E to E Transportation Infrastructure Limited is an ISO 9001:2015 certified company, operating as a system integrator for rail engineering solutions across mainline, urban transit, and private siding segments. With over 15 years of experience, they offer comprehensive rail engineering services for railway infrastructure projects, providing customized solutions for designing, procurement, installation and testing of rail signaling & tele-communication systems, track electrification and turnkey projects involving civil and track components, both in India and in select international markets. The client base includes Zonal Railways, public sector undertakings (PSUs) under Indian Railways, large-scale manufacturers, corporate entities with their privately owned rail sidings and infrastructure development companies. Some of major projects completed by company includes CBTC signaling system for Hyderabad Metro and Nagpur Metro, signaling and telecommunication modernization for siding works for Vizag Steel Plant, NUPPL Power plant, UPVRNL at Hardwaganj, Electronic Interlocking system modernization for HosurSalem, Gujrat Pipavav port limited siding expansion with DFCC connectivity, Railway Electrification and Signaling system upgradation for South Western Railway for Kadur – Chikmagalur as part of 100% electrification initiative of Indian Railway, platform screen door installation for Mumbai metro line 3 and Chennai Metro Phase 1. Further, over a span of last five financial years (FY 2021 to FY 2025), they have completed around 17 contracts. As of September 30, 2025, company has order book (unfulfilled portion of the original order) comprising 50 ongoing contracts (including projects with Subsidiaries), with a total order value of Rs 40,110.37 Lakhs pending to be completed. The workforce as of November 30, 2025 consisted of 353 full time employees on a standalone basis. As of the date of this RHP, the ongoing projects are spread across different states, which includes Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Tamil Nadu, Telangana, UttarPradesh, West Bengal. To ensure efficient project execution and localized coordination, they have established Project Implementation Units (PIUs) across these locations. As per financial performance, E to E Transportation Infrastructure Limited has posted total income / net profits of Rs 135.69 / 8.14 Cr (FY23), Rs 172.50 / Rs 10.25 Cr (FY24), Rs 253.81 Cr / 13.99 Cr (FY25) and Rs 112.78 Cr / (7.48) Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but trade receivables are around 36% of FY25 total sales. Company has an average EPS of Rs 9.46 and average RoNW of 13.30% for last three fiscals. Issue is priced at a P/BV of 1.99 as per NAV of Rs 87.54/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 29.28, 21.46 and NA respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Hem Securities Limited is associated with this IPOs, and has handled 59 IPOs in last two fiscal years. From last 10 IPOs, two opened below issue price remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, six are trading below issue price and remaining all are trading above issue price or at par. (as on 19.12.25 ) As per financials, E to E Transportation Infrastructure Limited has shown good growth, RoNW is 12.39% and P/E is 29.28, 21.46 and NA respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but higher trade receivables raises doubts. Current order book is around Rs 401/- Cr. Company is working as a system integrator for rail engineering solutions across mainline, urban transit, and private siding segments, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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