E to E Transportation Infrastructure Ltd IPO
Capital Goods-Non Electrical Equipment
Price Band
₹164 – ₹174
Lot Size
800
Minimum Bid Quantity
1600
Minimum Investment
₹278400
Issue Size
₹84.22Cr
Opens
2025-12-26
Closes
2025-12-30
Listing
02-01-2026
Subscription Status
Qualified Institutional Buyers
236.3 x
Non-Institutional Investor
643.56 x
Retail Individual Investor
537.65 x
Total
486.2 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1CEJ01017
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
E to E Transportation Infrastructure operates as a system integrator focused on rail engineering across mainline networks, urban transit systems, and private siding projects. The company provides services covering design, procurement, installation, testing, operations and maintenance for rail signalling and telecommunication systems, track electrification, and turnkey works involving civil and track components. Its project portfolio includes signalling modernisation, electronic interlocking, communication-based train control systems, electrification works, platform screen door installation, and railway track construction. The company carries out engineering design and research activities through its Engineering Design and Research Centre, which handles signalling, telecommunication, electrification, and interlocking design. It also operates through its wholly owned subsidiary, Nova Control Tecnologix Private Limited, which focuses on developing and manufacturing products for railway signalling and telecommunication. E to E Transportation Infrastructure executes projects across multiple Indian states through project implementation units and maintains operations with a workforce of 353 employees.
Pros
- • E to E Transportation Infrastructure operates as a system integrator across different subsystems of railway projects, generally on a turnkey basis, covering design, BOQ preparation, procurement, and project and contract management. It states that between FY21 and FY25, it completed around 17 contracts in signalling and telecommunication, overhead electrification, private sidings and related areas, including work on platform screen door design, installation and maintenance.
- • The company is ISO 9001:2015 certified for its quality management systems.
- • The company reports a strong and diversified order book, with an original order value of Rs 925.36 crore and a pending execution value of Rs 401.10 crore as of September 30, 2025.
Cons
- • E to E Transportation Infrastructure derives a substantial portion of its revenue from a limited number of customers, especially government clients such as Indian Railways, its associated entities, and PSUs. The top 10 customers accounted for 96.92 percent, 96.63 percent, 97.70 percent, and 95.64 percent of the company’s revenue for the period ended September 30, 2025; FY25; FY24 and FY23, respectively. Projects from government and Indian railways–linked entities accounted for 47.88 percent, 64.86 percent, 73.70 percent, and 69.57 percent of revenue in the same periods. Loss of business from any of these key customers, reduction in project volumes, or adverse changes in tendering policies and budgetary allocations can hurt the company’s business, financial condition, and cash flows.
- • E to E Transportation’s business is exposed to risks related to delayed collections and non-recovery of receivables from customers, including key government clients such as Indian Railways. As of September 30, 2025, the company had trade receivables of Rs 74.31 crore, representing 66.95 percent of its revenue. Any delay, default, project cancellation, or termination affecting these receivables can strain the company’s working capital cycle, increase financing costs, and adversely impact its liquidity and ability to bid for future projects.
- • The company and its subsidiaries are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
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