Zetwerk Q2 FY27 Reports ₹9.05B Consolidated Loss

Summary of Key Information:

Reporting Period (Quarter/Year): Quarter and Half-Year ended September 30, 2026 (Q2 FY27, H1 FY27)

Nature of Filing / Announcement: Outcome of Board Meeting pursuant to Regulation 30 and 33 of SEBI Listing Regulations

Date of Board Meeting / Approval: November 13, 2026 (commenced at 2:30 PM IST, concluded at 3:40 PM IST)

Audit Opinion: Unqualified (Limited Review) with an Emphasis of Matter

Auditor’s Comment: Emphasis of Matter regarding ongoing litigation and related uncertainty in respect of receivables of Rs. 886.06 million from customer Teesta Solar Limited. The conclusion is not modified.

Key Financial Highlights [All amounts in Indian Rupees in million]

Standalone Results:

| Revenue from Operations | 4,315.97 | 5,427.05 | 15,783.36 | 9,743.02 | 27,841.16 | 60,517.69 |

| Total Income | 5,050.31 | 6,146.84 | 16,519.54 | 11,197.15 | 29,167.72 | 63,372.31 |

| Net Profit/(Loss) | (1,536.70) | (7,508.53) | (421.31) | (9,045.23) | (13,805.44) | (14,234.68) |

| EPS - Basic (INR) | (1.00) | (4.91) | (0.29) | (5.91) | (9.43) | (9.61) |

Other Equity: Not specified for current period. Stood at ₹11,397.78 million as of March 31, 2026.

Cash and Cash Equivalents: ₹1,334.50 million as of September 30, 2026 (Mar 31, 2026: ₹6,647.42 million)

Debt:

Non-current Borrowings: ₹4,271.95 million (Mar 31, 2026: ₹3,540.66 million)
Current Borrowings: ₹4,309.73 million (Mar 31, 2026: ₹3,063.61 million)
Total Debt: ₹8,581.68 million

Consolidated Results:

| Revenue from Operations | 45,993.59 | 41,178.77 | 38,892.63 | 87,172.36 | 65,386.98 | 159,133.23 |

| Total Income | 46,526.71 | 41,957.04 | 39,365.09 | 88,483.75 | 66,386.07 | 161,006.32 |

| Net Profit/(Loss) | (881.13) | (7,329.83) | (615.52) | (8,210.96) | (14,300.24) | (16,061.71) |

| EPS - Basic (INR) | (0.67) | (4.82) | (0.53) | (5.49) | (9.88) | (11.02) |

Other Equity: Negative ₹159.61 million as of March 31, 2026. Not specified for current period.

Cash and Cash Equivalents: ₹5,169.16 million as of September 30, 2026 (Mar 31, 2026: ₹13,219.47 million)

Debt: Not separately disclosed in the provided results summary.

Segment-wise Performance:

The segment information is disclosed only in the Unaudited Consolidated Financial Results.

Manufacturing Business:

H1 FY27 Revenue: ₹44,483.46 million
H1 FY27 Segment Result (after exceptional items): ₹2,145.28 million

Ecosystem Business:

H1 FY27 Revenue: ₹42,688.90 million
H1 FY27 Segment Result (after exceptional items): ₹504.73 million

Corporate Actions:

Dividend: Not Specified

Share Issuance (IPO): Subsequent to the period ended September 30, 2026, the Company completed its Initial Public Offering (IPO). The issue comprised a fresh issue of 187,482,119 equity shares aggregating to ₹28,300.00 million and an offer for sale of 144,525,036 equity shares by selling shareholders aggregating to ₹21,823.28 million. The shares were listed on BSE and NSE on October 23, 2026.

Other Significant Information:

Emphasis of Matter (Note 10): The Company has a receivable of ₹886.06 million from Teesta Solar Limited, a Bangladesh-based customer, regarding a 200 MW solar plant project. Due to non-payment, arbitration proceedings have been initiated before the Singapore International Arbitration Centre (SIAC). The customer has filed a counterclaim for approximately ₹1,490.00 million. Management is reasonably confident of a successful outcome.

Discontinued Operations: The Civil Infrastructure works segment was classified as held for sale/discontinued in Q4 FY26. The H1 FY27 loss from discontinued operations (standalone) was ₹7,033.69 million.

Acquisitions:

On July 31, 2026, acquired a 65% stake in KJV Alloy Conductors Private Limited for a purchase consideration of ₹1,953.44 million.
On September 17, 2026, acquired a 16.92% stake in Kadet Defence Systems Private Limited for a consideration of ₹25.00 million (classified as an associate).

Entities included in consolidation: The review report includes 30 subsidiaries, 5 associates, and 11 joint ventures. The full list is provided in Annexure 1 of the auditor's report.