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E and E Transportation Infrastructure IPO
E to E Transportation Infrastructure Ltd
₹2,62,400 /800 sharesMinimum Investment
E and E Transportation Infrastructure IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 26 Dec ‘25 - 30 Dec ‘25 | ₹2,62,400 | 800 | ₹164 - ₹174 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 84.22 Cr | RHP PDF | 31 Dec ‘25 | 02 Jan ‘26 |
| Face value |
|---|
| 10 |
About E and E Transportation Infrastructure
Founded in
2010
MD/CEO
Mr Vinay Kunjuri Panduranga Rao
Parent organisation
E to E Transportation Infrastructure Ltd
Strengths & Risks of E and E Transportation Infrastructure
Strengths
Risks
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.
The company claims to follow an asset-light execution model for railway infrastructure projects. It states that internal teams focus on engineering, project management and execution planning, while construction equipment, plants and material stores are generally provided by subcontractors or third-party vendors, often selected from RDSO-approved vendors, allowing it to maintain a lower asset base and flexible resource allocation.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 134.58 crore in FY23 to Rs 170.18 crore in FY24 and Rs 250.81 crore in FY25. PAT increased from Rs 7.77 crore in FY23 to Rs 9.71 crore in FY24 and Rs 14.37 crore in FY25.
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.
As of September 30, 2025, the company had contingent liabilities of Rs 47.61 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
A significant portion of E to E Transportation’s revenue comprises unbilled revenue, which may not be realised on time or at all. As of September 30, 2025, unbilled revenue stood at Rs 106.77 crore, against total revenue of Rs 111 crore. Any delay, dispute, or failure in converting this unbilled revenue into billed and collected amounts can adversely affect the company’s cash flows, working capital position, and overall financial condition.
The top three suppliers accounted for 36.93 percent of procurement for the period ended September 30, 2025; 32.35 percent in FY25; 53.68 percent in FY24 and 79.68 percent in FY23. Any disruption, pricing change, quality issue, or prioritisation of other customers by these key suppliers, especially in the absence of long-term procurement contracts, can delay project execution, adversely affecting the company’s revenue and reputation.
Telangana accounted for Rs 28.41 crore (25.60 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 41.98 crore (16.74 percent) in FY25; Rs 14.73 crore (8.66 percent) in FY24 and Rs 0.26 crore (0.20 percent) in FY23. Any adverse political, social, economic, or regulatory developments in this region could negatively impact the company’s business, results of operations, and financial condition.
E to E Transportation’s business is exposed to seasonal and cyclical patterns linked to government tendering and project execution in the railway sector. Tenders and project awards from entities such as Indian Railways are often concentrated in specific periods, particularly in the second half of the financial year, and execution can be affected by factors like monsoons, logistical delays, and policy changes. For the period ended September 30, 2025, the company recorded a loss of Rs 7.44 crore (standalone). This was mainly due to the seasonality factor. Such seasonal fluctuations could adversely affect the company’s profitability, cash flows, and overall finances.
E to E Transportation Infrastructure’s contracts with government agencies, such as Indian Railways are largely based on standard terms that favour the government client, with limited scope for negotiation. These contracts often allow the client wide discretion on time extensions, impose strict obligations on delivery, performance and guarantees, and permit termination without corresponding protections for unforeseen delays, cost escalations, or site-related issues. Any invocation of such restrictive terms, including termination, non-compensation for additional costs, or penalties, can adversely affect the company’s profitability, cash flows, and reputation.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 185.22 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
E and E Transportation Infrastructure Financials
*All values are in Rs. Cr
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Application Details of E and E Transportation Infrastructure IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹164 - 174 | ₹2 - 5 Lakh | 800 |
For E and E Transportation Infrastructure IPO, eligible investors can apply as Individual investor.