Zetwerk Manufacturing Business
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 4.73×
- Big non-institutionalbNII · above ₹10 lakh
- 1.68×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.82×
- Retail individualRII · up to ₹2 lakh
- 0.68×
- Employeesreserved quota
- 1.55×
Issue details
- IPO date
- 15 Oct 2026 – 19 Oct 2026
- Listing date
- 23 Oct 2026
- Face value
- ₹1 per share
- Price band
- ₹143 – ₹151
- Lot size
- 99 shares
- Listing at
- BSE
- Total issue size
- ₹5,013 Cr
- ISIN
- INE09PO01019
- CIN
- U74999KA2017PLC128777
- Registered office
- #84/1, Ground & 1st Floor, Vaishnavi Sovereign, Green Glen Layout, Bellandur, Bengaluru South, Bengaluru 560 103, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 9,89,17,930 | 53.65% | 53.45% |
| NII (HNI) | 5,12,69,349 | 27.81% | 27.70% |
| bNII > ₹10L · within NII | 3,41,79,566 | — | 18.47% |
| sNII < ₹10L · within NII | 1,70,89,783 | — | 9.23% |
| Retail (RII) | 3,41,79,566 | 18.54% | 18.47% |
| Employee | 7,00,000 | — | 0.38% |
| Total issue | 18,50,66,845 | — | 100.00% |
Net offer to the public of 18,43,66,845 shares, out of a total issue of 18,50,66,845. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 99 shares per lot, in multiples, at ₹151
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 99 | ₹14,949 |
| Retail (max) | 13 | 1,287 | ₹1,94,337 |
| S-HNI (min) | 14 | 1,386 | ₹2,09,286 |
| S-HNI (max) | 66 | 6,534 | ₹9,86,634 |
| B-HNI (min) | 67 | 6,633 | ₹10,01,583 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 16,100.63 | 11,492.23 | 12,523.46 |
| Revenue from operations | 15,913.32 | 11,331.86 | 12,364.37 |
| Other income | 187.31 | 160.37 | 159.09 |
| Total expenses | 16,141.73 | 11,552.03 | 12,847.55 |
| Operating profit | -41.1 | -59.8 | -324.09 |
| Operating margin | -0.26% | -0.52% | -2.59% |
| Profit before tax | -916.44 | -204.55 | -798.41 |
| Profit after tax | -1,606.17 | -370.71 | -917.95 |
| PAT margin | -9.98% | -3.23% | -7.33% |
| Balance sheet | |||
| Total assets | 13,384.63 | 10,355.43 | 10,330.85 |
| Current assets | 9,840.55 | 7,840.08 | 8,713.87 |
| Current liabilities | 7,326.87 | 5,649.46 | 6,063.54 |
| Total liabilities | 8,570.91 | 5,901.67 | 6,268.39 |
| Net worth | 4,813.72 | 4,453.76 | 4,062.46 |
| Current ratio | 1.34× | 1.39× | 1.44× |
| Return on equity | -33.37% | -8.32% | -22.60% |
| Cash flow | |||
| Operating cash flow | -681.53 | -386.29 | -281.54 |
| Investing cash flow | -394.13 | -147.92 | -621.9 |
| Financing cash flow | 1,789.31 | 150.64 | 763.22 |
| Net cash flow | 713.65 | -383.57 | -140.22 |
Objects of the issue
1 Repayment/Prepayment of Borrowings – Company Level ₹1,300 Cr
The company intends to utilise a portion of the Net Proceeds towards repayment or prepayment, in part or full, of certain borrowings availed by the company itself, to reduce outstanding indebtedness and debt servicing costs.
2 Repayment/Prepayment of Borrowings – Subsidiary Level (via Investments) ₹860 Cr
The company proposes to invest in certain subsidiaries — including Sharp Tanks, Terra91, Smile Electronics, Kryfs Power, Kryfs Transformers, Unimacts Global, Zetwerk Singapore, Zap91 Solar, and Zet Town — through inter-corporate loans to enable repayment or prepayment of their borrowings.
3 Funding Inorganic Growth through Unidentified Acquisitions and Strategic Acquisitions —
The company plans to deploy a portion of the Net Proceeds towards unidentified inorganic acquisitions and other strategic acquisitions, subject to the aggregate amount not exceeding a specified percentage of the Gross Proceeds as per SEBI ICDR Regulations.
4 General Corporate Purposes —
The company intends to utilise a portion of the Net Proceeds for general corporate purposes, including strategic initiatives, capital expenditure, working capital requirements, and other corporate expenses, subject to the amount not exceeding a specified percentage of the Gross Proceeds.
2 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Zetwerk Manufacturing Business
Zetwerk Manufacturing Businesses Limited was incorporated at Chennai, Tamil Nadu, as a private limited company on December 6, 2017. Its registered office was later moved to Karnataka, and the company was converted into a public limited company in 2026. The company's risk factors state that it started operations in 2018. It operates through a Manufacturing Business and an Ecosystem Business, and it has discontinued its Civil Infrastructure Works. The company describes Zetwerk OS as its proprietary technology platform that manages the manufacturing lifecycle. For the Manufacturing Business, it runs a low capital expenditure model and relies on third-party suppliers, including in India, the USA and Southeast Asia, to make most of its products such as fabricated steel structures, transformers and solar modules. For the Ecosystem Business, it buys metals and petrochemicals from third-party suppliers and supplies them to customers. In Fiscal 2026, segment revenue from the Manufacturing Business was ₹93,746.76 million and from the Ecosystem Business was ₹65,386.47 million, out of a combined ₹159,133.23 million. Revenue from products sourced from third-party suppliers was 80.46% of combined segment revenue in Fiscal 2026. The company reported a restated loss of ₹16,061.71 million for Fiscal 2026, of which ₹9,643.93 million was from continuing operations.
Management
Amrit Pratik Acharya
MD
Strengths
As stated in the offer document
Unique Business Model Enabling Resilience Across Economic Cycles
The company operates a technology-led, asset-light manufacturing platform powered by Zetwerk OS, aggregating 6,979 third-party suppliers across 26 countries and 26 own facilities, serving multiple industries and geographies, providing resilience across economic cycles.
Building Capabilities to Serve Multiple Industry Verticals
The company serves diverse industries including utilities, renewables, aerospace, defence, and AI infrastructure; new orders from thermal power customers grew from nil in Fiscal 2024 to ₹2,652.26 million in Fiscal 2026, reducing dependence on any single end-market.
Growing Share of Recurring Components
The company's Manufacturing Business share of GMV from recurring components increased from 49.85% in Fiscal 2024 to 71.20% in Q1 Fiscal 2027, diversifying revenue and improving resilience across economic cycles.
Expanding Internationally with Multi-Geography Supply Chain
The company serves customers across 29 countries with a supplier base in 26 countries; international Manufacturing Business revenue was ₹27,753.55 million in Fiscal 2026, representing 29.60% of Manufacturing Business revenue.
Addition of Original Design Manufacturing (ODM) Capabilities
The company's ODM capabilities have grown, with Manufacturing Business share of GMV from ODM contracts increasing from 8.12% in Fiscal 2024 to 13.93% in Fiscal 2026, enabling premium pricing and higher switching costs for customers.
Ability to Scale in a Capital-Efficient Manner
The company's hybrid model combines third-party supplier scalability with selective own-facility control, enabling revenue growth without proportional capital investment, resulting in Manufacturing Business ROCE of 22.75% in Fiscal 2026.
Zetwerk OS: Proprietary Technology Driving Network Effects
The company's proprietary Zetwerk OS manages end-to-end manufacturing workflows across thousands of concurrent projects, achieving a ~99% first-pass rate on third-party supplier orders in Fiscal 2026, with self-reinforcing network effects improving over time.
Deep Customer Relationships Driving Revenue Visibility and Stickiness
The company's median Manufacturing Business NRR was 128.85% (Fiscal 2023–2026), with Revenue from Repeat Customers at 80.15% in Fiscal 2026 and a Manufacturing Order Book of ₹130,623.96 million as of June 30, 2026.
Ability to Add Value-Additive Ecosystem Services
The company's Ecosystem Business (Terra91) aggregates raw material demand across customers and suppliers, serving 828 customers in Fiscal 2026 with segment revenue of ₹65,386.47 million, enabling competitive procurement and better input quality.
Experienced, Cycle-Tested Management Team and Board
The company's founders and management team bring extensive experience in manufacturing, engineering, and technology-led operations, having guided the business since incorporation in December 2017 through multiple economic cycles.
Risk factors
As stated in the offer document
Sustained Losses from Continuing and Discontinued Operations
The company incurred restated losses from continuing operations of ₹641.29 million, ₹8,806.65 million, ₹9,643.93 million, ₹2,150.69 million, and ₹8,525.31 million for the three months ended June 30, 2026 and June 30, 2025, and Fiscals 2026, 2025, and 2024, respectively. Additional losses from discontinued Civil Infrastructure operations further compounded the financial impact, raising concerns about the company's ability to achieve or sustain profitability.
Reliance on Third-Party Suppliers for Manufacturing and Raw Materials
The company relies heavily on third-party suppliers, with revenue from third-party sourced products representing up to 96.51% of combined Manufacturing and Ecosystem Business segment revenue in Fiscal 2024. The company is exposed to price volatility in commodities such as aluminium, zinc, steel, copper, and lead, as well as supply disruptions, quality failures, and foreign exchange risks that could adversely affect margins and operations.
Concentration Risk from Top Customers and Suppliers
The top 10 customers accounted for up to 35.90% of revenue from continuing operations in Fiscal 2026, while the top 10 suppliers contributed up to 40.71% of total expenses for continuing operations in the three months ended June 30, 2026. Any loss of key customers or disruption from major suppliers could significantly impact revenue, margins, and operational continuity.
Significant Working Capital Requirements and Negative Operating Cash Flows
The company has reported negative net cash flow from operating activities across all reported periods, including ₹5,061.81 million for the three months ended June 30, 2026 and ₹6,815.29 million for Fiscal 2026. Inability to meet working capital needs or secure adequate financing could lead to breach of financing covenants, inability to service debt, and material adverse effects on business operations.
Geographic Revenue Concentration in India and the USA
Revenue from India and the USA collectively accounted for approximately 96% of continuing operations revenue across reported periods, exposing the company to adverse economic, regulatory, or geopolitical developments in these markets. For example, new U.S. tariffs on solar piles imported from India in Fiscal 2025 led to reduced orders and inability to recover costs under certain customer contracts.
Dependence on Key Industries Subject to Policy and Demand Volatility
The company's Manufacturing Business is concentrated in Energy Products (up to 69.42% of segment revenue in Fiscal 2026), Precision Products, and Capital Goods, serving sectors such as renewables, AI infrastructure, consumer electronics, and defence & aerospace. Any downturn, regulatory change, or shift in government policy affecting these end industries could materially reduce demand and adversely impact financial performance.
Statutory Auditor Emphasis of Matter and Modifications in Audit Reports
Statutory auditors have included emphasis of matter paragraphs regarding uncertain receivables of up to ₹886.06 million related to ongoing litigation and geopolitical issues in Bangladesh, as well as modifications relating to audit trail deficiencies, fund routing through intermediaries, and internal financial control weaknesses across Fiscals 2024, 2025, and 2026. These recurring audit observations raise concerns about the adequacy of internal controls and financial reporting reliability.
Cybersecurity and IT System Vulnerabilities
The company's operations depend on IT and ERP systems that are vulnerable to cyberattacks, data theft, and system failures, and it processes substantial volumes of sensitive customer and supplier data. Non-compliance with the Digital Personal Data Protection Act, 2023 and the Information Technology Act, 2000 could result in regulatory penalties, litigation, and reputational harm that adversely affect business operations.
Restrictive Covenants Under Financing Agreements and High Indebtedness
As of August 31, 2026, the company's total outstanding borrowings including non-fund based facilities on a consolidated basis amounted to ₹52,080.65 million, subject to numerous financial and operational covenants. Non-compliance with these covenants could trigger accelerated repayment, suspension of drawdowns, and cross-default provisions, materially affecting liquidity and financial condition.
Pending Regulatory Approvals and Manufacturing Facility Compliance Risks
The company has several material approvals pending, including fire NOCs and contract labour registrations for Kryfs Power facilities, and building plan approvals for the Manesar facility, while the Greater Noida facility remains suspended due to relocation. Failure to obtain these approvals in a timely manner could result in production disruptions, cost overruns, loss of customers, and adverse regulatory actions.
Company Analysis
from RHPZetwerk Manufacturing Businesses Limited manufactures and supplies energy products, precision products and capital goods, and runs an Ecosystem Business that supplies metals and petrochemicals, through a network of third-party suppliers and owned manufacturing facilities.
Zetwerk Manufacturing Businesses Limited was incorporated at Chennai, Tamil Nadu, as a private limited company on December 6, 2017. Its registered office was later moved to Karnataka, and the company was converted into a public limited company in 2026. The company's risk factors state that it started operations in 2018. It operates through a Manufacturing Business and an Ecosystem Business, and it has discontinued its Civil Infrastructure Works. The company describes Zetwerk OS as its proprietary technology platform that manages the manufacturing lifecycle. For the Manufacturing Business, it runs a low capital expenditure model and relies on third-party suppliers, including in India, the USA and Southeast Asia, to make most of its products such as fabricated steel structures, transformers and solar modules. For the Ecosystem Business, it buys metals and petrochemicals from third-party suppliers and supplies them to customers. In Fiscal 2026, segment revenue from the Manufacturing Business was ₹93,746.76 million and from the Ecosystem Business was ₹65,386.47 million, out of a combined ₹159,133.23 million. Revenue from products sourced from third-party suppliers was 80.46% of combined segment revenue in Fiscal 2026. The company reported a restated loss of ₹16,061.71 million for Fiscal 2026, of which ₹9,643.93 million was from continuing operations.
Objects of the Issue
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company and certain Subsidiaries p.67
- Funding inorganic growth through unidentified inorganic acquisitions and other strategic acquisitions, and general corporate purposes p.67
- Repayment/prepayment, in part or full, of certain borrowings availed by our Company and certain Subsidiaries (₹13,000.00 million for our Company's borrowings and ₹8,600.00 million through investments in Subsidiaries) ₹21,600 million p.208
- Funding inorganic growth through unidentified acquisitions and other strategic acquisitions ₹[●] million p.244
- General corporate purposes ₹[●] million p.247
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹28,300.00 million
- Offer for Sale
- Up to 144,525,036 Equity Shares aggregating up to ₹[●] million
- Price Band
- ₹[●] (not yet determined)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹1 each
Business Model
The company earns revenue by selling products to customers. Much of this is sourced from third-party suppliers, and for those goods the company acts as principal, taking title and responsibility before supplying them to customers. Manufacturing Business revenue comes from energy products, precision products and capital goods, with other operating revenue including export incentives and rental income. Ecosystem Business revenue comes from procuring raw materials and commodities and supplying them to customers.
Business Segments
SWOT Analysis
- • End-to-end manufacturing platform on proprietary Zetwerk OS spanning 6,979 third-party suppliers and 26 facilities(p.248)
- • High repeat-customer revenue share in Manufacturing Business(p.248)
- • Median net revenue retention of 128.85% over Fiscal 2023 to Fiscal 2026(p.248)
- • Selective own-capacity expansion has supported higher margins(p.248)
- • Hedging of key raw materials limits commodity price impact(p.249)
- • Diversified business model across geographies and industries(p.249)
- • Asset-light aggregation of supplier and own-facility capacity via Zetwerk OS(p.255)
- • Broad customer base across company sizes and industries(p.255)
- • Stated absence of listed comparable business model(p.255)
- • Manufacturing order book grew to ₹130,623.96 million at June 30, 2026(p.256)
- • Concessional corporate tax rate option exercised(p.264)
- • Acquired RDSO-certified railway girder facility in Nagpur(p.371)
- • Acquired Sharp Tanks to obtain oil and gas industry certifications(p.371)
- • Solar PV module order from a Government of India owned renewable energy company(p.371)
- • Recognised as 2nd Most Valuable Engineering Brand by Brand Finance(p.371)
- • Recognised among Top 25 Best Workplaces in Manufacturing(p.371)
- • No single customer exceeds 10% of group revenue(p.535)
- • Low gearing ratio of 0.17 at March 31, 2026(p.522)
- • Unutilised bank credit limits available(p.522)
- • Manufacturing segment revenue of INR 93,746.76 million in FY26(p.533)
- • Manufacturing segment results of INR 3,865.57 million in FY26(p.533)
- • Asset-light, technology-led manufacturing platform that aggregates third-party and own capacity(p.567)
- • Cumulative GMV delivered to customers since incorporation(p.567)
- • Median Manufacturing Business net revenue retention of 128.85% for Fiscal 2023 to Fiscal 2026(p.571)
- • Repeat-customer share of Manufacturing Business revenue of 80.15% in FY2026 and 89.26% in Q1 FY2027(p.571)
- • Average order value rose from ₹45.94 million (FY2024) to ₹91.74 million (FY2026)(p.571)
- • Take-or-pay contracts give greater revenue visibility and lower demand volatility(p.568)
- • Restated losses from continuing operations across the periods shown, with some subsidiaries also loss-making(p.32)
- • Reliance on third-party suppliers for manufacturing and raw materials across both segments(p.34)
- • Civil Infrastructure business discontinued after impairment, as realisable value is below net asset value(p.33)
- • Customer concentration: top 10 customers 35.90% of revenue in Fiscal 2026(p.40)
- • Supplier concentration: top 10 suppliers 38.18% of expenses in Fiscal 2026(p.38)
- • Negative operating cash flow across all periods shown(p.44)
- • Significant working capital requirement(p.43)
- • Greater Noida facility suspended pending relocation to Manesar(p.42)
- • High permanent employee attrition in Fiscals 2024 and 2025(p.48)
- • Qualified internal financial controls opinion for Fiscal 2025(p.66)
- • Criminal charge sheet against subsidiary Kryfs Power Components(p.58)
- • Related party transactions may not be on terms as favourable as arm's length dealings(p.70)
- • Capacity and utilisation figures rest on management assumptions and estimates(p.71)
- • Majority of directors lack experience on a listed company board(p.71)
- • Restated loss for Fiscal 2026(p.77)
- • Corporate filings for the Series D CCPS allotment (February 16, 2021) had RoC discrepancies and non-conformance with the Companies Act, 2013; an adjudication application is pending for this allotment.(p.138)
- • Shareholding in Pinaka diluted to 49%, reducing control of an acquired entity(p.372)
- • Angelina LLC acquired for USD 19.50 million without a valuation report(p.375)
- • Company agreed to indemnify principal investors for offering document misstatements(p.402)
- • Restated net loss of INR 16,061.71 million in FY26(p.533)
- • Impairment of INR 4,530 million on civil infrastructure discontinued operation(p.529)
- • High reliance on related-party purchases from TERRA91(p.511)
- • Total borrowings of INR 4,623 million in long-term debt plus current maturities(p.530)
- • Trade receivables exposure of INR 27,431.36 million at June 30, 2026(p.521)
- • Unrecognised deferred tax assets on carry-forward losses(p.525)
- • Planned expansion into new product categories, including capex and opex-related products(p.34)
- • Diversification into new geographies and industries, plus design-led manufacturing and ODM capability build-out(p.34)
- • Selective expansion of owned manufacturing via greenfield set-ups and targeted acquisitions(p.34)
- • Deleveraging and lower debt servicing costs via repayment of borrowings from Net Proceeds(p.204)
- • Planned strategic acquisitions and investments over Fiscals 2027 and 2028(p.243)
- • Expanding engagement with customers beyond procurement into design and manufacturing planning(p.248)
- • India positioned as alternative under China+1 sourcing(p.291)
- • Multiple secular tailwinds for manufacturing in India(p.291)
- • Rapid growth in India durable goods procurement(p.292)
- • Platform TAM estimated for India and US(p.303)
- • Grid, power, AI data centre and precision customers partnering with platforms(p.305)
- • Shift in global supply chains toward India (China +1) cited as driver of international expansion(p.370)
- • Consolidated FDI Policy permits 100% FDI in manufacturing under automatic route(p.362)
- • Acquisitions aimed at synergies with existing customer offerings(p.539)
- • Winsharp brought fully under group ownership(p.541)
- • Exposure to input price volatility, supplier capacity and quality issues, supply disruptions, and trade and FX risks(p.34)
- • Dependence on end-industry performance (renewables, AI infrastructure, oil & gas, electronics, defence)(p.35)
- • Commodity price volatility in key raw materials(p.35)
- • External supplier disruptions from weather, war, pandemics and similar events(p.35)
- • Sensitivity of demand to government policy changes(p.36)
- • US tariffs reduced orders for solar piles from India(p.37)
- • Geopolitical, trade and sanctions exposure in international operations(p.42)
- • Intense competitive and pricing pressure from excess industry capacity(p.51)
- • Foreign exchange rate fluctuations affecting results(p.56)
- • Changing technology and FDI regulations may add compliance costs(p.70)
- • US tariffs and retaliatory tariffs affecting cost structure and demand(p.73)
- • Global conflicts and natural disasters(p.73)
- • Inflation raising costs that may not be passed to customers(p.73)
- • Global financial instability and market volatility(p.74)
- • Changes in tax, labour and other laws and their interpretation(p.75)
- • Competition Act queries from CCI based on third-party complaints(p.76)
- • Rising e-waste recycling targets and EPR floor price under E-waste Rules(p.360)
- • New digitised OSH compliance framework with reporting and health examination requirements(p.360)
- • Contract labour licensing subject to strengthened enforcement under labour codes(p.360)
- • Prior government approval for investments linked to land-border countries(p.362)
- • DPDP Act substantive compliance deadline of May 2027(p.365)
- • IT Act imposes liability for failure to safeguard sensitive personal data(p.365)
- • Commodity price volatility affecting cost of sales and profitability(p.521)
- • Foreign exchange rate exposure on operating revenue and expenses(p.520)
- • Floating-rate working capital borrowings exposed to interest rate changes(p.520)
- • Income tax disallowances under dispute may affect carry-forward losses(p.525)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Amrit Pratik Acharya | Promoter | — | — |
| Srinath Ramakkrushnan | Promoter | — | — |
| Creovate Innovation Private Limited | Promoter Group | — | — |
| Amrit Pratik Acharya | Promoter | — | — |
| Srinath Ramakkrushnan | Promoter | — | — |
| Amrit Pratik Acharya | Promoter | — | — |
| Srinath Ramakkrushnan | Promoter | — | — |
| Creovate Innovation Private Limited | Promoter Group | — | — |
| Amrit Pratik Acharya | Promoter | 7.51% | — |
| Srinath Ramakkrushnan | Promoter | 8.35% | — |
| Amrit Pratik Acharya | Promoter | — | — |
| Srinath Ramakkrushnan | Promoter | — | — |
| Creovate Innovation Private Limited | Promoter Group | — | — |
| Amrit Pratik Acharya | Promoter | — | — |
| Srinath Ramakkrushnan | Promoter | — | — |
| Amrit Pratik Acharya | Promoter | — | — |
| Srinath Ramakkrushnan | Promoter | — | — |
| Amrit Pratik Acharya | Promoter | 7.51% (fully diluted, pre-Offer) | — |
| Srinath Ramakkrushnan | Promoter | 8.35% (fully diluted, pre-Offer) | — |
| Srinath Ramakkrushnan | Shareholder with more than 5% of equity; promoter status not stated in this part | 22.48% of equity shares as at March 31, 2026 | — |
| Amrit Pratik Acharya | Shareholder with more than 5% of equity; promoter status not stated in this part | 19.01% of equity shares as at March 31, 2026 | — |
| Rahul Sharma | Shareholder with more than 5% of equity; the footnote refers to inter-se transfers among promoter and promoter group shareholders, but his status is not stated | 17.95% of equity shares as at March 31, 2026 | — |
| Ankit Fatehpuria | Shareholder with more than 5% of equity; the footnote refers to inter-se transfers between promoter shareholders and non promoter shareholders, but his status is not stated | 16.18% of equity shares as at March 31, 2026 | — |
| Amrit Pratik Acharya | Promoter | — | — |
| Srinath Ramakkrushnan | Promoter | — | — |
| Amrit Pratik Acharya | Promoter | — | — |
| Srinath Ramakkrushnan | Promoter | — | — |
| Creovate Innovation Private Limited | Promoter Group | — | — |
| Creovate Innovation Private Limited | Promoter Group (Selling Shareholder) | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.