E to E Transportation Infrastructure IPO is a book-built issue with a total size of ₹84.22 crore. The entire issue consists of entirely a fresh issue of 0.48 crore shares, aiming to raise funds for the company’s business needs. The IPO opens for subscription on December 26, 2025, and will close on December 31, 2025.
The basis of allotment is expected to be finalised on December 31, 2025, and the shares are likely to be listed on NSE SME on January 2, 2026. The price band for the issue is set between ₹164 and ₹174 per share, offering investors an entry at different levels.
The minimum application size is 1,600 shares, making the minimum investment for retail investors ₹2,78,400 at the upper band. For HNI investors, the minimum lot size is 3 lots, equivalent to 2,400 shares, amounting to ₹4,17,600.
Hem Securities Limited is acting as the book running lead manager, while MUFG Intime India Private Limited has been appointed as the registrar to the issue. Hem Finlease Private Limited is serving as the market maker for this IPO.
E to E Transportation Infrastructure IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Part of the proceeds will meet working capital needs.
- Remaining funds will be used for general corporate purposes.
About E to E Transportation Infrastructure Limited
E to E Transportation Infrastructure Limited is an ISO 9001:2015 certified company operating as a system integrator for rail engineering solutions across mainline railways, urban transit systems, and private siding segments.
With over 15 years of operational experience, the company provides rail engineering services for railway infrastructure projects, delivering customized solutions encompassing design, procurement, installation, and testing of rail signaling and telecommunication systems, track electrification works, and turnkey projects involving civil and track components. Its operations extend across India and selected international markets.
The company’s clientele includes Zonal Railways, public sector undertakings under Indian Railways, large-scale manufacturers, corporate entities owning private rail sidings, and infrastructure development companies.
Its integrated service portfolio covers design and consultancy, procurement and supply chain solutions, system integration, installation, and operations and maintenance services across a broad range of railway infrastructure projects, with a focus on railway signal modernization and automation initiatives.
Since its incorporation in Financial Year 2010, E to E Transportation Infrastructure Limited has executed projects in railway signaling and telecommunication, railway electrification, track design and construction, and operations and maintenance for railway and urban transit systems.
Key assignments include CBTC signaling systems for Hyderabad Metro and Nagpur Metro; signaling and telecommunication modernization for siding works at Vizag Steel Plant, NUPPL Power Plant, and UPVRNL Harduaganj; electronic interlocking system modernization for Hosur–Salem; and platform screen door installations for Mumbai Metro Line 3 and Chennai Metro Phase 1.
Over the last five financial years (FY 2021 to FY 2025), the company has completed approximately 17 contracts related to the design, procurement, installation, and testing of rail signaling and telecommunication systems, private sidings, and track electrification works.
As of September 30, 2025, the order book (unfulfilled portion of original orders) comprises 50 ongoing contracts, including projects undertaken through subsidiaries, with a total pending order value of ₹40,110.37 lakhs.
These contracts span signaling and telecommunication, electrification, civil infrastructure, and system integration segments and are at various stages of execution. A segment-wise summary of the order book as of September 30, 2025, is provided below.
Industry Outlook
- The global economic environment is expected to remain challenging due to heightened trade tensions, policy uncertainty, and geopolitical risks, which are likely to moderate investment flows, trade volumes, and overall business confidence, particularly impacting emerging market and developing economies (EMDEs).
- Growth in EMDEs is projected to slow in the near term, reflecting weakening investment activity, decelerating growth in China, and limited offset from trade diversion, thereby constraining progress in income convergence, job creation, and poverty reduction.
- Elevated trade restrictions and persistent policy uncertainty may sustain volatility in financial markets, exert upward pressure on inflation in key economies, and limit the ability of central banks to provide growth support, while commodity price softness signals subdued global industrial activity.
- While downside risks dominate, selective upside potential exists from easing trade tensions, coordinated fiscal support in major economies, and gradual productivity gains from technology adoption, including artificial intelligence, which could support medium-term investment and growth momentum.
How To Apply for the E to E Transportation Infrastructure IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the E to E Transportation Infrastructure IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of E to E Transportation Infrastructure IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of E to E Transportation Infrastructure Limited
Registered office: 10th Floor, Sattva Galleria, Survey, Nos. 19/2 and 20/1, Bellary Road, Byatarayanapura, Bangalore North, Bangalore-560092, Karnataka.
E-mail: srilakshmi.surendran@etoerail.com
Website: https://etoerail.com/
E to E Transportation Infrastructure IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,44,000 (5.04%) |
| QIB Shares Offered | 22,96,800 (47.45%) |
| − Anchor Investor Shares Offered | 13,77,600 (28.46%) |
| − QIB (Ex. Anchor) Shares Offered | 9,19,200 (18.99%) |
| NII (HNI) Shares Offered | 6,89,600 (14.25%) |
| − bNII > ₹10L | 4,59,200 (9.49%) |
| − sNII < ₹10L | 2,30,400 (4.76%) |
| Retail Shares Offered | 16,09,600 (33.26%) |
| Total Shares Offered | 48,40,000 (100.00%) |
E to E Transportation Infrastructure IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 1,600 | ₹2,78,400 |
| Individual investors (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 |
E to E Transportation Infrastructure IPO Promoter Holding
The promoters of the company include Mr. Ashish Kumar and Ms. Ragini Jha.
| Share Holding Pre-Issue | 45.19% |
| Share Holding Post Issue | 32.51% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for E to E Transportation Infrastructure IPO
| 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 |
E to E Transportation Infrastructure IPO Registrar and Lead Managers
E to E Transportation Infrastructure IPO Lead Managers
- Hem Securities Limited
Registrar for E to E Transportation Infrastructure IPO
MUFG Intime India Private Limited
- Contact Number: +91-22-4918 6270
- Email Address: etoetransportation.smeipo@in.mpms.mufg.com
Financial Performance of E to E Transportation Infrastructure Limited
| Particulars | Year ended 31 Mar 2025 | Year ended 31 Mar 2024 | Year ended 31 Mar 2023 |
| Total Assets (₹ Crore) | 295.44 | 200.89 | 145.16 |
| Total Income (₹ Crore) | 253.82 | 172.50 | 135.70 |
| Profit / (Loss) After Tax (₹ Crore) | 13.99 | 10.26 | 8.15 |
| EBITDA | 26.57 | 18.34 | 13.28 |
| Net Worth (₹ Crore) | 116.05 | 66.86 | 57.15 |
| Reserves and Surplus (₹ Crore) | 115.68 | 66.67 | 56.95 |
| Total Borrowings | 66.18 | 61.18 | 43.11 |
E to E Transportation Infrastructure Limited Peer Comparison
| Company Name | EPS (₹) | RoNW (%) | Book Value (₹) | Revenue from Operations (₹ lakh) |
| E to E Transportation Infrastructure Limited | 11.58 | 12.39 | 93.47 | 25,080.90 |
| Texmaco Rail & Engineering Ltd. | 6.24 | 8.9 | 70.02 | 5,10,657 |
| KEC International Ltd. | 21.8 | 10.67 | 200.88 | 21,84,670 |
| Ircon International Limited | 7.73 | 11.5 | 67.26 | 10,75,958 |
Strengths and Opportunities of E to E Transportation Infrastructure Limited
- Capability across multiple stages of project execution, with operations as a system integrator covering design, procurement, project management, installation, testing, and commissioning, particularly in signaling and telecommunication systems.
- Experience in executing diverse categories of railway infrastructure projects, including signaling and telecommunication, electrification, private sidings, track works, and platform screen doors, primarily on a turnkey basis.
- Strong and diversified order book (unfulfilled portion of the original order value) across signaling, electrification, civil infrastructure, and system integration segments, providing revenue visibility across multiple project types.
- Established expertise in railway signaling modernization and automation, including integration of advanced technologies supported by dependable supply chain and operations and maintenance capabilities.
- Ability to execute complex and multi-disciplinary projects, enabling participation in larger tenders and projects with higher technical requirements.
- Experienced Board and key managerial personnel with domain expertise in railway infrastructure, supported by a technically trained and skilled workforce.
- Asset-light operating model that supports scalability, efficient capital utilization, and operational flexibility across projects and geographies.
- Established financial track record demonstrating execution capability, order inflows, and financial discipline in project delivery.
Risks and Threats of E to E Transportation Infrastructure Limited
- A substantial portion of revenue is derived from a limited number of customers, primarily government entities including Indian Railways, making the business dependent on continued relationships and tendering policies.
- Revenues are exposed to variability arising from competitive tendering, changes in budgetary allocations, pricing pressures, and heightened competition.
- Delays in project execution due to coordination challenges, subcontractor performance, material availability, or force majeure events may result in penalties, cost overruns, or contract termination.
- The order book (unfulfilled portion of original orders) is subject to cancellation, modification, or delays, which may cause deviations between projected and actual revenues.
- Delays or defaults in collection of receivables from customers may adversely affect working capital cycles, liquidity, and cash flows.
- The working capital–intensive nature of operations requires effective management of inventories and current assets, failing which liquidity constraints and higher finance costs may arise.
- Long project execution cycles expose the company to risks such as price escalation, regulatory changes, labor issues, and adverse weather conditions.
- The company and its subsidiary are parties to certain legal proceedings, and adverse outcomes could materially impact business operations and financial condition.
