Vectras Enprocon Limited
Bookbuilding IPO · BSE
- Price band
- ₹99 - ₹105
- Lot size
- 1,200 shares
- Issue amount
- ₹53.05 cr
- Total subscription
- 4.27×
- Opens
- 30 Oct 2026
- Closes
- 3 Nov 2026
- Allotment
- 4 Nov 2026
- Listing
- 6 Nov 2026
Offer at a glance
Issue overview
- Issue size
- 50,52,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,18,800
- Fresh issue
- ₹42.59 cr
- Offer for sale
- ₹10.46 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,26,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,50,00,000
- Shares after issue
- 1,90,56,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,52,000 |
| sHNI | 3 | 3,600 | ₹3,78,000 |
| bHNI | 8 | 9,600 | ₹10,08,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 3 Nov 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 700 | 34 |
| HNIs(10L +) | 133 | 37 |
| HNIs (2-10L) | 67 | 26 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 10.08 | 18.96 |
| RETAIL | 17.64 | 78.57 |
| NIB | 7.56 | 53.01 |
| HNIs 2+ | 2.52 | 12.83 |
| HNIs 10+ | 5.04 | 40.37 |
| HNIs | 7.56 | 53.2 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 6.07 | 10.29 | 6.78 | 4.17 |
| ROE | 21.52 | 51.39 | 59 | 93.02 |
| ROCE | 19.69 | 48.37 | 56.09 | 79.27 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 10.2 | 0 | 0 |
| POST IPO(PE) | 10.99 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Pratham EPC Projects Limited | 116.50 | 34.47 | 10.00 | 49.94 | 7.44 | 3.38 |
| Desco Infratech Limited | 177.85 | 8.35 | 10.00 | 92.22 | 25.21 | 21.30 |
| Likhitha Infrastructure Limited | 222.94 | 22.43 | 5.00 | 104.44 | 9.82 | 9.94 |
| Vectras Enprocon Limited | 105.00 | 10.20 | 10.00 | 25.17 | 51.39 | 10.29 |
Company information
Company profile
Vectras Enprocon Limited is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the oil and gas industry. The company specialises in developing pipeline networks, combined oil and gas stations and related infrastructure across multiple Indian states. Its business operations include mechanical, electrical and civil works for refineries, petrochemical complexes, gas processing units, oil and gas terminals and petroleum depots. As of August 31, 2025, its unexecuted order book for oil and gas station projects stood at ₹15,088.80 lakh, while its order book for oil and gas pipeline projects amounted to ₹18,327.88 lakh as of September 30, 2026. The company also undertakes allied civil and infrastructure projects, along with electrical, instrumentation, inspection, testing and safety auditing services for the oil and gas sector. Its capabilities cover the complete project lifecycle, including design, engineering, procurement, construction, testing and commissioning of pipelines and stations. The company has completed more than 3,34,000 inch-diameter piping works, 785 inch-kilometres of pipelines and four combined station projects. It serves both public-sector and private-sector oil and gas companies and maintains ISO certifications covering quality, safety, environmental management and instrumentation standards. As of September 30, 2026, Vectras Enprocon Limited had 990 employees across its various divisions.
Strengths
- Timely Completion of Complex Projects: The Company has a track record of completing projects ahead of schedule through standardized processes, quick mobilisation and efficient resource allocation. Some projects were completed 160 days and 62 days ahead of schedule during the last three financial years.
- Strong Order Book and Geographic Reach: As of September 30, 2026, the Company had an unexecuted order book of 34 projects worth ₹18,327.88 lakhs, with a book-to-bill ratio of 2.55 times. It has also expanded beyond Gujarat into states such as Maharashtra, Punjab, Bihar and Odisha.
- Strong Execution Capabilities: The Company has in-house capabilities across design, operations, finance and human resources, supported by over 900 permanent employees as of September 30, 2026. These capabilities support efficient and quality-focused project execution.
Risk factors
- Sustainability of Growth: Revenue increased from ₹5,431.89 lakhs in FY2024 to ₹11,980.20 lakhs in FY2026, achieving a CAGR of 48.51%, while PAT grew at a CAGR of 62.95%. However, there is no assurance that this growth will continue, which could adversely affect the Company’s business and financial condition.
- Significant Working Capital Requirements: The Company’s EPC business requires substantial working capital, with short-term borrowings of ₹2,648.38 lakhs as of September 30, 2026. Difficulty in meeting working capital needs or arranging timely and cost-effective financing could negatively affect operations and profitability.
- Customer Concentration Risk: The top 10 customers contributed 97.29%, 92.27%, 96.04% and 97.84% of revenue from operations during the stub period and FY2026, FY2025 and FY2024, respectively. Losing key customers could materially affect the Company’s revenue and cash flows.
Promoters
Naynesh Kanubhai Patel
Maheshkumar Gopalbhai Patel
Registrar & documents
Lead manager
Beeline Capital Advisors Private Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Office No. 601-602, Amrakunj Avis, Near Tapovan circle, Chandkheda, Ahmedabad, Gujarat, 382424
6353152513
[email protected]Company website ↗Understanding VECTRAS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.