Zetwerk sees AI infrastructure, energy orders driving growth as IPO opens on October 15

Zetwerk Manufacturing Businesses anticipates growth from increased demand for energy equipment and artificial intelligence infrastructure, as the manufacturing platform prepares to launch its ₹5,012-crore initial public offering (IPO) on October 15. The company's order book, which includes confirmed orders, has risen to over ₹13,000 crore as of the first quarter of FY27, up from ₹12,300 crore in the previous quarter, according to Executive Director Amrit Pratik Acharya. The order book grew by approximately 40% year-on-year, providing insight into future revenue.

A key driver of growth is the demand for power equipment utilized by US data centers, where long delivery times present opportunities for suppliers capable of faster execution. Acharya noted that a significant portion of AI infrastructure orders won in FY26 has yet to be reflected in the previous year's revenue. The company's international business, primarily in the US, accounts for about 30% of its manufacturing revenue.

Zetwerk reported a revenue of ₹15,913 crore in FY26, a nearly 40% increase from the previous year. Adjusted EBITDA rose to ₹420 crore in FY26 from ₹97 crore in FY24, demonstrating operating leverage from investments in design, engineering, and software over the past eight years. However, the reported net loss widened to ₹1,606 crore in FY26 from ₹371 crore in the prior year, largely due to one-time, non-cash accounting adjustments related to restructuring and increased founders' ownership stake, along with charges from its discontinued civil infrastructure business.