Vectras Enprocon IPO
Vectras Enprocon IPO 2026: Dates, Price Band, Lot Size, Financials, GMP and Review
Vectras Enprocon IPO Details
Vectras Enprocon Limited is an engineering, procurement and construction company operating in the midstream and downstream oil and gas industry. Its work includes pipeline networks, combined oil and gas stations, related facilities and allied engineering services. The public issue comprises 40.56 lakh fresh shares and an offer for sale of 9.96 lakh shares. At the upper price band of ₹105 per share, the total issue size is approximately ₹53.05 crore. The fresh issue is intended to support debt repayment, working capital and general corporate requirements. The offer-for-sale proceeds will go to the selling shareholders.
Vectras Enprocon IPO Timeline (Tentative)
The IPO schedule below is tentative. Investors should check the final issue timetable for any changes to the opening, closing, allotment or listing dates.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Oct 30, 2026 |
| IPO Close Date | Tue, Nov 3, 2026 |
| Basis of Allotment | Wed, Nov 4, 2026 |
| Initiation of Refunds | Thu, Nov 5, 2026 |
| Credit of Shares to Demat | Thu, Nov 5, 2026 |
| Listing Date | Fri, Nov 6, 2026 |
Vectras Enprocon IPO Lot Size
Applications must follow the specified lot-size multiples. The minimum retail application in the supplied details is two lots, or 2,400 shares. Amounts below use the upper price band of ₹105 per share.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,52,000 |
| Retail (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 |
Vectras Enprocon IPO Subscription
Subscription figures should be updated during the offer period from confirmed exchange data. No subscription multiples are included until verified figures are available.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Vectras Enprocon
Vectras Enprocon Limited is a Gujarat-based EPC company focused on oil and gas infrastructure. Its services cover engineering, procurement, construction, testing and commissioning of pipeline networks, combined oil and gas stations and related facilities.
The company undertakes mechanical, electrical and civil works at refineries, petrochemical complexes, gas processing units, terminals and petroleum depots. It also carries out pipeline projects and allied work involving civil infrastructure, instrumentation, inspection, testing and safety auditing.
The company reports experience in executing more than 3,34,000 inch-diameter piping, 785 inch-kilometres of pipelines and four combined station projects. Its workforce stood at 990 employees as of September 30, 2026, according to the supplied company information.
The business depends on securing contracts and executing them profitably. Order-book size can indicate potential future activity, but actual results depend on project schedules, contract terms, cost control, customer payments and the company's ability to manage working capital.
Strengths
- Experience in oil and gas EPC projects.
- Reported order book across pipeline and station work.
- Capabilities across engineering, procurement, construction, testing and commissioning.
- Growth in total income and profit across the supplied FY2024–FY2026 figures.
- Promoter experience in the company's industry.
- Proposed use of fresh issue proceeds for debt repayment and working capital.
Risks to Consider
- Delays in project execution or cost overruns may reduce margins.
- Working capital requirements may put pressure on cash flow.
- Borrowings increased across the supplied reporting periods.
- The business is exposed to spending patterns in the oil and gas sector.
- Order-book contracts may be delayed, modified or cancelled.
- Competition for EPC contracts can affect pricing and profitability.
- Listing performance and future share-price movements are uncertain.
Vectras Enprocon Financials (₹ Cr)
The table below presents the supplied restated financial figures in ₹ crore. September 2026 figures represent a period-end reporting date and should not be directly compared with full-year figures without considering the different reporting periods.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 30 Sep 2026 | 72.20 | 9.10 | 90.91 | 46.85 |
| FY2026 | 119.90 | 15.43 | 74.94 | 37.75 |
| FY2025 | 80.53 | 46.50 | 10.17 | 22.32 |
| FY2024 | 54.37 | 21.47 | 5.81 | 12.15 |
KPIs & Valuation
The supplied figures show lower ROE and ROCE at September 30, 2026 than at March 31, 2026. The debt-to-equity ratio also increased. Investors should examine the underlying financial statements, cash flows, debt repayment plans and the final offer-document methodology before relying on these ratios.
Objects of the Issue
The company proposes to use the fresh issue proceeds for the following purposes.
- Repayment or prepayment, in full or part, of certain outstanding borrowings - ₹14.00 crore
- Meeting working capital requirements - ₹20.00 crore
- General corporate purposes
- Total of quantified objects - ₹34.00 crore
Promoters, Lead Managers & Registrar
Vectras Enprocon Limited is promoted by its promoter group and is engaged in providing engineering, procurement and construction (EPC) services for the oil and gas, petrochemical and industrial sectors. The IPO’s book running lead manager is responsible for managing the issue process, while the registrar handles IPO applications, allotment procedures, refunds and credit of shares to successful applicants. Investors should refer to the company’s offer documents for complete details regarding the promoters, lead manager and registrar.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Pvt. Ltd. |
|---|---|
| Phone | 022-49186000 |
| vectras.smeipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
Vectras Enprocon IPO Review
Vectras Enprocon's core business is linked to oil and gas infrastructure spending. Its involvement in pipelines, combined stations and allied engineering services gives it exposure to technically demanding projects. The supplied financial figures show growth in total income and PAT over FY2024–FY2026, and the order-book data points to ongoing project activity.
The company also has risks that investors should consider. EPC projects may require significant funding before payments are received, making working capital management important. Borrowings increased across the supplied reporting periods, and the company has identified debt repayment and working capital as key uses of the fresh issue proceeds. The actual benefit will depend on the final allocation and the company's post-issue financial position.
At the upper price band, the supplied post-issue valuation is approximately 10.99x earnings. This figure should be considered alongside profitability, the sustainability of contracts, order-book execution, debt, customer concentration and cash-flow conversion. Investors should review the final offer document and make decisions based on their own risk tolerance rather than relying only on issue size, financial growth or expected listing gains.
How to Apply
Eligible investors can apply through a supported broker or other permitted IPO application channel during the subscription period. Applicants should check the final price band, lot size, category eligibility, UPI or ASBA process and application cut-off times before submitting a bid.
Through UPI
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Log in to your broker's app or IPO application platform.
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Select the Vectras Enprocon IPO from the available IPO list.
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Choose the investor category and enter the number of lots.
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Enter the bid price within the permitted price band, or select the cut-off option if available and applicable.
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Provide the required UPI ID and submit the application.
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Open your UPI app and approve the mandate request before the stated deadline.
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Check the application status in the broker platform and ensure that the mandate is approved.
The application is not complete merely because a bid has been entered. Investors should confirm that the required mandate or ASBA authorisation is valid and follow the application platform's instructions.
Prospectus & Documents
The offer document and related filings should be consulted for the final issue terms, risk factors, financial statements, promoter information and use of proceeds.
Last updated Oct 27, 2026.