Latest IPOVectras Enprocon IPO
Vectras Enprocon IPO is a SME issue of ₹53.05 Cr (Fresh capital cum OFS). The price band is ₹99–105 per share with a lot of 1,200 shares (₹1,26,000 minimum). Bidding runs 30 Oct – 3 Nov, allotment is on 4 Nov 2026 and listing on 6 Nov 2026 on BSE SME.
Vectras Enprocon IPO details
| Detail | Value |
|---|---|
| Price band | ₹99–105 |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,26,000 |
| Issue size | ₹53.05 Cr |
| Issue type | Fresh capital cum OFS |
| Face value | ₹10 per share |
| Listing on | BSE SME |
| Issue price | ₹105 |
Vectras Enprocon IPO dates
| Event | Date |
|---|---|
| Bidding opens | 30 Oct 2026 |
| Bidding closes | 3 Nov 2026 |
| Allotment | 4 Nov 2026 |
| Refunds | 5 Nov 2026 |
| Shares credited to demat | 5 Nov 2026 |
| Listing | 6 Nov 2026 |
Lot size and application amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,26,000 |
| Retail (Max) | 1 | 1,200 | ₹1,26,000 |
| HNI (Min) | 2 | 2,400 | ₹2,52,000 |
Shares offered by category
| Category | Shares reserved |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
About Vectras Enprocon
Vectras Enprocon Ltd. is a Gujarat-based engineering, procurement and construction (EPC) company. It works in the midstream and downstream segments of the oil and gas industry in several states of India. The company lays pipeline networks, builds combined stations and constructs related facilities. Combined station work covers mechanical, electrical and civil jobs at refineries, petrochemical complexes, gas processing units, terminals and petroleum depots. As on 31 August 2025, the unexecuted order book was Rs 150.89 crore for oil and gas stations and Rs 87.67 crore for pipeline work. The company has completed over 3,34,000 inch dia of piping, 785 inch-kilometre of pipelines and 4 combined station projects. It also offers allied services such as civil and infrastructure work, electrical and instrumentation work, and inspection, testing and safety auditing in the oil and gas industry. Its customers include public and private oil and gas companies, and it holds ISO certifications for quality, safety, environment and instrumentation. The company had 279 permanent employees as on 31 August 2025. The issue is Rs 53.05 crore at Rs 99 to Rs 105 per share, a mix of fresh issue and offer for sale, listing on BSE SME.
Objects of the issue
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company (₹14 Cr)
- To Meet Working Capital Requirements of Company (₹20 Cr)
- General Corporate Purposes
Vectras Enprocon financials
| ₹ Crore | 30 Sep 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 90.91 | 74.94 | 46.50 | 21.47 |
| Total Income | 72.20 | 119.90 | 80.53 | 54.37 |
| Profit After Tax | 9.10 | 15.43 | 10.17 | 5.81 |
| EBITDA | 14.54 | 24.01 | 15.05 | 8.67 |
| NET Worth | 46.85 | 37.75 | 22.32 | 12.15 |
| Reserves and Surplus | 31.85 | 22.75 | 19.82 | 9.65 |
| Total Borrowing | 31.36 | 22.21 | 11.87 | 4.16 |
Key ratios
| Ratio | Value |
|---|---|
| P/E Ratio | 10.99 |
| EPS (₹) | 9.55 |
| RoE | 21.52% |
| RoCE | 19.69% |
| RoNW | 21.52% |
| PAT Margin | 12.65% |
| EBITDA Margin | 20.21% |
| Debt / Equity | 0.67 |
| NAV (₹) | 31.23 |
Strengths
- Total income grew 48.89% from Rs 80.53 crore in FY2025 to Rs 119.90 crore in FY2026, after Rs 54.37 crore in FY2024.
- Profit after tax rose 51.72% from Rs 10.17 crore in FY2025 to Rs 15.43 crore in FY2026, and was Rs 5.81 crore in FY2024.
- EBITDA grew from Rs 15.05 crore in FY2025 to Rs 24.01 crore in FY2026. In the six months to 30 September 2026 it was Rs 14.54 crore on total income of Rs 72.20 crore.
- Net worth rose from Rs 12.15 crore on 31 March 2024 to Rs 37.75 crore on 31 March 2026 and Rs 46.85 crore on 30 September 2026.
- The order book was Rs 238.56 crore on 31 August 2025, made up of Rs 150.89 crore for oil and gas stations and Rs 87.67 crore for pipelines.
- The P/E is 10.99 at the upper band of Rs 105, based on post-issue EPS of Rs 9.55. The pre-issue P/E is 10.2 on pre-issue EPS of Rs 10.29.
- The source shows a return on net worth of 21.52% and a return on capital employed of 19.69%.
Risks
- The order book figures are dated 31 August 2025. They are more than a year old, so the present order position is not shown at the source.
- The latest financial column is for the period ended 30 September 2026. Earnings for this part-year may not repeat over a full year, and the P/E and EPS shown may rest on such earnings.
- Total borrowing rose from Rs 4.16 crore on 31 March 2024 to Rs 22.21 crore on 31 March 2026 and Rs 31.36 crore on 30 September 2026. Debt to equity is 0.67 at the source.
- Rs 14.00 crore of the proceeds repays borrowings of the company, and Rs 20.00 crore goes to working capital. The source gives no amount for general corporate purposes.
- The issue is a mix of fresh issue and offer for sale. The source does not split the Rs 53.05 crore, so how much goes to selling shareholders is not clear.
- The two promoters, Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel, hold 100% before the issue and will hold 73.49% after it, so they keep control.
- The business depends on oil and gas EPC contracts from public and private companies, and the source gives no customer split, so concentration cannot be checked.
- Total assets grew from Rs 21.47 crore on 31 March 2024 to Rs 74.94 crore on 31 March 2026, so the company has scaled up very fast.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.26 lakh at the upper band of Rs 105, and SME shares usually trade in low volume after listing.
Vectras Enprocon IPO allotment status
Registrar: MUFG Intime India Private Limited. Check Vectras Enprocon IPO allotment status. How to check, and the allotment dates.
Lead managers
- Beeline Capital Advisors Pvt. Ltd.
Frequently asked questions
What is the price band of Vectras Enprocon IPO?
₹99–105 per share.
What is the lot size of Vectras Enprocon IPO?
1,200 shares, which costs ₹1,26,000 at the upper price band.
When does Vectras Enprocon IPO open and close?
It opens on 30 Oct 2026 and closes on 3 Nov 2026.
When is the allotment date of Vectras Enprocon IPO?
4 Nov 2026.
When will Vectras Enprocon IPO list?
6 Nov 2026 on BSE SME.
How can I check the allotment status of Vectras Enprocon IPO?
On the website of its registrar, MUFG Intime India Private Limited, with your PAN, application number or demat account ID from 4 Nov 2026. You can also check on the BSE and NSE websites.