Mukul Agrawal-backed rail systems integrator E To E Transportation Infrastructure (e2E Rail) has announced the receipt of two significant railway infrastructure contracts cumulatively valued at approximately INR 81.3 crore. These back-to-back order wins within 48 hours underscore the company’s growing prominence as a leading signalling and telecommunication (S&T) contractor for Indian Railways.
e2E Rail Orders: Two Major Government Contracts in 2 Days
e2E Rail informed the exchanges that it received Letters of Acceptance (LOAs) from two different divisions of Indian Railways:
- South Central Railway, Secunderabad Division (INR 60.71 crore)
Awarded on 31 January 2026, this order involves comprehensive signalling and telecommunication works for the provision of an Automatic Block Signalling (ABS) system in the Gundratimadugu–Khammam section.- Contract Value: INR 60,71,26,707.33
- Completion Period: 18 months
- Performance Guarantee: INR 3.04 crore (5% of contract value)
- Nature of Work: Execution, testing, and commissioning of ABS systems to enhance train movement efficiency and safety on one of SCR’s busiest corridors.
- Southern Railway, Thiruvananthapuram Division (INR 20.59 crore)
Awarded on 1 February 2026, this contract covers indoor and outdoor S&T arrangements at Kumbalam station, part of the Ernakulam–Kumbalam doubling project, including the shifting of existing signalling assets between Kumbalam and Turavur stations.- Contract Value: INR 20,59,69,542.44
- Completion Period: 12 months
- Performance Guarantee: INR 1.03 crore
- Scope: Provisioning of modern interlocking and telecom infrastructure to support doubling and capacity enhancement on the busy coastal route.
Strengthening Order Book and Revenue Visibility
With these wins, e2E Rail’s cumulative orders between 1 October 2025 and 1 February 2026 have reached INR 215.71 crore (inclusive of GST). The company continues to build momentum following its December 2025 NSE Emerge IPO, which saw overwhelming investor interest and a robust debut at INR 327.80 per share, representing an 88.39% listing premium over its issue price of INR 174.
e2E Rail’s recent order inflows demonstrate its positioning as a preferred turnkey systems partner for railway signalling and telecommunication works, covering technologies such as Electronic Interlocking, CBTC, Automatic Train Protection, and ETCS Level 2. The company’s projects include major assignments for Hyderabad Metro, Nagpur Metro, and Mumbai Metro Line 3.
Mukul Agrawal’s Investment in e2E Rail
Renowned investor Mukul Agrawal, known for his selective bets in mid-cap and infrastructure companies, holds a 13.94% stake in e2E Rail — amounting to 23,32,992 shares, equivalent to an investment of roughly INR 48.3 crore at the current market price of INR 207 per share on 2 Feb 2026. His backing adds credibility and investor confidence as e2E Rail scales its engineering capabilities and expands into automation, control, and advanced signalling systems.
Company Background
Founded in 2010, e2E Rail has evolved into an integrated rail infrastructure solutions provider serving mainline railways, metro systems, and industrial sidings. Its operations encompass design, procurement, installation, testing, commissioning, and O&M. The company also operates a dedicated Engineering Design and Research Center to support indigenous technology development aligned with India’s “Kavach” train protection initiative.
e2E Rail’s wholly owned subsidiary, Nova Control Tecnologix, collaborates with Tata Elxsi on co-development projects in railway automation and control systems.
Final Words
e2E Rail’s twin orders from Indian Railways highlight its execution credibility and reinforce its status as a key mid-cap player in India’s railway modernisation drive. At its current trajectory, e2E Rail’s execution efficiency and order diversification could translate into meaningful earnings visibility through FY2027, potentially making it one of the standout small-cap performers in India’s transportation infrastructure segment.
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