Vectras Enprocon IPO

The Vectras Enprocon SME IPO runs from 30 Oct 2026 to 3 Nov 2026, offered at a price band of ₹99–105 per share, and is set to list on BSE. The company is looking to raise ₹53.05 crore through the offer. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,52,000.

Issue structure

The offer combines a fresh issue of ₹39.93 crore with an offer for sale (OFS) of ₹10.46 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward to meet working capital requirements of company (₹20 crore), alongside repayment / prepayment, in full or part, of certain outstanding borrowings availed by company (₹14 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Vectras Enprocon reported revenue of ₹72.2 crore and a net profit of ₹9.1 crore. Revenue grew from ₹54.37 crore in FY2024 to ₹72.2 crore in FY2026 (+33.0%). Net worth stood at ₹46.85 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 10.99× post-issue earnings and 3.36× book value, against a return on net worth of 21.52% and a debt-to-equity ratio of 0.67. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Desco Infratech and Likhitha Infrastructure, with a median peer P/E of about 22.4×. The issue's own post-issue P/E works out to 10.99×.

Promoters

The promoters of the company are <p>Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel</p>. Promoter holding stands at 100% before the issue and comes down to 73.49% after listing.

Grey market premium (GMP)

In the unofficial grey market, Vectras Enprocon shares are quoted at a premium of ₹0 implying an expected listing around ₹105, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Vectras Enprocon IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Vectras Enprocon

Vectras Enprocon Ltd. is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the Oil &amp; Gas industry. The company specializes in laying pipeline networks, building combined stations, and constructing related facilities across multiple states in India. Business Verticals: Combined Oil and Gas station works: Mechanical, electrical and civil work in Refineries, Petrochemical Complex, Gas Processing Units, Oil &amp; Gas Terminals and Petroleum Depots. As of August 31, 2025, its unexecuted Order book for Oil &amp; Gas stations work stands at ₹ 15,088.80 lakh. Midstream and Downstream pipeline projects and related facilities: As of August 31, 2025, its order book for Oil &amp; Gas Pipeline work stands at ₹ 8,767.27 lakh Other allied services: Civil and infrastructure project in Oil and Gas Industry, Electrical, Instrumentation, and Inspection, Testing and Safety Auditing services in Oil and Gas Industry. The company has developed strong capabilities in design, engineering, procurement, construction, testing, and commissioning of Oil &amp; Gas pipelines and stations. It has completed over 3,34,000 inch dia piping, 785 inch-kilometre pipelines, and 4 combined station projects. The company serves both public and private Oil &amp; Gas companies and maintain ISO certifications for quality, safety, environment, and instrumentation standards. As of August 31, 2025, the company had 279 permanent employees across multiple divisions. Competitive Strengths Track record of timely completion of complex project Strong Order Book for existing project portfolio and geography Strong Execution Capabilities Track Record of Growth in Financial Performance Experienced management team with significant industry experience