E to E Transportation Infrastructure Ltd.
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹164 – ₹174
Lot Size
800
₹1,39,200
Face Value
₹10
Listing Price
₹330.6
Important Dates
Open Date
26 Dec 2025
Close Date
30 Dec 2025
Allotment
31 Dec 2025
Refund
01 Jan 2026
Listing
02 Jan 2026
About Company
Incorporated in 2010, E to E Transportation Infrastructure Limited is an ISO 9001:2015 certified rail engineering and system integration company.
The company provides system integration and engineering solutions for the railway sector across mainline, urban transit and private siding segments.
Key service offerings include signaling and telecommunication (S&T), overhead electrification (OHE), track projects, private sidings and system integration.
The company executes turnkey rail infrastructure projects covering design, engineering, procurement, installation, testing and commissioning.
E to E Transportation Infrastructure has executed projects for zonal railways, PSUs under Indian Railways, corporates with private sidings and infrastructure developers.
Major projects include CBTC signaling for Hyderabad and Nagpur Metro and modernization projects for Vizag Steel Plant and NUPPL Power Plant.
The company has worked on electronic interlocking systems, platform screen door integration and metro rail system upgrades in multiple cities.
As of September 30, 2025, the company had 50 ongoing contracts with an order book of ₹401.10 crore.
As of November 30, 2025, the company employed 353 full-time employees.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | To meet working capital requirements. | ₹70 |
| 2 | General corporate purposes. | ₹4.13 |
Financial Performance
Share Reservations
QIB
22,96,800
Anchor
13,77,600
NII
6,89,600
Retail
16,09,600
Employee
0
Total
48,40,000
RHP Insights
AI-powered analysis from Red Herring Prospectus
Exceptional Revenue Growth
The company has demonstrated rapid financial scaling, with total revenue nearly doubling from ₹13,458.16 Lakhs in FY 2023 to ₹25,080.90 Lakhs in FY 2025.
Impact: HighStrong Revenue Visibility from Order Book
As of June 30, 2025, the company has a robust pending order book of ₹43,964.38 Lakhs, which provides strong short-term and medium-term revenue visibility.
Impact: HighStrategic 'Kavach' System Development
Through its subsidiary Nova Control Tecnologix, the company is co-developing the 'Kavach' (Automatic Train Protection System) with Tata Elxsi, positioning itself as a key player in the 'Atmanirbhar Bharat' railway safety initiative.
Impact: HighHigh Concentration Risk with Indian Railways
A substantial portion of the company's business is dependent on Indian Railways and its affiliated entities. Any change in government policy or railway spending budgets could significantly impact operations.
Impact: LowSubstantial Unbilled Revenue Exposure
As of FY 2025, unbilled revenue stood at ₹9,165.33 Lakhs (approx. 36.5% of total revenue). Delays in achieving milestones or client approvals could severely impact cash flows.
Impact: LowSWOT Analysis
AI-generated strategic view
Strengths
- •Capability across multiple stages of project execution from design to commissioning.
- •Strong and diversified order book across mainline, metro and private siding projects.
- •Experienced board, key managerial personnel and trained technical workforce.
- •Diverse project categories with an asset-light operating model.
- •Established financial track record with growth in revenue and profitability till FY 2025.
Weaknesses
- •Loss reported in the half year ended September 30, 2025.
- •Exposure to project execution risks and working capital intensive operations.
- •Dependence on government and PSU contracts which are subject to tendering and regulatory processes.
- •High leverage as reflected in debt levels relative to net worth.
Opportunities
- •Growth in railway and metro infrastructure spending in India.
- •Increased focus on signaling, electrification and safety systems in rail networks.
- •Opportunities in private sidings and industrial rail connectivity projects.
- •Potential to expand into international rail and metro projects.
Threats
- •High competition in railway EPC and system integration space.
- •Regulatory and policy changes impacting railway capital expenditure.
- •Project delays or cost overruns affecting margins and cash flows.
- •Dependence on a limited number of large projects and clients.
E to E Transportation Infrastructure Ltd. IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| E to E Transportation Infrastructure Ltd. | 11.27 | 11.27 | 24.04 | 15.44 | 15.72 | Consolidated |
E to E Transportation Infrastructure Ltd. - Documents & Links
Registrar
MUFG Intime India Pvt. Ltd.
Contact: +91-22-4918 6270
etoetransportation.smeipo@in.mpms.mufg.comWebsiteCompany contact
E to E Transportation Infrastructure Ltd.
Address: 10th Floor, Sattva Galleria, Survey Nos. 19/2 and 20/1, Bellary Road, Byatarayanapura, Bangalore North, Bangalore Urban, Karnataka, 560092
srilakshmi.surendran@etoerail.comhttps://etoerail.com/Lead managers
Frequently Asked Questions
Common questions about E to E Transportation Infrastructure Ltd. IPO.