Vectras Enprocon IPO Review: Key Details, Company Overview and Financials

The Vectras Enprocon IPO is a bookbuilding SME issue of 50,52,000 equity shares of face value Rs 10 each, aggregating up to Rs 53 crore at the upper band. It has a fresh issue of 40,56,000 shares (about Rs 42.59 crore, including 2,53,200 market maker shares) and an offer for sale of 9,96,000 shares (about Rs 10.46 crore) by promoters Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel, who sell 4,98,000 shares each. The issue opens on 30 October 2026 and closes on 3 November 2026. Allotment is expected on 4 November, and the shares are tentatively proposed to list on the BSE SME platform on 6 November 2026.

The price band is Rs 99 to Rs 105 per share with a lot size of 1,200 shares, so one lot needs Rs 1,26,000 at the upper band. Retail investors must apply for at least 2 lots (2,400 shares, Rs 2,52,000), and small HNI bids run from 3 lots (Rs 3,78,000) to 7 lots (Rs 8,82,000). The net offer to the public is 47,98,800 shares, with not more than 50 percent for qualified institutional buyers, at least 35 percent for retail investors and at least 15 percent for non-institutional investors.

Beeline Capital Advisors Pvt. Ltd. is the book-running lead manager for the Vectras Enprocon issue, MUFG Intime India Pvt. Ltd. is the registrar and Spread X Securities Pvt. Ltd. is the market maker.

For detailed information on the company's business, financials, risk factors and the use of proceeds, investors should refer to the Vectras Enprocon Red Herring Prospectus (RHP) before making an investment decision.

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Company Overview

Vectras Enprocon Limited is a Gujarat-based engineering, procurement and construction (EPC) company working in the midstream and downstream oil and gas sector. It lays pipeline networks, builds combined oil and gas stations and carries out mechanical, electrical and civil work at refineries, petrochemical complexes, gas processing units, terminals and depots in several states.

Its two main verticals are combined station works and pipeline projects, backed by allied services such as civil work, electrical and instrumentation, and inspection, testing and safety audits. The prospectus data we found shows an unexecuted order book of Rs 150.89 crore for combined stations and Rs 87.67 crore for pipelines as of 31 August 2025, and 279 permanent employees on that date, so these operating figures are over a year old. Promoters hold 100 percent before the issue and 73.49 percent after it.

Read on for the complete Vectras Enprocon IPO details, including dates, issue structure, listing timeline and the company's financial track record.

IPO Details

Particulars	Details
IPO Date	30 October to 3 November 2026
Allotment	Wed, 4 November 2026 (tentative)
Refunds and Demat Credit	Thu, 5 November 2026 (tentative)
Listing Date	Fri, 6 November 2026 (tentative)
Face Value	Rs 10 per share
Price Band	Rs 99 to Rs 105
Lot Size	1,200 Shares
Minimum Application (Retail)	2 lots, 2,400 shares, Rs 2,52,000
Minimum Application (sNII)	3 lots, 3,600 shares, Rs 3,78,000
Issue Type	Bookbuilding IPO (SME)
Sale Type	Fresh Issue and Offer for Sale
Total Issue Size	50,52,000 shares (agg. up to Rs 53 Cr)
Fresh Issue	40,56,000 shares (agg. about Rs 42.59 Cr)
Offer for Sale	9,96,000 shares (agg. about Rs 10.46 Cr)
Market Maker Reservation	2,53,200 shares (Spread X Securities)
Net Offer to Public	47,98,800 shares
Quota (QIB / NII / Retail)	Not more than 50% / at least 15% / at least 35%
Shares Outstanding (pre and post issue)	1,50,00,000 and 1,90,56,000
Promoter Holding	100% pre-issue; 73.49% post-issue
Market Cap at Upper Band	Rs 157.50 Cr pre-issue; Rs 200.09 Cr post-issue
Listing Exchange	BSE SME
Lead Manager	Beeline Capital Advisors
Registrar	MUFG Intime India

(Compiled from the DRHP/RHP and market updates)

Industry Context

• India is adding gas pipelines, city gas networks, refineries and storage terminals, and that spending creates steady work for EPC contractors in oil and gas.
• Contractors are paid on milestones, so revenue depends on how fast projects are executed, and delays push cash collection into later periods.
• Large public sector oil and gas companies award most of the work, so a contractor's order book depends on winning tenders and keeping approved vendor status.
• Margins in EPC work depend on cost control for steel pipe, labour and subcontracting, and fixed-price contracts leave the contractor exposed to cost rises.
• Investors usually track order book to revenue, receivable days, working capital needs and customer concentration.

Business Strengths

Here are the key strengths investors evaluating the Vectras Enprocon IPO should weigh:

• Rapid growth: total income rose from Rs 54.37 crore in FY24 to Rs 80.53 crore in FY25 and Rs 119.90 crore in FY26, and profit after tax rose from Rs 5.81 crore to Rs 10.17 crore and Rs 15.43 crore.
• Healthy margins for a contractor, with EBITDA margin of about 20 percent and PAT margin of about 13 percent in FY26.
• An order book of about Rs 238.56 crore (computed from the two verticals as of 31 August 2025), roughly twice FY26 income, which gives some visibility.
• Return on net worth of 51.39 percent and return on capital employed of 48.37 percent in FY26, and promoters who keep 73.49 percent after the issue.

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Business Risks

Alongside these strengths, the Vectras Enprocon issue also carries the following business risks:

• Debt is rising: borrowings grew from Rs 4.16 crore at March 2024 to Rs 22.21 crore at March 2026 and Rs 31.36 crore at September 2026, and debt to equity was 0.67 at September 2026.
• Return on equity of 51 percent in FY26 reflects a small equity base, and the half-year figure for September 2026 is lower at 21.52 percent, so the high level may not last.
• The order book and employee figures are from August 2025, so they may not reflect current work, and the RHP should be checked for the latest numbers.
• EPC work depends on a few large customers and on winning tenders, and delayed payments can strain working capital, with Rs 20 crore of the proceeds meant for it.
• The upper band is about 4.2 times book value on March 2026 figures (tracker), and SME shares are often thinly traded after listing.

Financial Performance

The Vectras Enprocon IPO follows two years of strong growth. Total income was Rs 54.37 crore in FY24, Rs 80.53 crore in FY25 and Rs 119.90 crore in FY26, while profit after tax was Rs 5.81 crore, Rs 10.17 crore and Rs 15.43 crore. In the six months to September 2026, total income was Rs 72.20 crore and profit after tax was Rs 9.10 crore.

Vectras Enprocon Ltd. – Financials (Rs in Crore)

Particulars	6M to Sep 2026	Fiscal 2026	Fiscal 2025	Fiscal 2024
Total Income	72.20	119.90	80.53	54.37
EBITDA	14.54	24.01	15.05	8.67
Profit After Tax (PAT)	9.10	15.43	10.17	5.81
Net Worth	46.85	37.75	22.32	12.15
Total Borrowings	31.36	22.21	11.87	4.16
Total Assets	90.91	74.94	46.50	21.47

Amounts in Rs Crore, restated figures compiled from published Vectras Enprocon IPO disclosures and trackers. The six-month column is not comparable with full-year columns.

Key Ratios and Metrics

The table below summarises the key ratios for the Vectras Enprocon issue as published by trackers, plus our own valuation arithmetic. The computed row is not an announced number.

These ratios offer a quick snapshot of the profitability and balance sheet behind the Vectras Enprocon IPO.

KPI (FY26)	Value
Return on Equity (RoE)	51.39% (21.52% for 6M to Sep 2026)
Return on Capital Employed (RoCE)	48.37%
EBITDA Margin	20.04%
PAT Margin	12.88%
Debt to Equity	0.59 (0.67 at Sep 2026)
Net Asset Value per Share	Rs 25.17
Earnings per Share (pre-issue)	Rs 10.29
Pre-Issue P/E at Rs 105 (tracker)	About 10.2x
Post-Issue P/E at Rs 105 on FY26 profit (computed)	About 13.0x
Price to Book (tracker)	About 4.2x

Objects of the Offer

The company proposes to use the net proceeds of the fresh issue in the Vectras Enprocon IPO towards the following objects.

• Repayment or prepayment of certain borrowings (Rs 14.00 Cr)
• Funding working capital requirements (Rs 20.00 Cr)
• General corporate purposes (balance of the fresh issue, about Rs 8.59 Cr computed before issue expenses)

The offer for sale proceeds of about Rs 10.46 crore go to the two promoters, not to the company, and the object amounts should be confirmed in the RHP.

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Conclusion

Here is the bottom line on the Vectras Enprocon IPO.

The Vectras Enprocon issue offers exposure to a fast-growing oil and gas EPC contractor with good margins, high return ratios and a clear use of funds.

The cautions are rising debt, customer and tender dependence, order book data that is over a year old, a valuation of about 13 times FY26 earnings after the new shares, and SME liquidity.

Overall, investors weighing the Vectras Enprocon issue should read the Red Herring Prospectus (RHP) for the latest order book and receivable days, check how the debt repayment will lower interest cost, and match the position size to their own risk profile.

Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.

FAQs

When does the Vectras Enprocon IPO open and close?

Ans. The Vectras Enprocon IPO opens for subscription on 30 October 2026 and closes on 3 November 2026. Allotment is expected on 4 November, and the shares are tentatively proposed to list on the BSE SME platform on 6 November 2026.

What is the price band and minimum investment for the Vectras Enprocon IPO?

Ans. The price band is Rs 99 to Rs 105 per share with a lot size of 1,200 shares. Retail investors must apply for at least 2 lots (2,400 shares), which needs Rs 2,52,000 at the upper band, and small HNI investors need at least 3 lots, or Rs 3,78,000.

What does Vectras Enprocon do?

Ans. Vectras Enprocon is a Gujarat-based EPC contractor in midstream and downstream oil and gas. It lays pipelines, builds combined oil and gas stations, and does mechanical, electrical and civil work at refineries, terminals and depots.

Is the Vectras Enprocon IPO a fresh issue or an offer for sale?

Ans. It is both. The fresh issue is 40,56,000 shares (about Rs 42.59 crore) and the offer for sale is 9,96,000 shares (about Rs 10.46 crore) by promoters Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel.

How will Vectras Enprocon use the IPO money?

Ans. The company plans to use Rs 14 crore to repay borrowings and Rs 20 crore for working capital, with the balance of about Rs 8.59 crore for general corporate purposes, before issue expenses.

How has Vectras Enprocon performed financially?

Ans. Total income rose from Rs 80.53 crore in FY25 to Rs 119.90 crore in FY26, and profit after tax rose from Rs 10.17 crore to Rs 15.43 crore. In the six months to September 2026, income was Rs 72.20 crore and profit was Rs 9.10 crore.

Is the Vectras Enprocon IPO expensive?

Ans. A tracker shows about 10.2 times pre-issue earnings at the upper band, but on our arithmetic the post-issue market cap of Rs 200.09 crore and FY26 profit of Rs 15.43 crore give about 13 times earnings and about 4.2 times book value, which is moderate for a business growing this fast.

What are the main risks in the Vectras Enprocon IPO?

Ans. The main risks are rising borrowings, dependence on a few large customers and tenders, delayed payments that tie up working capital, order book data from August 2025, and thin trading in SME shares.

Who are the lead manager and registrar for the Vectras Enprocon IPO?

Ans. Beeline Capital Advisors Pvt. Ltd. is the book-running lead manager, MUFG Intime India Pvt. Ltd. is the registrar and Spread X Securities Pvt. Ltd. is the market maker.

Is the Vectras Enprocon IPO a good investment?

Ans. The Vectras Enprocon issue offers fast growth and healthy margins in a sector with steady project spending, but rising debt and customer dependence call for caution. Read the prospectus, and size the position to your own risk appetite before applying.