VECTRAS ENPROCON IPO
VECTRAS ENPROCON is a SME IPO with a current status of LISTED. The price band is 99 - 105. The issue opens on 30 OCT and closes on 03 NOV. The listing date is 06 NOV.
Price Band
99 - 105
Unofficial GMP
₹0
Lot Size
2,400 shares
Minimum Investment
₹2,52,000
VECTRAS ENPROCON IPO GMP
The latest available GMP is ₹0. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹105.00
Estimated Gain
0.0%
VECTRAS ENPROCON IPO GMP History
0
31 OCT
0
01 NOV
0
03 NOV
0
05 NOV
0
06 NOV
VECTRAS ENPROCON IPO Details
- IPO Type
- SME
- Status
- LISTED
- Price Band
- 99 - 105
- Issue Size
- 53.05
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹39.93 Cr
- Offer for Sale
- ₹10.46 Cr
- Face Value
- 10
- Lot Size
- 2,400
- Minimum Investment
- 2,52,000
- Exchange
- BSE SME
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead Managers
- Beeline Capital Advisors Pvt.ltd.
- Market Maker
- ₹2.66 Cr
VECTRAS ENPROCON IPO Dates
- Open Date
- 30 OCT
- Close Date
- 03 NOV
- Allotment Date
- 04 NOV
- Refund Date
- 05 NOV
- Demat Credit Date
- 05 NOV
- Listing Date
- 06 NOV
VECTRAS ENPROCON IPO Subscription
- QIB
- 1.88x
- NII / HNI
- 6.69x
- Retail
- 4.45x
- Employee
- --
- Total Subscription
- 4.20x
VECTRAS ENPROCON IPO Financials
Revenue
FY2026
₹119.80 Cr
+48.86% vs FY2025
PAT
FY2026
₹15.43 Cr
+51.72% vs FY2025
Total Assets
FY2026
₹74.93 Cr
+61.17% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 54.32 | 80.48 | 119.80 |
| Net Profit | 5.81 | 10.17 | 15.43 |
| Total Assets | 21.47 | 46.49 | 74.93 |
VECTRAS ENPROCON IPO Valuation
- Market Cap (Post IPO)
- ₹200.09 Cr.
- EPS
- ₹9.55
- P/E Ratio
- 10.99x
- Price to Book Value
- 3.36x
- Industry P/E
- 21.75x
- ROE
- 21.52%
- ROCE
- 19.69%
- RONW
- 21.52%
- Debt / Equity
- 0.67
- PAT Margin
- 12.65%
- EBITDA Margin
- 20.21%
- Valuation
- FAIR
VECTRAS ENPROCON Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| Pratham EPC Projects Ltd. | ₹140.22 Cr | ₹6.16 Cr | ₹3.38 | 34.47x | -- | 7.44% | 0.51 |
| Desco Infratech | ₹118.61 Cr | ₹16.35 Cr | ₹21.30 | 8.35x | -- | 25.21% | 0.22 |
| Likhitha Infrastructure | ₹456.73 Cr | ₹38.55 Cr | ₹9.94 | 22.43x | -- | 9.82% | -- |
VECTRAS ENPROCON IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,52,000 |
| Retail Maximum | 2 | 2,400 | ₹2,52,000 |
| Small HNI | 3 | 3,600 | ₹3,78,000 |
| Big HNI | 8 | 9,600 | ₹10,08,000 |
VECTRAS ENPROCON IPO Reservation
- QIB
- 49.99%
- NII / HNI
- 15.00%
- Retail
- 35.01%
VECTRAS ENPROCON Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 100%
- Post-IPO Promoter Holding
- 73.49%
VECTRAS ENPROCON Company Overview
Vectras Enprocon Limited is an Ahmedabad-based engineering, procurement and construction (EPC) company incorporated in May 2021. The company operates in the oil and gas infrastructure sector, providing integrated solutions for midstream and downstream infrastructure projects. Its core business includes design, engineering, procurement, construction, testing and commissioning of cross-country pipelines, spur pipelines, combined oil and gas stations, city gas distribution infrastructure and associated civil and mechanical facilities. The company serves public-sector undertakings (PSUs) and private-sector customers across multiple Indian states. Its services cover pipeline networks, oil and gas station infrastructure, civil construction, mechanical works and allied infrastructure services. As of September 30, 2026, the company reported an unexecuted order book of approximately ₹183.28 crore across 34 projects. Vectras Enprocon aims to strengthen its position in India's oil and gas infrastructure and EPC contracting industry through project execution capabilities, geographical expansion and infrastructure development.
VECTRAS ENPROCON Business Model
**Core Business – Oil & Gas EPC Infrastructure** 1. Pipeline Infrastructure: - Cross-country pipeline construction - Spur pipeline networks - City Gas Distribution (CGD) infrastructure - Oil and gas transportation pipelines 2. Combined Oil & Gas Station Works: - Gas processing stations - Compressor stations - Pumping stations - Oil and gas terminal infrastructure 3. Civil & Mechanical Works: - Industrial civil construction - Mechanical installation - Structural fabrication and installation 4. Engineering & Project Services: - Design and engineering - Procurement and material management - Project construction - Testing and commissioning - Inspection and allied infrastructure services **Customer Segments:** - Public Sector Undertakings (PSUs) - Oil and gas companies - Private infrastructure companies - City gas distribution operators
VECTRAS ENPROCON Objects of the Issue
Purpose Amount Repayment / Prepayment of borrowings ₹14.00 Cr Long-term Working Capital Requirements ₹20.00 Cr General Corporate Purposes As per RHP Total IPO Size ₹53.05 Cr
VECTRAS ENPROCON Strengths
1. Established Project Execution Track Record: Experience in executing complex oil and gas infrastructure and pipeline projects. 2. Strong Order Book: Unexecuted order book of approximately ₹183.28 crore across 34 projects as of September 30, 2026. 3. Strong Financial Growth: Revenue increased from ₹54.32 crore in FY2024 to ₹119.90 crore in FY2026. 4. Profitability Growth: PAT increased from ₹5.81 crore in FY2024 to ₹15.43 crore in FY2026. 5. Experienced Management: Promoters and management team have experience in the infrastructure and EPC industry. 6. Geographical Diversification: Projects across Gujarat, Maharashtra, Punjab, Bihar and Odisha. 7. Integrated EPC Capabilities: Design, engineering, procurement, construction, testing and commissioning under one business model.
VECTRAS ENPROCON Risks
1. High Customer Concentration: Top 10 customers contributed approximately 92.27% of revenue in FY2026, creating significant dependency risk. 2. Working Capital Risk: EPC projects require substantial funds for procurement, execution and receivables. Delayed customer payments may affect liquidity. 3. Negative Operating Cash Flow: Profit growth may not translate into equivalent cash generation. 4. High Borrowings: Total borrowings increased from ₹4.16 crore in FY2024 to ₹22.21 crore in FY2026 and ₹31.36 crore as of September 30, 2026. 5. Project Execution Risk: Delays, cost overruns, labour shortages and supply-chain disruptions may affect project profitability. 6. PSU Dependency: Dependence on government-owned customers exposes the company to tender delays, payment delays and changes in government spending. 7. Performance Guarantee Risk: Failure to meet contractual performance requirements may result in penalties, liquidated damages or contract termination. 8. Statutory Compliance Risk: The company has disclosed certain historical delays and discrepancies in statutory filings and payments. 9. Growth Sustainability Risk: Rapid historical revenue and profit growth may not continue at the same rate in future. 10. Material Cost Risk: Rising prices or shortages of construction materials and equipment may reduce EPC project margins.
VECTRAS ENPROCON Frequently Asked Questions
What is the VECTRAS ENPROCON IPO price band?
The VECTRAS ENPROCON IPO price band is 99 - 105.
What is the latest VECTRAS ENPROCON IPO GMP?
The latest available VECTRAS ENPROCON IPO GMP in the IPOWEB database is ₹0. GMP is unofficial and does not guarantee a listing gain.
When does the VECTRAS ENPROCON IPO open and close?
The VECTRAS ENPROCON IPO opens on 30 OCT and closes on 03 NOV.
When is the VECTRAS ENPROCON IPO allotment date?
The VECTRAS ENPROCON IPO allotment date is 04 NOV.
When is the VECTRAS ENPROCON IPO listing date?
The VECTRAS ENPROCON IPO listing date is 06 NOV.
What is the VECTRAS ENPROCON IPO subscription?
The latest total subscription available for the VECTRAS ENPROCON IPO is 4.20x.