Zetwerk IPO plans are being supported by a confirmed order book of more than ₹13,000 crore, as the manufacturing platform targets rising demand for energy equipment and power infrastructure used by US data centres. The company’s initial public offering will open on October 15 at a price band of ₹143-151 per share.
Zetwerk Manufacturing Businesses is seeking to raise ₹5,012 crore through the IPO, which will comprise a fresh issue of ₹2,830 crore and an offer for sale of ₹2,182 crore. Proceeds from the fresh issue will primarily be used to repay debt, with the remaining funds allocated to acquisitions and general corporate purposes.
The company’s order book rose from ₹12,300 crore reported earlier to more than ₹13,000 crore in the first quarter of FY27. Executive Director, Managing Director, Chairperson and Chief Executive Officer Amrit Pratik Acharya said the order book had grown by about 40 per cent year-on-year, providing visibility for future revenue.
Around ₹2,000 crore of the orders disclosed by Zetwerk are linked to power equipment for US data centres. Acharya said long lead times for such equipment were creating opportunities for suppliers capable of delivering products more quickly. He added that a substantial portion of the AI infrastructure orders won in FY26 had not yet been reflected in the company’s previous-year revenue because of the lag between receiving orders and recognising revenue.
Zetwerk’s international business, which largely consists of its US operations, contributes around 30 per cent of its manufacturing revenue. The company reported revenue of ₹15,913 crore in FY26, an increase of nearly 40 per cent from the previous year.
Its adjusted EBITDA rose to ₹420 crore, compared with ₹97 crore in FY24, which the company attributed to operating leverage from investments in design, engineering and software over the past eight years. However, its reported net loss widened to ₹1,606 crore in FY26 from ₹371 crore a year earlier.
Acharya attributed the higher loss largely to one-time, non-cash accounting adjustments following a restructuring of the company’s capital and an increase in the founders’ ownership stake. He also cited charges associated with Zetwerk’s discontinued civil infrastructure business and said the adjustments did not represent equivalent cash outflows.
Energy products currently account for around 60 per cent of Zetwerk’s revenue. The portfolio includes solar panels, transformers, wind turbines, cables and switchgear—equipment that supports power generation, transmission and industrial infrastructure. The company is also reporting growth in precision manufacturing, including electronics, aerospace and defence, as well as capital goods linked to industrial capital expenditure.
The IPO is scheduled to open on October 15, with the company positioning demand from AI infrastructure and energy equipment as key drivers of its next phase of growth.
