E to E Transportation Infrastructure Ltd(E2ERAIL)

NSE: E2ERAIL

₹ 280-5.29%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 483 crUpdated: 24 Oct 2026

About

E to E Transportation Infrastructure is a Bengaluru-based railway systems integrator and OEM, founded in 2010, working across signalling, telecommunications, electrification and composite systems. It describes itself as India's only full-stack railway safety and intelligence company. Its consolidated revenue was 379.99 (Rs Cr) in FY26. It has worked with 65+ clients on 160+ projects in 14 countries.^[1][2]

Business mix

The company reports a single segment, railway-related works, in its FY26 annual report.^[1]
Revenue mix in FY26: Signalling & Telecom 79%, Overhead Electrification 17%, Composite Projects 3%, Engineering Design and Research Center 1%.^[3]
Order book mix as presented in Q3 FY26: B2G 72.3% (gross margin >60%), B2B 27.3% (~12% gross margin), EDRC 0.4%.^[4]
As of Q4 FY26, B2B order value stood at ₹234.96 Cr across 14 active projects in power, ports, cement, mines and steel.^[3]

Products and NOVA subsidiary

NOVA Control Tecnologix, a wholly-owned OEM subsidiary, leads with KAVACH 4.0, an Automatic Train Protection system rated SIL-4 that it is co-developing with Tata Elxsi.^[1][4]
NOVA's engineering and manufacturing facility opened in Bengaluru on 23 October 2025.^[1]
The company has more than 200 people in R&D, design and engineering (FY26).^[1]

Order book and inflows

Closing order book was ₹508.01 Cr excluding L1s on 31 Mar 2026, up from ₹478.33 Cr on Jan 3, 2026.^[3][4]
Executable order book including L1 positions was ₹860 Cr excluding GST (₹1,015 Cr including GST) as of May 2026.^[3]
Order inflows were ₹458.09 Cr in FY26, and book-to-bill was 2.3x.^[3]
Bid-to-win conversion was 20-25% in FY26.^[3]

Working capital

In FY26, 48% of revenue was billed in March, against 31% in FY25. Trade receivables rose to ₹229 Cr from ₹94 Cr.^[3]
Working capital days were 181 in FY26. Unbilled revenue was 8.6% of the year's revenue.^[3]
DSO was ≤45 days for B2B and >120 days for B2G (H1 FY26).^[4]

Customers and reach

Clients include Indian Railways zones, metros, DFCCs, ports and private sidings. The network footprint is 2,500+ km (FY26).^[1]
Named industrial clients include Dhamra Port, Ambuja Cements, Adani Power, Adani Ports, UltraTech Cement and JSW Steel.^[1]
Projects run in over 15 Indian states (Q3 FY26). Foreign currency income was INR 48.19 Lakhs in FY26, against nil in FY25.^[4][1]

Plans and investment

₹15 Cr capex is planned in NOVA in FY27, funded from internal accruals.^[3]
Management expects RDSO final approval for NOVA Kavach by April 2027 and a Kavach field trial order of ₹15-20 Cr by the end of H1 FY27.^[3]
The FY27 order inflow target is ₹1,000 Cr.^[3]
A new joint venture with Vineela Enterprises is proposed for FY27, with transactions of up to INR 85 crores.^[1]
An ERP system with a carrying value of INR 310.51 Lakhs is expected to be completed by September 2026.^[1]

Recent developments

18 Sep 2026: Southern Railway declared the company L1 for ₹37,77,23,518.19 of electronic interlocking signalling and telecom works at Podanur Junction, with a 10-month execution period.^[5]
15 May 2026: RDSO granted NOVA CCA approval for KAVACH 4.0, making it eligible for field trials.^[1][3]
Apr-May 2026: FY27 orders secured totalled ₹344 Cr, including a ₹183 Cr composite S&T and electrification order from SCR.^[3]
2 Jan 2026: the company listed on NSE Emerge, raising ₹84.22 crore through a fresh issue of 48,40,000 shares.^[4]

Market Cap

₹483 Cr

High / Low

₹386 / 171

Stock P/E

30.6

Price / Book

0.0

Book Value

₹119

EPS

₹9.7

No. of Shares

1.73 Cr

ROCE

11.0%

ROE

8.2%

OPM

10.7%

Debt / Equity

0.80

Sales

₹380 Cr

Net Profit

₹17 Cr

Promoter holding

32.5%

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