Manufacturing marketplace Zetwerk has staged a recovery in FY26, with its operating revenue estimated to rise 24% to Rs 15,900 crore from Rs 12,800 crore in FY25, according to a recent rating rationale by CRISIL.
The Bengaluru-based company reported an 11% decline in revenue in FY25 compared to FY24 after exiting non-profitable segments and winding down its civil infrastructure business. Revenue growth resumed in FY26, supported by execution capabilities, long-standing customer relationships, and a diversified business portfolio.
According to CRISIL, Zetwerk’s growth momentum is expected to continue, backed by a healthy order pipeline and expanding customer base. As of March 2026, the company had an order book exceeding Rs 12,000 crore, which is expected to be executed over the next 12–18 months.
The rating agency said that Zetwerk serves over 1,000 customers through a network of more than 5,000 suppliers. The company also caters to clients across the US and Europe, with customers including NTPC Renewables Energy, Samsung India Electronics, NALCO, and ArcelorMittal Nippon Steel India.
The rating agency also highlighted that Zetwerk has signed long-term agreements with marquee customers while adding new products and clients across segments, providing visibility for future growth.
Over the past few years, the company has pursued an aggressive inorganic expansion strategy to strengthen its capabilities. According to the report, Zetwerk has acquired nine companies, including joint ventures, with a focus on expanding product offerings and deepening customer relationships.
CRISIL reaffirmed its A-/Negative rating on Zetwerk, citing the company's diversified operations, strong customer base, healthy liquidity, and robust order book. The rating is constrained by low margins, high working capital requirements, and execution risks related to growth and acquisitions.
Earlier this year in March, Zetwerk filed draft papers for an initial public offering through the confidential route to raise up to Rs 4,200 crore (around $450 million) via the issue.
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