Vectras Enprocon SME IPO
Vectras Enprocon IPO — date, price band, lot size & details 2026
Vectras Enprocon IPO opens on 30 Oct and closes on 3 Nov 2026. Price band ₹99–105, lot size 1200 shares (minimum 2 lots, ₹2,52,000). Allotment date 4 Nov, listing date 6 Nov.
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.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 27 October.
- Open 30 Oct 2026
- Close 03 Nov 2026
- Allotment 04 Nov 2026
- Refund/credit 05 Nov 2026
- Listing 06 Nov 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 30 Oct to 3 Nov, 2026 |
|---|---|
| Price Band | ₹99 – ₹105 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹53.05 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 2,52,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1200 shares at the ₹105 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,400 | ₹2,52,000 |
| Retail (max) | 2 | 2,400 | ₹2,52,000 |
| HNI (min) | 3 | 3,600 | ₹3,78,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01Total 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.
- 02Profit 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.
- 03EBITDA 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.
- 04Net 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.
- 05The 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.
- 06The 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.
- 07The source shows a return on net worth of 21.52% and a return on capital employed of 19.69%.
Risks · 9
- 01The 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.
- 02The 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.
- 03Total 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.
- 04Rs 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.
- 05The 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.
- 06The 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.
- 07The 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.
- 08Total 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.
- 09This 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.
Three years of numbers
All figures in ₹ crore, as reported in the Vectras Enprocon offer document.
| 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 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Vectras Enprocon RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Vectras Enprocon IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹10.29 | ₹9.55 |
| P/E Ratio (x) | 10.20 | 10.99 |
| Market Cap at Offer Price (₹ Cr) | ₹92.86 | ₹100.05 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹105 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹34.00 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
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The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Beeline Capital Advisors Pvt. Ltd.
5 issues handled (2 mainboard, 3 SME)Best listing: Kratikal Tech (+42.2%). Weakest: Modern Diagnostic & Research Centre (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Vectras Enprocon?
The current Grey Market Premium is ₹0.
What is the Vectras Enprocon IPO price band?
₹99 to ₹105, on a face value of ₹10.
When is the allotment?
The basis of allotment is 4 November 2026, with listing on 6 November 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
