E to E Transportation Infrastructure
- E to E Transportation Infrastructure is coming out with an initial public offering (IPO) of 48,40,000 shares in a price band of Rs 164-174 per equity share.
- The issue will open on December 26, 2025 and will close on December 30, 2025.
- The shares will be listed on SME Platform of NSE.
- The face value of the share is Rs 10 and is priced 16.40 of its face value on the lower side and 17.40 times on the higher side.
- Book running lead manager to the issue is HEM Securities.
- Compliance Officer for the issue is Srilakshmi Surendran.
Profile of the company
E to E Transportation Infrastructure is an ISO 9001:2015 certified company, operating as a system integrator for rail engineering solutions across mainline, urban transit, and private siding segments. With over 15 years of experience, it offers comprehensive rail engineering services for railway infrastructure projects, providing customized solutions for designing, procurement, installation and testing of rail signaling & tele-communication systems, track electrification and turnkey projects involving civil and track components, both in India and in select international markets. Its client base includes Zonal Railways, public sector undertakings (PSUs) under Indian Railways, large-scale manufacturers, corporate entities with their privately owned rail sidings and infrastructure development companies. Its integrated offerings include design, consultancy, procurement, supply chain solutions, system integration, installation and operations & maintenance services across a wide spectrum of railway infrastructure projects focusing on railway signal modernization and automation initiative.
It follows a structured approach to project execution, balancing in-house capabilities with selective outsourcing to ensure timely delivery and adherence to quality standards. While its core activities such as design, engineering, and system integration are managed internally, it outsources certain execution components such as civil works, fabrication, and installation to qualified subcontractors and vendors. All outsourced activities are monitored through quality control processes, supervisory oversight, and compliance with project specifications and safety protocols. This enables it to optimize resource allocation, scale operations across multiple sites, and maintain consistency in delivery while ensuring that each project meets the technical and regulatory requirements of its clients.
It caters to a broad client base in India, including Zonal railways, public sector undertakings (PSUs) under Indian Railways and its affiliates, large-scale manufacturers and infrastructure development companies under its private sector clients. The company’s projects span key segments such as railway mainline, urban transit (including metro systems), and private sidings for industrial customers.
Proceed is being used for:
- Meeting working capital requirements of the company
- General corporate purpose
Industry Overview
The Indian railway system is regarded as the foundation and lifeblood of the economy. Indian railways span thousands of kilometres practically covering the entire nation, making it the fourth largest in the world after the US, China, and Russia. The Railways Board, which has a monopoly over the provision of rail services in India, oversees overseeing the whole infrastructure. Due to its low cost and effective operations, railways continue to be the most popular means of transportation for most Indians when travelling long distances. India's railway network is recognised as one of the largest railway systems in the world under single management. The railway network is also ideal for long-distance travel and movement of bulk commodities, apart from being an energy-efficient and economic mode of conveyance and transport. Indian Railways is the preferred carrier of automobiles in the country.
The government has prioritized transforming Indian Railways into a world-class entity. In the Union Budget 2024-25, presented by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on July 23, 2024, a record capital expenditure (Capex) of Rs 2,62,200 crore has been allocated to the Railways. The Gross Budgetary Support for the same period is set at Rs 2,52,200 crore, a significant increase from the Rs 2,40,200 crore in 2023-24, and a substantial rise from Rs 28,174 crore in 2013-14. Indian Railways has achieved significant milestones, including commissioning 31,180 track kilometers in the past decade. The pace of track laying has increased from 4 kilometers per day in 2014-15 to 14.54 kilometers per day in 2023-24. Furthermore, 41,655 Route Kilometers (RKMs) have been electrified from 2014-2024, compared to only 21,413 RKMs before 2014.
Modernization efforts include the use of weldable track crossings to reduce the number of fishplated joints. Flash butt welding is maximized in place of thermit welds by providing long rail panels and testing Flash Butt welds with advanced phased array technology to enhance weld reliability. Indian Railways is also providing higher-strength R260 & R350 HT rails with upgraded modern fastening systems. Rail grinding is conducted across the network using state-of the-art modern machines manufactured in India to improve asset reliability. Further, Indian Railways is modernizing its signalling and safety systems to enhance operational efficiency and safety across its vast network. Indian Railways is replacing mechanical signalling with Electrical/Electronic Interlocking systems. In FY25, 25 out of 62 pending stations have been upgraded to electrical/electronic interlocking systems, with 9 zonal railways now free from mechanical signalling.
Pros and strengths
Capability across different stages of project execution: The company operates as a system integrator between different subsystems of the railway infrastructure projects with increased focus towards signalling and telecommunication. It generally works on a turnkey basis and undertake different activities of the projects starting from designing, BOQ, procurement, project and contract management etc. It has over a span of last five financial years (FY 2021 to FY 2025), it has completed around 17 contracts including signalling & telecommunication, overhead electrification, private siding etc. It has experience in undertaking different nature of railway infrastructure projects. Its experience extends across the different spectrum of railway signalling and automation, including the integration and implementation of advanced technologies as a system integrator with reliable supply chain and operational maintenance capabilities. Its capabilities also cover the design, installation, and maintenance of Platform Screen Doors (PSDs), which are critical for enhancing passenger safety and enabling high-speed, automated train operations. This has also helped build its expertise in executing projects across a wide range of activities, become eligible for larger/complex projects and win new tenders.
Undertaken diverse categories of projects with an asset light model: Over the last 15 years, the company has developed experience in various segments of railway infrastructure, including railway signalling and telecommunication, overhead electrification (OHE), turnkey projects including complete railway engineering value chain from design to product procurement, technology driven procurement to stringent Quality Assurance procedure and complete capability of installation, testing and commissioning cycles along with additional expertise of maintenance of all the technical assets. Each of these areas involves specific processes, technical standards, and operational requirements. To meet these, the company has built internal capabilities focused on engineering, project management, and execution planning. Its execution is structured around an asset-light approach. Its contracts cover steps such as detailed design, procurement, installation, testing, commissioning, and post commissioning support.
Established financial track record: The company has established a consistent track record of financial performance and growth. Its revenue from operations on consolidated basis for the Financial Year 2023, Financial Year 2024 and Financial Year 2025 aggregated to Rs 13458.16 lakh, Rs 17018.01 lakh and Rs 25080.90 lakh, respectively and for the six months period ended September 30, 2025 was Rs 11099.72 lakh. The company’s net profit was Rs 777.06 lakh, Rs 971.41 lakh and Rs 1437.37 lakh, respectively, for the same periods and for the six months period ended September 30, 2025 was loss of Rs 730.57 lakh. Its revenue from operations has increased at a CAGR of 36.51% from Rs 13458.16 lakh in the Financial Year 2023 to Rs 25080.90 lakh in the Financial Year 2025, and its net profit has increased at a CAGR of 36.01% from Rs 777.06 lakhs in the Financial Year 2023 to Rs 1437.37 lakhs in the Financial Year 2025.
Risks and concerns
Customer concentration and tender-based revenue exposure: A significant portion of the company’s revenue is derived from a limited number of customers, primarily through project obtained via a competitive tendering process. For the period ended September 30, 2025, Fiscal Years 2025, 2024, and 2023, its top 10 customers contributed approximately 96.92%, 96.63%, 97.70%, and 95.64% of its revenue from operations, respectively. Further, for the period ended September 30, 2025, Fiscal Years 2025, 2024, and 2023, over 47.88%, 64.86%, 73.70%, and 69.57% of its revenue from operations was generated from projects awarded by government customers, Indian Railways including its associate entities and public sector undertakings (PSUs). Accordingly, its business and results of operations are substantially dependent on the continued association with these key customers. Any loss of business from such customers, or a significant reduction in the volume of awarded projects, whether due to changes in tendering policies, increased competition, pricing pressures, and delays in project execution, disputes, or changes in budgetary allocations could materially and adversely affect its revenue, profitability, and cash flows
Supplier concentration risk for critical components and software: The company is heavily reliant on certain key suppliers for the procurement of critical components and software used in its railway signalling and system integration projects. These components and systems are often highly specialized, sourced from a limited number of domestic and international vendors which are approved for railway projects. The company has procured 64.28%, 81.47% and 86.34% of critical components and systems in FY25, FY24 and FY23 respectively. This high level of concentration exposes the company to risks related to pricing, supply continuity, vendor capacity, and technological alignment. In the event of disruptions such as supply chain delays, changes in vendor strategy, regulatory restrictions, or geopolitical developments, its ability to procure essential components and software may be compromised. Any significant or prolonged disruption in supply, deterioration in quality, or change in pricing or commercial terms could adversely impact its project execution, delay deliveries, and result in penalties or loss of future business opportunities.
Geographical concentration of project execution: While the company has a diversified geographical presence, it has been awarded major projects in the state of Andhra Pradesh, Assam, Chhattisgarh, Delhi, Karnataka, Kerala, Tamil Nadu, Telangana, Uttar Pradesh. Due to the geographic concentration of its operations in certain states in India, its operations are susceptible to local and regional factors, such as economic and weather conditions, natural disasters, demographic changes, and other unforeseen events and circumstances. Consequently, any significant social, political or economic disruption, or natural calamities or civil disruptions in this region, or changes in policies of the state or local governments or the government of India or adverse developments related to competition in this region, may adversely affect its business, results of operations, financial condition and cash flows.
Outlook
E to E Transportation Infrastructure is an ISO 9001:2015 certified company engaged in providing system integration and engineering solutions for the railway sector. The company has strong and diversified order book with diverse categories of projects with an asset light model. On the concern side, the company has derived a substantial portion of its revenues from a limited number of customers, particularly government clients including Indian Railways and its associated entities. Moreover, the company is dependent on technology and OEM suppliers for critical components and systems, and any disruption in these arrangements may impact project timelines and costs.
The company is coming out with a maiden IPO of 48,40,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 164-174 per equity share. The aggregate size of the offer is around Rs 79.38 crore to Rs 84.22 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased from Rs 17,018.01 lakh in FY 2024 to Rs 25,080.90 lakh in FY 2025, reflecting a growth of around 47.38%. Moreover, the restated profit after tax of the company increased from Rs 971.41 lakh in the Fiscal 2024 to Rs 1437.37 lakh in the Fiscal 2025 representing an increase of 47.97%.
Since the company’s incorporation, it has successfully diversified its offerings for projects including railway signaling and telecommunication, railway electrification, designing, construction for railway tracks, installation, operation and maintenance of the railway projects. Over the years, the company has expanded its operations into different states of India and it is currently undertaking projects in different states, which includes Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, West Bengal. It further intends to expand its operation both domestically across India and beyond India as part of its growth strategy. By further expanding its geographical coverage and expanding into new areas, it will be able to take on more projects proposed by the Government of India and consolidate its position in the sector. Also, it plans to continue to diversify across industry segment and expand its footprints to foreign countries to capture better profit margins.
