Zetwerk gets factory-heavy as manufacturing order book hits ₹12,370 cr

IPO-bound Zetwerk is quietly becoming more factory-heavy even as it continues to position itself as an asset-light manufacturing platform, with three new facilities under construction as it scales capacity across power, renewable energy, electronics and other industrial segments, as per its UDRHP.

The company operated 26 owned manufacturing facilities across India, the US, Spain and Germany as of March 31, 2026. Of these, 15 were acquired from third parties and 11 were built organically, pointing to a two-pronged strategy of buying established capacity while building new manufacturing capabilities in-house.

Two of its newer facilities, a transformer plant at Savli in Gujarat and a CRGO laminations and cores facility at Kherdi in Dadra & Nagar Haveli, became operational in July 2026. Zetwerk was also constructing a solar module manufacturing facility at Sangareddy in Telangana as of the UDRHP-1 date.

The manufacturing push comes as demand scales sharply. Zetwerk’s manufacturing order book doubled to ₹12,370 crore in FY26 from FY24, while international markets accounted for nearly 30 per cent of manufacturing business revenue.

Overall revenue from operations rose 40.4 per cent to ₹15,913 crore in FY26, according to its UDRHP-1. Profitability also improved sharply, with adjusted EBITDA rising 4.3 times to ₹421 crore, and adjusted PBT turning positive at ₹45.7 crore, from a loss of ₹248.8 crore in FY24.