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E to E IPO
Price Band
₹164.0–174.0
Issue Size
₹84.22 Cr
Lot Size
800 shares
Min Investment
₹278,400
2 LOTS MIN
GMP
+₹162.0 (93.1%)
Issue Price
₹174.0
Subject to Sauda
₹98500
Paid only if allotted
E to E IPO AI Summary
- E to E IPO is listed on NSE SME in the Civil Construction sector.
- Price band: ₹164.0–₹174.0 per share, lot size 800 shares (min. investment ₹278,400, 2 lots minimum).
- Subscription window: 26 Dec–30 Dec 2025, listing on 02 Jan 2026.
- Current GMP is +₹162.0 (93.1%), an estimated listing price of ₹336 — unofficial and can change daily.
E To E Transportation Infrastructure Limited is focused on providing engineering solutions for the railway sector. With a diversified project portfolio and a significant order book, the company is positioned in a growing industry, though recent financial results indicate challenges that potential investors should consider.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
E to E IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 30 Dec 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
E to E IPO Grey Market Premium (GMP) Today
GMP
+₹162.0
GMP %
+93.1%
Est. Listing
₹336.0
Updated: 25 Jul 2026 14:15
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. Service Offerings: 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, urban transit, and private siding segments, offering end-to-end rail engineering services including design, procurement, installation, and testing. The company’s expertise spans signaling and telecommunication systems, track electrification, and turnkey railway infrastructure projects involving civil and track components. Over the years, it has executed projects for zonal railways, public sector undertakings under Indian Railways, corporate entities with private rail sidings, and infrastructure development companies in India and select international markets. Its major projects include CBTC signaling for Hyderabad and Nagpur Metro, signaling and telecommunication modernisation for Vizag Steel Plant and NUPPL Power Plant, electronic interlocking system 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 ₹40,110.37 lakhs. As of Nov 30, 2025 the company has 353 full time employees. Competitive Strengths Capability across different stages of Project Execution Strong and diversified Order Book Experienced Board and Key Managerial Personnel and skillfully trained workforce Diverse categories of projects with an asset light model Established financial track record
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 310.84 | 295.44 | 200.89 | 145.16 |
| Total Income | 112.78 | 253.82 | 172.50 | 135.70 |
| Profit After Tax | -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 and Surplus | 96.28 | 115.68 | 66.67 | 56.95 |
| Total Borrowing | 113.51 | 66.18 | 61.18 | 43.11 |
Key Ratios
EPS
₹11.27
NAV
₹93.47
ROE
15.72%
ROCE
15.69%
RoNW
12.39%
P/B Value
1.86
P/E Ratio
15.44
Market Cap
₹300.28 Cr
PAT Margin
5.73%
Debt/Equity
0.57
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Ircon international | 67.26 | 11.5% | 21.59 | 7.73 | 7.73 |
| KEC International | 200.88 | 10.67% | 39.5 | 21.8 | 21.8 |
| Texmaco Rail & Engineering | 70.02 | 8.9% | 22.21 | 6.24 | 6.21 |
| E to E Transportation Infrastructure This IPO | 93.47 | 12.39% | — | 11.58 | 11.58 |
Promoters
Zephyr Mantra LLC, Ventureast ETOE LLP, Sourajit Mukherjee and Vinay Kunjuri Panduranga Rao
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 To meet working capital requirements 70.00 2 General Corporate Purposes 4.13 3 Issue Expenses 10.08 Total 84.22
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹135.70 Cr in the period ending 31 Mar 2023, increasing to ₹172.50 Cr by 31 Mar 2024, further rising to ₹253.82 Cr in the period ending 31 Mar 2025. However, in the most recent period ending 30 Sep 2025, total income decreased to ₹112.78 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹8.15 Cr in the period ending 31 Mar 2023, rising to ₹10.26 Cr by 31 Mar 2024, and further increasing to ₹13.99 Cr in the period ending 31 Mar 2025. However, in the most recent period ending 30 Sep 2025, the company reported a loss of ₹7.49 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
At the issue price of ₹174.0, E to E's implied P/E ratio is approximately 15.44, compared to peers trading at P/E ratios ranging from 21.59 to 39.5.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading before the actual stock market debut. A high GMP suggests strong demand, while a low or negative GMP may indicate weak interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's financial health, growth prospects, and market conditions.
Who May Want to Wait
Investors who are risk-averse or uncomfortable with potential losses in the short term may want to avoid this IPO, especially given the recent financial loss.
IPO Timeline, Explained
The IPO will open for subscription on December 26, 2025, and close on December 30, 2025. Allotment of shares will be done on December 31, 2025, with the listing date set for January 2, 2026.
Listing Gains — The Risk
Listing gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance. Investors should be prepared for the possibility of price fluctuations on the listing day.
This evaluation is generated from E to E's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is E to E IPO GMP today?
E to E IPO GMP today is +₹162.0 (93.1%), indicating an estimated listing price of ₹336. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of E to E IPO?
The price band of E to E IPO is ₹164.0–₹174.0 per share.
When does E to E IPO open and close?
E to E IPO opens on 26 December 2025 and closes on 30 December 2025.
When does E to E IPO list on the stock exchange?
E to E IPO listed on 02 January 2026 at ₹336.0.
What is the lot size for E to E IPO?
The lot size for E to E IPO is 800 shares, requiring a minimum investment of ₹278,400 (2 lots).
What is the price band for the IPO?
The price band for the IPO is ₹164.0 to ₹174.0.
What is the lot size for this IPO?
The lot size for this IPO is 800 shares.
What is the minimum investment required?
The minimum investment required is ₹278,400.
When is the listing date for the IPO?
The listing date for the IPO is January 2, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
26 Dec 2025
Close
30 Dec 2025
Allotment
31 Dec 2025
Listing
02 Jan 2026
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