Zetwerk Manufacturing Business - IPO Report

Zetwerk is a Bengaluru-headquartered manufacturing platform company that connects suppliers and its own manufacturing facilities to produce a diversified range of industrial and consumer products. It operates through two main segments: Manufacturing Business, focused on original design manufacturing (ODM) and contract manufacturing of energy, precision and capital goods products, and Ecosystem Business, which operates under the Terra91 brand and focuses on industrial commodities sourcing.

In FY26, the Manufacturing Business contributed 58.9% of total revenue, while the Ecosystem Business accounted for the remaining 41.1%. Geographically, India was the largest market, contributing 83.5% of total revenue in Q1FY27, followed by the USA at 12.8%, with the balance generated from other international markets.

Within the Manufacturing Business, India contributed 64.3% of regional revenue in Q1FY27, while international markets accounted for 35.7%, reflecting the company's presence across domestic and global manufacturing markets.

Revenue visibility is supported by a strong Manufacturing Order Book of ₹13,062 crore as of June 30, 2026, up from ₹12,370 crore at the end of FY26, providing a foundation for future execution and growth.

Repeat customers contributed 80.15% of Manufacturing Business revenue in FY26 and 89.26% in Q1FY27, highlighting strong customer retention and the company's ability to build long-term manufacturing relationships.