E to E Transportation Infrastructure IPO
E to E Transportation Infrastructure Ltd. is launching a Book-Built SME IPO of Rs. 84.22 crore, entirely a fresh issue of 48,40,000 equity shares.
The IPO opens on December 26, 2025 and closes on December 30, 2025.
The allotment is expected on December 31, 2025, and the tentative listing on January 2, 2026, on NSE SME.
The price band is Rs. 164 to Rs. 174 per share.
The lot size is 800 shares.
As the minimum retail application requires 2 lots (1,600 shares), minimum retail investment is Rs. 2,78,400 at the upper price.
Registrar: MUFG Intime India Pvt. Ltd.
Market Maker: Hem Finlease Pvt. Ltd.
🕗 Last Update: 19 December 2025, 6.00 AM
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IPO Details
| Particulars | Details |
|---|---|
| IPO Dates | Dec 26, 2025 – Dec 30, 2025 |
| Listing | NSE SME |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 164 to Rs. 174 |
| Lot Size | 800 shares |
| Issue Size | 48,40,000 shares (Rs. 84.22 Cr) |
| Fresh Issue | Entirely Fresh |
| Market Maker Portion | 2,44,000 shares (Rs. 4.25 Cr) |
| Net Offer to Public | 45,96,000 shares (Rs. 79.97 Cr) |
| Pre-Issue Shares | 1,24,17,570 |
| Post-Issue Shares | 1,72,57,570 |
| Market Cap (Pre-IPO) | Rs. 300.28 Cr |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open | Fri, Dec 26, 2025 |
| IPO Close | Tue, Dec 30, 2025 |
| Allotment | Wed, Dec 31, 2025 |
| Refunds | Thu, Jan 1, 2026 |
| Shares in Demat | Thu, Jan 1, 2026 |
| Listing Date | Fri, Jan 2, 2026 |
| UPI Cut-off | 5 PM, Dec 30, 2025 |
Reservation Structure
| Investor Category | Shares |
|---|---|
| Market Maker | 2,44,000 (5.04%) |
| QIB | Not more than 50% of Net Issue |
| NII (HNI) | Not less than 15% of Net Issue |
| Retail | Not less than 35% of Net Issue |
IPO Lot Size
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min–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 |
Company Financials (Rs. in Crore)
| Period | 30-Sep-25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 310.84 | 295.44 | 200.89 | 145.16 |
| Total Income | 112.78 | 253.82 | 172.50 | 135.70 |
| PAT | -7.49 | 13.99 | 10.26 | 8.15 |
| EBITDA | -3.88 | 26.57 | 18.34 | 13.28 |
| Net Worth | 108.70 | 116.05 | 66.86 | 57.15 |
| Reserves & Surplus | 96.28 | 115.68 | 66.67 | 56.95 |
| Borrowings | 113.51 | 66.18 | 61.18 | 43.11 |
Growth Snapshot
Based on available financials, the company reported 47% growth in revenue and 36% growth in PAT in FY25 over FY24. However, the latest interim period shows negative PAT and EBITDA, which remains an important monitorable for investors.
Key Performance Indicators (As of FY25)
| KPI | Value |
|---|---|
| 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 |
| EPS (Pre / Post) | Rs. 11.27 / Rs. -8.68 |
| P/E (Pre / Post) | 15.44x / -20.05x |
About the Company
Incorporated in 2010, E To E Transportation Infrastructure Limited is an ISO 9001:2015 certified company engaged in providing system integration and engineering solutions for the railway sector.
Its service offerings include Signaling and Telecommunications (S&T), Overhead Electrification (OHE), Track Projects and System Integration, Private Sidings and Engineering Design and Research Centre (EDRC). The company operates across mainline railways, urban transit and private siding segments, providing end-to-end solutions including design, procurement, installation and testing.
The company has executed projects for zonal railways, PSUs under Indian Railways, corporate entities with private sidings, and infrastructure development companies, including select international markets. Key projects include CBTC signaling for Hyderabad and Nagpur Metro, modernization projects for Vizag Steel Plant and NUPPL Power Plant, electronic interlocking upgrades for Hosur–Salem, siding expansion for Gujarat Pipavav Port with DFCC connectivity, and platform screen door installations for Mumbai Metro Line 3 and Chennai Metro Phase 1.
As of Sep 30, 2025, the company’s order book comprised 50 ongoing contracts valued at Rs. 401.10 crore. As of Nov 30, 2025, the company had 353 full-time employees.
Competitive Strengths
Capability across different stages of project execution
Strong and diversified order book
Experienced board and key managerial personnel with trained workforce
Asset-light model with diversified project categories
Established financial track record
Promoters
The promoters of the company are Zephyr Mantra LLC, Ventureast ETOE LLP, Mr. Sourajit Mukherjee and Mr. Vinay Kunjuri Panduranga Rao.
Company Contact
E To E Transportation Infrastructure Ltd.
Lead Manager:
Hem Securities Ltd.
Registrar
MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉️ etoetransportation.smeipo@in.mpms.mufg.com
🌐 https://in.mpms.mufg.com
Chanakya IPO Review (Short)
E To E Transportation Infrastructure operates in the niche railway system integration and engineering segment with an established project execution track record and a strong diversified order book. While FY25 financial performance indicates healthy growth, the interim negative profitability is a key monitorable, along with working capital intensity and execution timelines.
Chanakya View: Suitable for medium-to-high risk investors. Listing performance will depend on subscription response, broader SME sentiment, and comfort on recent profitability trends.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
