Zetwerk Manufacturing Business
Zetwerk Manufacturing Business (ZETWERK) share price was ₹158.07 at the 28 Oct 2026 close. Promoters held 15.71% of Zetwerk Manufacturing Business in Oct 2026.
Key Fundamentals
SmallcapPrice-based figures as of 29 Oct 2026, 11:08 IST · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
No Tapetide Score has been computed for this stock yet.
Technical Indicators
Oscillators
Neutral
Overall
Neutral
Moving Averages
Neutral
AI Analysis — Bull vs Bear
Zetwerk Manufacturing Businesses listed on 23 October 2026 at a ~5.4% premium to its IPO price of ₹151 and trades at ₹161.69 as of 2026-10-27, giving it a market capitalisation of ₹25,444 Cr. The company delivered 40.4% revenue growth in FY26 to ₹15,913 Cr but reported a net loss of ₹1,606 Cr, negative ROE of -20.03%, and negative operating cash flow of ₹682 Cr, reflecting the tension between rapid top-line expansion and a still-unprofitable bottom line.
- Revenue grew 40.4% YoY in FY26 to ₹15,913 Cr from ₹11,332 Cr in FY25, demonstrating strong demand traction across industrial and energy verticals
- Manufacturing order book expanded from ₹6,170 Cr (Mar 2024) to ₹12,370 Cr (Mar 2026) and further to ₹13,062 Cr by Jun 2026, providing robust near-term revenue visibility
- Manufacturing segment revenue nearly doubled from ₹6,082 Cr in FY24 to ₹9,375 Cr in FY26, growing at ~50% in FY26 and now comprising 58.9% of total revenue, signalling a shift toward higher-value work
- Own-facility contribution rose from 7.1% of manufacturing revenue in FY24 to 33.2% in FY26 across 26 plants, improving margin control and quality assurance over time
- Adjusted EBITDA increased more than fourfold from ₹97 Cr in FY24 to ₹421 Cr in FY26, indicating underlying operational leverage before one-off charges
- ₹2,160 Cr of IPO fresh-issue proceeds earmarked for debt repayment should reduce interest costs and improve the balance sheet post-listing
- At the current market cap of ₹25,444 Cr, the stock trades at roughly 1.6x EV/Sales on FY26 revenue of ₹15,913 Cr, a relatively modest top-line multiple for a 40%-growth business
- The IPO attracted marquee anchor investors including Capital Group, BlackRock, Goldman Sachs, SBI MF, ICICI Prudential MF and HDFC MF, raising ₹2,251 Cr in the anchor round alone
- Net loss widened sharply to ₹1,606 Cr in FY26 from ₹371 Cr in FY25, and the company has not reported a positive bottom line, with ROE at -20.03% and ROCE at -9.08% as of 2026-10-27
- Operating cash flow was negative ₹682 Cr in FY26 and cumulative negative ₹1,349 Cr over the last three fiscal years, raising working-capital sustainability concerns
- Approximately 41% of FY26 revenue comes from a low-margin commodity trading desk, inflating top-line growth while contributing little to profitability
- Adjusted EBITDA margin remained razor-thin at 2.65% in FY26, actually declining from 2.85% in FY25, showing that scale alone has not yet translated into margin expansion
- Price-to-book stands at 11.11x as of 2026-10-27 with no trailing EPS, PE, or dividend yield, making the stock expensive on traditional value metrics for a loss-making company
- Retail IPO subscription was only 0.77x, indicating limited confidence among smaller investors despite 3.10x overall subscription
- Crisil assigned a credit rating of A-/Negative, explicitly citing risks from civil EPC business exits and weak profitability metrics
- The company has zero dividend yield and no near-term path to shareholder returns given ongoing losses and cash burn, offering no income cushion for investors
This is AI-generated analysis, not financial advice. Do your own due diligence.
Financial Statements
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Company Information
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