Vectras Enprocon IPO
Updated 27 Oct 2026, 6:50 pm.
Minimum investment (Individual investors (IND))
₹2,52,000
2 lots · 2,400 shares at the upper price band
Price band
₹99–105
Latest GMP
₹0
0.0% of the ₹105 upper band
Est. listing price
₹105
Issue size
₹50.39 Cr
Allotment status
Allotment is due on 4 Nov 2026. Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised4 Nov 2026(upcoming)
- Refunds start5 Nov 2026(upcoming)
- Shares credited to demat5 Nov 2026(upcoming)
- Listing6 Nov 2026(upcoming)
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 27 Oct 2026, 3:47 pm | ₹0 | ₹105 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹99–105
- Issue size
- ₹50.39 Cr
- Lot size
- 1,200
- Opens
- 30 Oct 2026
- Closes
- 3 Nov 2026
- Allotment
- 4 Nov 2026
- Listing
- 6 Nov 2026
- Est. listing price
- ₹105
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- MUFG Intime India Pvt.Ltd.
- Minimum investment
- ₹2,52,000 (2 lots · 2,400 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Offer for sale
- ₹10 Cr
- Listing at
- BSE SME
- Refunds
- 5 Nov 2026
- Shares credited
- 5 Nov 2026
- Promoter holding
- 100% before · 73.49% after
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 27 Oct 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 30 Oct to 3 Nov, 2026 |
|---|---|
| Listing Date | Fri, Nov 6, 2026 (tentative) |
| Face Value | ₹ 10 per share |
| Price Band | ₹99 to ₹105 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 50,52,000 shares (agg. up to ₹ 53 Cr) |
|---|---|
| Reserved for Market Maker | 2,53,200 shares (agg. up to ₹ 3 Cr) Spread X Securities Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 38,02,800 shares (agg. up to ₹ 40 Cr) |
| Offer for Sale | 9,96,000 shares of ₹ 10 (agg. up to ₹ 10 Cr) |
| Net Offered to Public | 47,98,800 shares (agg. up to ₹ 50 Cr) |
| Share Holding Pre Issue | 1,50,00,000 shares |
| Share Holding Post Issue | 1,90,56,000 shares |
IPO Timetable (Tentative)
- IPO Open
- Fri, Oct 30, 2026
- IPO Close
- Tue, Nov 3, 2026
- Allotment
- Wed, Nov 4, 2026
- Refund
- Thu, Nov 5, 2026
- Credit of Shares
- Thu, Nov 5, 2026
- Listing
- Fri, Nov 6, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| 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 |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2,400 | ₹2,52,000 |
| Individual investors (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 |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
About Vectras Enprocon Ltd.
Vectras Enprocon Ltd. is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the Oil & Gas industry. The company specializes in laying pipeline networks, building combined stations, and constructing related facilities across multiple states in India.
Business Verticals:
Combined Oil and Gas station works: Mechanical, electrical, and civil work in Refineries, petrochemical complexes, Gas Processing Units, Oil & Gas Terminals, and Petroleum Depots. As of August 31, 2025, its unexecuted Order book for Oil & Gas station work stands at ₹15,088.80 lakh.
Midstream and Downstream pipeline projects and related facilities: As of September 30, 2026, its order book for Oil & Gas Pipeline work stands at ₹ 18,327.88 lakh
Other allied services: Civil and infrastructure projects in the Oil and gas industry; electrical, Instrumentation, and Inspection, Testing, and Safety Auditing services in the Oil and Gas Industry.
The company has developed strong capabilities in designing, engineering, procuring, constructing, testing, and commissioning Oil & Gas pipelines and stations. It has completed over 3,34,000 inch dia piping, 785 inch-kilometer pipelines, and 4 combined station projects.
The company serves both public and private oil and gas companies and maintains ISO certifications for quality, safety, environmental, and instrumentation standards.
As of September 30, 2026, the company had 990 employees across multiple divisions.
Competitive Strengths
Track record of timely completion of complex project
Strong Order Book for existing project portfolio and geography
Strong Execution Capabilities
Track Record of Growth in Financial Performance
Experienced management team with significant industry experience
Company Financials (Restated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 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 |
| Amount in ₹ Crore |
Vectras Enprocon Ltd.'s revenue increased by 49% and profit after tax (PAT) rose by 52% between the financial year ending with March 31, 2026 and March 31, 2025.
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IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company | 14.00 |
| 2 | To Meet Working Capital Requirements of Company | 20.00 |
| 3 | General Corporate Purposes | — |
| Total | 34.00 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
ROE
ROCE
RoNW
PAT Margin
EBITDA Margin
| KPI | Sep 30, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 21.52% | 51.39% |
| ROCE | 19.69% | 48.37% |
| Debt/Equity | 0.67 | 0.59 |
| RoNW | 21.52% | 51.39% |
| PAT Margin | 12.65% | 12.88% |
| EBITDA Margin | 20.21% | 20.04% |
| NAV | 31.23 | 25.17 |
| P/B (x) | 3.36 | 4.17 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 10.29 | 9.55 |
| P/E (x) | 10.2 | 10.99 |
| Market Cap at Offer Price | ₹157.50 Cr. | ₹200.09 Cr. |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2026 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group100%
Post IPO
- Promoter and Promoter Group73.49%
- Public26.51%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100% | 73.49% |
| Public | — | 26.51% |
| Total | 100% | 100% |
Company Promoters: Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel.
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Naynesh Kanubhai Patel | Promoter | 4,98,000 | 5.23 |
| Maheshkumar Gopalbhai Patel | Promoter | 4,98,000 | 5.23 |
| Total | — | 9,96,000 | 10.46 |
Vectras Enprocon IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
vectras.smeipo@in.mpms.mufg.com
IPO Lead Manager(s)
Beeline Capital Advisors Pvt.Ltd.
Contact Details
Vectras Enprocon Ltd. Address
Office No. 601-602,
Amrakunj Avis, Near Tapovan circle,
Chandkheda
Ahmedabad, Gujarat , 382424
6353152513
compliance@vectrasgroup.com
Vectras Enprocon IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
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Vectras Enprocon: common questions
Answered from this issue's own record.
