Minimum Investment
About Company
Company Name: Vectras Enprocon Limited
Industry / Sector: EPC / Oil & Gas Infrastructure
Founded Year: 2021
Promoters: Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel
Vectras Enprocon Ltd. is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the Oil & Gas industry. The company specializes in laying pipeline networks, building combined stations, and constructing related facilities across multiple states in India. Its business verticals include combined oil and gas station works (mechanical, electrical, and civil work in refineries, petrochemical complexes, gas processing units, terminals, and depots), midstream and downstream pipeline projects, and other allied services such as civil infrastructure, electrical, instrumentation, and inspection, testing, and safety auditing. The company has completed over 3,34,000 inch dia piping, 785 inch-kilometer pipelines, and 4 combined station projects. It serves both public and private oil and gas companies and maintains ISO certifications. As of September 30, 2026, the company had 990 employees. The IPO is a mix of fresh issue and offer for sale on the BSE SME platform.
IPO Basic Details
| Company Name | Vectras Enprocon Limited |
| IPO Type | SME IPO |
| Price Band | ₹99 – ₹105 |
| Lot Size | 1,200 Shares |
| Total Issue Size | 50,52,000 Equity Shares (₹53.05 Cr) |
IPO Strengths & Risks
Strengths
- Track record of timely completion of complex projects
- Strong order book across existing project portfolio and geography
- Strong execution capabilities with 990 employees as of September 30, 2026
- Track record of growth in financial performance (revenue up 49% in FY26)
- Experienced management team with significant industry experience
- ISO certifications for quality, safety, environmental, and instrumentation standards
- Completed over 3,34,000 inch dia piping and 785 inch-kilometer pipelines
Risks
- High customer concentration: top 10 customers contributed ~92.27% of FY26 revenue
- Dependence on the cyclical oil and gas industry
- Execution risks inherent in EPC contracts (timelines, cost overruns)
- Working capital intensive nature of EPC operations
- SME IPO with limited liquidity and smaller scale of operations
- Competition from larger EPC players in the oil and gas space
- Regulatory and environmental risks associated with oil and gas infrastructure projects
IPO Important Dates
| IPO Open Date | 30 Oct 2026 |
| IPO Close Date | 03 Nov 2026 |
| Basis of Allotment | 04 Nov 2026 |
| Refund Initiation | 05 Nov 2026 |
| Demat Credit Date | 05 Nov 2026 |
| Listing Date | 06 Nov 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | 49.99% of the Net Issue (23,98,800 shares) |
| Retail Quota | 35.01% of the Net Issue (16,80,000 shares) |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 2,400 | ₹2,52,000 (at upper band) |
| Retail Maximum | 2 Lots | 2,400 | ₹2,52,000 (at upper band) |
| S-HNI Minimum | 3 Lots | 3,600 | ₹3,78,000 (at upper band) |
| S-HNI Maximum | 7 Lots | 8,400 | ₹8,82,000 (at upper band) |
| B-HNI Minimum | 8 Lots | 9,600 | ₹10,08,000 (at upper band) |
Key Performance Indicators (KPI)
| ROE | 51.39% (FY26), 21.52% (H1 FY27 annualised) |
| ROCE | 48.37% (FY26), 19.69% (H1 FY27 annualised) |
| RoNW | - |
| PAT Margin | 12.88% (FY26), 12.65% (H1 FY27) |
| EBITDA Margin | 20.04% (FY26), 20.21% (H1 FY27) |
| EPS | ₹10.29 (Pre-IPO), ₹9.55 (Post-IPO) |
| NAV per share | - |
| Debt to Equity | 0.59 (FY26), 0.67 (Sep 30, 2026) |
| P/E Ratio | 10.2 (Pre-IPO), 10.99 (Post-IPO) |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| H1 FY2027 (Sep 30, 2026) | ₹90.91 Cr | ₹72.20 Cr | ₹9.10 Cr | ₹14.54 Cr | ₹46.85 Cr | ₹31.36 Cr |
| FY2026 (Mar 31, 2026) | ₹74.94 Cr | ₹119.90 Cr | ₹15.43 Cr | ₹24.01 Cr | ₹37.75 Cr | ₹22.21 Cr |
| FY2025 (Mar 31, 2025) | ₹46.50 Cr | ₹80.53 Cr | ₹10.17 Cr | ₹15.05 Cr | ₹22.32 Cr | ₹11.87 Cr |
| FY2024 (Mar 31, 2024) | ₹21.47 Cr | ₹54.37 Cr | ₹5.81 Cr | ₹8.67 Cr | ₹12.15 Cr | ₹4.16 Cr |
Grey Market Premium
| GMP Price | ₹0 (as of 30 Oct 2026) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 30 Oct 2026 |
| Estimated Listing Price | ₹105 (0.00% premium over upper price band) |
IPO Subscription Data
| Total Subscription | 4.19x (Day 3, Nov 03, 2026, 5:04 PM) |
| QIB (Ex Anchor) | 1.88x |
| HNI Subscription | 6.69x |
| Retail Subscription | 4.44x |
| Anchor | - |
IPO Intermediaries
Registrar: MUFG Intime India Pvt. Ltd.
Registrar Website: https://www.in.mpms.mufg.com
IPO Lead Manager(s)
Company Information
Address: Office No. 601-602, Amrakunj Avis, Near Tapovan Circle, Chandkheda, Ahmedabad, Gujarat, 382424
Website: https://vectrasgroup.com
Email: compliance@vectrasgroup.com
Phone: 6353152513
IPO Documents
Frequently Asked Questions (FAQ)
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