Zetwerk Manufacturing Businesses Limited (ZETWERK) Investor update summary

Business model and scale

• Technology-led, asset-light platform combines third-party supplier capacity and owned facilities into a unified manufacturing network powered by Zetwerk OS.

• In FY2026, network spanned 6,979 third-party suppliers in 26 countries and 26 facilities across four countries.

• Serves industrial and consumer markets, including renewables, AI infrastructure, aerospace, defense, oil and gas, consumer electronics and automation.

• Manufacturing order book was INR 130,623.96 million as of June 30, 2026; owned facilities mainly perform assembly and finishing using supplier-sourced parts.

Products and operating model

• Manufacturing revenue is recognized when products are manufactured and delivered; key verticals include energy products, precision products and capital goods.

• Serves Indian and international customers with one-time capital goods and recurring operating expenditure products; ODM capabilities cover components for AI data centers, process plants, metal manufacturing and defense.

• Platform evolved from an India-only marketplace into a diversified network with multiple demand engines, a multi-geography supplier base and broader customer capabilities.

Financial performance and risks

• Restated continuing-operations losses were INR 641.29 million and INR 8,806.65 million for the three months ended June 30, 2026 and 2025, respectively; FY2026, FY2025 and FY2024 losses were INR 9,643.93 million, INR 2,150.69 million and INR 8,525.31 million.

• India accounted for 83.53%, 77.29%, 82.54%, 79.41% and 75.43% of continuing-operations revenue; the U.S. accounted for 12.77%, 20.44%, 14.33%, 19.09% and 21.54%, for the three months ended June 30, 2026 and 2025, FY2026, FY2025 and FY2024, respectively.

• Top 10 suppliers represented 40.71%, 37.59%, 38.18%, 39.59% and 36.87% of continuing-operations expenses for the three months ended June 30, 2026 and 2025, FY2026, FY2025 and FY2024, respectively.

• Key risks include supplier price, capacity, quality and disruption exposure, reliance on customer industries, and potential demand impacts in India and the U.S.