Vectras Enprocon IPO
- Status: Live
- BSE SME
- ₹ 237,600 / 2400
shares
Minimum Investment
Vectras Enprocon IPO Details
-
Open Date
30 Oct 2026
-
Close Date
03 Nov 2026
- IPO Price Range
₹ 99 to ₹105
- IPO Size
₹ 53.05 Cr
Vectras Enprocon IPO Timeline
Vectras Enprocon IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 30-Oct-2026 | 1.42 | 1.30 | 1.03 | 1.20 |
Last Updated: 30 October 2026 5:22 PM by 5paisa
Vectras Enprocon Limited is a Gujarat-based Engineering, Procurement and Construction (EPC) company specialising in the midstream and downstream segments of the oil and gas industry. It provides integrated infrastructure solutions covering engineering, procurement, construction, testing and commissioning of oil and gas facilities.
Its principal services include combined station works, cross-country pipelines, spur pipelines, city gas stations and associated civil and mechanical infrastructure. The company undertakes EPC contracts for public-sector undertakings and private-sector organisations across India.
Vectras Enprocon operates in a project-based industry in which technical capabilities, tender participation, timely project delivery and working-capital management determine operating performance. As of 30 September 2026, its unexecuted order book stood at approximately ₹183.28 crore, compared with ₹232.45 crore as of 31 March 2026.
Established in: 2021
Managing Director: Maheshkumar Gopalbhai Patel
Peers:
Likhitha Infrastructure Limited
Desco Infratech Limited
Pratham EPC Projects Limited
Vectras Enprocon Objectives
The company proposes to utilise the net proceeds from the fresh issue towards:
1. Repayment of borrowings: ₹14.00 crore towards repayment or prepayment, in full or in part, of certain outstanding borrowings.
2. Working capital requirements: ₹20.00 crore towards funding long-term working-capital requirements.
3. General corporate purposes: The remaining eligible net proceeds towards general corporate expenses.
The proposed ₹20 crore working-capital allocation includes ₹8 crore for FY27 and ₹12 crore for FY28. The company will not receive proceeds from the Offer for Sale portion.
Vectras Enprocon IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹53.05 Cr |
| Offer For Sale | ₹10.46 Cr |
| Fresh Issue | ₹42.59 Cr |
Vectras Enprocon IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 2400 | 237600 |
| Individual Investors (IND) (Max) | 2 | 2400 | 252000 |
| HNI (Min) | 3 | 3600 | 356400 |
| S-HNI (Max) | 7 | 8400 | 882000 |
| B-HNI (Min) | 8 | 9600 | 950400 |
Vectras Enprocon IPO Reservation Table
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| Anchor | 1 | 14,38,800 | 14,38,800 | 15.107 |
| Market Maker | 1 | 2,53,200 | 2,53,200 | 2.659 |
| QIB (Ex Anchor) | 1.42 | 9,60,000 | 13,58,400 | 14.263 |
| Non-Institutional Buyers | 1.30 | 7,20,000 | 9,36,000 | 9.828 |
| bNII (> ₹10L) | 1.43 | 4,82,400 | 6,91,200 | 7.258 |
| sNII (< ₹10L) | 1.03 | 2,37,600 | 2,44,800 | 2.570 |
| Individual Investors | 1.03 | 16,80,000 | 17,28,000 | 18.144 |
| Total ** | 1.20 | 33,60,000 | 40,22,400 | 42.235 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 54.32 | 80.48 | 119.80 |
| EBITDA | 8.67 | 15.05 | 24.01 |
| PAT | 5.81 | 10.17 | 15.43 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 21.47 | 46.50 | 74.94 |
| Share Capital | 2.50 | 2.50 | 15.00 |
| Total Liabilities | 21.47 | 46.50 | 74.94 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (Used In) Operating Activities | -1.29 | -4.44 | -5.10 |
| Net Cash Generated From / (Used In) Investing Activities | -2.67 | -3.31 | -4.33 |
| Net Cash Generated From / (Used In) Financing Activities | 6.15 | 6.98 | 8.43 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | 2.18 | -0.77 | -1.00 |
Strengths
1. Established order book: Outstanding orders of ₹183.28 crore as of 30 September 2026 provide a sizeable portfolio of contracted work.
2. Revenue growth: Revenue increased from ₹54.32 crore in FY24 to ₹119.80 crore in FY26, representing a two-year CAGR of approximately 48.5%.
3. Improving profitability: EBITDA increased to ₹24.01 crore in FY26, with an EBITDA margin of 20.04%.
4. Integrated EPC capabilities: Services span engineering, procurement, construction, testing and commissioning of oil and gas infrastructure.
5. Sector experience: The company's promoters have over 15 years of experience in oil and gas EPC activities.
Weaknesses
1. Customer concentration: The top 10 customers accounted for 92.27% of FY26 revenue from operations.
2. Geographic concentration: Gujarat and Maharashtra contributed 71.52% of FY26 revenue, exposing the company to regional market developments.
3. Negative operating cash flows: The company reported an operating cash outflow of ₹5.10 crore in FY26, despite recording positive profits.
4. Increasing working-capital requirements: Net working-capital needs increased from approximately ₹28.73 crore in FY25 to ₹55.58 crore in FY26.
5. Dependence on specific EPC verticals: Combined oil and gas station works account for a substantial share of the company's order book and operating activities.
Opportunities
1. Oil and gas infrastructure development: Expansion of pipeline and gas distribution infrastructure could increase demand for specialised EPC services.
2. Existing project pipeline: The ₹183.28 crore unexecuted order book provides opportunities for future revenue recognition, subject to project execution.
3. New geographical markets: Projects across several Indian states could support diversification beyond Gujarat and Maharashtra.
4. Working-capital funding: The proposed ₹20 crore IPO allocation could help fund the execution of ongoing and future contracts.
5. Borrowing repayment: The planned ₹14 crore repayment could reduce certain debt obligations and finance costs.
Threats
1. Competitive bidding: Intense competition among EPC contractors could affect pricing, contract awards and operating margins.
2. Project delays: Delays in customer approvals, site access, material procurement or certification may affect execution schedules.
3. Industry spending cycles: Changes in oil and gas industry capital expenditure could influence new project opportunities.
4. Supplier dependence: Concentration among suppliers of certain materials and components creates procurement risks.
5. Regulatory requirements: Infrastructure projects are subject to safety, environmental and operational regulations that may affect project costs and schedules.
1. Revenue expansion: Revenue increased from ₹54.32 crore in FY24 to ₹119.80 crore in FY26.
2. Profitability growth: PAT increased from ₹5.81 crore in FY24 to ₹15.43 crore in FY26.
3. Established order book: Outstanding orders stood at ₹183.28 crore as of 30 September 2026.
4. Specialised project capabilities: The company operates in oil and gas EPC services, including combined station works and pipeline infrastructure.
5. Defined use of proceeds: The proposed fresh-issue funding includes ₹14 crore for borrowing repayment and ₹20 crore for long-term working-capital requirements.
India's oil and gas infrastructure sector includes crude oil pipelines, petroleum-product transportation networks, natural gas transmission systems, city gas distribution networks and associated processing and storage facilities.
As of 31 March 2025, India's crude oil pipeline network extended approximately 10,446 kilometres, with a capacity of 153.1 million metric tonnes per annum. Petroleum-product pipelines, including LPG infrastructure, covered approximately 24,130 kilometres, with a capacity of 145.8 million metric tonnes per annum.
Continued investment in natural gas connectivity, transmission pipelines, refinery infrastructure and city gas distribution projects could support demand for engineering, procurement and construction services.
Vectras Enprocon participates in this market through combined station works, pipeline laying and associated infrastructure development. Its ₹183.28 crore order book as of September 2026 represents approximately 1.53 times FY26 revenue of ₹119.80 crore.
However, the company's growth will depend on converting the order book into revenue, securing new contracts, maintaining margins and managing working-capital requirements.
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FAQs
Vectras Enprocon IPO opens on 30 October 2026 and closes on 3 November 2026.
The size of the Vectras Enprocon IPO is approximately ₹53.05 crore.
Vectras Enprocon IPO is fixed at ₹99 to ₹105 per equity share.
1. Log in to your 5paisa demat account and select Vectras Enprocon IPO in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply.
3. Enter your UPI ID and submit the application.
4. Approve the mandate notification received through your UPI app to block the required funds.
The minimum eligible application comprises 2400 equity shares, equivalent to two lots of 1200 shares each. At the floor price of ₹99 per share, the minimum investment is ₹237600.
The basis of allotment is tentatively expected to be finalised on 4 November 2026.
Vectras Enprocon IPO is tentatively scheduled to list on the BSE SME platform on 6 November 2026.
Beeline Capital Advisors Private Limited is the book-running lead manager for Vectras Enprocon IPO.
The company proposes to use the fresh-issue proceeds towards repayment or prepayment of certain borrowings amounting to approximately ₹14 crore, funding long-term working-capital requirements of ₹20 crore, and general corporate purposes. It will not receive proceeds from the Offer for Sale.