Contract manufacturer Zetwerk reported a net loss of ₹1,606.2 crore in fiscal year 2025-26, a 333% increase from the ₹370.7 crore loss in FY25, according to its UDRHP filed ahead of its initial public offering. Despite this, the company’s revenue rose 40.4% to ₹15,913.3 crore, driven by growth in its manufacturing and digital trade segments.
The widened loss included an exceptional loss of ₹835.8 crore from continuing operations and a ₹453 crore impairment from discontinued operations. Excluding exceptional items and tax, Zetwerk’s restated loss from continuing operations narrowed to ₹41.1 crore, down 31% from ₹59.8 crore in the prior year. The company’s adjusted EBITDA improved 30.6% to ₹421.3 crore. Zetwerk also classified its Civil Infrastructure Works business as discontinued after board approval to sell the segment, which reported a ₹64.18 crore loss on ₹81.47 crore revenue in FY26.
Zetwerk’s revenue growth was supported by its manufacturing business contributing 58.9% or ₹9,374.7 crore, while the remaining ₹6,538.6 crore came from its managed marketplace and digital platform. Founded in 2018, Zetwerk serves sectors including industrial components, electronics, and renewable energy. The company’s financials reflect challenges in scaling operations profitably despite strong topline expansion, a common theme among manufacturing platform startups preparing for public listings.
The sale of the Civil Infrastructure Works segment is expected to complete within 12 months, as per the company’s filing. Total income, including other income of ₹187.3 crore, stood at ₹16,100.6 crore for FY26, underscoring Zetwerk’s continued revenue momentum ahead of its IPO process.