Zetwerk, branding itself as an asset-light industrial platform, is significantly increasing its owned manufacturing capacity across multiple countries amid rapid business growth and a substantial rise in its order book, signalling a strategic shift ahead of its planned IPO.
Zetwerk is adding more owned manufacturing capacity even as it continues to describe itself as an asset-light industrial platform, a shift that underscores how quickly the business has expanded ahead of a planned initial public offering. According to its draft prospectus, the company had 26 owned plants across India, the US, Spain and Germany as of 31 March 2026, with 15 bought from third parties and 11 developed in-house.
The latest filing shows the company is still building out its factory base. Two newer sites, a transformer plant in Savli, Gujarat, and a CRGO laminations and cores unit in Kherdi, Dadra and Nagar Haveli, started operating in July 2026, while a solar module plant in Sangareddy, Telangana, was under construction at the time of the filing.
The broader business is also growing rapidly. Zetwerk’s manufacturing order book more than doubled to ₹12,370 crore in FY26 from FY24, and overseas markets accounted for nearly 30% of manufacturing revenue. The company’s own website describes it as a technology-led manufacturing platform serving sectors from utilities and renewables to electronics, defence and industrial automation.
Financially, the pace of improvement was also striking. Revenue from operations rose 40.4% to ₹15,913 crore in FY26, while adjusted EBITDA climbed 4.3 times to ₹421 crore. Adjusted profit before tax turned positive at ₹45.7 crore, compared with a loss of ₹248.8 crore in FY24, according to the prospectus. Moneycontrol separately reported that the company’s FY26 revenue rounded to about ₹15,900 crore and that its order book topped ₹12,000 crore, reflecting a business that is scaling quickly as it prepares for the market.
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