IPO-bound contract manufacturing firm Zetwerk reported an estimated revenue of ₹15,900 crore from continuing businesses in FY26, up from ₹12,800 crore in FY25, supported by strong execution capabilities, diversified operations and a robust order pipeline, according to a CRISIL Ratings report.
The company has filed its draft papers confidentially and has appointed bankers, including Kotak Mahindra Capital, JM Financial, Avendus Capital, and the Indian units of HSBC, Morgan Stanley, and Goldman Sachs to manage the issue.
The company had an order book of more than ₹12,000 crore as of March 2026, providing revenue visibility over the next 12-18 months.
Inorganic Expansion
Revenue had moderated in FY25 following the company’s exit from certain non-profitable businesses and a planned scale-down of its civil infrastructure segment. However, growth rebounded in FY26 as Zetwerk strengthened its presence across key manufacturing verticals and deepened relationships with customers.
The company serves over 1,000 customers, including NTPC Renewable Energy, Nextracker, Samsung India Electronics, National Aluminium Company (NALCO) and ArcelorMittal Nippon Steel India. Its customer base remains well diversified, with the top 10 customers contributing only around 30 per cent of revenue in FY26. Zetwerk also has operations across the US, Southeast Asia and the Middle East and Africa.
The company has also pursued inorganic expansion to broaden its product offerings and customer base. To date, Zetwerk has completed nine acquisitions, including joint ventures.
A- Rating
On the funding front, the group raised around ₹1,100 crore in equity during FY26, of which nearly ₹600 crore was infused by promoters. Debt increased to about ₹2,700-2,800 crore as of March 31, 2026, while adjusted net worth stood at ₹4,500-4,900 crore following the equity infusion.
According to CRISIL, the company’s leverage remains under control, with gearing expected at 0.5-0.6 times and total outside liabilities to adjusted net worth at 1.6-1.8 times as of March 2026. Cash and cash equivalents were estimated at ₹3,000-3,200 crore, including ₹1,800-1,900 crore of unencumbered cash.
CRISIL assigned an ‘A-/Negative’ rating to Zetwerk’s proposed ₹500-crore non-convertible debenture issue while reaffirming ratings on its existing debt facilities. The agency revised the outlook to Negative, citing potential losses arising from the company’s exit from the civil EPC business.