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Vectras Enprocon IPOALLOTMENT
Vectras Enprocon Limited is an Ahmedabad-based EPC company specialising in oil and gas pipelines, station works and related infrastructure projects.
- Open30 Oct
- Close3 Nov
- Allotment4 NovToday
- Refund5 Nov
- Demat5 Nov
- Listing6 Nov
Listing on
06 Nov 26
Allotment 04 Nov 26
Grey market premium
Not yet Available
Overview
Price band
₹99-105
Lot size
1,200 shares
Minimum application 2 lots
Face value
₹10 / share
Issue type
Book Built Issue
Min. investment
₹2,52,000
2 lots · 2,400 shares
Listing at
BSE
Issue Size : 50,52,000 shares worth ₹53.05 Cr
- Fresh Issue : 40,56,000 shares worth ₹42.59 Cr
- Offer for Sale : 9,96,000 shares worth ₹10.46 Cr
IPO Share Reservation
Total
94.98%
Lot size & investment
| 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 |
Subscription
- QIB1.88xQIB1.88xQualified Institutional BuyersShares offered 9,60,000Shares applied 18,06,000Bid amount ₹18.96 Cr
- NII (HNI)7.04xNII (HNI)7.04xNon-Institutional InvestorsShares offered 7,20,000Shares applied 50,66,400Bid amount ₹53.2 Cr
- S-HNI5.09xS-HNI5.09xSmall HNI · ₹2L – ₹10LShares offered 2,40,000Shares applied 12,21,600Bid amount ₹12.83 Cr
- B-HNI8.01xB-HNI8.01xBig HNI · above ₹10LShares offered 4,80,000Shares applied 38,44,800Bid amount ₹40.37 Cr
- Retail4.45xRetail4.45xRetail Individual InvestorsShares offered 16,80,000Shares applied 74,83,200Bid amount ₹78.57 Cr
- Total4.27xTotal4.27xAll categories combinedShares offered 33,60,000Shares applied 1,43,55,600Bid amount ₹151 Cr
Financials
| Period(₹ Cr) | Revenue | Expense | PAT | Assets | Borrowing |
|---|---|---|---|---|---|
| Mar 2024 | 54.37 | 46.25 | 5.81 | 21.47 | 4.16 |
| Mar 2025 | 80.53 | 66.97 | 10.17 | 46.5 | 11.87 |
| Mar 2026 | 119.9 | 99.06 | 15.43 | 74.94 | 22.21 |
| Sept 2026 | 72.2 | 59.98 | 9.1 | 90.91 | 31.36 |
KPI & Valuation
Key performance indicators
- ROE
- 21.52%
- PAT Margin
- 12.65%
- ROCE
- 19.69%
- EBITDA Margin
- 20.21%
- Debt to Equity Ratio
- 0.67
- Price to Book Value
- 3.36
- RoNW
- 21.52%
As of 30 Sept 2026
Valuation
- EPS Pre IPO
- ₹10.29
- EPS Post IPO
- ₹9.55
- P/E Pre IPO
- 10.2
- P/E Post IPO
- 10.99
Strengths & risks
Strengths
- Strong order book of ₹183.28 crore.
- Revenue grew to ₹119.80 crore in FY26.
- PAT increased to ₹15.43 crore in FY26.
- Reputed clients including IOCL, HPCL and Adani.
- Track record of timely project execution.
Risks
- High customer concentration (92.27% of FY26 revenue from top 10 customers).
- Negative operating cash flow in FY26.
- Dependence on repeat orders without long-term contracts.
- Risk of project delays and cost overruns.
- High competition in project tenders.
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company. | 14 |
| To Meet Working Capital Requirements of Company. | 20 |
| General Corporate Purposes. | - |
Promoter Holdings
Company Promoter(s)
- Naynesh Kanubhai Patel
- Maheshkumar Gopalbhai Patel
Registrar & contacts
Registrar
MUFG Intime India Pvt. Ltd.
- 022-49186000
- vectras.smeipo@in.mpms.mufg.com
- https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company
Vectras Enprocon Limited
- Office No. 601-602, Amrakunj Avis, Near Tapovan circle, Chandkheda Ahmedabad, Gujarat, 382424
- 6353152513
- compliance@vectrasgroup.com
- https://www.vectrasgroup.com
Documents
Lead managers
About Vectras Enprocon
Vectras Enprocon Limited is an Ahmedabad, Gujarat-based Engineering, Procurement and Construction (EPC) company specialising in oil and gas pipeline infrastructure and combined station works. Incorporated in May 2021, the company operates in the midstream and downstream segments of the Oil & Gas industry, providing design, engineering, procurement, construction, testing and commissioning services across multiple Indian states.
Key Business Verticals:
- Combined Oil and Gas Station Works: Undertakes mechanical, electrical, piping and civil works for refineries, petrochemical complexes, gas processing units, oil and gas terminals and petroleum depots. Order book: ₹11,629.03 lakh.
- Midstream and Downstream Pipeline Projects: Executes cross-country pipelines, spur pipelines, underground steel pipelines and city gas distribution networks. Order book: ₹5,945.72 lakh.
- Other Allied Services: Provides civil infrastructure, electrical and instrumentation works, cathodic protection, pipeline testing, inspection and safety auditing services.
The company has developed capabilities to execute station piping up to 48 inches and cross-country pipelines up to 30 inches in diameter.
Since incorporation, it has completed 521,772 inch-dia of piping, 1,430.43 inch-kilometres of pipelines and 4 combined station projects.
Vectras Enprocon serves both public and private sector oil and gas companies. As of September 30, 2026, its total unexecuted order book stood at ₹18,327.88 lakh (₹183.28 crore) across 34 projects.
The company holds ISO 9001:2015, ISO 45001:2018, ISO 14001:2015 and ISO 27001:2022 certifications covering quality management, occupational health and safety, environmental management and information security.
As of September 30, 2026, the company had 990 permanent employees.