E To E Transportation Infrastructure Limited is an ISO 9001:2015 certified rail engineering company specializing in system integration and end-to-end infrastructure solutions for the railway sector.
The company operates across mainline railways, urban transit systems, and private sidings, offering comprehensive services covering the entire project lifecycle—from engineering design and procurement to installation, testing, commissioning, and maintenance.
The company’s key service offerings include Signaling and Telecommunication (S&T) systems, Overhead Electrification (OHE), track-related projects, integrated railway system execution, private siding development, and services through its Engineering Design and Research Centre (EDRC).
Its technical capabilities span electronic interlocking, CBTC signaling, telecom networks, track electrification, and turnkey railway infrastructure projects, including associated civil and track works.
Over the years, E To E Transportation Infrastructure Limited has executed projects for zonal railways, public sector undertakings under Indian Railways, metro rail corporations, port operators, power plants, and private industrial clients.
Its project portfolio includes CBTC signaling works for Hyderabad and Nagpur Metro, signaling and telecom modernization for Vizag Steel Plant and NUPPL Power Plant, electronic interlocking upgrades on the Hosur–Salem section, siding expansion with DFCC connectivity for Gujarat Pipavav Port, and platform screen door installations for Mumbai Metro Line 3 and Chennai Metro Phase 1.
As of September 30, 2025, the company had an order book of 50 ongoing contracts aggregating to approximately ₹401.10 Crore, reflecting strong execution visibility across diversified rail infrastructure segments.
As of November 30, 2025, the company employed 353 full-time personnel, comprising engineers, project managers, and technical specialists supporting its pan-India operations.
E to E Transportation Infrastructure IPO – Details
| IPO Opening Date | 26 December 2025 |
| IPO Closing Date | 30 December 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 48,40,000 Shares Worth ₹84.00 Crore Fresh Issue: 48,40,000 Shares Worth ₹84.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹164 – ₹174 per share |
| Market Lot | 800 Shares |
| Min Order | 800 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
E to E Transportation Infrastructure IPO – Date Schedule
| IPO Open Date | 26 December 2025 |
| IPO Close Date | 30 December 2025 |
| Basis of Allotment | 31 December 2025 |
| Initiation of Refund | 01 January 2026 |
| Credit of Shares to Demat | 01 January 2026 |
| IPO Listing Date | 02 January 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 30, 2025 |
E to E Transportation Infrastructure IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹2,78,400 |
| Retail (Max) | 2 | 1,600 | ₹2,78,400 |
| S-HNI (Min) | 3 | 2,400 | ₹4,17,600 |
| S-HNI (Max) | 7 | 5,600 | ₹9,74,400 |
| B-HNI (Min) | 8 | 6,400 | ₹11,13,600 |
Competitive Strength
- Capability across different stages of Project Execution.
- Strong and diversified Order Book.
- Experienced Board and Key Managerial Personnel and skillfully trained workforce.
- Diverse categories of projects with an asset light model.
- Established financial track record.
Company Promoters
- Zephyr Mantra LLC
- Ventureast ETOE LLP
- Sourajit Mukherjee
- Vinay Kunjuri Panduranga Rao
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹135.70 Cr | ₹125.13 Cr | ₹8.15 Cr | ₹43.11 Cr |
| 31 March 2024 | ₹172.50 Cr | ₹158.41 Cr | ₹10.26 Cr | ₹61.18 Cr |
| 31 March 2025 | ₹253.82 Cr | ₹235.33 Cr | ₹13.99 Cr | ₹66.18 Cr |
| 30 September 2025 | ₹112.78 Cr | ₹122.95 Cr | –₹7.49 Cr | ₹113.51 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 15.72% |
| ROCE | 15.69% |
| Debt/Equity | 0.57 |
| RoNW | 12.39% |
| PAT Margin | 5.73% |
| EBITDA Margin | 10.59% |
| Price to Book Value | 1.86 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 11.27 | – |
| P/E (x) | 15.44 | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| To meet working capital requirements. | ₹70.00 |
| General corporate purposes. | – |
✅Strengths
- End-to-end railway system integrator across S&T, OHE, track projects, and private sidings.
- Strong order book of ~₹40,110 crore providing revenue visibility.
- Diverse project execution across metros, Indian Railways, PSUs, ports & power plants.
- Established relationships with government, PSU, and large private clients.
- Experienced management & technical team with JV/subsidiary support.
⚠️Risks
- High dependence on government & PSU projects, especially Indian Railways.
- Complex execution risk due to signaling-software-hardware integration.
- Working capital intensive business with risk of delayed receivables.
- Geographic concentration in select states.
- Regulatory, approval & arbitration risks may impact timelines and margins.
E to E Transportation Infrastructure IPO Promoter Holding
| Pre-Issue Share Holding | 45.19% |
| Post Issue Share Holding | 32.51% |
E to E Transportation Infrastructure IPO Prospectus
Company Contact Information
| E to E Transportation Infrastructure Ltd. 10th Floor, Sattva Galleria Survey, Nos. 19/2 and 20/1, Bellary Road, Byatarayanapura, Bangalore North Bangalore Urban, Karnataka, 560092 Email: srilakshmi.surendran@etoerail.com Website: https://etoerail.com/ |
E to E Transportation Infrastructure IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: etoetransportation.smeipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
E to E Transportation Infrastructure IPO Lead Manager(s)
| 1. Hem Securities Limited |
E to E Transportation Infrastructure IPO FAQ
| What is the E to E Transportation Infrastructure IPO? E to E Transportation Infrastructure IPO is an SME IPO. The issue is priced at ₹164 – ₹174 per equity share. The IPO is to be listed on NSE SME. |
| When will E to E Transportation Infrastructure IPO open? The IPO is to open on 26 December 2025 for QIB, NII, and Retail Investors. |
| What is E to E Transportation Infrastructure IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the E to E Transportation Infrastructure IPO Size? E to E Transportation Infrastructure IPO size is ₹84.00 Crore. |
| What are the E to E Transportation Infrastructure IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 1600 Shares for ₹2,78,400, while the maximum bid is 1600 Shares for ₹2,78,400. |
| What is the E to E Transportation Infrastructure IPO Allotment Date? E to E Transportation Infrastructure IPO allotment date is 31 December 2025. |
| What is the E to E Transportation Infrastructure IPO Listing Date? E to E Transportation Infrastructure IPO listing date is 02 January 2026. The IPO is to be listed on the NSE SME. |
