Zetwerk's Q2 FY27 revenue crosses Rs 4,600 crore as loss widens

Zetwerk's revenue from operations rose 18.3% to Rs 4,599 crore in Q2 FY27, from Rs 3,889 crore a year earlier, according to the financial statements the Bengaluru-based manufacturing platform filed with the National Stock Exchange of India.

The sales gain came with rising costs. Zetwerk's net loss widened 43.1% year-on-year to Rs 88 crore, against Rs 61.5 crore in the same quarter of FY26, and the result lands almost a month after the company's stock market debut on October 23, 2026.

Which businesses drove the growth?

Manufacturing contributed Rs 2,546.5 crore, or 55.4% of operating revenue, up 14.9% from Rs 2,217 crore in Q2 FY26. The ecosystem business grew faster, up 22.8% to Rs 2,053 crore from Rs 1,672 crore.

Zetwerk runs a technology-led manufacturing platform that connects businesses with manufacturers and suppliers across sectors such as electronics, energy, aerospace, defence and industrial automation. Founded in 2017 by Amrit Acharya and Srinath Ramakkrushnan, the company is headquartered in Bengaluru. The gap between its two lines has narrowed to roughly Rs 494 crore, with ecosystem revenue supplying close to half of operating sales.

Manufacturing still carries the quarter, but ecosystem revenue is growing faster and now supplies nearly half of operating sales.

Where did the money go?

Expenses rose faster than revenue in every major line:

• Cost of materials consumed, the largest expense component, up 16.1% to Rs 3,909 crore.
• Employee benefit expenses up 51.8% to Rs 236 crore.
• Finance costs up 32.4% to Rs 132.42 crore.
• Depreciation expenses up 34.5% to Rs 64.55 crore.
• Other expenses up 39.8% to Rs 348 crore, from Rs 249 crore a year earlier.

Total expenses rose 19.6% to Rs 4,689 crore from Rs 3,920 crore. Other income of Rs 54 crore lifted total income to Rs 4,653 crore, against Rs 3,937 crore in the year-ago period.

Costs outgrew revenue by 1.3 percentage points in the quarter, and that spread is the loss.

What does the order book say about the next two years?

Zetwerk said its manufacturing order book grew 67% year-on-year in Q2 FY27. New orders booked during the quarter totalled Rs 4,613 crore, up 44% year-on-year, while order wins in H1 FY27 stood at Rs 7,760 crore, a 48% increase.

The company said its order book "typically converts into revenue over a period of around two years," which spreads much of the Rs 7,760 crore of first-half wins across subsequent reporting periods rather than a single quarter.

For the first half of FY27, revenue from operations rose 33.3% to Rs 8,717 crore, compared with Rs 6,539 crore in H1 FY26.

The pipeline is real and long-dated: Rs 7,760 crore of first-half wins converts over roughly two years.

How did the market take the listing?

Zetwerk made its stock market debut on October 23, 2026, with shares listing at Rs 159.25 on the NSE, a 5.5% premium over the IPO issue price of Rs 151 per share.

Ahead of the public issue, the company raised Rs 2,251 crore from anchor investors. The issue comprised a fresh issue of Rs 2,830 crore and an offer for sale of up to 14.45 crore shares.

The 5.5% debut premium came before the wider Q2 loss was disclosed, leaving the first post-listing earnings print as the market's next test.

Zetwerk now carries a visible revenue pipeline and a cost base growing faster than it. With the order book up 67% and a two-year conversion window, the next two quarters will test whether employee, finance and depreciation costs — up 51.8%, 32.4% and 34.5% respectively — can be held below the 18.3% revenue growth rate as the platform scales.