In Progress
Valuation
Market Cap
₹200.09 Cr
P/E Ratio
10.20x
P/B Ratio
4.17x
Vectras Enprocon IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Vectras Enprocon Limited is a Gujarat-based EPC company serving the midstream and downstream oil and gas sector, executing city gas distribution pipelines, combined oil and gas station works and allied services. Incorporated in May 2021 and converted into a public company in 2025, it has won orders worth over ₹450 Cr, holds an order book of ₹183.28 Cr across 34 projects (book-to-bill 2.55x) and has 900+ employees. FY26 revenue of ₹119.80 Cr came from pipeline works (50.66%), combined station works (38.09%) and allied services (9.15%).
Lots & IPO Size
Vectras Enprocon IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,52,000 |
| Ind (Max) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3,600 | ₹3,78,000 |
| S-HNI (Max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (Min) | 8 | 9,600 | ₹10,08,000 |
Market Maker
₹2.53 L
Employee
₹0.00
Shareholder
₹0.00
Vectras Enprocon IPO Size
Total
₹53 Cr
Fresh Issue
₹43 Cr
(0.41 Cr
Shares)
Offer For Sale
₹10 Cr
(0.10 Cr
Shares)
Promoters₹10 Cr
Objects of the Issue
Repayment / prepayment of certain borrowings availed by the company
Funding long-term working capital requirements
General Corporate Purposes & issue expenses
Total
Key Risk Factors
The company may be unable to sustain its past growth (revenue CAGR of 48.51% over FY24-26); slower order inflow or execution could hurt its performance.
Key Risk Factors
The company may be unable to sustain its past growth (revenue CAGR of 48.51% over FY24-26); slower order inflow or execution could hurt its performance.
The business is working-capital intensive; delayed customer payments or higher inventories could strain liquidity and increase borrowings.
The company depends on a few customers; the top 10 contributed 97.29%, 92.27%, 96.04% and 97.84% of revenue in the stub period, FY26, FY25 and FY24 respectively.
The company has delayed certain RoC filings in the past; further delays could invite penalties and regulatory action.
The company has not fully complied with statutory dues requirements in the past, and non-compliance may attract penalties and interest.
The company relies on a limited number of suppliers; disruption or price increases could affect project execution and margins.
A significant share of revenue comes from combined oil and gas station works (38.09% in FY26), so project concentration or delays could affect revenue.
Revenue is concentrated in Gujarat and Maharashtra (87.92%, 71.52%, 89.72% and 92.59% in the stub period, FY26, FY25 and FY24), exposing the company to regional risks.
The company needs various approvals and permits for its projects; delays in obtaining or renewing them could disrupt operations.
The company relies on third-party labour and excavation service providers; their unavailability or poor performance could delay projects.
Vectras Enprocon IPO Details Live GMP
GMP
₹0
Est. Price
₹105
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 28 Oct | ₹0 (0%) | ₹105 |
| 27 Oct | ₹0 (0%) | ₹105 |
Vectras Enprocon IPO Peer Comparison
(Rs. in crores)
| Particulars | Vectras Enprocon | Pratham EPC Projects | Desco Infratech | Likhitha Infra |
|---|---|---|---|---|
| Revenue | 119.80 | 140.22 | 118.61 | 456.73 |
| PAT | 15.43 | 6.16 | 16.35 | 38.55 |
| EPS (₹) | 10.29 | 3.38 | 21.30 | 9.94 |
| NAV (₹) | 25.17 | 49.94 | 92.22 | 104.44 |
| RONW | 51.39% | 7.44% | 25.21% | 9.82% |
| EBITDA | 20.04% | 8.14% | 19.85% | 12.40% |
| PAT Mrgn | 12.88% | 4.39% | 13.78% | 8.44% |
| PE Ratio | 10.20 | 34.47 | 8.35 | 22.43 |
| Debt to Equity | 0.59 | 0.51 | 0.22 | - |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of October 9, 2026 for Peers
Vectras Enprocon IPO Financial Performance
(Rs. in crores)
| Particulars | Sep-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 71.94 | 119.80 | 80.48 | 54.32 |
| Profit | 9.10 | 15.43 | 10.17 | 5.81 |
| Net Worth | 46.85 | 37.75 | 22.32 | 12.15 |
| Borrowings | 31.36 | 22.21 | 11.87 | 4.16 |
| Assets | 90.91 | 74.94 | 46.50 | 21.47 |
| NAV (₹) | 31.23 | 25.17 | 14.88 | 8.10 |
| EPS (₹) | 6.07 | 10.29 | 6.78 | 4.17 |
Key Performance Indicators (KPIs)
Debt to Equity
0.59
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Vectras Enprocon IPO Financial Statements
(Rs. in crores)
| Particulars | Sep-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 71.94 | 119.80 | 80.48 | 54.32 |
| Other Income | 0.26 | 0.10 | 0.05 | 0.05 |
| Total Income | 72.20 | 119.90 | 80.53 | 54.37 |
| Materials & Project Exp | 46.07 | 93.16 | 69.71 | 42.24 |
| Changes in Inventories | -5.48 | -14.69 | -12.56 | -2.22 |
| Employee Expense | 13.92 | 13.23 | 5.70 | 3.67 |
| Finance Costs | 1.56 | 1.90 | 0.77 | 0.22 |
| Depreciation | 1.02 | 1.38 | 0.77 | 0.38 |
| Other Expenses | 2.89 | 4.09 | 2.58 | 1.96 |
| Total Expenses | 59.98 | 99.06 | 66.97 | 46.25 |
| Profit Before Tax | 12.22 | 20.84 | 13.56 | 8.12 |
| Tax Expense | 3.12 | 5.41 | 3.39 | 2.30 |
| Profit After Tax | 9.10 | 15.43 | 10.17 | 5.81 |
| EPS — Basic (₹) | 6.07 | 10.29 | 6.78 | 4.17 |
| EPS — Diluted (₹) | 6.07 | 10.29 | 6.78 | 4.17 |
| Particulars | Sep-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 15.00 | 15.00 | 2.50 | 2.50 |
| Reserves & Surplus | 31.85 | 22.75 | 19.82 | 9.65 |
| Total Equity | 46.85 | 37.75 | 22.32 | 12.15 |
| Total Borrowings | 31.36 | 22.21 | 11.87 | 4.16 |
| Trade Payables | 4.29 | 6.06 | 9.59 | 1.99 |
| Other Liabilities | 8.40 | 8.91 | 2.71 | 3.18 |
| Total Equity & Liab | 90.91 | 74.94 | 46.50 | 21.47 |
| Fixed Assets | 7.23 | 5.95 | 3.69 | 1.78 |
| Inventories | 45.09 | 34.79 | 15.75 | 4.91 |
| Other Current Assets | 12.82 | 8.05 | 0.42 | 1.08 |
| Trade Receivables | 18.28 | 21.16 | 19.05 | 8.86 |
| Cash & Bank Balances | 4.45 | 2.21 | 2.81 | 2.93 |
| Other Assets | 3.05 | 2.77 | 4.78 | 1.92 |
| Total Assets | 90.91 | 74.94 | 46.50 | 21.47 |
| Particulars | Sep-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| CF from Operating Activities | -3.14 | -5.10 | -4.44 | -1.29 |
| CF from Investing Activities | -4.94 | -4.33 | -3.31 | -2.67 |
| CF from Financing Activities | 7.58 | 8.43 | 6.98 | 6.15 |
| Net Change in Cash & Equivalents | -0.50 | -1.00 | -0.77 | 2.18 |
| Cash & Equivalents at End of Period | 0.05 | 0.55 | 1.56 | 2.33 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Naynesh Kanubhai Patel
50.00%
Maheshkumar Gopalbhai Patel
50.00%
Others
0.00%
Management
Maheshkumar Gopalbhai Patel
Age: 41
MD
Remuneration
₹Up to ₹60.00 L p.a. (FY26 paid ₹30.00 L)
Education
Mechanical Engineering (Govt. Polytechnic Rajkot); PG diplomas (Mahatma Gandhi Labour Institute)
Prior Experience
16+ years in EPC oil & gas; co-promoter.
Naynesh Kanubhai Patel
Age: 42
WTD & Chairman
Remuneration
₹Up to ₹60.00 L p.a. (FY26 paid ₹30.00 L)
Education
Mechanical Engineering (Institution of Engineers, India); Chartered Engineer
Prior Experience
17+ years in oil & gas EPC; co-promoter.
Apurvkumar Jageshbhai Patel
Age: NA
CFO
Remuneration
₹₹6.99 L (FY26 paid; no contractual figure disclosed)
Education
B.Com
Prior Experience
5+ years in finance; earlier with Sumit Patel & Co.; CFO since Aug-2025.
Chandresh Manubhai Suthar
Age: NA
CEO
Remuneration
₹₹4.00 L (FY26 paid; no contractual figure disclosed)
Education
Diploma in Mechanical Engineering
Prior Experience
27+ years in oil & gas pipelines; earlier with JSIW Infrastructure; CEO since Dec-2025.
Registrar & Lead Managers
Registrar
MUFG Intime India
Lead Managers (1)
Company Details
Name: Vectras Enprocon Limited
Address: Office 601-602, Amrakunj Avis, Nr. Tapovan Circle, Chandkheda, Ahmedabad 382424
Number: +91 63531 52513
Email: compliance@vectrasgroup.com
Website: https://vectrasgroup.com
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Frequently Asked Questions (FAQs)
What is Vectras Enprocon IPO?
Vectras Enprocon IPO is a SME IPO having an issue size of
₹53 Crs.
Vectras Enprocon IPO is priced at
₹99 - ₹105 per
share.
The
issue opens on 30 Oct 26
and
closes on 03 Nov 26.
When will Vectras Enprocon IPO open?
Vectras Enprocon IPO opens on
30 Oct 26 and closes on
03 Nov 26.
What is the GMP of Vectras Enprocon IPO?
The estimated Grey Market Premium of Vectras Enprocon IPO is
₹0 per share (0.00%).
What is the lot size of Vectras Enprocon IPO?
The minimum lot size of Vectras Enprocon IPO is
1200 shares & the minimum application amount
is
Rs.
126000.
When is the allotment of Vectras Enprocon IPO?
The allotment date of Vectras Enprocon IPO is
04 Nov 26.
What is the listing date of Vectras Enprocon IPO?
The listing date of Vectras Enprocon IPO is
06 Nov 26.
What is the subscription of Vectras Enprocon IPO?
Vectras Enprocon IPO is subscribed
-.
What is the price band of Vectras Enprocon IPO?
Vectras Enprocon IPO is priced at
₹99 - ₹105 per
share.
How to check allotment status of Vectras Enprocon IPO?
Click the allotment link on Vectras Enprocon IPO page of IPO360.
How to apply Vectras Enprocon IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Vectras Enprocon IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Vectras Enprocon IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Vectras Enprocon IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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