Vectras Enprocon IPO
Vectras Enprocon IPO details
| Bidding dates | 30 Oct 2026 to 03 Nov 2026 |
| Price band | ₹99 – ₹105 |
| Lot size | 1,200 shares |
| Minimum amount | ₹2,52,000 (2 lots, 2,400 shares) |
| Issue size | ₹53.05 Cr |
| Issue type | Fresh ₹42.59 Cr + OFS ₹10.46 Cr |
| Listing on | BSE SME |
| Allotment date | 04 Nov 2026 |
| Listing date | 06 Nov 2026 |
| Registrar | MUFG Intime India Pvt. Ltd. |
Key dates
Vectras Enprocon IPO GMP today
As of 05 Nov 2026. GMP is an unofficial grey market quote, not a price set by any exchange or regulator. It can change quickly or turn out wrong. Estimated listing price = upper price band + GMP.
Vectras Enprocon IPO subscription status
Final subscription
Vectras Enprocon IPO allotment status
Allotment is due on 04 Nov 2026. Registrar: MUFG Intime India Pvt. Ltd. Open the registrar’s allotment page.
Updated 05 Nov 2026. Information only, not a recommendation to apply.
About Vectras Enprocon
Vectras Enprocon is an Ahmedabad-based engineering, procurement and construction company working in the midstream and downstream oil and gas sector. It builds combined oil and gas stations, pipelines and allied infrastructure for public sector and private clients. It was incorporated in May 2021 and had 990 employees at 30 September 2026.
| Headquarters | Ahmedabad, Gujarat |
| Founded | 2021 |
| Key person | Maheshkumar Gopalbhai Patel, Managing Director |
| Website | https://www.vectrasgroup.com |
Vectras Enprocon financials
All figures in ₹ Cr. Restated, revenue from operations (total income: 54.37, 80.53, 119.90); FY ends 31 March. Total assets per Chittorgarh and ipowatch. Half-year to 30 Sep 2026: total income 72.20, PAT 9.10.
| Year | Revenue | Profit after tax | Total assets |
|---|---|---|---|
| FY24 | 54.32 | 5.81 | 21.47 |
| FY25 | 80.48 | 10.17 | 46.50 |
| FY26 | 119.80 | 15.43 | 74.94 |
Key performance indicators
Basis FY26 (31 Mar 2026), matching ipowatch, Chittorgarh and the RHP analysis; PAT margin = 15.43/119.80, EBITDA 24.01/119.80. EPS = 15.43 Cr / 1.50 Cr pre-issue shares; NAV = net worth 37.75 Cr / 1.50 Cr shares. P/E = 105 / 10.29 (own calculation). Groww shows a different set for the half-year to 30 Sep 2026 (ROE 21.52, D/E 0.67).
| Indicator | Value |
|---|---|
| ROE % | 51.39 |
| ROCE % | 48.37 |
| EBITDA margin % | 20.04 |
| PAT margin % | 12.88 |
| Debt to equity | 0.59 |
| EPS pre-IPO ₹ | 10.29 |
| NAV per share ₹ | 25.17 |
| P/E at upper band | 10.20 |
Objects of the Vectras Enprocon IPO
| Purpose | Estimated amount |
|---|---|
| Repayment/prepayment of certain borrowings | ₹14.00 Cr |
| Funding long-term working capital | ₹20.00 Cr |
| General corporate purposes | To be decided |
Strengths and risks
Points drawn from the offer document and news reports. They are facts to read, not advice.
Strengths
- Unexecuted order book of ₹183.28 Cr across 34 projects at 30 September 2026.
- Revenue grew from ₹54.32 Cr in FY24 to ₹119.80 Cr in FY26 and PAT from ₹5.81 Cr to ₹15.43 Cr.
- EBITDA margin improved from about 16.0% in FY24 to 20.04% in FY26.
- Holds ISO 9001, 14001, 45001 and 27001 certifications.
Risks
- Top 10 customers made up 92.27% of FY26 revenue.
- Gujarat and Maharashtra contributed 71.52% of FY26 revenue.
- Business needs heavy working capital and borrowings have risen; part of the issue repays debt.
- Offer documents flag past delays in statutory filings and dues, and reliance on third-party labour and contractors.
Lead managers and registrar
| Lead manager(s) | Beeline Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Market maker | Spread X Securities Private Limited |
| Face value | ₹10 per share |
Vectras Enprocon IPO: frequently asked questions
What is the issue size of the Vectras Enprocon IPO?
The Vectras Enprocon IPO is a fresh ₹42.59 cr + ofs ₹10.46 cr of ₹53.05 Cr.
What are the open and close dates of the Vectras Enprocon IPO?
Bidding opens on 30 Oct 2026 and closes on 03 Nov 2026.
What is the price band of the Vectras Enprocon IPO?
The price band is ₹99 – ₹105 per share.
What is the lot size and minimum investment in the Vectras Enprocon IPO?
One lot is 1,200 shares. Individual investors in an SME IPO must apply for at least 2 lots, so the minimum application is ₹2,52,000 (2 lots, 2,400 shares).
When is the Vectras Enprocon IPO allotment date?
Allotment is expected on 04 Nov 2026. You can check it on the registrar’s website (MUFG Intime India Pvt. Ltd.) or through your broker.
Where will the Vectras Enprocon IPO list?
The shares are proposed to list on BSE SME, with a listing date of 06 Nov 2026.
What is the GMP of the Vectras Enprocon IPO?
GMP is an unofficial grey market quote that changes every day. See the latest value, with the date, in the GMP section at the top of this page. It does not guarantee the listing price.
Who is the market maker for the Vectras Enprocon IPO?
Spread X Securities Private Limited is named as the market maker.
Sources: groww.in, ipowatch.in, www.chittorgarh.com, www.multibagg.ai, www.bajajfinserv.in, chanakyanipothi.com, www.vectrasgroup.com.
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