Zetwerk Manufacturing Businesses has reported revenue from operations of Rs 4,599 crore for the second quarter of FY27, up 18.3 per cent from a year ago. The numbers mark its first earnings announcement since it listed on the exchanges on 23 October 2026.
The Bengaluru company runs a technology-led manufacturing platform that connects enterprise buyers with suppliers across energy, electronics, aerospace and defence, and capital goods. Its net loss for the quarter widened to Rs 88 crore from Rs 61.5 crore a year earlier.
That headline loss needs its context. The loss fell 88 per cent from Rs 733 crore in the June quarter, and adjusted profit before tax turned positive at Rs 28 crore after a loss of Rs 12 crore in the previous quarter.
The order book is doing the heavy lifting
Zetwerk won new orders worth Rs 4,613 crore in the quarter, up 44 per cent from a year ago. Its manufacturing order book now stands at Rs 14,595 crore, up 67 per cent year on year and the highest it has ever been.
The book typically converts into revenue over about two years, which gives the company unusual visibility into the quarters ahead. Repeat customers contributed 83 per cent of first-half revenue, a sign that existing buyers keep coming back with more work.
Growth spans defence electronics, power and distribution transformers, thermal and wind power components, and consumer electronics. It also includes solar equipment, cables, oil and gas machinery, and precision parts for electric vehicle, automotive and aerospace customers.
The precision order book has grown 80 per cent since March 2026 to Rs 2,698 crore, led by aerospace, defence and space. The energy order book reflects demand for transformers and grid products.
Inside the quarter
Manufacturing revenue rose 34 per cent from the June quarter to Rs 2,546 crore, while segment earnings before interest, tax, depreciation and amortisation rose 69 per cent to Rs 211 crore. The ecosystem business, which sells industrial commodities, grew 23 per cent to Rs 2,053 crore.
For the first half of FY27, revenue from operations grew 33 per cent to Rs 8,717 crore. Adjusted EBITDA rose 69 per cent to Rs 274 crore.
Gross profit grew 42 per cent to Rs 1,187 crore as a better revenue mix lifted the gross margin to 13.6 per cent.
What the loss really says
Higher employee stock-option expenses and finance costs pushed the net loss up from a year ago. The June quarter loss had included a Rs 639 crore provision for the civil infrastructure business being sold, and September carried a further Rs 34.29 crore loss from that discontinued operation.
Zetwerk expects finance costs to fall after it repays debt with its IPO proceeds, with the full benefit visible from the March quarter. Adjusted profit before tax for the first half stood at Rs 16 crore, against a loss of Rs 8 crore a year earlier.
From a spreadsheet problem to a listed manufacturer
Amrit Acharya started Zetwerk in May 2018 with Srinath Ramakkrushnan, Vishal Chaudhary and Rahul Sharma. Ankit Fatehpuria later joined as co-founder and chief financial officer.
Acharya had spent years at ITC building a factory and managing more than a hundred suppliers on spreadsheets. Ramakkrushnan had grown up around his father’s steel fabrication business in Coimbatore.
The team first built software to help large companies manage supplier databases, then turned the company into a platform that matches manufacturers with buyers. Today it serves 1,802 customers, including 102 of India’s Fortune 500 companies, supported by 6,979 suppliers across 26 countries and 26 owned facilities across four countries.
Zetwerk opened its Rs 2,830 crore IPO in October and listed on 23 October at Rs 159.25 on the NSE, a 5.5 per cent premium to its issue price of Rs 151. We covered the IPO opening here.
“Our first half shows what we have been building towards. Gross profit grew faster than revenue driven by design-led products (ODM), international customers, in-house manufacturing and higher-margin categories.”
Amrit Acharya, Co-founder and CEO, Zetwerk
“Our manufacturing order book is at an all-time high of ₹14,595 crore, and repeat customers contributed 83 per cent of first-half revenue. Our ambition is to make manufacturing boringly predictable, and we want to bring that same consistency to our shareholders.”
Amrit Acharya, Co-founder and CEO, Zetwerk
The test for Zetwerk now is conversion. A record order book is only useful if it turns into revenue at better margins while finance costs fall, and the March quarter will show whether the IPO proceeds deliver that relief.
