Zetwerk Expands Owned Manufacturing Footprint with Three Facilities Under Construction

IPO-bound Zetwerk is expanding its owned manufacturing footprint even as it continues to pursue an asset-light model, with three manufacturing facilities under construction as of March 31, 2026.

The technology-led manufacturing platform operated 26 owned manufacturing facilities across four countries as of March 31, 2026. Of these, 15 were acquired from third parties and 11 were set up organically, highlighting the company’s dual strategy of building capacity as well as acquiring manufacturing assets.

Zetwerk describes its model as a ‘universal factory’, aggregating manufacturing capacity across its own facilities and a network of third-party suppliers through Zetwerk OS, its proprietary technology backbone. The platform allows a single customer order to be distributed across multiple suppliers and Zetwerk-owned facilities for simultaneous production. Zetwerk OS manages the order flow from supplier selection and digital recipes to project management, quality control and logistics.

The company model can address one of manufacturing’s key bottlenecks, fragmented production capacity characterised by variable quality and inconsistent service levels. The challenge is particularly pronounced in rapidly growing industries including renewable energy, artificial intelligence, defence, aerospace and space exploration, where demand can be constrained by supply-chain capacity.

Zetwerk’s 26 facilities across India, the US, Spain and Germany undertake assembly, subassembly and finishing processes including fabrication, cutting, forming, welding, machining, surface treatment and testing. Their output spans a wide range of products including pressure vessels, reactors, heat exchangers, solar torque tubes, wind components, PCBAs, motherboards, Bluetooth speakers, smart watches, CRGO laminations, transformer cores and tanks, transformers, EV chargers, battery packs and solar PV panels. Its manufacturing capabilities extend across wind energy, precision manufacturing, power generation, general fabrication, oil & gas, energy transition, transformers and power components, electronics, solar piles, solar tubes and aerospace & defence.

Zetwerk’s revenue from operations grew 40.43 percent to INR 15,913 Cr in FY26, led by growth in renewable energy, power transmission and AI infrastructure. Operating performance improved since FY24, with adjusted EBITDA up 4.3x to INR 421 Cr and adjusted PBT turning positive at INR 45.7 Cr from a loss of INR 248.8 Cr, according to UDRHP-1. Manufacturing orderbook doubled to INR 12,370 Crores in FY26 as compared to FY2024; international markets contributed nearly 30 percent of manufacturing Business revenue in FY26.

As of March 31, 2026, Zetwerk’s transformer manufacturing facility at Savli, Gujarat, and CRGO laminations and cores facility at Kherdi, Dadra & Nagar Haveli, became operational in July 2026. As of the UDRHP-1 date, the company was also constructing a solar module manufacturing facility in Sangareddy, Telangana.

As of March 31, 2026, Zetwerk had three manufacturing facilities under construction, as it looks to selectively expand its owned manufacturing footprint in areas where it sees clear demand-supply gaps or where domestic supply chains remain nascent. The company plans to add capacity strategically to strengthen execution control, access relevant certifications and policy incentives, secure the availability of critical products and capture value that may not be available through its third-party supplier network.

The opportunity it is chasing is sizable. The manufacturing-platform TAM in India could expand from INR 10.26-12.57 trillion in FY26 to INR 17.68-20 trillion by FY31. For Zetwerk, the strategy is therefore selective ownership rather than abandoning outsourcing, building or acquiring capacity where supply gaps justify it, while continuing to primarily manufacture through third-party suppliers.