| Price | 99 to 105 |
|---|---|
| GMP Rumors | ₹0 |
| Lot size | 1200 |
| Issue size | ₹53.05 Cr |
| Allotment | 04-11-2026 |
| Refund | 05-11-2026 |
| Listing | 06-11-2026 |
| Stars |
★☆☆☆☆ |
| ISIN | INE1FD201014 |
| Allotment Status | MUFG |
| Video |  |
BSE List Price : ₹
| Category | Times |
|---|---|
| QIBs | 1.88x |
| HNIs | 7.04x |
| Retail | 4.45x |
| Total : 4.27x | |
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹252,000 |
| Retail Maximum | 2 | 2,400 | ₹252,000 |
| S - HNI Minimum | 3 | 3,600 | ₹378,000 |
| S - HNI Maximum | 7 | 8,400 | ₹882,000 |
| B - HNI Minimum | 8 | 9,600 | ₹1,008,000 |
Vectras Enprocon Limited, incorporated in May 2021, is an Ahmedabad-based Engineering, Procurement and Construction (EPC) company serving the midstream and downstream segments of the oil and gas industry.
The company handles design, engineering, procurement, construction, testing and commissioning of oil and gas stations, cross-country and spur pipelines, city gas stations and related civil and mechanical works. Its clients include public sector undertakings and private companies, and it has expanded from Gujarat into states such as Maharashtra, Punjab, Bihar and Odisha.
Since incorporation, Vectras has completed 5,21,772 inch-dia of piping, 1,430.43 inch-km of pipeline and 4 combined station works. As of September 30, 2026, its unexecuted order book stood at 34 projects worth Rs. 183.28 Cr. The company holds ISO 9001:2015, ISO 45001:2018, ISO 14001:2015 and ISO 27001:2022 certifications and had more than 900 permanent employees.
Combined oil and gas station works - mechanical, electrical and civil works at refineries, terminals and depots
Cross-country and spur pipeline projects
City gas station and related facilities
Civil infrastructure works
Electrical and instrumentation works
Inspection, testing and safety auditing services
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| Mar 2024 | ₹54.37 | ₹46.25 | ₹5.81 | ₹21.47 |
| Mar 2025 | ₹80.53 | ₹66.97 | ₹10.17 | ₹46.50 |
| Mar 2026 | ₹119.90 | ₹99.06 | ₹15.43 | ₹74.94 |
| Sep 2026 | ₹72.20 | ₹59.98 | ₹9.10 | ₹90.91 |
Naynesh Kanubhai Patel
Maheshkumar Gopalbhai Patel
Healthy order book: 34 projects worth Rs. 183.28 Cr were pending execution as of September 30, 2026, giving a book-to-bill ratio of about 2.55 times.
Timely project execution: The company has completed projects ahead of schedule, including illustrative projects finished 160 days and 62 days early.
Strong growth: Total income grew from Rs. 54.37 Cr in FY 2023-24 to Rs. 119.90 Cr in FY 2025-26, and PAT rose from Rs. 5.81 Cr to Rs. 15.43 Cr.
Wider geographic presence: Operations now extend beyond Gujarat to Maharashtra, Punjab, Bihar and Odisha.
In-house capabilities: Design, operations, finance and HR teams with 900+ permanent employees support quality-driven delivery.
Experienced promoters: The promoters have over 30 years of combined industry experience.
High customer concentration: The top 10 customers contributed 97.29% of revenue in the period ended September 30, 2026 and 92.27% in FY 2025-26.
Working capital intensive: EPC contracts need large working capital; short-term borrowings were Rs. 26.48 Cr as of September 30, 2026.
Sector dependence: Business depends on capital spending in the oil and gas sector and on orders from public sector companies.
Execution risk: Delays, cost overruns or penalties on fixed-price EPC projects can reduce profitability.
Sustainability of growth: Revenue grew at a CAGR of about 48.5% between FY 2023-24 and FY 2025-26; there is no assurance this pace will continue.
Repayment / prepayment, in full or part, of certain outstanding borrowings - Rs 14.00 Cr
Funding long-term working capital requirements - Rs 20.00 Cr
General Corporate Purposes
Offer for Sale of 9,96,000 shares by the promoters - Rs 10.46 Cr (proceeds go to the selling shareholders)
Vectras Enprocon Ltd.
Office No. 601-602, Amrakunj Avis
Near Tapovan Circle, Chandkheda
Ahmedabad, Gujarat, 382424
Phone: +91 63531 52513
Email: compliance@vectrasgroup.com
Website: https://www.vectrasgroup.com/
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: vectras.smeipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html