Vectras Enprocon Limited is an Ahmedabad, Gujarat-based Engineering, Procurement and Construction (EPC) company specialising in oil and gas pipeline infrastructure and combined station works. Incorporated in May 2021, the company operates in the midstream and downstream segments of the Oil & Gas industry, providing design, engineering, procurement, construction, testing and commissioning services across multiple Indian states.
Key Business Verticals:
- Combined Oil and Gas Station Works: Undertakes mechanical, electrical, piping and civil works for refineries, petrochemical complexes, gas processing units, oil and gas terminals and petroleum depots. Order book: ₹11,629.03 lakh.
- Midstream and Downstream Pipeline Projects: Executes cross-country pipelines, spur pipelines, underground steel pipelines and city gas distribution networks. Order book: ₹5,945.72 lakh.
- Other Allied Services: Provides civil infrastructure, electrical and instrumentation works, cathodic protection, pipeline testing, inspection and safety auditing services.
The company has developed capabilities to execute station piping up to 48 inches and cross-country pipelines up to 30 inches in diameter.
Since incorporation, it has completed 521,772 inch-dia of piping, 1,430.43 inch-kilometres of pipelines and 4 combined station projects.
Vectras Enprocon serves both public and private sector oil and gas companies. As of September 30, 2026, its total unexecuted order book stood at ₹18,327.88 lakh (₹183.28 crore) across 34 projects.
The company holds ISO 9001:2015, ISO 45001:2018, ISO 14001:2015 and ISO 27001:2022 certifications covering quality management, occupational health and safety, environmental management and information security.
As of September 30, 2026, the company had 990 permanent employees.
Vectras Enprocon IPO – Details
| IPO Opening Date | 30 October 2026 |
| IPO Closing Date | 03 November 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 50,52,000 Shares Worth ₹53.05 Crore Fresh Issue: 40,56,000 Shares Worth ₹42.59 Crore Offer For Sale: 9,96,000 Shares Worth ₹10.46 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹99 – ₹105 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Vectras Enprocon IPO – Date Schedule
| IPO Open Date | 30 October 2026 |
| IPO Close Date | 03 November 2026 |
| Basis of Allotment | 04 November 2026 |
| Initiation of Refund | 05 November 2026 |
| Credit of Shares to Demat | 05 November 2026 |
| IPO Listing Date | 06 November 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 03, 2026 |
Vectras Enprocon IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,52,000 |
| Retail (Max) | 2 | 2400 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3600 | ₹3,78,000 |
| S-HNI (Max) | 7 | 8400 | ₹8,82,000 |
| B-HNI (Min) | 8 | 9600 | ₹10,08,000 |
Competitive Strength
- Track record of timely completion of complex project.
- Strong Order Book for existing project portfolio and geography.
- Strong Execution Capabilities.
- Track Record of Growth in Financial Performance.
- Experienced management team with significant industry experience.
Company Promoters
- Naynesh Kanubhai Patel
- Maheshkumar Gopalbhai Patel
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹54.37 Cr | ₹46.25 Cr | ₹5.81 Cr | ₹4.16 Cr |
| 31 March 2025 | ₹80.53 Cr | ₹66.97 Cr | ₹10.17 Cr | ₹11.87 Cr |
| 31 March 2026 | ₹119.90 Cr | ₹99.06 Cr | ₹15.43 Cr | ₹22.21 Cr |
| 30 September 2026 | ₹72.20 Cr | ₹59.98 Cr | ₹9.10 Cr | ₹31.36 Cr |
Key Performance Indicator
| KPI | Values (Sep 30, 2026) |
|---|---|
| ROE | 21.52% |
| ROCE | 19.69% |
| Debt/Equity | 0.67 |
| RoNW | 21.52% |
| PAT Margin | 12.65% |
| EBITDA Margin | 20.21% |
| NAV | 31.23 |
| Price to Book Value | 3.36 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 10.29 | 9.55 |
| P/E (x) | 10.20 | 10.99 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company. | ₹14.00 |
| To Meet Working Capital Requirements of Company. | ₹20.00 |
| General Corporate Purposes. |
✅Strengths
- Strong order book of ₹183.28 crore.
- Revenue grew to ₹119.80 crore in FY26.
- PAT increased to ₹15.43 crore in FY26.
- Reputed clients including IOCL, HPCL and Adani.
- Track record of timely project execution.
⚠️Risks
- High customer concentration (92.27% of FY26 revenue from top 10 customers).
- Negative operating cash flow in FY26.
- Dependence on repeat orders without long-term contracts.
- Risk of project delays and cost overruns.
- High competition in project tenders.
Vectras Enprocon IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 73.49% |
Vectras Enprocon IPO Prospectus
Company Contact Information
| Vectras Enprocon Limited Office No. 601-602, Amrakunj Avis, Near Tapovan circle, Chandkheda Ahmedabad, Gujarat, 382424 Phone: 6353152513 Email: compliance@vectrasgroup.com Website: https://www.vectrasgroup.com |
Vectras Enprocon IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: vectras.smeipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Vectras Enprocon IPO Lead Manager(s)
| 1. Beeline Capital Advisors Pvt. ltd. |
Vectras Enprocon IPO FAQ
| What is the Vectras Enprocon IPO? Vectras Enprocon IPO is an SME IPO. The issue is priced at ₹99 – ₹105 per equity share. The IPO is to be listed on BSE SME. |
| When will Vectras Enprocon IPO open? The IPO is to open on 30 October 2026 for QIB, NII and Retail Investors. |
| What is Vectras Enprocon IPO Investors’ Portion? The Investors portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Vectras Enprocon IPO Size? Vectras Enprocon IPO size is ₹53.05 Crore. |
| What are the Vectras Enprocon IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,52,000, while the maximum bid is 2400 Shares for ₹2,52,000. |
| What is the Vectras Enprocon IPO Allotment Date? Vectras Enprocon IPO allotment date is 04 November 2026. |
| What is the Vectras Enprocon IPO Listing Date? Vectras Enprocon IPO listing date is 06 November 2026. The IPO is to be listed on the BSE SME. |
