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 ₹ 27,930 Cr.
- Current Price ₹ 165
- High / Low ₹ 169 / 127
- Stock P/E
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 3.63 %
- ROE -19.7 %
- 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 -9.13% over last 3 years.
- Debtor days have increased from 72.0 to 96.8 days.
- Working capital days have increased from 72.8 days to 111 days
* 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
Standalone Figures in Rs. Crores / View Consolidated
| Sales |
| Operating Profit |
| OPM % |
| Interest |
| Depreciation |
| Profit before tax |
| Tax % |
| EPS in Rs |
| Raw PDF |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 829 | 4,308 | 9,604 | 11,672 | 7,130 | 6,052 | |
| Sales growth | +420% | +123% | +22% | -39% | -15% | |
| 872 | 4,378 | 9,584 | 11,648 | 7,003 | 6,065 | |
| Operating Profit | -43 | -70 | 20 | 24 | 127 | -14 |
| OPM % | -5% | -1.6% | 0.2% | 0.2% | 1.8% | -0.2% |
| 32 | 110 | 179 | -160 | 15 | -1,187 | |
| Interest | 28 | 117 | 243 | 378 | 192 | 189 |
| Depreciation | 3 | 9 | 24 | 113 | 32 | 34 |
| Profit before tax | -41 | -87 | -68 | -627 | -83 | -1,423 |
| Tax % | 0% | -33% | -28% | 8% | 0% | 0% |
| -41 | -58 | -49 | -674 | -83 | -1,423 | |
| EPS in Rs | -4.06 | -5.44 | -4.59 | -63.00 | -7.31 | -125.04 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 49% |
| 3 Years: | -14% |
| TTM: | -15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -512% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -7% |
| 3 Years: | -9% |
| Last Year: | -20% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 3,789 | 3,844 | 4,331 | 4,954 | 1,140 |
| 97 | 322 | 737 | 756 | 1,014 | 5,391 | |
| 396 | 2,221 | 3,214 | 3,285 | 2,632 | 3,496 | |
| Total Liabilities | 1,766 | 6,333 | 7,806 | 8,382 | 8,612 | 10,038 |
| 9 | 30 | 122 | 150 | 214 | 223 | |
| CWIP | 0 | 17 | 11 | 9 | 2 | 3 |
| Investments | 464 | 1,145 | 965 | 939 | 1,124 | 2,125 |
| 1,294 | 5,141 | 6,709 | 7,284 | 7,272 | 7,687 | |
| Total Assets | 1,766 | 6,333 | 7,806 | 8,382 | 8,612 | 10,038 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -51 | -549 | -267 | -387 | -368 | -682 | |
| -997 | -1,278 | 43 | -393 | -332 | -606 | |
| 1,003 | 2,580 | 125 | 665 | 235 | 1,625 | |
| Net Cash Flow | -45 | 753 | -99 | -115 | -465 | 337 |
| Free Cash Flow | -53 | -585 | -356 | -480 | -418 | -704 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 109% | 786% | -1,084% | -1,314% | -276% | 5,137% |
Ratios
Standalone / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 137 | 130 | 78 | 49 | 70 | 97 |
| Inventory Days | 20 | 29 | 19 | 21 | 24 | 9 |
| Days Payable | 172 | 178 | 54 | 62 | 114 | 113 |
| Cash Conversion Cycle | -15 | -19 | 43 | 7 | -20 | -6 |
| Working Capital Days | 18 | 24 | 16 | 54 | 54 | 111 |
| ROCE % | 1% | 4% | 2% | 5% | 4% |
Documents
Announcements
-
Closure of Trading Window
- Trading window closed from October 23, 2026 until 48 hours after Q2 and half-year results.
-
Intimation Pursuant To Regulation 8(2) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015
- Board adopted fair disclosure and UPSI sharing code on 19 March 2026, effective from listing.
-
Disclosure Under Regulation 30(5) Of The SEBI (LODR) Regulations, 2015.
- Zetwerk disclosed authorized KMPs for materiality decisions and stock exchange communications.
-
Intimation Under Regulation 7(1) Of The SEBI (LODR) Regulations, 2015.
- Zetwerk appoints KFin Technologies as registrar and share transfer agent under Regulation 7(1).
- Listing of Equity Shares of Zetwerk Manufacturing Businesses Ltd
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.