Zetwerk reports a significantly increased net loss for the fiscal year despite a 40% rise in revenue, highlighting the costs of rapid expansion ahead of its impending public offering.
Zetwerk has reported a sharply wider loss in the year to March 31, 2026, even as revenue climbed by more than 40%, underscoring the strain of expansion as the contract manufacturer prepares for a public listing. According to the company’s filing with India’s markets regulator, consolidated net loss rose to ₹1,606.2 crore from ₹370.7 crore a year earlier, driven partly by an exceptional loss from continuing operations and an impairment charge linked to discontinued businesses.
The restated loss, which strips out exceptional items and tax from continuing operations, was far smaller at ₹41.1 crore, improving from ₹59.8 crore in the previous fiscal year. Operating revenue increased to ₹15,913.3 crore from ₹11,331.9 crore, while total income, including other income, reached ₹16,100.6 crore. Adjusted EBITDA also improved, rising to ₹421.3 crore from ₹322.6 crore, suggesting that core operating performance strengthened even as reported profitability remained under pressure.
Moneycontrol reported earlier that Zetwerk expected fiscal 2025-26 revenue to cross ₹15,900 crore and top $2 billion, helped by stronger demand from AI-linked data centres. That report said energy-related manufacturing, including transformers, solar trackers and wind turbine components, had grown to nearly 40% of sales and was expanding at about 100% year on year. CRISIL, however, assigned the company an A-/Negative rating on debt plans, citing weak profitability and risks tied to its exit from civil EPC work.
The company said manufacturing accounted for ₹9,374.7 crore, or 58.9% of revenue, with the rest coming from its managed marketplace and digital trade platform. Zetwerk also reclassified its civil infrastructure works unit as a discontinued operation after board approval to sell the business. That segment produced ₹81.47 crore of revenue and a loss of ₹64.18 crore, including a ₹45.3 crore impairment charge, and the company expects the sale to be completed within 12 months.
Founded in 2018, Zetwerk now says it operates more than 26 manufacturing facilities across India, the US, Germany and Spain and served 1,802 customers as of March 2026. Its client list includes Siemens Gamesa, Acer India, boAt, NTPC Renewable Energy and Indian Oil Corporation. The filing comes as the company advances towards an IPO that would include a fresh issue of ₹2,600 crore and an offer for sale of up to 9.68 crore shares, with most of the new funds earmarked for debt repayment and the remainder for acquisitions and general corporate purposes. Moneycontrol reported that the company had previously confidentially filed for a listing and was valued at about $3 billion.
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