Zetwerk Manufacturing Businesses Ltd
Zetwerk Manufacturing Businesses Limited is
a technology-led B2B manufacturing platform.
It combines third-party suppliers with owned manufacturing plants to produce industrial
and consumer products, while Terra91 supplies industrial raw materials. The group serves energy, electronics, capital goods, aerospace and defence customers in India and overseas. [1]
- Market Cap ₹ 31,261 Cr.
- Current Price ₹ 185
- High / Low ₹ 188 / 127
- Stock P/E
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 4.05 %
- ROE -38.5 %
- Face Value ₹ 1.00
Pros
Cons
- Company has low interest coverage ratio.
- Promoter holding is low: 15.7%
- Company has a low return on equity of -16.6% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sales |
| Operating Profit |
| OPM % |
| Interest |
| Depreciation |
| Profit before tax |
| Tax % |
| EPS in Rs |
| Raw PDF |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 835 | 4,964 | 11,449 | 14,444 | 11,332 | 15,913 | |
| Sales growth | +494% | +131% | +26% | -22% | +40% | |
| 878 | 5,002 | 11,373 | 14,360 | 11,115 | 15,618 | |
| Operating Profit | -43 | -38 | 76 | 84 | 217 | 295 |
| OPM % | -5% | -0.8% | 0.7% | 0.6% | 1.9% | 1.9% |
| 33 | 97 | 147 | -204 | -79 | -1,290 | |
| Interest | 28 | 133 | 297 | 449 | 337 | 366 |
| Depreciation | 3 | 10 | 36 | 192 | 161 | 197 |
| Profit before tax | -41 | -84 | -110 | -761 | -360 | -1,558 |
| Tax % | 0% | -29% | -8% | 7% | 3% | 3% |
| -41 | -60 | -102 | -918 | -371 | -1,606 | |
| EPS in Rs | -4.06 | -5.59 | -9.49 | -85.76 | -32.38 | -143.39 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 80% |
| 3 Years: | 12% |
| TTM: | 40% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -185% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -11% |
| 3 Years: | -17% |
| Last Year: | -38% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 11 | 11 | 11 | 11 |
| Reserves | 1,274 | 3,790 | 3,785 | 4,025 | 4,355 | -16 |
| 84 | 810 | 1,052 | 1,432 | 2,044 | 6,966 | |
| 416 | 2,403 | 4,154 | 4,858 | 3,945 | 6,386 | |
| Total Liabilities | 1,774 | 7,004 | 9,001 | 10,326 | 10,355 | 13,347 |
| 9 | 88 | 379 | 882 | 1,267 | 2,547 | |
| CWIP | 0 | 3 | 12 | 50 | 15 | 255 |
| Investments | 462 | 1,055 | 617 | 399 | 366 | 185 |
| 1,304 | 5,858 | 7,992 | 8,995 | 8,707 | 10,360 | |
| Total Assets | 1,774 | 7,004 | 9,001 | 10,326 | 10,355 | 13,347 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -51 | -805 | 18 | -282 | -386 | -682 | |
| -992 | -1,422 | 168 | -621 | -148 | -396 | |
| 1,003 | 3,041 | -362 | 763 | 151 | 1,789 | |
| Net Cash Flow | -41 | 814 | -176 | -140 | -384 | 712 |
| Free Cash Flow | -54 | -847 | -135 | -635 | -581 | -965 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 109% | 2,115% | 108% | -242% | -164% | -226% |
Ratios
Consolidated / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 138 | 139 | 81 | 53 | 56 | 53 |
| Inventory Days | 21 | 27 | 31 | 32 | 34 | 33 |
| Days Payable | 174 | 165 | 66 | 83 | 109 | 84 |
| Cash Conversion Cycle | -15 | 1 | 46 | 3 | -18 | 2 |
| Working Capital Days | 16 | 18 | 10 | 28 | 0 | -1 |
| ROCE % | 2% | 4% | 1% | 3% | 4% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Change in Management
- Board approved Q2/H1 FY27 results, appointed Dhanraj Dagar as Company Secretary from Nov 14, 2026.
-
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association
- Board approved Q2 FY27 results, appointed new company secretary, and proposed AoA change.
-
Announcement under Regulation 30 (LODR)-Investor Presentation
- Investor presentation on the financial results for the quarter and half year ended September 30, 2026
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- H1 FY27 revenue rose 33% to Rs 8,717 cr; adjusted EBITDA increased 69% to Rs 274 cr.
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026
Concalls
-
Nov 2026REC
Business model & evolution:[1]
Zetwerk began in 2017 as an India-focused marketplace handling mainly one-time capital-goods orders. It has evolved into a hybrid “universal factory” combining third-party suppliers, owned facilities and the proprietary Zetwerk OS platform, which manages activities from sourcing to delivery. It added exports, recurring components and original-design manufacturing or ODM.
Legacy civil-infrastructure work—including water pipelines, railway tracks and other projects—was approved for sale and discontinuation in 2026.