Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹14949
HNI (Min Lot)
sNII / High Net-Worth Tier
₹209286
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
45%
Market Maker
0%
QIB
30%
NII / HNI
15%
Retail
10%
Institutional Corporate Dossier
Zetwerk
COMPANY PROFILE & DNA
Incorporation / Founded
06-12-17
Active Vintage
Corporate Headquarters
Bengaluru, Karnataka
Registered Hub
👔 Leadership & Promoter Group
Key Management
Amrit Pratik Acharya and Srinath Ramakkrushnan
⚙️ Business Overview & Portfolio
Core Offerings
Zetwerk is a technology-led asset-light manufacturing platform driving production of industrial and consumer goods globally.
🎯 Target Market & End-Use
Revenue Drivers
Components and finished goods for energy precision products and capital goods verticals.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Unique asset-light business model enabling scalable distributed manufacturing across a global supplier network.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Repayment of Borrowings by Company
₹1300 Cr
Allocation
🎯 Objective 02
Investment in Subsidiaries for Debt Repayment
₹860 Cr
Allocation
🎯 Objective 03
Unidentified Inorganic Acquisitions
Not Mentioned
Allocation
🎯 Objective 04
General Corporate Purposes
Balance
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Q1FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 4117.88 | 15913.32 | 11331.86 | 12364.37 |
| EBITDA | 103.16 | 421.34 | 322.59 | 97.03 |
| Profit After Tax (PAT) | 68.73 | 990.53 | 210.41 | 853.77 |
| Net Worth | 3959.69 | 4691.21 | 4418.59 | 4065.31 |
| Total Borrowing | 1942.19 | 1936.16 | 1746.55 | 1232.10 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
15913.32
₹ Cr
YoY Growth
40.43%
3-Year CAGR
13.45%
421.34
₹ Cr
YoY Growth
30.61%
3-Year CAGR
108.38%
990.53
₹ Cr
YoY Growth
-370.76%
3-Year CAGR
N/A
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | -21.11% | -4.76% | -15.62% | Negative |
| ROCE (Capital Employed)ROCE | 6.36% | 5.23% | 4.47% | Improving |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-1.62
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.41 | 0.07 | Low |
| EPS (₹) | -₹5.85 | -₹1.62 | Accretive |
| ROE (%) | -21.11% | -10.21% | Bad |
| ROCE (%) | 6.36% | 3.62% | Bad |
| P/E (Valuation) | N/A | N/A | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹127.37 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Zetwerk Manufacturing Businesses Limited IPO CANDIDATE | 15913.32 | N/A (Ask) | 6.36% | -10.21% (Post Issue) | 2.65% |
| Not Applicable | 0 | 0 | 0 | 0 | 0 |
| Not Applicable | 0 | 0 | 0 | 0 | 0 |
| Not Applicable | 0 | 0 | 0 | 0 | 0 |
| Not Applicable | 0 | 0 | 0 | 0 | 0 |
| Not Applicable | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Technology-led asset-light universal factory manufacturing platform
- Unified proprietary Zetwerk OS driving end-to-end workflow automation
- Broad diversification across multiple growth vectors and end-user industries
- Deep customer relationships and strong repeat business revenue visibility
Weaknesses
Internal Operational Constraints
- History of net losses and negative operating cash flows
- High working capital requirements and trade receivables exposure
- Reliance on third-party suppliers for raw materials and component manufacturing
- Significant outstanding debt and high interest servicing obligations
Opportunities
External Growth Tailwinds
- Expansion into high-growth sectors like AI infrastructure defense and renewables
- Global supply chain rebalancing and China plus one strategy tailwinds
- Scaling original design manufacturing and higher-margin ecosystem services
- Selective strategic inorganic acquisitions to expand specialized capabilities
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from traditional asset-heavy and contract manufacturers
- Exposure to raw material price volatility and international trade tariffs
- Supply chain disruptions and capacity underutilization risks
- Foreign exchange fluctuations and macroeconomic cyclical downturns
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
159.2
Score 6/10 (Base 4, Sector +1, Co +3, Risk -2) | SECTOR MOAT: Durable goods manufacturing platform market with strong China+1 and PLI tailwinds | COMPANY MOAT: Proprietary Zetwerk OS workflow platform, network of 6979 global suppliers, ROCE 6.36%, EBITDA margin 2.65%, strong B2B repeat order book | KEY RISKS: Negative CFO/EBITDA of -1.62, working capital intensity with 53 debtor days, outstanding debt of ₹1942.19 Cr | VERDICT: High-growth tech aggregator with strong market positioning but constrained by near-term negative profitability and cash flow pressure.
45
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-