E To E Transportation Infrastructure Limited is an end-to-end railway infrastructure solutions provider, engaged in design, engineering, procurement, installation, testing, commissioning, and maintenance of railway signalling, telecommunication, electrification, and composite railway projects. The company earns revenue through EPC contracts and system integration projects awarded by Indian Railways, metros, PSUs, and private industrial clients across India.

Key Clients and Manufacturing / Execution Facilities

The company primarily serves Indian Railways, Metro Rail Corporations, PSUs, ports, power plants, and private industrial clients with rail sidings. Major clients include Hyderabad Metro, Nagpur Metro, South Western Railway, Vizag Steel Plant, Gujarat Pipavav Port, and multiple zonal railways. Execution is supported through its Engineering Design and Research Centre (EDRC) in Bengaluru and project sites across multiple Indian states.

Product Portfolio, Order Book and Execution

The product portfolio includes railway signalling systems, telecommunication systems, overhead electrification (OHE), composite EPC projects, private sidings, and advanced safety technologies. As of September 30, 2025, the total order book stood at ₹92,536.31 lakh, with ₹40,110.37 lakh pending execution. The company follows a structured execution model with in-house engineering and controlled outsourcing to ensure timely delivery.

Mergers, Capex and Expansion Plans

The company has strengthened its future growth through subsidiaries and joint ventures. It incorporated Nova Control Tecnologix Private Limited to manufacture signalling and safety products under the Make-in-India initiative. Capex plans focus on expanding design capabilities, R&D, advanced signalling technologies like Kavach, and scaling execution capacity to capture rising railway modernization opportunities.

Employees and Banker to the Company

As of November 30, 2025, we had 353 permanent employees. The Banker to the Company is ICICI Bank Limited, HDFC Bank Limited, State Bank of India, Indusind Bank Limited, RBL Bank Limited, The Federal Bank Limited.

MANAGEMENT AND GROWTH VISION

The management team aims to position the company as a leading integrated railway infrastructure solutions provider in India. Their vision focuses on expanding participation in large EPC contracts, advanced signalling technologies, and private rail sidings. Near-term growth is driven by order book execution, while long-term targets include product manufacturing, technology-driven solutions, and global opportunities. Capex and expansion will be funded through IPO proceeds, internal accruals, and strategic partnerships.

INDUSTRY OVERVIEW

The company operates in the Indian railway infrastructure and signalling industry. Indian Railways is undergoing rapid modernization, with significant investments in signalling, electrification, and safety systems. Government spending on Kavach alone exceeded ₹1,547 crore till November 2024. Globally, railway signalling and infrastructure is a multi-billion-dollar market growing at 6–8% CAGR. India’s railway infrastructure sector is expected to grow at 8–10% annually, driven by electrification, metro expansion, and dedicated freight corridors.

KEY RISK FACTORS

1. Dependence on Government Projects
   A significant portion of revenue comes from government and PSU contracts, making the business sensitive to policy changes, budget allocations, and delays in tender awards or project approvals.
2. Project Execution and Integration Risk
   Railway projects involve complex integration of signalling hardware, software, and communication systems across legacy infrastructure, which may lead to execution delays, cost overruns, or technical challenges.
3. Skilled Manpower Availability
   The company relies heavily on skilled engineers and technicians. Shortages or high attrition in specialized signalling talent may impact project execution timelines and growth plans.
4. Supplier and OEM Dependence
   Critical components are sourced from limited approved vendors. Any disruption in supply, pricing, or quality may adversely affect project schedules and profitability.
5. Working Capital Intensity
   Railway EPC projects require high working capital due to long execution cycles and delayed receivables, which may impact cash flows and increase borrowing requirements.
6. Geographical Concentration
   A large portion of revenue is derived from select Indian states, exposing the company to regional economic, political, or operational risks.

KEY STRENGTHS AND OPPORTUNITIES

1. Strong Order Book Visibility
   With a pending execution order book of ₹40,110.37 lakh across 50 ongoing contracts, the company enjoys clear revenue visibility over the medium term.
2. End-to-End Execution Capability
   The company offers complete lifecycle services from design to commissioning, creating a strong competitive moat and reducing dependence on third-party integrators.
3. Technology-Focused Expansion
   Investments in EDRC and Nova Control Tecnologix strengthen in-house design, R&D, and manufacturing capabilities for advanced signalling and safety systems.
4. Government Push on Railway Modernization
   Massive investments in electrification, signalling upgrades, Kavach, metros, and freight corridors create sustained demand opportunities for the company.
5. Diversified Service Portfolio
   Presence across signalling, electrification, composite EPC, private sidings, and system integration reduces business cyclicality and enhances revenue stability.
6. Proven Execution Track Record
   Successful execution of metro, mainline railway, and private siding projects across multiple states enhances credibility and supports future tender wins.