Vectras Enprocon IPO
Vectras Enprocon shares listed on BSE SME on 6 November 2026 after an IPO priced at ₹99 to ₹105, an issue of ₹53.05 crore.
- Minimum investment
- ₹2,52,0002 lots of 1,200 shares, at the upper price
- Price band
- ₹99 to ₹105
- Lot size
- 1,200 sharesApply for 2 lots minimum
- Issue size
- ₹53.05 croreFresh issue and offer for sale
- Bidding
- 30 Oct to 3 Nov
- Listing
- 6 NovBSE SME
Dates
Vectras Enprocon IPO dates
RHP cover page and Offer timetable (p. 67); listing date confirmed by BSE bhavcopy, 2026-11-06- 29 OctAnchor bidding
- 30 OctBidding opens
- 3 NovBidding closes, UPI by 5 pm
- 4 NovAllotment (expected)
- 5 NovRefunds and demat credit (expected)
- 6 NovListing
Read before you apply
Vectras Enprocon IPO review: read before you apply
Worth checking
- SeriousCash going out every year
Operating cash flow was negative in FY24, FY25, FY26 and April to September 2026, at -₹5.10 crore in FY26, even though the company made a profit each year (Risk factor 16).
- SeriousVery few customers
The top 10 customers gave 92.27% of FY26 revenue and 97.29% in April to September 2026 (Risk factor 3).
- Promoters run a similar business
Both promoters are 50% partners in a firm called Vectras that works in the same line of business (Risk factor 25).
- Two states give most work
Gujarat and Maharashtra gave 71.52% of FY26 revenue (Risk factor 8).
- Low promoter cost
The selling promoters' average cost is ₹4.00 a share (RHP cover page).
Strengths
- Fast growth
Revenue grew 48.5% a year from FY24 to FY26 to ₹119.80 crore (our calculation from the restated financial information).
- Margins improving
EBITDA margin rose from 15.96% in FY24 to 20.04% in FY26 (RHP, Basis for Offer Price, KPIs).
- Order book
Unexecuted orders were ₹183.28 crore across 34 projects at September 2026 (RHP, Our Business).
- No litigation
No outstanding cases or tax proceedings are shown against the company, promoters or directors (RHP, Outstanding Litigation).
What Vectras Enprocon does
Vectras Enprocon designs, builds, tests and commissions oil and gas pipelines, city gas stations and combined station works. It bids for public and private sector tenders across India.
It was set up in May 2021 and is based in Ahmedabad, Gujarat. Its promoters are Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel.
Listing and subscription
Vectras Enprocon IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹105
- Listing price
- ₹106
- Gain at open
- +1.0%
- Day close
- ₹107.5
Subscription
The final category-wise numbers from BSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Vectras Enprocon IPO price band, lot size and issue size
RHP cover page and The Offer (p. 49). Up to 2,53,200 shares are reserved for the market maker. Issue size in rupees is our calculation at the upper price of ₹105; BSE shows the same 50,52,000 shares.| Price band | ₹99 to ₹105 |
| Lot size | 1,200 shares, minimum 2 lots (2,400 shares) |
| Issue size | ₹53.05 crore at the upper price, 50,52,000 shares |
| Fresh issue | ₹42.59 crore |
| Offer for sale | ₹10.46 crore by promoters Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel |
| Face value | ₹10 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 86)| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by the two promoters. The company receives none of this money | |
| Repay or prepay loans | 14.00 |
| Long-term working capital | 20.00 |
| General corporate purposes (amount set after pricing, capped at 15% of the fresh issue or ₹10 crore) |
Minimum and maximum investment
Our calculation: at ₹105 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 2,400 | ₹2,52,000 |
| Small NII (min) | 3 | 3,600 | ₹3,78,000 |
| Small NII (max) | 7 | 8,400 | ₹8,82,000 |
| Big NII (min) | 8 | 9,600 | ₹10,08,000 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Information and Basis for Offer Price (p. 98 to 99)Set to the upper end of the band, ₹105. Change it to see what you would be paying for.
- Market cap
- ₹200 cr
- P/E (FY26, basic and diluted)
- 10.2x
- Price to book
- 4.3x
- Market cap to sales
- 1.7x
- Peer average P/E
- 21.75x
Based on FY26, basic and diluted EPS of ₹10.29, 1.91 crore shares, net worth of ₹46.85 crore (September 2026) and revenue of ₹119.80 crore. Shares is the post-offer count from the RHP. The industry average P/E of 21.75x is from the RHP (p. 99), across Pratham EPC Projects, Desco Infratech and Likhitha Infrastructure.
Financials
Vectras Enprocon financials
RHP, Summary of Financial Information and KPIs (p. 52 to 54, 101), ₹ croreRevenue and EBITDA
Revenue grew 48.5% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | H1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 54.32 | 80.48+48.2% | 119.80+48.9% | 71.94 |
| EBITDA | 8.67 | 15.05 | 24.01 | 14.54 |
| EBITDA margin | 15.96% | 18.70% | 20.04% | 20.21% |
| Profit after tax | 5.81 | 10.17+75.0% | 15.43+51.7% | 9.10 |
| Diluted EPS (₹) | 4.17 | 6.78 | 10.29 | 6.07 |
| Total equity | 12.15 | 22.32 | 37.75 | 46.85 |
| Cash from operations | -1.29 | -4.44 | -5.10 | -3.14 |
H1 FY27 is April to September 2026 and is not annualised.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 99 to 100)| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Vectras Enprocon | 119.80 | 10.29 | 10.20x at ₹105 (ours) | 51.39% |
| Pratham EPC Projects | 140.22 | 3.38 | 34.47x | 7.44% |
| Desco Infratech | 118.61 | 21.30 | 8.35x | 25.21% |
| Likhitha Infrastructure | 456.73 | 9.94 | 22.43x | 9.82% |
The peer average P/E of 21.75x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | H1 FY27 |
|---|---|---|---|---|
| PAT margin | 10.70% | 12.63% | 12.88% | 12.65% |
| Return on equity | 93.02% | 59.00% | 51.39% | 21.52% |
| Return on capital employed | 79.27% | 56.09% | 48.37% | 19.69% |
| Debt to equity | 0.34 | 0.53 | 0.59 | 0.67 |
| Current ratio | 4.02 | 3.14 | 5.45 | 6.86 |
H1 FY27 returns are for six months and are not annualised.
RHP, Basis for Offer Price, KPIs (p. 101)
Company
About Vectras Enprocon
Business
RHP, Our Business (p. 162 to 164)Pipeline work, which it started recently, was 50.66% of FY26 revenue. It has completed 1,430.43 inch kilometres of pipeline and 4 combined station works since 2021.
- Order book, September 2026
- ₹183.28 crore
- Projects in order book
- 34
- Pipeline share of revenue, FY26
- 50.66%
- Top 10 customers, FY26
- 92.27%
Key risks
RHP, Risk Factors- Customer concentrationThe top 10 customers give over 90% of revenue.
- Supplier concentrationKey materials come from a few suppliers.
- Regional concentrationGujarat and Maharashtra give most of revenue.
- Cost overrunsFixed-price EPC contracts can run over budget.
- Order book riskOrders may be delayed, changed or cancelled.
- Negative cash flowOperating cash flow has been negative every year.
- GuaranteesContracts need bank and performance guarantees.
- Conflict of interestThe promoters' firm works in the same business.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 1,90,56,000 shares.
The two promoters own 99.99% before the IPO in equal parts and each sells 4,98,000 shares. After-IPO figures are our calculation on 1,90,56,000 shares.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Naynesh Kanubhai Patel (promoter) | 49.99% | 4,98,000 | 36.74% |
| Maheshkumar Gopalbhai Patel (promoter) | 49.99% | 4,98,000 | 36.74% |
RHP, Capital Structure (p. 81) and cover page
IndustryIndia crude oil pipeline network, 31 March 2025: 10,446 km (153.1 MMTPA capacity)
- India crude oil pipeline network, 31 March 2025
- 10,446 km (153.1 MMTPA capacity)
- India product pipeline network, including LPG
- 24,130 km (145.8 MMTPA capacity)
- Product pipeline use FY 2024-25
- 71.1% (up from 68.9%)
Dun & Bradstreet report in the RHP, commissioned and paid for by the company (p. 135)
LitigationAgainst the company, promoters and directors: 0
| Type | Cases | Amount |
|---|---|---|
| Against the company, promoters and directors | 0 | Nil |
RHP, Outstanding Litigation and Material Developments (p. 277 to 279)
Company detailsLegal name, registered office, CIN and website
| Legal name | Vectras Enprocon Limited |
| Founded | 2021, in Ahmedabad |
| Promoters | Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel |
| Main work | Oil and gas pipelines and station works |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Vectras Enprocon IPO allotment status
Out from 4 Nov 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select Vectras Enprocon LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Vectras Enprocon IPO FAQs
When does the Vectras Enprocon IPO open and close?
The Vectras Enprocon IPO opens on Friday, 30 October 2026 and closes on Tuesday, 3 November 2026. Anchor bidding is on 29 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Vectras Enprocon IPO price band and lot size?
The price band is ₹99 to ₹105 per share. The lot size is 1,200 shares, so the minimum application is 2,400 shares, or ₹2,52,000 at the upper price.
What is the Vectras Enprocon IPO size?
The Vectras Enprocon IPO is of ₹53.05 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoters Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel.
What is the Vectras Enprocon IPO allotment date?
Allotment is (expected) on Wednesday, 4 November 2026. Refunds and demat credit are expected on 5 November 2026.
What is the Vectras Enprocon IPO listing date?
Vectras Enprocon shares are due to list on BSE SME on Friday, 6 November 2026.
Who is the registrar of the Vectras Enprocon IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Vectras Enprocon do?
Vectras Enprocon is an Ahmedabad-based EPC company building oil and gas pipelines, city gas stations and combined station works.
What is the price band and lot size of the Vectras Enprocon IPO?
The price band is ₹99 to ₹105 a share and the lot is 1,200 shares, as per BSE. The minimum bid is 2,400 shares (2 lots), which costs ₹2,52,000 at ₹105. At ₹105 the P/E on FY26 EPS of ₹10.29 is 10.20 times (our calculations), against an industry average of 21.75 times in the RHP.
When does the Vectras Enprocon IPO open and close?
It opens on 30 October 2026 and closes on 3 November 2026. Listing on BSE SME is expected on 6 November 2026.
Who sells shares in the Vectras Enprocon OFS?
Promoters Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel, 4,98,000 shares each.
What will Vectras Enprocon use the IPO money for?
₹14.00 crore to repay loans, ₹20.00 crore for working capital, and the rest for general corporate purposes.
What does Vectras Enprocon do?
It builds oil and gas pipelines and gas station works on contract. Pipeline work was 50.66% of FY26 revenue.
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