Vectras Enprocon SME IPO
UpcomingBSE SMEOpens 30 October 2026Closes 3 November 2026
Vectras Enprocon Limited is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the Oil & Gas industry. It specializes in laying pipeline…
Vectras Enprocon Limited is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the Oil & Gas industry. It specializes in laying pipeline networks, building combined stations and constructing related facilities across multiple states in India. Its business verticals are: combined Oil and Gas station works (mechanical, electrical and civil work in refineries, petrochemical complexes, gas processing units, oil & gas terminals and petroleum depots); midstream and downstream pipeline projects and related facilities; and other allied services (civil and infrastructure, electrical, instrumentation, and inspection, testing and safety auditing). The Company has completed over 3,34,000 inch dia piping, 785 inch-kilometre pipelines and 4 combined station projects, serves both public and private Oil & Gas companies, and holds ISO certifications for quality, safety, environment and instrumentation. As of August 31, 2025, it had 279 permanent employees.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
30 Oct 2026
IPO Closes
3 Nov 2026
Allotment
4 Nov 2026
Listing
6 Nov 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 30 October 2026 |
| IPO Close Date | 3 November 2026 |
| Allotment Date | 4 November 2026 |
| Listing Date | 6 November 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,52,000 |
SHNI (Min) | 3 | ₹3,78,000 |
SHNI (Max) | 7 | ₹8,82,000 |
BHNIAbove ₹10,00,000 | 8 | ₹10,08,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by the Company (₹14.00 Crore / ₹1,400.00 Lakhs).
- Funding long-term working capital requirements of the Company (₹20.00 Crore / ₹2,000.00 Lakhs).
- General Corporate Purposes.
Strengths
- Track record of timely completion of complex Oil & Gas EPC projects, having executed over 3,34,000 inch dia piping, 785 inch-kilometre of pipelines and 4 combined station projects.
- Strong order book across its project portfolio and geographies, with an unexecuted order book of about ₹150.89 Crore for Oil & Gas station works and ₹87.67 Crore for pipeline works as of August 31, 2025.
- Strong execution capabilities across design, engineering, procurement, construction, testing and commissioning of Oil & Gas pipelines and stations.
- Track record of growth in financial performance, with FY26 revenue up about 49% and PAT up about 52% over FY25.
- Experienced management team with significant industry experience in the midstream and downstream Oil & Gas EPC space.
- Diversified client base of both public and private Oil & Gas companies, supported by ISO certifications for quality, safety, environment and instrumentation.
- Strong return ratios, with FY26 RoNW of 51.39%, RoCE of 48.37% and an EBITDA margin of about 20%.
Weaknesses
- Heavy dependence on the Oil & Gas sector, so a slowdown in midstream/downstream capex by refineries, gas utilities and petroleum companies would directly reduce order inflow.
- Order-book and client concentration risk, with revenue reliant on a limited number of large EPC contracts and on timely award and execution.
- Persistently negative operating cash flows (₹(5.10) Crore in FY26, ₹(4.44) Crore in FY25 and ₹(3.14) Crore in Q1-H1 FY27), reflecting the working-capital intensity of EPC work.
- Working-capital intensive business dependent on retention money, progress billing and receivables, which is why ₹20.00 Crore of proceeds is earmarked for working capital.
- Rising leverage, with the debt-to-equity ratio increasing from 0.34 (FY24) to 0.59 (FY26) and 0.67 (H1 FY27), and ₹14.00 Crore of proceeds going to debt repayment.
- Declining return ratios off a small base, with RoNW falling from 93.02% (FY24) to 59.00% (FY25) to 51.39% (FY26) as the equity base grows.
- Short operating history and recent incorporation (2021), with a limited track record at scale and execution risk on larger future contracts.
- Geographic and promoter concentration, being a Gujarat-headquartered, promoter-driven company with 100% pre-Offer promoter holding.
Financial Performance
| Period Ended | 30 Sep 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 90.91 | 74.94 | 46.5 | 21.47 |
| Revenue (₹ Cr.) | 72.2 | 119.9 | 80.53 | 54.37 |
| PAT (₹ Cr.) | 9.1 | 15.43 | 10.17 | 5.81 |
| Net Worth (₹ Cr.) | 46.85 | 37.75 | 22.32 | 12.15 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Vectras Enprocon Limited | 4.17 | 10.2 | 51.39% | 37.75 |
| Desco Infratech Limited | 1.95 | 8.43 | 23.1% | 70.84 |
| Likhitha Infrastructure Limited | 1.99 | 25.57 | 9.51% | 411.55 |
Subscription Details
No daily bids available.
No subscription statistics available.
Company Details
- Vectras Enprocon Limited
- Registered and Corporate Office: Office No. 601-602, Amrakunj Avis, Near Tapovan Circle, Chandkheda, Ahmedabad - 382424, Gujarat, India
- +91 63531 52513
- compliance@vectrasgroup.com
- https://www.vectrasgroup.com
Registrar Details
- MUFG Intime India Private Limited
- https://www.in.mpms.mufg.com
Frequently Asked Questions
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Sources
We match Vectras Enprocon SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.