Vectras Enprocon IPO: Latest Update
Vectras Enprocon Limited has launched its SME IPO on October 30, 2026. The company aims to raise approximately ₹53.05 crore through a combination of fresh issue and offer for sale (OFS).
The IPO will remain open until November 3, 2026. The proposed listing is scheduled for November 6 on the BSE SME platform.
The company operates in the engineering, procurement and construction (EPC) sector, with a focus on midstream and downstream oil and gas infrastructure. Its services include engineering, pipeline construction, installation, testing and commissioning of infrastructure projects.
Vectras Enprocon IPO Details
| Particular | Details |
|---|---|
| Company Name | Vectras Enprocon Limited |
| IPO Opening Date | October 30, 2026 |
| IPO Closing Date | November 3, 2026 |
| Price Band | ₹99–₹105 per share |
| Issue Size | ₹53.05 crore |
| Fresh Issue | 40.56 lakh shares |
| Offer for Sale | 9.96 lakh shares |
| Total Shares Offered | 50.52 lakh shares |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Retail Application | 2,400 shares (2 lots) |
| Minimum Retail Investment | ₹2,52,000 at the upper price band |
| Issue Type | Book-built SME IPO |
| Listing Exchange | BSE SME |
| Allotment Date | November 4, 2026 (expected) |
| Refund Initiation | November 5, 2026 (expected) |
| Demat Credit | November 5, 2026 (expected) |
| Listing Date | November 6, 2026 (expected) |
| Registrar | MUFG Intime India |
| Market Maker | Spread X Securities |
At the upper price band of ₹105, one lot of 1,200 shares costs ₹1,26,000. Retail investors need to apply for at least two lots, amounting to ₹2,52,000, excluding applicable charges.
Vectras Enprocon IPO GMP Today
As of October 30, 2026, the available IPO tracking information does not show a confirmed grey market premium for Vectras Enprocon.
| Particular | Details |
|---|---|
| Upper Price Band | ₹105 |
| Latest Reported GMP | Not available |
| Indicative Listing Price | Not available |
| Expected Listing Gain | Cannot be estimated reliably |
GMP is an unofficial indicator of investor sentiment and is not a guaranteed listing price. Investors should avoid making application decisions based only on grey market activity.
About Vectras Enprocon Limited
Vectras Enprocon Limited was incorporated in May 2021 and is part of the Vectras Group. The company has developed its business around EPC services for midstream and downstream oil and gas infrastructure.
Its project activities include pipeline infrastructure, associated stations and related facilities. The company provides services across different stages of project execution, including design, engineering, procurement, construction, testing and commissioning.
Its operations have expanded beyond Gujarat into states including Maharashtra, Punjab, Bihar and Odisha. The company works on infrastructure projects that require specialised engineering capabilities, project management and execution expertise.
As an EPC contractor, its business performance depends on securing new projects, executing contracts within agreed timelines and managing project costs effectively.
Vectras Enprocon IPO: Objects of the Issue
The company intends to use the net proceeds from the fresh issue primarily for debt repayment and working-capital requirements.
| Purpose | Planned Amount |
|---|---|
| Repayment or Prepayment of Outstanding Borrowings | ₹14 crore |
| Funding Long-term Working Capital Requirements | ₹20 crore |
| General Corporate Purposes | Remaining eligible proceeds |
The proposed debt repayment may help reduce borrowing obligations and associated interest expenses. The working-capital allocation is important for an EPC business because project execution involves expenses related to materials, labour, subcontractors and customer payment cycles.
The OFS portion will provide an exit opportunity to existing selling shareholders. Proceeds from the OFS will go to those shareholders rather than the company.
Vectras Enprocon Financial Performance
The company's reported financial performance shows consistent growth in revenue and profitability over the last three financial years.
| Particular | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | ₹54.32 crore | ₹80.48 crore | ₹119.80 crore |
| EBIT | ₹8.32 crore | ₹14.35 crore | ₹22.83 crore |
| Profit After Tax | ₹5.81 crore | ₹10.17 crore | ₹15.43 crore |
| Total Debt | ₹4.16 crore | ₹11.87 crore | ₹22.21 crore |
| Net Worth | ₹12.15 crore | ₹22.32 crore | ₹37.75 crore |
The financial figures indicate that revenue and profit increased during the period. However, the company's debt also rose as its operations expanded.
As of September 30, 2026, the company reportedly had an unexecuted order book of approximately ₹183.28 crore across 34 projects. This provides potential revenue visibility, although actual revenue depends on project execution, billing and collection.
Key Risks of Vectras Enprocon IPO
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Project execution risk: Delays, cost overruns or technical challenges can affect project profitability.
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Working-capital pressure: EPC contracts may require substantial upfront spending before customer payments are received.
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Borrowing levels: The company's debt increased from ₹4.16 crore in FY2024 to ₹22.21 crore in FY2026.
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Industry dependence: Business performance is linked to investment and activity in oil and gas infrastructure.
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Order-book conversion: An unexecuted order book does not guarantee timely revenue or profit.
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SME market volatility: SME-listed shares can have lower liquidity and higher price fluctuations.
Vectras Enprocon IPO: Important Dates
| IPO Event | Date |
|---|---|
| IPO Opening | October 30, 2026 |
| IPO Closing | November 3, 2026 |
| Basis of Allotment | November 4, 2026 |
| Refund Initiation | November 5, 2026 |
| Shares Credited to Demat | November 5, 2026 |
| Expected Listing | November 6, 2026 |
The post-issue dates are based on the published schedule and may change through official exchange or registrar announcements.
Should You Consider Vectras Enprocon IPO?
Vectras Enprocon operates in the specialised EPC segment of oil and gas infrastructure. Its growth in revenue and profitability, along with an order book of approximately ₹183.28 crore, are important factors for investors to examine.
On the other hand, EPC businesses face project execution challenges, working-capital requirements and collection risks. The increase in borrowings also deserves attention.
Investors should evaluate the company's valuation, quality of its order book, cash-flow position, debt levels and ability to complete projects profitably before making an investment decision.
Disclaimer: This article is for informational and educational purposes only and is not investment advice. GMP figures are unofficial and may change. Investors should review the official offer documents and assess their risk tolerance before investing.
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