Zetwerk Q2 FY27 Results: Revenue Up 33% YoY to ₹8,717 Cr, Gross Margins Expand
Zetwerk Manufacturing Businesses Limited reported H1 FY27 consolidated revenue of ₹8,717 crore, up 33% YoY. Q2 FY27 revenue was ₹4,599 crore. Gross margins improved to 13.6% in H1 FY27. Adjusted EBITDA grew 69% YoY to ₹274 crore in H1 FY27. Manufacturing segment order backlog reached a record ₹14,595 crore.
Significant revenue growth, margin expansion, and a record order backlog are material financial and operational developments that are likely to impact investor sentiment and the company's valuation.
The company reported strong year-on-year growth in revenue and profits, along with expanding margins and a record order backlog, indicating positive business momentum.
Zetwerk Manufacturing Businesses Limited announced its unaudited financial results for the quarter and half-year ended September 30, 2026. The company reported a consolidated revenue from operations of ₹8,717 crore for H1 FY27, marking a significant 33% year-on-year growth.
For the second quarter of FY27 (Q2 FY27), revenue from operations grew by 12% quarter-on-quarter and 18% year-on-year, reaching ₹4,599 crore. Gross profit saw a substantial increase, growing 42% year-on-year in H1 FY27 and expanding gross margins to 13.6% from 12.8% in H1 FY26. This expansion is attributed to a strategic shift towards higher-margin products.
Adjusted EBITDA grew robustly, increasing by 69% year-on-year in H1 FY27 to ₹274 crore. The company highlighted that Adjusted EBITDA includes approximately ₹32 crore in expenses related to a US litigation settled in September 2026. Operating cash flow also improved significantly, growing 46% year-on-year in H1 FY27.
The Manufacturing segment demonstrated strong performance, with revenue growing 34% quarter-on-quarter and 20% year-on-year in Q2 FY27, reaching ₹4,448 crore in H1 FY27. Gross margins in this segment expanded to 25.5% in Q2 FY27. The order backlog for the manufacturing segment reached an all-time high of ₹14,595 crore as of H1 FY27, driven by growth in Precision (Aerospace, Defence & Space) and Energy sectors.
The Ecosystem segment (Terra91) reported revenue growth of 50% year-on-year in H1 FY27, reaching ₹4,269 crore, with segment EBITDA growing 141% year-on-year.
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