Vectras Enprocon IPO

Vectras Enprocon Limited is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream oil and gas sectors. Its core activities include pipeline network installation, construction of combined oil and gas stations, and development of associated infrastructure across India. The company also provides civil, electrical, instrumentation, inspection, testing and safety auditing services. It has completed over 3,34,000 inch-diameter piping, 785 inch-kilometres of pipelines and four combined station projects. Vectras Enprocon serves public and private oil and gas companies and maintains certifications covering quality, safety, environmental management and instrumentation standards. As of 30 September 2026, the company employed 990 people and reported substantial outstanding project orders across its business verticals.

Vectras Enprocon Limited IPO Overview

Vectras Enprocon Limited is launching a bookbuilding IPO worth ₹53.05 crore, comprising a fresh issue of 40,56,000 shares aggregating to ₹42.59 crore and an offer for sale of 9,96,000 shares worth ₹10.46 crore. The subscription window opens on 30 October 2026 and closes on 3 November 2026. The price band is ₹99-₹105 per share, with a face value of ₹10 per share. Investors must apply for a minimum of 2,400 shares, equivalent to two lots of 1,200 shares, requiring ₹2,52,000 at the upper price band. The minimum small HNI application is 3,600 shares, amounting to ₹3,78,000. Allotment is expected on 4 November 2026, followed by refunds and demat credit on 5 November 2026. The shares are tentatively scheduled to list on BSE SME on 6 November 2026. Beeline Capital Advisors Pvt. Ltd. is the book-running lead manager, MUFG Intime India Pvt. Ltd. is the registrar, and Spread X Securities Pvt. Ltd. is the market maker.

Vectras Enprocon Limited IPO Details

Particulars	Details
IPO Date	30 October 2026 to 3 November 2026
Listing Date	6 November 2026 (tentative)
Face Value	₹10 per share
Issue Price Band	₹99 to ₹105 per share
Lot Size	1,200 shares
Total Issue Size	50,52,000 shares (aggregating up to ₹53.05 crore)
Fresh Issue	40,56,000 shares (aggregating to ₹42.59 crore)
Offer for Sale	9,96,000 shares (aggregating to ₹10.46 crore)
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Shareholding Pre-Issue	1,50,00,000 shares
Shareholding Post-Issue	1,90,56,000 shares
Market Maker Portion	2,53,200 shares (approximately ₹2.66 crore at the upper price band)
Fresh Issue Excluding Market Maker	38,02,800 shares (approximately ₹39.93 crore at the upper price band)
Net Offer to Public	47,98,800 shares
Lead Manager	Beeline Capital Advisors Pvt. Ltd.
Registrar	MUFG Intime India Pvt. Ltd.
Market Maker	Spread X Securities Pvt. Ltd.

Vectras Enprocon Limited IPO Reservation

Investor Category	Reservation
Qualified Institutional Buyers (QIB)	Not more than 50% of the net offer
Retail Individual Investors (RII)	Not less than 35% of the net offer
Non-Institutional Investors (NII/HNI)	Not less than 15% of the net offer

Vectras Enprocon Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investors (Minimum)	2	2,400	₹2,52,000
Individual Investors (Maximum)	2	2,400	₹2,52,000
Small HNI (Minimum)	3	3,600	₹3,78,000
Small HNI (Maximum)	7	8,400	₹8,82,000
Big HNI (Minimum)	8	9,600	₹10,08,000

Vectras Enprocon Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100.00%
Post-Issue	73.49%

Vectras Enprocon Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)-Pre-Issue	₹10.29
Earnings Per Share (EPS)-Post-Issue	₹9.55
Price/Earnings (P/E) Ratio-Pre-Issue	10.20x
Price/Earnings (P/E) Ratio-Post-Issue	10.99x
Return on Net Worth (RoNW)	51.39%
Net Asset Value (NAV)	₹25.17 per share
Return on Equity (ROE)	51.39%
Return on Capital Employed (ROCE)	48.37%
EBITDA Margin	20.04%
PAT Margin	12.88%
Debt-to-Equity Ratio	0.59

Objectives of the Proceeds

The company proposes to utilise the net proceeds from the fresh issue for the following purposes:

I. ₹14.00 crore: Repay or partially prepay selected outstanding borrowings to reduce debt obligations and potentially improve the company’s financial flexibility.

II. ₹20.00 crore: Fund working capital requirements associated with executing oil and gas EPC projects, including project expenses and other short-term business funding needs.

III. General corporate purposes

Key Financials (in ₹ crore)

Particulars	31 March 2026	31 March 2025	31 March 2024
Assets	74.94	46.50	21.47
Revenue / Total Income	119.90	80.53	54.37
Profit After Tax	15.43	10.17	5.81
Reserves and Surplus	22.75	19.82	9.65
Total Borrowings	22.21	11.87	4.16

IPO Strengths

I. Track record of timely completion of complex project

II. Strong Order Book for existing project portfolio and geography

III. Strong Execution Capabilities

IV. Track Record of Growth in Financial Performance

V. Experienced management team with significant industry experience

Peer Group Comparison

Company Name	EPS (Basic) (₹)	EPS (Diluted) (₹)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Vectras Enprocon Ltd.	10.29	10.29	25.17	—	51.39	—
Pratham EPC Projects	3.38	3.38	49.94	34.47	7.44	2.37
Peer Group
Desco Infratech	21.30	21.30	92.22	8.35	25.21	1.92
Likhitha Infrastructure	9.94	9.94	104.44	22.43	9.82	2.13