Bengaluru-based manufacturing platform Zetwerk has filed draft papers for an IPO, aiming to raise up to ₹2,600 crore, as it leverages increased scale and demand in renewable energy and AI infrastructure to accelerate its growth story.
Zetwerk has filed updated draft papers with India’s markets regulator, setting the stage for an initial public offering that would combine fresh capital raising with a large secondary sale. The Bengaluru-based manufacturing platform plans to raise up to ₹2,600 crore in new shares, while existing shareholders would sell up to 96,837,455 equity shares, according to the company’s filing.
The proposed float comes after a sharp improvement in the company’s scale and operating metrics. Zetwerk said revenue from operations rose 40.43% in fiscal 2026 to ₹15,913 crore, helped by stronger demand in renewable energy, power transmission and artificial intelligence-linked infrastructure. Adjusted earnings before interest, tax, depreciation and amortisation climbed to ₹421 crore from ₹97 crore two years earlier, while adjusted profit before tax turned positive at ₹45.7 crore. The company also said its manufacturing order book roughly doubled to ₹12,370 crore from ₹6,170 crore in fiscal 2024.
Zetwerk has been repositioning its business around manufacturing and industrial supply chains. The company, founded by IIT Madras alumni Amrit Pratik Acharya and Srinath Ramakkrushnan, says it operates a network that combines 26 owned facilities in India, the United States, Germany and Spain with 6,979 third-party suppliers. Its customers include utilities, consumer electronics groups, defence organisations and industrial companies, and it counts major names such as Siemens Gamesa, NTPC Renewable Energy, DRDO and the Indian Air Force among its clients. The company said international markets accounted for nearly 30% of manufacturing revenue in fiscal 2026.
Reuters reported that Zetwerk has also pared back or exited less profitable areas, including civil infrastructure work, as it focuses on its core platform. Moneycontrol and other outlets said revenue reached about ₹15,900 crore in fiscal 2026, broadly in line with the company’s filing, while the order book exceeded ₹12,000 crore and is expected to be executed over the next 12 to 18 months. Crisil has assigned a negative outlook to a separate proposed non-convertible debenture issue, citing profitability and business-transition risks, underscoring that the company’s growth story still comes with execution pressure.
Zetwerk said the IPO proceeds would mainly be used to reduce debt, including ₹1,250 crore at the parent company and ₹550 crore across subsidiaries, with the remainder earmarked for acquisitions and general corporate purposes. Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus, JM Financial, HSBC and Pantomath are the book-running lead managers to the issue.
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