Investor presentationSep 2026
Sep 2026 · PPT
Source: Nse
E To E Transportation Infrastructure Ltd. (E2ERAIL)
SME CapInfra stocks · SME cap · NSE
E2ERAIL is India's only full-stack railway safety & intelligence platform. It offers OEM products (KAVACH 4.0), system integration for B2G & B2B clients, engineering design (EDRC), and O&M lifecycle services across mainline, metro, and private sidings in 14 countries.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result21 May, 07:26 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -4.4% / mo · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 41
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
E2ERAILD candles · FIT view+18.1%Latest close ₹298.00 on 2026-10-19
Daily history is available from 2026-01-02; the requested 1Y window is partially covered.
Bar
-0.7%
RSI
43
MACD hist
-2.73
52W pos
59%
2026-10-19O ₹300.00H ₹300.00L ₹291.55C ₹298.00Vol 16,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
E2ERAILNifty InfraNifty 500
- E2ERAIL
- +14.5%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- +20.1 pp
Chart stats
19 Oct 2026- From 52W high
- -22.8%
- 52W range position
- 59%
- ATR (14)
- 5.9%
- Volume vs 20D
- 0.15x
- Avg traded value
- ₹3.2 Cr
- 20D price channel
- ₹285.2 - ₹345
₹386
₹171 - ₹386
₹17.7
Latest completed session
20-session average
41.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED21
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model-27.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹269 Cr | NDF | +69.2% |
| EBITDA | ₹39 Cr | NDF | NDF |
| Operating margin | 15.0% | NDF | NDF |
| PAT | ₹24 Cr | NDF | +0.0% |
| PAT margin | 8.9% | NDF | NDF |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.70
- P/B
- 2.51
- EV/EBITDA
- 17.44
- Market Cap
- 516.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 14.80%
- ROA
- 3.06%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 41.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.80
- Interest Coverage
- 2.11×
- Altman Z
- 2.40
- Book Value
- 119.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -102.00 Cr
- EPS TTM
- 9.73
Shareholding
- Promoter Hold
- 32.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 380+51.4% vs prev
Net Profit
₹ CrLatest: 17.0+21.4% vs prev
Return on Equity
%Latest: 8.3-31.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 43.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 23% off 52W high · 74% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
77
RS percentile
Stage 2 UptrendEstablished S2
1M return
-13.5%
3M return
+14.5%
6M return
+16.3%
1Y return
-
RS 1D
0
RS 20D
-12
Sector rank
#16
Industry rank
-
Stage evidence
- Price is 9.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
28 Aug 2026
S2 age
35 trading sessions
Sector
lagging
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
196 observations
19 Oct 2026Value 99.39+0.71%
RS vs Nifty 50099
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth13/25
Quality0/20
Balance Sheet5/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
21
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
21/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 13/25 to the score.
- Balance sheet contributes 5/15 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Fair-value margin of safety is negative at -27.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
30.7
PB
2.5
EV/EBITDA
17.4
ROE
10.4%
ROCE
14.8%
FCF Yield
—
Debt/Equity
0.8
MoS
-27.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
21
Previous: 23 (-2)
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-27.1%
Previous: -27.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
23
23
23
23
23
23
23
23
23
23
23
23
Factor attribution
Quality
0-2
was 2
Modelled fair value
Graham Number
₹161.41
-84.6% MoS
Growth-justified P/E
24.1
Growth-justified Value
₹234.49
-27.1% MoS
PEG
2.13
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DHARARAIL
SME
Dhara Rail Projects Ltd.
Railway Infrastructure
match 126
71
13.2
35.7%
+46%
UNDERVALUED
BCPL
Small
BCPL Railway Infrastructure Limited
Railway Infrastructure
match 126
18
13.6
6.8%
-28%
OVERVALUED
RVNL
Mid
Rail Vikas Nigam Limited
Railway Infrastructure
match 115
14
45.1
9.0%
-615%
OVERVALUED
IRCON
Small
Ircon International Limited
Construction & Engineering
match 74
17
19.2
8.2%
-33%
OVERVALUED
RITES
Large
RITES Limited
Construction & Engineering
match 73
41
23.1
15.4%
-245%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T17:19:20.896Z
Management commentary snapshot
FY26 revenue grew 51.5% YoY to ₹380 Cr, with EBITDA at ₹38.0 Cr (10.0% margin) and PAT at ₹16.8 Cr (4.4% margin). Order book (incl. L1s) reached ₹1,015 Cr, covering 2.3x FY26 revenue. Operating cash flow was negative due to Q4 billing concentration.
The company demonstrated strong top-line growth and secured a robust order book, indicating continued execution momentum. The strategic shift towards OEM with KAVACH CCA approval is a significant long-term positive. While working capital remains a concern, management attributes it to a timing anomaly, which needs close monitoring for normalization.
Current business mix
FY26 Segmental Revenue Breakup
Latest issuer-disclosed distribution across 4 reported categories.
Signalling And Telecommunications (S&T)79.0%
Composite Projects17.0%
Overhead Electrification (OHE)3.0%
Engineering Design And Research Center (EDRC)1.0%
Growth engines
KAVACH 4.0 OEM Platform
NOVA Control Tecnologix received RDSO CCA approval on May 15, 2026, for KAVACH 4.0 development, positioning E2E as a certified OEM/integrator for India's indigenous train collision-avoidance system.
Full-Stack Railway Intelligence Platform
The company's integrated capabilities across OEM (NOVA), system integration, engineering design (EDRC), and O&M services unlock larger, complex bids and provide recurring annuity revenues.
Strong Order Book & Pipeline
A current order book of ₹1,015 Cr (2.3x FY26 revenue) and a robust FY27 order pipeline, with 71% from Indian Railways, provides revenue visibility and execution opportunities.
Recurring Revenue Streams
O&M contracts (e.g., Chennai Metro 5-yr S&T + PSD O&M) and NOVA AMC for safety-critical products create a stable, recurring earnings base.
Capacity and execution
KAVACH Product Development
NOVA Control Tecnologix, a wholly-owned deep tech subsidiary, is developing KAVACH 4.0, with 75% acceptance readiness completion targeted by July 10, 2026.
Engineering Design & Research Center (EDRC)
The EDRC has 45+ design experts, enabling in-house advanced electrification modelling and EI configuration, reducing vendor dependency and accelerating development cycles.
Skill Development - Rail Village
The company is building a structured training ecosystem for rail engineers to ensure a scalable manpower pipeline for project execution.
Tailwinds
Indian Railway Modernization Cycle
India's railway sector is entering a generational technology upgrade cycle driven by safety, automation, intelligent signaling, and indigenous systems like KAVACH.
KAVACH Mandate
KAVACH is India's indigenous train collision-avoidance system, mandated across 35,000+ km of rail network, creating a significant addressable market of ~₹1.5–2.0 Lakh Crore over 10 years.
Convergence of Capabilities
Management believes the convergence of system integration capability with technology ownership will define the next phase of industry leadership.
Risk radar
Working Capital Intensity
The company reported 181 working capital days for FY26 and negative operating cash flow, driven by a significant concentration of billing (48% of FY26 revenue) in March.
Project Execution Timelines
The disclaimer notes that actual results may vary due to factors including project execution timelines, which is inherent to the railway and infrastructure sector.
Regulatory & Policy Changes
Changes in the regulatory environment and government policies are identified as factors that may cause actual results to differ materially from forward-looking statements.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for assessing annual financial performance and growth trends. QoQ is relevant for tracking sequential order inflow momentum, working capital normalization, and project execution pace, especially given the Q4 concentration.
Sector KPIs management disclosed
Order Book (incl. L1s)
Current Order Book (incl. L1s) is ₹1,015 Cr as of May 2026, representing 2.3x FY26 Revenue.
FY26 Order Wins
FY26 Order Wins totaled ₹453 Cr. From Jan-May 2026, new orders won (LOAs + L1s) amounted to ₹613 Cr.
Revenue Growth
FY26 Revenue from Operations was ₹379.99 Cr, a 51.50% increase YoY from ₹250.81 Cr in FY25.
EBITDA Margin
FY26 EBITDA was ₹38.25 Cr, with a margin of 10.07%. H2FY26 EBITDA margin was 14.76%.
Management forward view
Vision 2029 Revenue Target
Management's ambition is to build a railway technology enterprise capable of crossing ₹1,000 Cr in annual revenue by Vision 2029, implying 30%+ consolidated revenue growth.
Vision 2029 Margin Targets
Management aims for EBITDA margins in the range of ~12-14% and sustainably delivering PAT margins of 7% and above by Vision 2029.
Strategic Transformation
The company is strategically transforming into a technology-led railway systems platform, positioning itself as a creator of critical railway technologies and integrated mobility solutions.
Working Capital Normalization
Management expects OCF to turn positive, with ₹300 Cr+ receivables recovery in FY27 H1 (₹90 Cr already collected) and focused governance on billing/collection.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| KAVACH Field Trial Orders | RDSO CCA approval received (May 15, 2026). Acceptance readiness 75% complete (Target: July 10, 2026). | Securing field trial orders and subsequent prototype approval for KAVACH 4.0. |
| Operating Cash Flow (OCF) | FY26 OCF was -₹103 Cr due to Q4 billing concentration. | Material improvement and positive OCF in FY27, driven by receivables recovery and even distribution of billing. |
| EBITDA & PAT Margins | FY26 EBITDA margin 10.07%, PAT margin 4.42%. | Progress towards Vision 2029 targets of 12-14% EBITDA margin and 7%+ PAT margin, supported by product and O&M revenues. |
| Order Inflow & Execution | ₹613 Cr orders won Jan-May 2026. FY26 revenue growth 51.5%. | Consistent order inflow momentum and efficient execution of the robust order book to sustain revenue growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 27th percentile within Infra. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Infra: 27th pctile, median 64 · SME: 19th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
82
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 30.5%.
Trust risks
- ▸Operating cash flow is negative at ₹-102 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -2.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching E To E Transportation Infrastructure Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Investor presentationJan 2026
Jan 2026 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.