Zetwerk Reports Significant Revenue Growth in Q2 FY27
Bengaluru-based manufacturing platform Zetwerk has showcased an 18.3% annual growth in revenue during Q2 FY27, driven by advancements in its manufacturing and ecosystem operations. Despite this progress, increasing operational costs have resulted in a higher net loss for the quarter, occurring nearly a month after its stock market debut in late October 2026.
Zetwerk’s operational revenue reached Rs 4,599 crore in Q2 FY27, compared to Rs 3,889 crore in the same quarter last year, based on the financial statements submitted to the NSE. The company was established in 2017 by Amrit Acharya and Srinath Ramakkrushnan, and it runs a technology-oriented manufacturing platform that links businesses with manufacturers and suppliers across various sectors including electronics, energy, aerospace, defence, and industrial automation.
Revenue Breakdown
The manufacturing division contributed Rs 2,546.5 crore, representing 55.4% of the operating revenue for the quarter. This marked a 14.9% rise from Rs 2,217 crore in Q2 FY26. Concurrently, the ecosystem business experienced a growth of 22.8%, increasing to Rs 2,053 crore from Rs 1,672 crore.
The firm also recorded Rs 54 crore in other income, elevating its total income to Rs 4,653 crore in Q2 FY27 from Rs 3,937 crore in the previous year’s quarter. The expansion in business scale was mirrored by surging expenses. The cost of materials consumed, being Zetwerk’s most significant expense, rose by 16.1% to Rs 3,909 crore in Q2 FY27.
Expense Analysis
Employee benefits expenses saw an increase of 51.8% to Rs 236 crore, while finance costs climbed 32.4% to Rs 132.42 crore. Depreciation expenses surged 34.5% to Rs 64.55 crore during the quarter. Other expenses also escalated by 39.8%, reaching Rs 348 crore compared to Rs 249 crore in the same period last year. Consequently, total expenses increased by 19.6% to Rs 4,689 crore from Rs 3,920 crore.
Net Loss and Revenue Growth
Zetwerk’s net loss expanded by 43.1% year-on-year to Rs 88 crore in Q2 FY27, up from Rs 61.5 crore in the same quarter last year. For the first half of FY27, the company reported a 33.3% rise in revenue from operations to Rs 8,717 crore compared to Rs 6,539 crore in H1 FY26.
The company noted that its manufacturing order book surged by 67% year-on-year in Q2 FY27. Zetwerk secured new orders amounting to Rs 4,613 crore during the quarter, reflecting a 44% YoY increase, while order acquisitions in H1 FY27 reached Rs 7,760 crore, marking a 48% uptick. According to Zetwerk, its order book typically transforms into revenue over a span of roughly two years.
Stock Market Debut
Zetwerk made its entry into the stock market on October 23, 2026, with shares debuting at Rs 159.25 on the NSE, which was a 5.5% premium over the IPO issue price of Rs 151 per share. The company secured Rs 2,251 crore from anchor investors prior to its public offering, which included a fresh issue of Rs 2,830 crore and an offer for sale comprising up to 14.45 crore shares.