Vectras EnproconIPO Review — Financials, Valuation & Peers
A data-only look at the Vectras Enprocon IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 54.37 | 5.81 | 8.67 | 12.15 | 21.47 | 4.16 | — |
| FY 2025 | 80.53 | 10.17 | 15.05 | 22.32 | 46.5 | 11.87 | — |
| FY 2026 | 119.9 | 15.43 | 24.01 | 37.75 | 74.94 | 22.21 | — |
| Sep 2026 (interim) | 72.2 | 9.1 | 14.54 | 46.85 | 90.91 | 31.36 | 10.29 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 10.2x
- P/E (post-issue)
- 10.99x
- RoNW
- 21.52%
- RoE
- 21.52%
- RoCE
- 19.69%
- Debt / Equity
- 0.67
- EPS (pre-issue)
- ₹10.29
- EPS (post-issue)
- ₹9.55
- EBITDA Margin
- 20.21%
- PAT Margin
- 12.65%
- P/BV
- 3.36x
- NAV / share
- ₹31.23
- Market Cap
- ₹200.09 Cr
As of 30 Sept 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Vectras Enprocon | 10.29 | 25.17 | — | 51.39% | — | Standalone |
| Desco Infratech | 21.3 | 92.22 | 8.35x | 25.21% | 1.92x | Consolidated |
| Likhitha Infrastructure | 9.94 | 104.44 | 22.43x | 9.82% | 2.13x | Consolidated |
| Pratham EPC Projects | 3.38 | 49.94 | 34.47x | 7.44% | 2.37x | Consolidated |
Peer group as disclosed in the offer document, figures as of 30 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73.49%
- Dilution
- 26.51%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Vectras Enprocon operates at an EBITDA margin of 20.21% and a net (PAT) margin of 12.65% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 19.69% and a return on equity (RoE) of 21.52%. At the upper band, the post-issue market capitalisation works out to about ₹200.09 crore. These are offer-document figures for the latest reported period (as of 30 Sept 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- Who are the promoters of Vectras Enprocon and what is their holding?
- The promoters are <p>Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel</p>. Promoter holding is 100% before the issue and 73.49% after listing.
- What is the P/E ratio of the Vectras Enprocon IPO?
- At the upper price band, the Vectras Enprocon IPO is valued at 10.2× pre-issue earnings and 10.99× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Vectras Enprocon IPO?
- The net proceeds go primarily toward to meet working capital requirements of company, among 3 disclosed objects.