E to E Transportation Infrastructure IPO

E to E Transportation Infrastructure IPO brings a niche opportunity in the rail-focused EPC and engineering space, riding on rising infra spending and dedicated freight corridors while carrying typical project, leverage and working-capital risks.​

E to E Transportation Infrastructure IPO – Key Details

5. Company: E to E Transportation Infrastructure Limited
5. Sector: Rail-focused EPC / transportation infrastructure (design, construction and related works)
5. IPO Type: Main-board book-built (fresh issue)
5. IPO Open Date: 26 December 2025
5. IPO Close Date: 30 December 2025
5. Basis of Allotment: 31 December 2025
5. Refunds / Demat Credit: 1 January 2026
5. Listing Date: 2 January 2026​
5. Market Lot: 1,600 shares; minimum retail application = 1,600 shares worth ₹2,78,400
5. Retail Max: 1,600 shares; S‑HNI: 2,400–5,600 shares; B‑HNI: 6,400 shares​

Promoters & Holding:​

• Promoters: Zephyr Mantra LLC, Ventureast ETOE LLP, Sourajit Mukherjee
• Promoter Holding: 44.77% pre-issue (1,24,17,570 shares); 1,72,57,570 shares post-issue (stake % to be updated in RHP)

Lead Manager: Hem Securities Ltd.; Registrar: MUFG Intime India Pvt. Ltd.​

Business & Financial Snapshot

• E to E Transportation Infrastructure operates in rail and transportation EPC, executing projects such as track works, electrification, signaling-related works and associated infrastructure for public and private clients.​

Financials (₹ in crore):​

E to E Transportation Infrastructure Ltd.'s revenue increased by 47% and profit after tax (PAT) rose by 36% between the financial year ending with March 31, 2025 and March 31, 2024.

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
Amount in ₹ Crore

Objective of the Issue (₹ crore):​

• Working capital requirements: ₹70.00
• General corporate purposes

Key Strengths

• Steady revenue growth from ₹136cr FY23 to ₹254cr FY25
• Improving PAT from ₹8.15cr to ₹13.99cr across three years
• Double-digit EBITDA margin (~10.6%) for EPC business
• Reasonable ROE/ROCE (~15–16%) with moderate leverage
• Focused play on rail and transportation infra theme
• Significant IPO allocation to working capital to support growth

Key Risks

• Project-based EPC model with thin PAT margin (~5.7%)
• Working-capital intensive; high dependence on timely payments
• Order-book and client concentration risk in infra projects
• Execution risk (delays, cost overruns, penalty clauses)
• Cyclical exposure to government/rail capex budgets
• Main-board issue with high minimum ticket (₹2.78 lakh) for retail

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs – E to E Transportation Infrastructure IPO

Q1. What are the E to E Transportation IPO dates and listing schedule?

• The IPO opens on 26 December 2025 and closes on 30 December 2025. Basis of allotment is on 31 December, refunds and Demat credit on 1 January 2026, and listing on 2 January 2026.​

Q2. What is the lot size and minimum investment for retail investors?

• The minimum lot size is 1,600 shares and the minimum retail application amount is ₹2,78,400.​

Q3. How is the issue reserved among investor categories?

• As per main-board norms in the extract: 50% for QIBs, 15% for NIIs and 35% for retail investors.​

Q4. How will the IPO proceeds be utilised?

• The company plans to use ₹70 crore to meet working capital requirements and the balance for general corporate purposes.​

Q5. How has the company’s financial performance been?

• Revenue has grown from ₹135.70 crore in FY23 to ₹253.82 crore in FY25, while PAT rose from ₹8.15 crore to ₹13.99 crore, with ROE around 15.72% and PAT margin 5.73% in FY25.​

Q6. Who are the key listed peers?

• Texmaco Rail & Engineering Ltd., KEC International Ltd. and IRCON International Ltd. are mentioned as comparable companies in the rail/infra EPC space.​