ZetwerkIPO Review — Financials, Valuation & Peers
A data-only look at the Zetwerk IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 12,523.46 | -917.95 | 97.03 | 4,062.46 | 10,330.85 | 1,232.1 | — |
| FY 2025 | 11,492.23 | -370.71 | 322.59 | 4,453.76 | 10,355.43 | 1,746.55 | — |
| Jun 2025 (interim) | 2,702.1 | -1,368.47 | 31.11 | 3,905.13 | 9,083.09 | 1,707.21 | — |
| FY 2026 | 16,100.63 | -1,606.17 | 421.34 | 4,813.72 | 13,384.63 | 1,936.16 | — |
| Jun 2026 (interim) | 4,195.7 | -732.98 | 103.16 | 4,094.13 | 12,016.09 | 1,942.19 | -10.66 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- -14.17x
- P/E (post-issue)
- -8.72x
- RoNW
- -1.74%
- EPS (pre-issue)
- ₹-10.66
- EPS (post-issue)
- ₹-17.31
- P/BV
- 4.83x
- NAV / share
- ₹25.85
- Market Cap
- ₹25,583.25 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Amrit Pratik Acharya, Srinath Ramakkrushnan</p>
- Holding (pre-issue)
- 15.86%
- Holding (post-issue)
- 11.36%
- Dilution
- 4.5%
Analysis in brief
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company (₹1,300 crore), alongside repayment/prepayment, in part or full, of certain of or all of borrowings availed (₹860 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Zetwerk reported revenue of ₹4,195.7 crore and a net loss of ₹732.98 crore. Revenue declined from ₹12,523.46 crore in FY2024 to ₹4,195.7 crore in FY2026 (-66.0%). Net worth stood at ₹4,094.13 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at -8.72× post-issue earnings and 4.83× book value, against a return on net worth of -1.74%. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Amrit Pratik Acharya, Srinath Ramakkrushnan</p>. Promoter holding stands at 15.86% before the issue and comes down to 11.36% after listing.
Frequently asked questions
- Who are the promoters of Zetwerk and what is their holding?
- The promoters are <p>Amrit Pratik Acharya, Srinath Ramakkrushnan</p>. Promoter holding is 15.86% before the issue and 11.36% after listing.
- What is the P/E ratio of the Zetwerk IPO?
- At the upper price band, the Zetwerk IPO is valued at -14.17× pre-issue earnings and -8.72× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Zetwerk IPO?
- The net proceeds go primarily toward repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company, among 4 disclosed objects.