E2ERAIL
E to E Transportation Infrastructure financials
- Market cap
- ₹607 Cr
- Sector
- Construction
- Calls analysed
- 1
E2ERAIL Q4 FY26
What went well
- Consolidated revenue of INR 380 crores, reflecting 51% YoY growth.
- Adjusted EBITDA of INR 39.5 crores and PAT of INR 17.9 crores.
- Revenue CAGR of 41% over the last four years.
What to watch
- EBITDA margins marginally lower in FY26 due to ESOP expenses (INR 1.5 crores), NOVA expenses (INR 0.5 crores), and commodity price volatility (INR 2 crores).
- Elevated receivables and operating cash flow situation in FY26 due to timing distortion in project award cycles and billing concentration in March.
What E to E Transportation Infrastructure Ltd does
E To E Transportation Infrastructure designs, installs and maintains railway signaling and telecommunications (S&T), overhead electrification (OHE) and composite rail infrastructure projects for government (Indian Railways, PSUs, Metros) and private clients (industrial sidings). Through its wholly-owned subsidiary NOVA Control Tecnologix, it develops safety-critical OEM products including the KAVACH Automatic Train Protection system, co-developed with Tata Elxsi. The company also runs an in-house Engineering Design and Research Centre (EDRC) and provides long-term operations & maintenance (O&M) services such as the Chennai Metro signaling and platform-screen-door contract.
Segments
- Signaling and Telecommunications (S&T)
- Overhead Electrification (OHE)
- Composite Projects
- EDRC (Engineering Design and Research Center)
- NOVA
- O&M / Lifecycle Services
- Clients served
- 65+ clients across 14 countries
- Projects executed
- 155+
- Projects delivered (last 5 years)
- 20+
- Engineering & design workforce
- 300+ engineers (B2G) + 70+ engineers (B2B) + 45+ EDRC design experts
- Years in rail infrastructure
- 16+ years (incorporated 2010)
- Active B2B projects
- 14 active projects across 5 industry sectors and 7 client groups
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 0 delivered 0 missed 10 open- Revenue CAGR open said Q4 FY26 Promised: 45-50% over the next two to three years Q4 FY26: The management is positive towards keeping the momentum on the same CAGR of 45% to 50%, maintaining the same profitability and the margin levels.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q4 FY25 | Q4 FY26 |
|---|---|---|
| Revenue | 159 | 269 |
| EBITDA | 37 | 39 |
| Net profit | 24 | 24 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +7.3% YTD
YTD: ₹327.8 on 2 Jan 2026 → ₹351.85. High ₹374.95 (8 Sept 2026), low ₹174.35 (10 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.1%
- 21 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹17 Cr |
| Reserves | ₹45 Cr | ₹49 Cr | ₹57 Cr | ₹67 Cr | ₹116 Cr | ₹188 Cr |
| Borrowings | ₹21 Cr | ₹30 Cr | ₹43 Cr | ₹61 Cr | ₹66 Cr | ₹164 Cr |
| Other liabilities | ₹16 Cr | ₹25 Cr | ₹45 Cr | ₹73 Cr | ₹113 Cr | ₹187 Cr |
| Total liabilities | ₹83 Cr | ₹105 Cr | ₹145 Cr | ₹201 Cr | ₹295 Cr | ₹556 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹3 Cr | ₹6 Cr | ₹14 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹3 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr |
| Other assets | ₹82 Cr | ₹104 Cr | ₹144 Cr | ₹197 Cr | ₹288 Cr | ₹539 Cr |
| Total assets | ₹83 Cr | ₹105 Cr | ₹145 Cr | ₹201 Cr | ₹295 Cr | ₹556 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
- Promoters
- 32.5%
- FIIs
- 1.6%
- DIIs
- 7.9%
- Public
- 56.6%
- Others
- 1.4%
Who is on the register
Named in the Mar 2026 filing
Every holder of E to E Transportation Infrastructure Ltd above SEBI's 1% disclosure line.
| Holder | Stake |
|---|---|
| tZephyr Mantra LLC | 20.88% |
| Mukul Mahavir Agrawal | 13.94% |
| Ventureast Etoe Llp | 9.10% |
| Aayushi Agarwal . | 3.55% |
| Gaurishankar Jhalani | 3.52% |
| Growth I9 Opportunity Llp | 3.31% |
| Sanjay Popatlal Jain | 2.50% |
| Sourajit Mukherjee | 2.23% |
| Sunrise Gilts & Securities Private Limited | 1.78% |
| Shobna Agarwal | 1.77% |
| Finavenue Capital Trust - Finavenue Growth Fund AIF | 1.72% |
| Sanshi Fund-I AIF | 1.65% |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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