India, June 15 -- IPO-bound manufacturing startup Zetwerk reported an estimated operating revenue of Rs.15,900 Cr in FY26, according to a recent rating rationale from CRISIL Ratings. The estimate marks a 24% jump from Rs.12,800 Cr revenue reported in FY25.

While revenue rebounded in FY26, profitability remained under pressure. Crisil estimates Zetwerk's operating margin at about 2.6% during the fiscal, an improvement over previous years but still relatively thin.

Notably, the revenue growth is supported by an order book of more than Rs.12,000 Cr as of March 2026, which is expected to be executed over the next 12-18 months.

Apart from a robust order pipeline, Crisil also highlighted acquisitions as a key growth lever for Zetwerk in the ...