E to E Transportation Infrastructure – Full-
IPO Overview
E to E Transportation Infrastructure Limited is preparing to enter the capital markets through its Initial Public Offering (IPO). The company aims to raise funds to support business expansion, working capital requirements, and general corporate purposes. The IPO is expected to be listed on the SME platform, offering investors exposure to India’s growing transportation and infrastructure development sector.
The issue is aligned with India’s long-term focus on improving logistics efficiency, transportation networks, and infrastructure connectivity.
E to E Transportation Infrastructure Limited (ETIL), a leading provider of rail engineering and system integration solutions, is set to enter the primary market with its Initial Public Offering (IPO) on December 26, 2025. The company, which specializes in signaling, telecommunication, and track electrification, aims to raise approximately ₹84.22 crore to scale its operations and meet mounting working capital needs.
IPO Details & Subscription Timeline
The ETIL IPO is a Book Built Issue and will be listed on the NSE SME (NSE Emerge) platform.
| Event | Date (Tentative) |
| IPO Open Date | December 26, 2025 |
| IPO Close Date | December 30, 2025 |
| Allotment Finalization | December 31, 2025 |
| Refunds/Credit of Shares | January 1, 2026 |
| Listing Date | January 2, 2026 |
Price Band, Lot Size & Investment
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Price Band: ₹164 to ₹174 per equity share.
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Face Value: ₹10 per share.
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Lot Size: 800 shares.
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Minimum Retail Investment: ₹2,78,400 (Minimum 2 lots required for retail).
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S-HNI Minimum Investment: ₹4,17,600 (3 lots).
Financial Performance & Objects of the Issue
ETIL has demonstrated consistent growth, reporting a 47% revenue increase in FY25. However, while the company was profitable in FY25, recent interim data (H1 FY26) shows a temporary dip into negative PAT—a key point for investors to monitor.
Financial Snapshot (FY 2024-25):
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Revenue: ₹253.82 crore.
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Profit After Tax (PAT): ₹13.99 crore.
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EBITDA Margin: 10.59%.
Utilization of IPO Proceeds:
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Working Capital Requirements: ₹70.00 crore to fuel project execution and large-scale contract management.
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General Corporate Purposes: For operational flexibility and market expansion.
Company Profile: Powering India’s Rail Modernization
E to E Transportation Infrastructure Limited operates in the transportation infrastructure and allied services segment, focusing on projects and services that support movement of goods, logistics efficiency, and infrastructure development.
Founded in 2010, Bengaluru-based E to E Transportation Infrastructure has established itself as a critical partner for India’s railway and urban transit sectors. The company provides end-to-end engineering services, ranging from design and procurement to installation and testing.
The company caters to government bodies, public sector undertakings, and private infrastructure developers, providing execution-oriented services across transportation and logistics-linked infrastructure projects.
Its operations are driven by project execution capability, compliance standards, and timely delivery, which are critical in infrastructure-related businesses.
Key Verticals and Projects:
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Mainline Railways: Modernization of signaling and telecommunication for Indian Railways.
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Urban Transit: High-profile projects including Communication-Based Train Control (CBTC) signaling for Hyderabad Metro and Nagpur Metro, and platform screen door installations for Mumbai Metro Line 3.
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Private Sidings: Turnkey solutions for corporate giants like Vizag Steel, Gujarat Pipavav Port, and various power plants (NUPPL, Harduaganj).
As of September 30, 2025, ETIL boasts a robust order book of 50 ongoing contracts valued at approximately ₹401.10 crore, providing significant revenue visibility for the next 12–18 months.
Business Model & Operations
E to E Transportation Infrastructure follows a B2B and project-based business model, where revenue is generated through:
- Execution of transportation and infrastructure projects
- Development and support services for logistics and transit infrastructure
- Contract-based works, including EPC or sub-contract execution
- Ongoing maintenance and support services, where applicable
Revenue visibility depends on order book strength, execution timelines, and infrastructure spending cycles.
Services & Project Capabilities
The company’s service offerings typically include:
- Transportation infrastructure development and support works
- Logistics and transit-related infrastructure execution
- Civil construction and allied engineering services
- Project management, site execution, and coordination
E to E Transportation Infrastructure focuses on efficient project execution, safety compliance, and quality standards, which are essential in large-scale infrastructure projects.
Operational Strengths
- Experienced project management and execution teams
- Ability to work with public and private sector clients
- Compliance with infrastructure quality and safety norms
- Scalable operations based on project pipeline
These strengths allow the company to participate in recurring infrastructure tenders and transportation projects.
Industry Overview & Market Opportunity
India’s transportation and logistics infrastructure sector is witnessing sustained growth due to:
- Increased government spending on roads, highways, logistics parks, and transport corridors
- Focus on supply chain efficiency and reduced logistics costs
- Expansion of urban transport, freight corridors, and inter-modal connectivity
- Long-term national infrastructure development plans
Companies like E to E Transportation Infrastructure stand to benefit from structural demand driven by public infrastructure investment.
Objectives of the IPO
The company proposes to utilise the IPO proceeds for:
- Working capital requirements
- Funding ongoing and future transportation infrastructure projects
- General corporate purposes, including strengthening operational capabilities
These objectives aim to improve execution capacity and support sustainable growth.
Key Strengths
✅ Exposure to Transportation & Logistics Infrastructure Growth
✅ Project-Based Revenue Model with Scalable Operations
✅ Experience in Infrastructure Execution
✅ Alignment with Government Infrastructure Push
✅ Opportunities for Repeat Orders Through Tenders
Risks & Challenges
❌ Dependence on Infrastructure Spending & Tender Awards
❌ Project Execution and Delay Risks
❌ Working Capital Intensive Nature of Business
❌ Competition from Larger Infrastructure Players
Investors should evaluate these factors carefully, especially for SME infrastructure listings.
Investment Outlook
Short-Term Perspective
- SME IPOs may experience listing volatility
- Performance depends on subscription levels and market sentiment
Long-Term Perspective
- Long-term demand visibility due to infrastructure investments
- Growth linked to order book expansion and execution efficiency
- Suitable for investors with higher risk appetite and long-term horizon
Conclusion
The E to E Transportation Infrastructure IPO offers investors exposure to India’s transportation and logistics infrastructure growth story through an SME-listed company focused on project execution. While the sector benefits from strong policy and spending support, investors should carefully consider execution risks, capital requirements, and SME liquidity factors before investing.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a certified financial advisor before making any investment decisions.
