Vectras Enprocon IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Vectras Enprocon

Price band

₹99 – ₹105

Lot size

1200 shares

Min investment

₹1,26,000

Issue size

₹53.05 Cr

About the company

Vectras Enprocon Ltd. is a Gujarat-based engineering, procurement and construction (EPC) company. It works in the midstream and downstream segments of the oil and gas industry in several states of India. The company lays pipeline networks, builds combined stations and constructs related facilities. Combined station work covers mechanical, electrical and civil jobs at refineries, petrochemical complexes, gas processing units, terminals and petroleum depots. As on 31 August 2025, the unexecuted order book was Rs 150.89 crore for oil and gas stations and Rs 87.67 crore for pipeline work. The company has completed over 3,34,000 inch dia of piping, 785 inch-kilometre of pipelines and 4 combined station projects. It also offers allied services such as civil and infrastructure work, electrical and instrumentation work, and inspection, testing and safety auditing in the oil and gas industry. Its customers include public and private oil and gas companies, and it holds ISO certifications for quality, safety, environment and instrumentation. The company had 279 permanent employees as on 31 August 2025. The issue is Rs 53.05 crore at Rs 99 to Rs 105 per share, a mix of fresh issue and offer for sale, listing on BSE SME.

Vectras Enprocon is a Gujarat-based EPC company that lays oil and gas pipelines and builds combined stations. Its order book stood at Rs 238.56 crore as on 31 August 2025, and total income grew 48.89% to Rs 119.90 crore in FY2026.

IPO details

Issue price: ₹105
Price band: ₹99 – ₹105
Face value: ₹10
Lot size: 1200
Min investment: ₹1,26,000
Issue size: ₹53.05 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 8072
NSE symbol: VECTRAS.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,26,000
Retail (Max)	1	1,200	₹1,26,000
HNI (Min)	2	2,400	₹2,52,000

Investor reservation

CATEGORY	RESERVED
QIB	23,98,800 shares (49.99% of the Offer)
NII	7,20,000 shares (15.00% of the Offer)
Retail	16,80,000 shares (35.01% of the Offer)

Objects of the issue

1Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company14.00

2To Meet Working Capital Requirements of Company20.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Sep 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	90.91	74.94	46.50	21.47
Total Income	72.20	119.90	80.53	54.37
Profit After Tax	9.10	15.43	10.17	5.81
EBITDA	14.54	24.01	15.05	8.67
NET Worth	46.85	37.75	22.32	12.15
Reserves and Surplus	31.85	22.75	19.82	9.65
Total Borrowing	31.36	22.21	11.87	4.16

Key performance indicators

P/E Ratio

10.99

EPS (₹)

9.55

RoE

21.52%

RoCE

19.69%

RoNW

21.52%

PAT Margin

12.65%

EBITDA Margin

20.21%

Debt / Equity

0.67

NAV (₹)

31.23

✓ Strengths

• Total income grew 48.89% from Rs 80.53 crore in FY2025 to Rs 119.90 crore in FY2026, after Rs 54.37 crore in FY2024.

• Profit after tax rose 51.72% from Rs 10.17 crore in FY2025 to Rs 15.43 crore in FY2026, and was Rs 5.81 crore in FY2024.

• EBITDA grew from Rs 15.05 crore in FY2025 to Rs 24.01 crore in FY2026. In the six months to 30 September 2026 it was Rs 14.54 crore on total income of Rs 72.20 crore.

• Net worth rose from Rs 12.15 crore on 31 March 2024 to Rs 37.75 crore on 31 March 2026 and Rs 46.85 crore on 30 September 2026.

• The order book was Rs 238.56 crore on 31 August 2025, made up of Rs 150.89 crore for oil and gas stations and Rs 87.67 crore for pipelines.

• The P/E is 10.99 at the upper band of Rs 105, based on post-issue EPS of Rs 9.55. The pre-issue P/E is 10.2 on pre-issue EPS of Rs 10.29.

• The source shows a return on net worth of 21.52% and a return on capital employed of 19.69%.

⚠ Risks

• The order book figures are dated 31 August 2025. They are more than a year old, so the present order position is not shown at the source.

• The latest financial column is for the period ended 30 September 2026. Earnings for this part-year may not repeat over a full year, and the P/E and EPS shown may rest on such earnings.

• Total borrowing rose from Rs 4.16 crore on 31 March 2024 to Rs 22.21 crore on 31 March 2026 and Rs 31.36 crore on 30 September 2026. Debt to equity is 0.67 at the source.

• Rs 14.00 crore of the proceeds repays borrowings of the company, and Rs 20.00 crore goes to working capital. The source gives no amount for general corporate purposes.

• The issue is a mix of fresh issue and offer for sale. The source does not split the Rs 53.05 crore, so how much goes to selling shareholders is not clear.

• The two promoters, Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel, hold 100% before the issue and will hold 73.49% after it, so they keep control.

• The business depends on oil and gas EPC contracts from public and private companies, and the source gives no customer split, so concentration cannot be checked.

• Total assets grew from Rs 21.47 crore on 31 March 2024 to Rs 74.94 crore on 31 March 2026, so the company has scaled up very fast.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.26 lakh at the upper band of Rs 105, and SME shares usually trade in low volume after listing.

Promoters & holding

Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel

Pre-issue promoter holding

100%

Post-issue promoter holding

73.49%

Promoters hold 100% before the issue and will hold 73.49% after it.

Data refreshed 09 Nov 2026, 02:30 pm IST. GMP is unofficial market sentiment, not investment advice.