Figures last updated 21 Oct 2026, 6:00 PM IST · How we work · Report an error
What the company does and where it sits in its industry
Founded in 2017, Zetwerk is a Bengaluru-based, technology-led platform that aggregates manufacturing capacity. Its software, Zetwerk OS, splits customer orders across 6,979 suppliers in 26 countries, alongside 26 of its own facilities. Products range from solar and wind components and power transformers to laptops, circuit boards, and heavy industrial equipment, for customers like Siemens Gamesa, Acer, NTPC, and DRDO.
Zetwerk Manufacturing Businesses Limited is a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally. The company aggregates manufacturing capacity across a network of third-party suppliers and its own manufacturing facilities into a unified platform powered by its proprietary operating system, Zetwerk OS.
The company serves customers across diversified industries including renewables, artificial intelligence infrastructure, consumer electronics, aerospace, space and defence, utilities, oil and gas, and industrial automation. Its client base includes enterprises such as Siemens Gamesa, boAt, Acer India Private Limited, NextPower, and NTPC Renewable Energy Limited.
The business monetises operations primarily through two reportable segments: the Manufacturing Business, which produces custom and mass-manufactured components and finished equipment across Energy Products, Precision Products, and Capital Goods verticals; and the Ecosystem Business (branded Terra91), which aggregates and supplies raw materials and industrial commodities such as metals and petrochemicals to manufacturers.
The company provides manufacturing services and products across Energy Products (transformers, solar mounting structures, wind components), Precision Products (PCB assemblies, consumer electronics, aerospace and defence components), Capital Goods (process plant equipment, storage tanks, structural fabrications), and raw material supply of industrial commodities.
The company operates a hybrid, asset-light manufacturing platform combining outsourced production across an extensive third-party supplier network with selective in-house manufacturing, coordinated end-to-end via proprietary software (Zetwerk OS).
The company is an asset-light manufacturing platform driving production of industrial and consumer goods globally, with no listed companies in India or globally operating under a directly comparable business model according to the offer document.
Who controls the company, and how much of it they hold
Amrit Pratik Acharya, Srinath Ramakkrushnan
Points to weigh, drawn from the offer document and the figures on the other tabs
The company's end-to-end platform connects fragmented capacity across 6,979 third-party suppliers in 26 countries and 26 owned facilities across four countries into a unified manufacturing network capable of serving diverse industries across cycles.
Its hybrid manufacturing model leverages a distributed network to access production capacity without proportional capital expenditure, while maintaining selective owned capacity for high-margin, complex manufacturing.
Zetwerk OS coordinates workflows across the manufacturing lifecycle, utilizing machine-learning algorithms to optimize supplier matching, quotation speed, and execution precision as platform order data expands.
The company demonstrates significant customer stickiness, with repeat customers accounting for 80.15% of Manufacturing Business segment revenue in FY26 and a median Net Revenue Retention of 128.85% from FY23 to FY26.
Through its Terra91 Ecosystem Business, the company aggregates procurement demand across customers and suppliers to negotiate directly with producers, improving pricing, input quality, and delivery speed.
The company incurred restated losses of ₹1,606.17 crore in FY26, ₹370.71 crore in FY25, and ₹917.95 crore in FY24, and continued losses could adversely impact financial stability and business operations.
The company relies heavily on third-party suppliers for both Manufacturing and Ecosystem segments, with products from third-party suppliers accounting for 80.46% of segment revenue in FY26, leaving it vulnerable to price volatility, quality defects, and supply chain disruptions.
The company experienced negative cash flows from operating activities of ₹281.54 crore in FY24, ₹386.29 crore in FY25, and ₹681.53 crore in FY26, primarily driven by working capital requirements.
The business entails substantial working capital for inventory holding and procurement advances, and any inability to manage working capital or secure sufficient credit lines could adversely affect liquidity.
In FY26, the company's top 10 customers accounted for 35.90% of revenue from continuing operations, and many customer contracts are based on short-term purchase orders without minimum purchase commitments.
HSBC Securities and Capital Markets (India) Private Limited, Pantomath Capital Advisors Private Limited