E To E Transportation Infrastructure Limited Makes Exceptional Debut with 90.00% Premium, Lists at ₹330.60 Against Phenomenal Subscription

E To E Transportation Infrastructure Limited, incorporated in 2010 as ISO 9001:2015 certified company engaged in providing system integration and engineering solutions for railway sector offering signaling and telecommunications, overhead electrification, track projects and system integration, private sidings, and engineering design research operating across mainline, urban transit, and private siding segments providing end-to-end rail engineering services including design, procurement, installation, and testing with expertise spanning signaling and telecommunication systems, track electrification, and turnkey railway infrastructure projects executing CBTC signaling for Hyderabad and Nagpur Metro, made an exceptional debut on NSE SME on January 2, 2026. After closing its IPO bidding between December 26-30, 2025, the company commenced trading with a premium of 90.00% opening at ₹330.60 and hit upper circuit at ₹347.10 (up 99.48%).

E To E Transportation Infrastructure Limited Listing Details

E To E Transportation Infrastructure launched its IPO at ₹174 per share with minimum investment of 1,600 shares costing ₹2,78,400. The IPO received phenomenal response with subscription of 526.56 times - individual investors at 544.28 times, QIB at 236.30 times, NII at 872.09 times.

First-Day Trading Performance

Listing Price: E To E Transportation Infrastructure opened at ₹330.60 representing exceptional premium of 90.00% from issue price of ₹174.00, immediately hit upper circuit at ₹347.10 (up 99.48%), with VWAP at ₹340.25.

Growth Drivers and Challenges

Growth Drivers:

Strong Order Book: Order book of ₹401.10 crore comprising 50 ongoing contracts as of September 2025 providing substantial revenue visibility, executed prestigious projects including CBTC signaling for Hyderabad and Nagpur Metro, platform screen door installations for Mumbai Metro Line 3 and Chennai Metro Phase 1.
Comprehensive Capabilities: Capability across different stages of project execution, strong and diversified order book, experienced board and key managerial personnel with skillfully trained workforce of 353 employees, diverse categories of projects with asset-light model.

Growth Trajectory: Revenue increased 47% from ₹172.50 crore to ₹253.82 crore between FY24 and FY25, PAT rose 36% from ₹10.26 crore to ₹13.99 crore, established financial track record, ROE of 15.72%, ROCE of 15.69%, RoNW of 12.39%.

Challenges:

Recent Loss Raises Alarm: Analyst highlights marked loss of ₹7.49 crore for H1-FY26 versus profit of ₹13.99 crore for full FY25.

Financial Concerns: Thin PAT margin of 5.73%, EBITDA margin of 10.59%, debt-to-equity of 0.57, total borrowings of ₹66.18 crore increasing to ₹113.51 crore in H1-FY26.

Operational Risks: Operating in competitive railway infrastructure and system integration segment, significant promoter dilution from 45.19% to 32.51%.

Utilisation of IPO Proceeds

Working Capital: ₹70.00 crore for meeting working capital requirements representing majority of net proceeds supporting railway project execution and operations.

General Corporate Purposes: Remaining proceeds for general corporate purposes supporting operational needs and strategic initiatives.

Financial Performance

Revenue: ₹253.82 crore for FY25, growth of 47% from ₹172.50 crore in FY24, reflecting expanding railway system integration and engineering solutions operations across signaling, electrification, and track projects.

Net Profit: ₹13.99 crore in FY25, growth of 36% from ₹10.26 crore in FY24, but turned to loss of ₹7.49 crore in H1-FY26 raising serious sustainability concerns.

Financial Metrics: ROE of 15.72%, debt-to-equity of 0.57 increasing significantly, ROCE of 15.69%, thin PAT margin of 5.73%, EBITDA margin of 10.59%, price-to-book of 1.86x, pre-issue EPS of ₹11.27, P/E of 15.44x, order book of ₹401.10 crore, borrowings of ₹66.18 crore increasing to ₹113.51 crore, and market capitalisation of ₹599.01 crore representing phenomenal listing premium of 90% hitting upper circuit at 99.48%.