Vectras Enprocon IPO – Company Analysis
Vectras Enprocon IPO is a bookbuild issue of Rs. 53.05 Cr (50.52 lakh shares) by Vectras Enprocon Limited, which is an 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.
Business Verticals:
Combined Oil and Gas station works: Mechanical, electrical, and civil work in Refineries, petrochemical complexes, Gas Processing Units, Oil & Gas Terminals, and Petroleum Depots. As of August 31, 2025, its unexecuted Order book for Oil & Gas station work stands at ₹15,088.80 lakh.
Midstream and Downstream pipeline projects and related facilities: As of September 30, 2026, its order book for Oil & Gas Pipeline work stands at Rs. 18,327.88 lakh
Other allied services: Civil and infrastructure projects in the Oil and gas industry; electrical, Instrumentation, and Inspection, Testing, and Safety Auditing services in the Oil and Gas Industry.
Vectras Enprocon IPO Details
The Vectras Enprocon IPO date is 30 Oct 2026; its initial public offering will end on 03 Nov, IPO allotment on Nov 04 and refund initiation on Nov 05, 2026. The Rs. 53.05 crore new SME IPO comprises a combination of a fresh issue of 40.56 lakh shares (Rs. 42.59 Cr) and an offer for sale of 9.96 lakh shares (Rs. 10.46 Cr).
The Vectras Enprocon IPO listing date (expected) might be Friday, Nov 06, 2026, and the listing on the BSE and SME.
Vectras Enprocon IPO price band is Rs. 99 to Rs. 105.
|
Events |
Date |
|
IPO Opening Date |
Oct 30, 2026 |
|
IPO Closing Date |
Nov 03, 2026 |
|
IPO Allotment Date |
Nov 04, 2026 |
|
Refund Initiation |
Nov 05, 2026 |
|
IPO Listing Date |
Nov 06, 2026 |
Click to open demat account and apply for the IPO.
Company Financial
(Amount in Cr)
|
Period |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
74.94 |
46.50 |
21.47 |
|
Total Income |
119.90 |
80.53 |
54.37 |
|
Profit After Tax |
15.43 |
10.17 |
5.81 |
|
EBITDA |
24.01 |
15.05 |
8.67 |
|
Net Worth |
37.75 |
22.32 |
12.15 |
|
Reserves & Surplus |
22.75 |
19.82 |
9.65 |
|
Borrowings |
22.21 |
11.87 |
4.16 |
Cash Flows
(Amount in Lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
(510.26) |
(443.98) |
(129.16) |
|
Net Cash Flow Investing Activities |
(432.71) |
(331.27) |
(267.29) |
|
Net Cash Flow Financing Activities |
842.83 |
698.15 |
614.92 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Repayment/prepayment, in full or part, of certain outstanding borrowings availed by the Company. ~ Rs. 14 Cr.
-
To Meet Working Capital Requirements of the Company. ~ Rs. 20 Cr.
Listed Peers of Vectras Enprocon Ltd.
|
Name of Company |
Face Value (₹) |
Basic EPS (₹) |
P/E Ratio (x) |
|
Pratham EPC Projects Limited |
10 |
3.38 |
34.47 |
|
Desco Infratech Limited |
10 |
21.30 |
8.35 |
|
Likhitha Infrastructure Limited |
5 |
9.94 |
22.43 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
51.39% |
|
ROCE |
48.37% |
|
Debt/Equity |
0.59 |
|
RoNW |
51.39% |
|
PAT Margin |
12.88% |
|
EBITDA Margin |
20.04% |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 10.29 from the last year, the resulting P/E ratio is 10.20x.
|
Valuation Metric |
Pre IPO |
Post IPO |
|
EPS (₹) |
10.29 |
9.55 |
|
P/E (x) |
10.2 |
10.99 |
Explore the Core4 Engineers IPO.
IPO's Strengths
-
Track record of timely completion of complex projects
-
Strong Order Book for existing project portfolio and geography
-
Strong Execution Capabilities
-
Track Record of Growth in Financial Performance.
IPO's Weaknesses
-
The company's top 10 clients contributed 96.04% of its revenue in FY25. This makes it highly exposed to order delays, contract non-renewals, or financial stress from a very limited pool of public and private oil companies.
-
Due to the nature of heavy engineering and EPC infrastructure, the business model demands substantial upfront raw material sourcing and delayed receivable cycles. Any future tightening of corporate credit lines or collection delays could strain project execution.
-
A high concentration of raw material sourcing is limited to a small group of vendor partners. Supply chain bottlenecks or sudden spikes in materials like steel piping can deeply erode projected EPC margins.
Vectras Enprocon IPO GMP (Grey Market Premium)
Vectras Enprocon IPO GMP today is Rs. 0 as of 27 October 2026, while writing this information.
Vectras Enprocon IPO Summary
|
IPO Opening & Closing Date |
30 Oct, 2026 to 03 Nov, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 99 to Rs. 105 per Share. |
|
Lot Size |
1200 Shares |
|
Issue Size |
50,52,000 Shares (Rs. 53 Cr) |
|
Offer for Sale |
9,96,000 Shares (Rs. 10 Cr) |
|
Fresh Issue |
38,02,800 Shares (Rs. 40 Cr) |
|
Market Makers |
2,53,200 Shares (Rs. 3 Cr) |
|
Issue Type |
Bookbuild Issue |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (2400 Shares) for Rs. 2,52,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3600 Shares) for Rs. 3,78,000.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Vectras Enprocon IPO Allotment Status
To check the Vectras Enprocon IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Vectras Enprocon Ltd.
-
Naynesh Kanubhai Patel
-
Maheshkumar Gopalbhai Patel.
|
Pre-Issue Promoter Shareholding |
100% |
|
Post-Issue Promoter Shareholding |
73.49% |
IPO Lead Managers
Beeline Capital Advisors Pvt. Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
Conclusion
Vectras Enprocon IPO 2026 opens from October 30 to November 3, 2026, with a price band of ₹99-₹105 per share. Explore the company’s financial performance, valuation, IPO objectives, peer comparison, growth prospects, and key investment risks before applying. Check the latest Vectras Enprocon IPO GMP, allotment status, listing date, and lot size to make an informed investment decision.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
To Apply for the IPO, Click Here.
To read the Prospectus of the company, click here to download the DRHP & RHP.
Click Here To Stay Updated With The Upcoming IPOs.
DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is only for educational purposes. Always discuss with your SEBI-registered financial advisor for investment-related decisions.
