By FY29, e2E Rail expects nearly 30 per cent of its revenue to come from products and the remaining 70 per cent from system integration. 

Railway infrastructure and technology company e2E Rail is targeting ₹1,000 crore in revenue by FY29, nearly three times its FY26 revenue of around ₹380 crore, as it doubles down on signalling modernisation, indigenous rail technologies and overseas expansion.

The company, which reported about 50 per cent year-on-year revenue growth in FY26, is also investing ₹100 crore over the next two to three years to develop next-generation rail safety products, including AI- and cybersecurity-enabled signalling systems.

“We have maintained a CAGR of over 40 per cent during the last three years and closed FY26 with revenue of around ₹380 crore. With our current order book of over ₹1,000 crore and a strong project pipeline, we expect to maintain, if not improve, this growth momentum,” Sourajit Mukherjee, Director & CEO of NOVA Control Technologix & CEO, e2E Rail and Director & CEO, NOVA Control Technologix.

The company expects its core system integration business to remain the primary revenue driver, while its indigenous product portfolio gradually scales up. By FY29, e2E Rail expects nearly 30 per cent of its revenue to come from products and the remaining 70 per cent from system integration. Alongside domestic expansion, the company is preparing to take its rail technology platform overseas. While it has previously executed metro design projects for global original equipment manufacturers (OEMs), it now plans to enter international markets with its own signalling products once regulatory approvals are secured.

International expansion

“We are certainly aiming for international expansion. Southeast Asia is a key focus, alongside opportunities in metro projects. Our product has been designed to international standards, but certification is paramount before we enter these markets,” Mukherjee said.

He added that the company is already in discussions with international railway operators and plans to leverage its partnership with Tata Elxsi, which has an established global presence across railway technologies.

The company is also evaluating inorganic growth opportunities to strengthen its technology capabilities. Mukherjee said e2E Rail has initiated discussions with a handful of deep-tech companies working in railway technologies, with a focus on businesses that have proven products and strong strategic fit.

We are targeting a few companies and are in discussions with technology firms that have direct synergies with our long-term goals. Inorganic expansion is an area of significant interest for us,” he said.

Published on June 19, 2026