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Zetwerk's first results as a listed company: revenue up 18% to Rs 4,599 Cr in Q2 FY27, net loss widens to Rs 88 Cr
The Bengaluru manufacturing platform, which listed on 23 October, says its manufacturing order book has hit a record Rs 14,595 Cr as it shifts toward electronics, aerospace and defence work.
Zetwerk, the Bengaluru company that runs a technology-led platform matching businesses with manufacturers and suppliers, has reported its first quarterly numbers since its stock market debut. Revenue from operations for the September quarter (Q2 FY27) rose 18.3% from a year earlier to about Rs 4,599 crore, up from Rs 3,889 crore, according to the financial statements it filed with the NSE. Revenue was also 11.7% higher than in the June quarter.
Costs grew a little faster. Total expenses climbed 19.6% to roughly Rs 4,689 crore, with the cost of materials up 16.1% to Rs 3,909 crore, employee costs up 51.8% to Rs 236 crore and finance costs up 32.4%. The consolidated net loss widened 43% year on year to about Rs 88 crore from Rs 61.6 crore. Inc42 notes that this was still an 88% improvement on the Rs 733 crore loss of the previous quarter, and that Rs 34.3 crore of the latest loss came from discontinued operations, after the company exited its civil infrastructure works business in FY26.
The company has two arms. Its manufacturing business, which makes custom industrial products, brought in about Rs 2,546 crore, or 55% of revenue, up 15% from a year earlier. The ecosystem business, which supplies industrial raw materials under the Terra91 brand, grew 22.8% to Rs 2,053 crore but slipped 7% from the previous quarter. Zetwerk says growth is shifting from its energy vertical (solar modules, transformers, wires and cables) toward a precision vertical covering electronics, mechanicals, aerospace and defence, along with more international customers in the US and Europe.
"Our manufacturing order book is at an all-time high of Rs 14,595 cr, and repeat customers contributed 83% of first-half revenue," cofounder and CEO Amrit Acharya said. Entrackr reports that new orders in the quarter were worth Rs 4,613 crore, up 44%, and that the company says its order book usually turns into revenue over about two years. For the first half of FY27, revenue rose 33% to Rs 8,717 crore.
Zetwerk was founded in 2017 by Amrit Acharya and Srinath Ramakkrushnan. Its shares listed on the NSE on 23 October 2026 at Rs 159.25, a 5.5% premium to the IPO price of Rs 151, and closed at Rs 184.95 on the BSE on the day of the results. Among its medium-term plans, the company lists entering new industries, growing its own design-led (ODM) products and turning itself into an AI-native organisation.
