, transformers, wind turbines, cables and switchgear. The company is also seeing growth in precision manufacturing, including electronics, aerospace and defence, as well as capital goods linked to industrial capital expenditure.
The IPO comprises a fresh issue of ₹2,830 crore and an offer for sale of ₹2,182 crore. Proceeds from the fresh issue will primarily be used to repay debt, with the balance earmarked for acquisitions and general corporate purposes.
Published on October 12, 2026
