Zetwerk Manufacturing Businesses Limited (ZETWERK) Investor update summary

Platform and business model

• Technology-led, asset-light platform aggregates third-party manufacturing capacity and owned facilities through Zetwerk OS.

• Network comprised 6,979 third-party suppliers in 26 countries and 26 facilities across four countries as of Mar 31, 2026.

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

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

• ODM capabilities include components for AI data center transformers, process plant machinery, metal manufacturing and defense applications.

Scale and operating performance

• Manufacturing order book was INR 123,700.09 million as of Mar 31, 2026.

• Average order value rose from INR 45.94 million in FY24 to INR 58.93 million in FY25 and INR 91.74 million in FY26.

• Owned facilities primarily perform assembly and finishing for parts and components sourced mainly from third-party suppliers.

• Platform evolved from an India-only marketplace into a multi-geography network serving Indian and international customers, with both CapEx and recurring OpEx products.

Financial profile and risks

• Restated continuing-operations losses were INR 9,643.93 million in FY26, INR 2,150.69 million in FY25 and INR 8,525.31 million in FY24.

• India accounted for 82.54%, 79.41% and 75.43% of continuing-operations revenue in FY26, FY25 and FY24; the U.S. accounted for 14.33%, 19.09% and 21.54%.

• Top 10 suppliers contributed 38.18%, 39.59% and 36.87% of continuing-operations expenses in FY26, FY25 and FY24.

• Key exposures include supplier pricing, capacity, quality and disruption risks, plus performance of customer industries such as renewables, AI infrastructure, oil and gas, consumer electronics, defense and aerospace.