Zetwerk Manufacturing Businesses Ltd, a technology-led manufacturing company with businesses across energy, precision and capital goods, reported strong financial and operating performance for the first half of FY27, with revenue from operations growing 33 per cent year-on-year (YoY) to ₹8,717 crore, reflecting sustained growth across its business segments.
Gross profit rose 42 per cent YoY to ₹1,187 crore, ahead of revenue growth, as a better revenue mix lifted gross margin to 13.6 per cent from 12.8 per cent. Adjusted Ebitda grew 69 per cent YoY to ₹274 crore, with the margin improving to 3.1 per cent from 2.5 per cent as operating leverage increased.
“Our first half shows what we have been building towards. Gross profit grew faster than revenue driven by design-led products (ODM), international customers, in-house manufacturing and higher-margin categories,” said Amrit Acharya, co-founder and CEO, Zetwerk.
“Our manufacturing order book is at an all-time high of Rs 14,595 crore, and repeat customers contributed 83 per cent of first-half revenue. Our ambition is to make manufacturing boringly predictable, and we want to bring that same consistency to our shareholders,” Acharya added.
Zetwerk’s manufacturing order book was up 67 per cent YoY. The company won new orders worth ₹4,613 crore in Q2FY27 (up 44 per cent YoY) and ₹7,760 crore in H1FY27 (up 48 per cent YoY). The order book typically converts to revenue over about two years.
Order book growth spans defence electronics, power and distribution transformers, thermal and wind power components, and consumer electronics. It also includes solar equipment, cables, oil and gas machinery, and precision components for EV, automotive and aerospace customers.
The diversity reflects Zetwerk’s ambition to build a broad-based industrial business across multiple sectors and geographies.
For the second quarter of FY27, revenue from operations grew 18 per cent YoY and 12 per cent quarter-on-quarter (QoQ) to ₹4,599 crore. Overall adjusted Ebitda stood at ₹171 crore, up 66 per cent QoQ and 31 per cent YoY. Adjusted profit before tax (PBT) turned positive at ₹28 crore, compared with a loss of ₹12 crore in Q1FY27. Net loss for the quarter fell sharply to ₹88 crore from ₹733 crore in Q1FY27, a drop of 88 per cent.
Adjusted Ebitda refers to Ebitda adjusted for share-based payment expenses (non-cash expenses). Adjusted PBT refers to profit before tax adjusted for share-based payment expenses.
The manufacturing segment continued to contribute significantly to the company’s performance. Segment revenue grew 20 per cent YoY to ₹4,448 crore in H1FY27.
Gross profit increased faster than revenue, rising 41 per cent YoY to ₹1,092 crore (24.5 per cent) from ₹772 crore (20.9 per cent), driven by margin expansion from design-led products (ODM), international customers and in-house manufacturing. Segment Ebitda grew 37 per cent to ₹336 crore in H1FY27 from ₹245 crore in H1FY26 as operating leverage increased.
Sequentially, in Q2FY27, manufacturing segment revenue grew 34 per cent. Segment Ebitda rose 69 per cent QoQ to ₹211 crore, compared with ₹125 crore in the previous quarter.
Within manufacturing, energy revenue grew 23 per cent YoY to ₹2,836 crore in H1FY27, and precision revenue grew 34 per cent to ₹980 crore. The precision order book has grown 80 per cent since March 2026 to ₹2,698 crore, led by aerospace, defence and space, while the energy order book reflects demand for transformers and grid products.
Adjusted PBT stood at ₹16 crore in H1FY27, compared with a loss of ₹8 crore in H1FY26. In Q2FY27, adjusted PBT was ₹28 crore, compared with a loss of ₹12 crore in Q1FY27. Overall pre-tax loss narrowed 89 per cent QoQ to ₹76 crore in Q2FY27, compared with a loss of ₹720 crore in Q1FY27.
