Zetwerk Manufacturing Businesses Ltd

Founded in 2017, Zetwerk is a contract manufacturing platform that executes customer orders through 6,979 suppliers and 26 of its own plants. Building a business of this scale in under nine years, with 1,802 customers today, reflects strong execution by the founders. Manufacturing revenue grew 50% in FY26 to INR 9,375 cr, and the order book stood at INR 13,062 cr in June 2026. The economics, however, have yet to catch up with this growth, with FY26 EBITDA of INR 335 cr at a 2.1% margin and INR 1,349 cr of operating cash consumed over the past three years, funded through fresh equity and debt. Metals trading, which carries a margin of just 1.2%, accounted for 54% of revenue in Q1 FY27. At INR 151, the issue values Zetwerk at INR 25,582 cr, or 74x FY26 core EBITDA. We would skip the issue and track the company after listing, to see whether margins and cash flows improve and manufacturing grows as a share of revenue.