Vectras Enprocon IPO is a book-built SME public issue comprising a fresh issue of equity shares and an offer for sale by existing shareholders. The company operates in the Engineering, Procurement and Construction (EPC) segment, focusing on midstream and downstream infrastructure for the oil and gas industry. Its project activities include pipeline networks, combined oil and gas stations, and associated civil, electrical, instrumentation and safety-related work.
The IPO is scheduled to open on October 30, 2026, and close on November 3, 2026. The price band is ₹99 to ₹105 per share, and the shares are proposed to be listed on the BSE SME platform. At the upper price band, the total issue size is approximately ₹53.05 crore.
The company plans to use the fresh issue proceeds primarily for repayment or prepayment of certain borrowings and working capital requirements, with a portion allocated to general corporate purposes. Investors should evaluate the company’s project execution record, order book, working capital needs, debt position, profitability and issue valuation before making an investment decision.
Table of Contents
Vectras Enprocon IPO Details
| Particulars | Details |
|---|---|
| IPO Name | Vectras Enprocon IPO |
| Company Name | Vectras Enprocon Limited |
| IPO Opening Date | October 30, 2026 |
| IPO Closing Date | November 3, 2026 |
| Allotment Date | November 4, 2026 |
| Refund Initiation | November 5, 2026 |
| Share Credit Date | November 5, 2026 |
| Tentative Listing Date | November 6, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹99–₹105 per share |
| Lot Size | 1,200 shares |
| Minimum Retail Application | 2,400 shares |
| Minimum Retail Investment | ₹2,52,000 at the upper price |
| Issue Type | Book-built SME IPO |
| Issue Structure | Fresh Issue and Offer for Sale |
| Total Issue Size | 50,52,000 shares, aggregating to approximately ₹53.05 crore |
| Fresh Issue | 40,56,000 shares, aggregating to approximately ₹42.59 crore |
| Offer for Sale | 9,96,000 shares, aggregating to approximately ₹10.46 crore |
| Market Maker Reservation | 2,53,200 shares |
| Fresh Issue Excluding Market Maker Reservation | 38,02,800 shares |
| Net Offer to Public | 47,98,800 shares |
| Listing Exchange | BSE SME |
| Lead Manager | Beeline Capital Advisors Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Spread X Securities Pvt. Ltd. |
Vectras Enprocon IPO Dates
The following dates are tentative and relate to the proposed public issue schedule.
| IPO Event | Date |
|---|---|
| IPO Opens | October 30, 2026 |
| IPO Closes | November 3, 2026 |
| Basis of Allotment | November 4, 2026 |
| Refund Initiation | November 5, 2026 |
| Credit of Shares to Demat Accounts | November 5, 2026 |
| Tentative Listing | November 6, 2026 |
Vectras Enprocon IPO Reservation
The issue reservation determines how the net public offer is allocated among different investor categories. The final allocation should be checked against the offer document and the exchange’s issue details.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIBs) | Not more than 50% of the net offer |
| Retail Individual Investors | Not less than 35% of the net offer |
| Non-Institutional Investors (NIIs) | Not less than 15% of the net offer |
Vectras Enprocon IPO Lot Size
Investors can apply for a minimum of 2,400 shares, equivalent to two lots. Applications above the minimum must follow the specified lot-size multiple and the applicable investor-category limits.
| Application Category | Lots | Shares | Amount at ₹105 |
|---|---|---|---|
| Individual Investors – Minimum | 2 | 2,400 | ₹2,52,000 |
| Individual Investors – Maximum shown in supplied data | 2 | 2,400 | ₹2,52,000 |
| S-HNI – Minimum | 3 | 3,600 | ₹3,78,000 |
| S-HNI – Maximum | 7 | 8,400 | ₹8,82,000 |
| B-HNI – Minimum | 8 | 9,600 | ₹10,08,000 |
Amounts are calculated at the upper price band of ₹105 per share. Investors should confirm category limits and application rules before applying.
Vectras Enprocon IPO GMP History
The Vectras Enprocon IPO GMP is ₹0 as of 6 November 2026. At the upper issue price of ₹105 per share, the estimated listing price is ₹105, indicating an estimated gain of 0%.
Vectras Enprocon IPO GMP History (Day-Wise)
| Date | GMP (₹) | Estimated Listing Price (₹) | Estimated Gain (%) |
|---|---|---|---|
| 6 November 2026 | 0 | 105 | 0.00% |
| 5 November 2026 | 0 | 105 | 0.00% |
| 4 November 2026 | 0 | 105 | 0.00% |
| 3 November 2026 | 0 | 105 | 0.00% |
| 2 November 2026 | 0 | 105 | 0.00% |
| 1 November 2026 | 0 | 105 | 0.00% |
| 31 October 2026 | 0 | 105 | 0.00% |
| 30 October 2026 | 0 | 105 | 0.00% |
| 29 October 2026 | 0 | 105 | 0.00% |
| 28 October 2026 | 0 | 105 | 0.00% |
| 27 October 2026 | 0 | 105 | 0.00% |
The Vectras Enprocon IPO GMP remained unchanged at ₹0 throughout the recorded period. Based on the latest available premium, the estimated listing price is ₹105 per share, equal to the upper issue price.
About Vectras Enprocon Limited
Vectras Enprocon Limited is a Gujarat-based Engineering, Procurement and Construction company serving the midstream and downstream segments of the oil and gas industry. Its activities include pipeline installation, construction of combined oil and gas stations, and the development of associated facilities. The company works across engineering, procurement, construction, testing and commissioning stages of infrastructure projects.
Its customer base includes public- and private-sector participants in the oil and gas industry. The company’s work spans mechanical, electrical and civil activities at refineries, petrochemical complexes, gas processing units, oil and gas terminals and petroleum depots. It also undertakes pipeline projects and allied services such as instrumentation, inspection, testing and safety auditing.
The company reports a record of executing pipeline and station projects. Its stated completed work includes more than 3,34,000 inch-diameter piping, 785 inch-kilometres of pipelines and four combined station projects. These figures indicate experience in technically demanding infrastructure work, although future revenue will depend on new orders, project execution, customer payments and the timely completion of existing contracts.
As of September 30, 2026, the company reported a workforce of 990 employees across multiple divisions. Its order book provides visibility into contracted work, but an order book does not automatically translate into revenue or cash flow. Project schedules, cost escalation, client approvals, subcontractor performance and payment cycles can affect the timing and profitability of execution.
Vectras Enprocon Business Operations
Vectras Enprocon operates through three broad areas of oil and gas infrastructure work.
Combined Oil and Gas Station Works :
The company undertakes mechanical, electrical and civil works for facilities such as refineries, petrochemical complexes, gas processing units, terminals and petroleum depots. These projects require coordination between multiple engineering disciplines, procurement activities and construction teams.
The supplied information reports an unexecuted order book of ₹15,088.80 lakh for oil and gas station work as of August 31, 2025. As this date differs from the more recent pipeline order-book date, investors should review the latest offer document for updated project figures and the combined order-book position.
Midstream and Downstream Pipeline Projects :
The company constructs oil and gas pipelines and related facilities. This work involves pipeline laying, associated civil infrastructure, testing and commissioning. The supplied information states that the oil and gas pipeline work order book stood at ₹18,327.88 lakh as of September 30, 2026.
A sizeable order book can support future business activity, but its commercial value depends on execution schedules, contract terms, cost management and the ability to collect payments.
Allied Engineering and Safety Services :
Vectras Enprocon also provides allied services connected with the oil and gas sector, including civil and infrastructure work, electrical and instrumentation activities, inspection and testing, and safety auditing.
These services can complement its core EPC activities and help the company serve clients across different stages of infrastructure development and maintenance.
Vectras Enprocon IPO Industry Overview
The oil and gas infrastructure sector requires continuing investment in transportation networks, processing facilities, storage, terminals and associated infrastructure. EPC contractors contribute by providing engineering, procurement, construction and commissioning services for these assets.
Demand for such contractors can be influenced by energy consumption, industrial activity, refinery and petrochemical investments, pipeline expansion, safety requirements and the capital expenditure plans of oil and gas companies. Project awards can create growth opportunities for contractors with suitable technical expertise and execution capabilities.
However, EPC projects can also involve significant working capital requirements. Contractors may need to fund labour, materials, equipment and subcontractors before receiving milestone payments from customers. Delayed approvals, changes in project scope, cost inflation, execution bottlenecks and payment delays can affect profitability and cash flows.
For Vectras Enprocon, investors should assess not only its order book and reported growth but also customer concentration, contract terms, outstanding receivables, debt levels, project margins and its ability to convert reported profits into operating cash flow.
Vectras Enprocon Business Strategy
The company’s business model centres on delivering integrated engineering and construction services for oil and gas infrastructure projects. Its strategy can be assessed through the following areas:
- Order-book execution: Converting existing projects into completed work and recognised revenue while managing cost and timelines.
- Project acquisition: Securing new contracts from public- and private-sector customers to maintain business visibility.
- Execution capabilities: Coordinating engineering, procurement, construction, testing and commissioning activities.
- Working capital management: Managing receivables, project advances, supplier payments and other operating cash requirements.
- Debt management: Using part of the IPO’s fresh issue proceeds to repay or prepay certain borrowings.
- Operational quality and safety: Maintaining suitable quality controls and safety processes for technically demanding oil and gas projects.
The effectiveness of these priorities will depend on the company’s ability to win profitable contracts, execute them within budget and manage cash flows through the project lifecycle.
Vectras Enprocon IPO Financial Information
A company’s financial statements help investors evaluate revenue growth, profitability, assets, borrowing levels and the capacity to fund operations. The figures below are the restated financial figures reported for Vectras Enprocon Limited, in ₹ crore.
Vectras Enprocon Financial Summary
| Particulars | 30 September 2026 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Total Assets | ₹90.91 Cr | ₹74.94 Cr | ₹46.50 Cr | ₹21.47 Cr |
| Total Income | ₹72.20 Cr | ₹119.90 Cr | ₹80.53 Cr | ₹54.37 Cr |
| EBITDA | ₹14.54 Cr | ₹24.01 Cr | ₹15.05 Cr | ₹8.67 Cr |
| Profit After Tax (PAT) | ₹9.10 Cr | ₹15.43 Cr | ₹10.17 Cr | ₹5.81 Cr |
| Net Worth | ₹46.85 Cr | ₹37.75 Cr | ₹22.32 Cr | ₹12.15 Cr |
| Reserves and Surplus | ₹31.85 Cr | ₹22.75 Cr | ₹19.82 Cr | ₹9.65 Cr |
| Total Borrowings | ₹31.36 Cr | ₹22.21 Cr | ₹11.87 Cr | ₹4.16 Cr |
Amounts are in ₹ crore. The September 30, 2026 figures represent an interim period and should not be compared directly with full-year results without accounting for the difference in reporting periods.
The figures show an increase in annual total income from ₹54.37 crore in FY2024 to ₹80.53 crore in FY2025 and ₹119.90 crore in FY2026. PAT increased from ₹5.81 crore in FY2024 to ₹10.17 crore in FY2025 and ₹15.43 crore in FY2026.
The September 2026 period reports total income of ₹72.20 crore and PAT of ₹9.10 crore. These are period-specific figures and should not be directly compared with full-year totals without accounting for the length of each reporting period.
Total borrowings rose from ₹4.16 crore in FY2024 to ₹22.21 crore in FY2026 and ₹31.36 crore as of September 30, 2026. The proposed use of IPO proceeds for debt repayment may reduce some borrowing pressure, but investors should review the final allocation, interest costs and post-issue debt position.
Vectras Enprocon IPO Financial Summary
| Financial Indicator | Observation |
|---|---|
| Revenue / Income Trend | Total income increased across FY2024, FY2025 and FY2026 |
| Profitability | PAT increased from ₹5.81 crore in FY2024 to ₹15.43 crore in FY2026. |
| EBITDA | EBITDA increased from ₹8.67 crore in FY2024 to ₹24.01 crore in FY2026. |
| Asset Base | Total assets increased from ₹21.47 crore in FY2024 to ₹74.94 crore in FY2026. |
| Net Worth | Net worth increased from ₹12.15 crore in FY2024 to ₹37.75 crore in FY2026. |
| Borrowings | Borrowings increased over the reported periods and remain an important factor to assess. |
| Key Consideration | Investors should assess the sustainability of margins, cash-flow conversion, order execution and debt levels. |
Vectras Enprocon IPO Key Performance Indicators (KPIs)
| KPI | Sep 30, 2026 | Mar 31, 2026 |
|---|---|---|
| Return on Equity (ROE) | 21.52% | 51.39% |
| Return on Capital Employed (ROCE) | 19.69% | 48.37% |
| Debt/Equity | 0.67 | 0.59 |
| Return on Net Worth (RoNW) | 21.52% | 51.39% |
| PAT Margin | 12.65% | 12.88% |
| EBITDA Margin | 20.21% | 20.04% |
| Net Asset Value (NAV) | ₹31.23 | ₹25.17 |
| Price-to-Book (P/B) | 3.36x | 4.17x |
Lower ROE and ROCE for the September 2026 reporting date than for March 2026. Debt-to-equity increased from 0.59 to 0.67, while PAT and EBITDA margins remained broadly similar across the two reported dates. The periods may not be directly comparable because one is a September reporting date and the other is a full financial year.
The NAV and price-to-book figures should be read alongside the offer valuation, the company’s post-issue capital structure and the final offer document’s calculation methodology.
Vectras Enprocon IPO Valuation
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| Earnings Per Share (EPS) | ₹10.29 | ₹9.55 |
| Price-to-Earnings (P/E) | 10.20x | 10.99x |
| Market Capitalisation at Offer Price | ₹157.50 crore | ₹200.09 crore |
The post-issue P/E is 10.99x at the stated offer valuation. Valuation should not be considered in isolation. Investors should also consider earnings sustainability, the EPC sector’s project-based revenue profile, debt, cash-flow generation, order-book execution and risks associated with contract concentration.
Vectras Enprocon IPO Shareholding Structure
| Shareholder Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and Promoter Group | 100.00% | 73.49% |
| Public | — | 26.51% |
| Total | 100.00% | 100.00% |
The promoter holding is expected to decline following the fresh issue and offer for sale. The promoters are Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel.
Vectras Enprocon IPO Objects of the Issue
The company proposes to use the net proceeds from the fresh issue for the purposes outlined below.
| No. | Issue Object | Estimated Amount |
|---|---|---|
| 1 | Repayment or prepayment, in full or part, of certain outstanding borrowings | ₹14.00 crore |
| 2 | Meeting working capital requirements | ₹20.00 crore |
| 3 | General corporate purposes | _ |
| Total of quantified objects | ₹34.00 crore |
The offer for sale of ₹10.46 crore is proceeds for the selling shareholders and does not represent money raised by the company for its business operations.
Vectras Enprocon IPO Listing Performance
The listing price, listing-day closing price and listing gain or loss are not available before the proposed listing. These fields should be updated after trading begins and verified figures are published.
| Listing Particulars | Details |
|---|---|
| Listing Exchange | BSE SME |
| Issue Price | ₹99–₹105 per share |
| Final Issue Price | ₹105 |
| Listing Price | ₹106 |
| Listing Gain | ₹1 |
| Listing Gain/Loss | 0.95% |
Vectras Enprocon IPO Subscription Status
Vectras Enprocon IPO received an overall subscription of 4.27 times by the end of the bidding period on November 3, 2026. The NII category recorded the highest demand at 7.04 times, followed by retail investors at 4.45 times and QIBs at 1.88 times.
Vectras Enprocon IPO Subscription (Final):
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 1.88x |
| Non-Institutional Investors (NII) | 7.04x |
| Retail Individual Investors (RII) | 4.45x |
| Total Subscription | 4.27x |
The IPO witnessed healthy investor participation across all categories. The NII segment led with 7.04 times subscription, while retail investors subscribed 4.45 times and QIBs subscribed 1.88 times.
Vectras Enprocon IPO Review
Vectras Enprocon operates in a specialised EPC segment that serves the oil and gas industry. Its work across pipelines, combined stations and allied infrastructure provides exposure to project-based industrial spending. The company’s reported increase in total income and PAT across FY2024 to FY2026 indicates financial growth, while its order-book figures suggest ongoing project activity. These factors may be relevant to investors assessing its ability to sustain operations and pursue future contracts.
There are also important factors to examine. EPC businesses can require substantial working capital and may experience cash-flow pressure when client payments are delayed or project milestones move. The company’s borrowings have increased over the reported periods, and its September 2026 debt-to-equity ratio is higher than the March 2026 figure. The proposed use of fresh issue proceeds for debt reduction and working capital is therefore relevant, but the final post-issue position should be reviewed.
At the upper price band, the supplied valuation indicates a post-issue P/E of 10.99x. Whether this is attractive depends on the sustainability of earnings, the quality of the order book, execution risks, debt servicing and the company’s ability to convert profits into cash. Investors should read the final offer document and evaluate their risk tolerance before applying. This review is informational and is not a recommendation to buy or sell the IPO.
Vectras Enprocon IPO Strengths
- Established EPC focus: The company specialises in midstream and downstream oil and gas infrastructure projects.
- Order-book visibility: The supplied information identifies work in pipeline projects and combined oil and gas stations.
- Integrated project capabilities: Its activities span engineering, procurement, construction, testing and commissioning.
- Reported financial growth: Total income and PAT increased across the supplied FY2024–FY2026 figures.
- Experienced promoters: The company is promoted by Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel.
- Debt-reduction objective: Part of the fresh issue proceeds is proposed to be used to repay or prepay certain borrowings.
Vectras Enprocon IPO Risk Factors
- Project execution risk: Delays, cost overruns or changes in project scope may affect profitability and completion schedules.
- Working capital requirements: EPC contracts can require upfront expenditure before client payments are received.
- Borrowing levels: Reported borrowings increased across the supplied periods.
- Customer and sector concentration: The business is focused on the oil and gas industry, exposing it to changes in sector spending and procurement.
- Order-book conversion: Contracted orders may not translate into revenue or cash flow on the expected timeline.
- Competitive bidding: The company may face pricing pressure from other EPC contractors.
- Uncertain listing performance: Listing gains are not guaranteed, and market prices can fall below the issue price.
Vectras Enprocon IPO Promoters
The promoters of Vectras Enprocon Limited are:
- Naynesh Kanubhai Patel
- Maheshkumar Gopalbhai Patel
Promoters collectively hold 100% before the IPO and are expected to hold 73.49% after the issue.
Vectras Enprocon Promoters Details
| Promoter | Category |
|---|---|
| Naynesh Kanubhai Patel | Promoter |
| Maheshkumar Gopalbhai Patel | Promoter |
The offer for sale comprises 9,96,000 shares, split equally between the two promoter selling shareholders.
| Selling Shareholder | Category | Shares Offered | Amount |
|---|---|---|---|
| Naynesh Kanubhai Patel | Promoter | 4,98,000 | ₹5.23 crore |
| Maheshkumar Gopalbhai Patel | Promoter | 4,98,000 | ₹5.23 crore |
| Total | 9,96,000 | ₹10.46 crore |
Vectras Enprocon IPO Management Team
Detailed biographies and the full management team’s designations should be checked against the final offer document before publication.
| Name | Role |
|---|---|
| Naynesh Kanubhai Patel | Promoter |
| Maheshkumar Gopalbhai Patel | Promoter |
Vectras Enprocon IPO Registrar Details
| Particulars | Details |
|---|---|
| Registrar | MUFG Intime India Pvt. Ltd. |
| Phone | 022-49186000 |
| [email protected] | |
| Website | MUFG Intime India official website |
Vectras Enprocon IPO Lead Manager Details
| Particulars | Details |
|---|---|
| Book Running Lead Manager | Beeline Capital Advisors Pvt. Ltd. |
| Market Maker | Spread X Securities Pvt. Ltd. |
Vectras Enprocon IPO Contact Details
| Particulars | Details |
|---|---|
| Company | Vectras Enprocon Limited |
| Address | Office No. 601–602, Amrakunj Avis, Near Tapovan Circle, Chandkheda, Ahmedabad, Gujarat – 382424 |
| Phone | 6353152513 |
| [email protected] | |
| Website | vectrasgroup.com |
Vectras Enprocon IPO Allotment Status
The basis of allotment is tentatively scheduled for November 4, 2026. Once the registrar publishes the allotment result, applicants can check their status through the registrar’s official IPO allotment facility using the details requested on that page.
Applicants should keep their PAN, application number or demat details available, as applicable. Allotment is subject to valid applications, category-wise demand and the final basis of allotment.
Vectras Enprocon IPO Conclusion
Vectras Enprocon IPO offers exposure to an EPC company working in oil and gas pipelines, combined stations and related infrastructure. Its reported financial growth and order-book activity are relevant positives, while borrowing levels, working capital needs, project execution and sector concentration require careful consideration.
The issue consists of both fresh capital and an offer for sale. The fresh issue proceeds are intended for debt repayment, working capital and general corporate purposes, whereas the offer-for-sale proceeds go to the selling shareholders. Investors should assess the final offer document, valuation, order-book quality, cash-flow profile and risk factors before deciding whether to apply.
Vectras Enprocon IPO FAQs
When does the Vectras Enprocon IPO open?
The Vectras Enprocon IPO is scheduled to open on October 30, 2026.
What is the closing date of the Vectras Enprocon IPO?
The IPO is scheduled to close on November 3, 2026.
What is the price band of the Vectras Enprocon IPO?
The price band is ₹99 to ₹105 per share.
What is the lot size of the Vectras Enprocon IPO?
The lot size is 1,200 shares. The minimum retail application shown in the supplied data is 2,400 shares, or two lots.
What is the minimum retail investment for the Vectras Enprocon IPO?
At the upper price band of ₹105 per share, the minimum retail investment is ₹2,52,000 for 2,400 shares.
When is the Vectras Enprocon IPO allotment expected?
The basis of allotment is tentatively scheduled for November 4, 2026.
On which exchange will Vectras Enprocon list?
The company is proposed to list on the BSE SME platform, with a tentative listing date of November 6, 2026.
Who is the registrar of the Vectras Enprocon IPO?
MUFG Intime India Pvt. Ltd. is the registrar of the issue.
What are the objects of the Vectras Enprocon IPO?
The company proposes to use fresh issue proceeds for repayment or prepayment of certain borrowings, working capital requirements and general corporate purposes.
Is the Vectras Enprocon IPO GMP confirmed?
A confirmed GMP figure has not been provided here. Grey-market premiums are unofficial and do not guarantee listing performance.
