Vectras Enprocon Limited
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The public offering of Vectras Enprocon Limited's is now live, with subscription applications being processed for the 50,52,000 Shares issue. This includes 40,56,000 Shares in fresh equity capital and ₹10.46 Cr in Offer for Sale shares, creating a comprehensive investment opportunity.
Investors can currently participate at prices within the ₹99 to ₹105range, with minimum application requirements of 1200 shares. The active subscription period represents a critical phase in the company's public market journey.
Applications must be submitted by Nov 03, 2026 to be considered for allotment. The basis of allotment will be announced on Nov 04, 2026, with subsequent listing activities commencing on Nov 06, 2026 at the BSEtrading facility.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
The expected premium (GMP) is based on market buzz and unofficial trading. It should not be considered as the guaranteed listing price. Always refer to the RHP and seek advice from a financial expert before making investment decisions.
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- 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.
- 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.
- Naynesh Kanubhai Patel
- Maheshkumar Gopalbhai Patel
Vectras Enprocon Limited
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