IPO Overview
Vectras Enprocon Limited is a Gujarat-based EPC company serving the midstream and downstream segments of the oil & gas industry. It lays pipeline networks and builds combined stations and related facilities.
The company is bringing a book-built SME IPO on BSE SME to raise about ₹53.05 crore at a price band of ₹99–₹105 per share. The issue is a fresh issue of 40.56 lakh shares (₹42.59 crore) plus an offer for sale of 9.96 lakh shares (₹10.46 crore) by the promoters. It opens on 30 October 2026, closes on 3 November 2026 and is tentatively set to list on 6 November 2026. The fresh money is meant for debt repayment (₹14 crore) and working capital (₹20 crore).
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Bidding Date | 29 October 2026 (anchor details not yet published in sources) |
| IPO Open Date | 30 October 2026 |
| IPO Close Date | 3 November 2026 |
| Allotment Date | 4 November 2026 (Expected) |
| Refund Initiation | 5 November 2026 |
| Credit to Demat | 5 November 2026 |
| Listing Date | 6 November 2026 (Tentative) |
| Price Band | ₹99 – ₹105 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares (₹1,26,000 per lot at upper band) |
| Minimum Investment (Retail) | ₹2,52,000 (2 lots = 2,400 shares) |
| Minimum Investment (S-HNI) | ₹3,78,000 (3 lots = 3,600 shares) |
| Total Issue Size | 50,52,000 shares (₹53.05 crore) |
| Fresh Issue | 40,56,000 shares (₹42.59 crore) |
| Offer For Sale (OFS) | 9,96,000 shares (₹10.46 crore) |
| Pre-Issue Shares | 1,50,00,000 |
| Post-Issue Shares | 1,90,56,000 |
| Market Cap at Upper Band | ₹157.50 crore (pre-IPO) / ₹200.09 crore (post-IPO) |
Issue Break-up
| Category | Allocation | Approx. Shares* |
| Market Maker | Reserved portion | 2,53,200 |
| QIB (including anchor) | Not more than 50% of net offer | ~23,99,400 |
| NII / HNI | Not less than 15% of net offer | ~7,19,820 |
| Retail (RII) | Not less than 35% of net offer | ~16,79,580 |
OFS / Selling Shareholders
| Selling Shareholder | Category | 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 |
OFS proceeds go to the selling promoters, not to the company. It is a partial exit of about 6.6% of pre-issue equity.
Objects of the Issue
| Object | Amount (₹ Cr) |
| Repayment / prepayment of certain outstanding borrowings | 14.00 |
| Working capital requirements | 20.00 |
| General corporate purposes | Balance |
| Total (net proceeds, as listed) | 34.00 |
The fresh issue is ₹42.59 crore gross. The remaining ₹8.59 crore is implied to cover issue expenses and general corporate purposes.
Lead Managers & Registrar
- Book Running Lead Manager (sole): Beeline Capital Advisors Pvt. Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
- Market Maker: Spread X Securities Pvt. Ltd. (Beeline group; also a syndicate member)
Promoters & Management
The promoters are Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel
Company Details
Background: Incorporated in May 2021. The registered office is in Chandkheda, Ahmedabad, Gujarat. As of 30 September 2026 the company had 990 employees.
Business Verticals
- Combined Oil & Gas station works: mechanical, electrical and civil work for refineries, petrochemical complexes, gas processing units, terminals and petroleum depots.
- Midstream & downstream pipeline projects: cross-country, spur and city-gas pipelines and related facilities.
- Other allied services: civil and infrastructure work, electrical, instrumentation, and inspection, testing and safety auditing for the oil & gas sector.
Execution Capability
- The company can build piping in combined stations up to 48 inches in diameter and lay cross-country pipelines up to 30 inches. It has completed about 5.22 lakh inch-dia of piping, 1,430 inch-km of pipeline and 4 combined station works.
- The sources reviewed show projects in Gujarat, Maharashtra, Punjab, Bihar and Odisha.
- Customers include public and private sector oil & gas companies. The company holds ISO certifications for quality, safety, environment and instrumentation.
Order Book: ₹183.28 crore across 34 projects as of 30 September 2026, with orders of more than ₹450 crore secured since inception. That is about 1.5x FY26 income.
Financial Snapshot
Restated figures, ₹ crore. The sources do not mention a subsidiary or a consolidated basis, so these are treated as company-level numbers as reported in the RHP. Margins are on total income. Latest period: H1 FY27 (six months ended 30 September 2026).
| Period | Total Income | EBITDA | PAT |
| FY24 (Mar-24) | 54.37 | 8.67 | 5.81 |
| FY25 (Mar-25) | 80.53 | 15.05 | 10.17 |
| FY26 (Mar-26) | 119.90 | 24.01 | 15.43 |
| H1 FY27 (Sep-26) | 72.20 | 14.54 | 9.10 |
Analysis
- Income grew about 48% in both FY25 and FY26, and PAT grew 75% (FY25) and 52% (FY26).
- EBITDA margin widened from 15.9% to 20.1%, so growth came with better operating leverage.
- H1 FY27 income of ₹72.20 crore annualises to about ₹144 crore, roughly 20% above FY26. Growth is slowing from the ~49% pace.
- Growth is debt-funded. Borrowings rose from ₹4.16 crore to ₹31.36 crore, and debt/equity went from 0.34 to 0.67.
Company Strengths
- Visible order book: ₹183.28 crore across 34 projects, about 1.5x FY26 income.
- Rapid growth with margin expansion: income and PAT up about 49% and 52% in FY26, with EBITDA margin near 20%.
- High returns on capital: FY26 ROCE of about 48% and ROE of about 51%.
- Proven execution record: over 5 lakh inch-dia of piping, 1,430 inch-km of pipeline and 4 combined station works completed.
- Integrated EPC capability: design, procurement, construction, testing and commissioning for both pipelines and stations.
- Sector tailwinds: The reviewer, citing a Dun & Bradstreet report, notes that India’s oil consumption is projected to rise about 50% by 2030 and gas consumption to roughly double by 2030.
- Relatively low headline P/E of about 11x on annualised earnings.
- Debt reduction and working capital support: ₹34 crore of the proceeds goes to repayment and working capital.
Key Risks & Challenges
- Rising leverage. Borrowings rose from ₹4.16 crore to ₹31.36 crore in under three years. Only ₹14 crore of IPO proceeds repays debt.
- Working-capital intensity. ₹20 crore, the largest single use of funds, goes to working capital, and receivables were ₹18.28 crore at 30 September 2026.
- Falling return ratios. RoCE dropped from 79% (FY24) to 48% (FY26) as the capital base expanded.
- Young company. Incorporated in May 2021 with a short track record. Growth comes from a small base.
- Tender-driven, project-based revenue. Income depends on winning competitive public and private tenders, so it can be lumpy.
- Partial promoter exit. The OFS is ₹10.46 crore at ₹105, against an average promoter cost of about ₹4.
- SME liquidity risk. The minimum application is ₹2.52 lakh and trading volumes can be thin after listing.
Disclaimer
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
