IPO Analysis
Zetwerk Manufacturing IPO Analysis: GMP, Financials, Valuation & Risks
Zetwerk Manufacturing’s IPO is open from October 15 to October 19, 2026, at ₹143 to ₹151 per share. Review its financials, unofficial GMP and key risks.
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Zetwerk Manufacturing’s mainboard IPO is open from October 15 to October 19, 2026, with a price band of ₹143 to ₹151 per share. The issue size is approximately ₹2,794.51 crores, and the shares are expected to list on October 23, 2026.
The company operates a technology-led manufacturing platform across third-party suppliers and owned facilities. Its financial table reports revenue of 16,100.63 and PAT of 1,606.17 for 2026; the unit for these figures is not stated. Key risks include pending legal matters, workplace safety claims, compliance issues and acquisition execution.
IPO snapshot
| Detail | Information |
|---|---|
| IPO type | Mainboard |
| Issue type | Book built issue |
| Price band | ₹143 to ₹151 per share |
| Issue size | Approx. ₹2,794.51 crores |
| Fresh issue | Approx. ₹2,600 crores |
| Offer for sale | Approx. 96,837,45 equity shares |
| Retail minimum lot | 1 lot, 99 shares, ₹14,949 |
| Opening date | October 15, 2026 |
| Closing date | October 19, 2026 |
| Allotment date | October 21, 2026 |
| Listing date | October 23, 2026 |
The IPO is scheduled for listing on BSE and NSE. The lot amounts and issue details are as stated in the issue information.
Business
Incorporated in 2018 and based in Bengaluru, Zetwerk connects businesses with manufacturers and coordinates services such as design, supplier matching, quality control and logistics. Its manufacturing work serves industries including electronics, renewable energy, aerospace and defence, capital goods, and precision manufacturing.
The company uses an asset-light model alongside owned facilities. It has a presence in over 25 countries, a network of 10,000+ suppliers and 1,100+ customers, and operates manufacturing facilities across India, the United States and Mexico.
Financials
The figures below are reproduced as reported. The unit is not stated, so we haven't assigned one.
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 12523.46 | 12847.55 | 917.95 | 10330.85 |
| 2025 | 11492.23 | 11552.03 | 370.71 | 10355.43 |
| 2026 | 16100.63 | 16141.73 | 1606.17 | 13384.63 |
The IPO analysis also flags recurring losses across continuing and discontinued operations, exceptional items and negative other equity as concerns for profitability and capital strength. The reported financial table above lists PAT figures by period, and the stated unit is not available.
Valuation
The stated basic EPS is (6.69), return on net worth is (21.11)%, and net asset value is 31.26. The price-to-earnings ratio is listed as N/A. ROE, ROCE, EBITDA margin, PAT margin and debt-to-equity ratio are not provided as figures.
These figures provide limited valuation measures on their own. The price-to-earnings ratio is listed as N/A, and the supplied valuation details don't include a debt-to-equity figure.
GMP
The unofficial grey market premium (GMP) was ₹22 at 1:06 am IST on October 15, 2026. GMP is an unofficial quote, not an exchange figure. It can change, and the listing price may differ from it.
Strengths
- Zetwerk has built a technology-led manufacturing platform that coordinates third-party suppliers and owned facilities.
- It reported cumulative GMV of ₹743,742.10 million since incorporation.
- Continuing-operations revenue reached ₹159,133.23 million in Fiscal 2026.
- Adjusted EBITDA increased from ₹970.25 million to ₹4,213.35 million across Fiscal 2024 to Fiscal 2026.
- The company operated 26 manufacturing facilities as of June 30, 2026.
- Its power transformer delivery capability includes committed timelines in the USA that are materially shorter than stated industry lead times.
Risks
- Recurring losses from continuing and discontinued operations, large exceptional items and negative other equity may weigh on profitability and capital strength.
- Pending criminal, regulatory, labour, MSME and civil matters may lead to adverse orders, compensation, penalties or reputational damage.
- Workplace accidents and safety proceedings at factories and project sites create potential compensation, compliance and interruption risks.
- Delays in statutory dues, including TDS, may lead to interest or penalties and affect cash flows or compliance standing.
- Acquisitions and joint ventures carry integration, partner, funding and goodwill impairment risks.
- Exposure to sanctions, anti-bribery, anti-money laundering and anti-corruption laws may result in civil, criminal or administrative penalties.
- Macro conditions, sovereign ratings, tariffs, foreign exchange movements and market surveillance may affect financing costs, supply chains and share liquidity.
Important dates
| IPO event | Date |
|---|---|
| IPO opens | October 15, 2026 |
| IPO closes | October 19, 2026 |
| Allotment | October 21, 2026 |
| Refunds | October 22, 2026 |
| Credit to demat | October 22, 2026 |
| Listing | October 23, 2026 |
Promoters
The promoters are Amrit Pratik Acharya and Srinath Ramakkrushnan.
FAQs
What is Zetwerk Manufacturing’s IPO price band?
The price band is ₹143 to ₹151 per share.
When does the IPO close?
The IPO closes on October 19, 2026.
What is the IPO’s lot size for retail applicants?
The retail minimum is 1 lot, or 99 shares, with an application amount of ₹14,949.
What was Zetwerk’s unofficial GMP?
The unofficial grey market premium was ₹22 at 1:06 am IST on October 15, 2026. It is an unofficial quote and may not match the listing price.
When is the listing scheduled?
The listing date is October 23, 2026, on BSE and NSE.