Figures last updated 2 Nov 2026, 5:30 PM IST · How we work · Report an error

Vectras Enprocon Limited

SME IPOOpenCloses todayEngineering, Procurement and Construction (EPC) for Oil & Gas industry

Price band₹99 – ₹105per share · face value ₹10

Minimum investment₹1,18,8001 lot · 1200 shares at lower band

IPO dates30 Oct – 3 NovCloses today, 5:00 PM

GMP UNOFFICIALNot available yet Subscription PUBLIC1.31xModestDay 2 so far · as of 5:30 PM, 2 Nov 2026

Reviewed by our team. This analysis was prepared from the offer document on 28 Oct 2026. Figures can contain errors; check them against the offer document before relying on them. It is information, not investment advice.

About Vectras Enprocon Limited

What the company does and where it sits in its industry

INVESTORTRACK ANALYSIS

We are Gujarat based Engineering, Procurement and Construction (“EPC”) company operating in the Midstream and Downstream segment of Oil & Gas Industry, focused on laying pipeline networks and combined station works along with construction of associated facilities.

We are Gujarat based Engineering, Procurement and Construction (“EPC”) company operating in the Midstream and Downstream segment of Oil & Gas Industry. We are an Oil & Gas infrastructure service provider having presence in multiple states, focused on laying pipeline networks and combined station works along with construction of associated facilities. We provide integrated solutions to the Oil & Gas sector, which includes (i) Combined station works (ii) Midstream and downstream pipeline projects and related facilities, and (iii) Other allied services.

Our Company was incorporated in May 2021 and since inception, we have established ourself as an EPC Company in the midstream and downstream Oil & Gas pipeline network and related infrastructure space. Over the years, we have successfully executed projects for public sector undertakings and private sector companies, contributing to the development of Oil & Gas infrastructure across various states of India.

Main products & services

Combined Oil and Gas station works, Midstream and Downstream pipeline projects and related facilities, civil infrastructure, electrical, instrumentation, cathodic protection, inspection, testing, and safety auditing services.

Business model

Engineering, Procurement and Construction (EPC) services delivered primarily through tender-based contract awards in the oil and gas sector.

Competitive positioning

a rapidly emerging Engineering, Procurement, and Construction (EPC) company recognized for delivering technologically advanced and high-quality solutions.

Promoters

Who controls the company, and how much of it they hold

OFFICIAL IPO DATA

Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel

Before the issue100.0%

After the issue73.5%

Strengths & risks

Points to weigh, drawn from the offer document and the figures on the other tabs

INVESTORTRACK ANALYSIS

Strengths5 points

Track record of timely completion of complex projects
We are Gujarat based Engineering, Procurement and Construction (“EPC”) company operating in the Midstream and Downstream segment of Oil & Gas Industry.
Strong Order Book for existing project portfolio and geography
As of September 30, 2026, our Unexecuted Order Book comprises 34 projects amounting to ₹ 18,327.88 lakhs, providing strong visibility for future growth.
Strong Execution Capabilities
We have built in-house capabilities through our teams across design, operations, finance, and human resources.

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Track Record of Growth in Financial Performance
Our growth in financial performance in recent years is largely attributable to careful identification of our projects and cost optimization.
Experienced management team with significant industry experience
Our Promoters and senior management team possess significant experience in the Oil & Gas EPC sector.

Risks5 points

Revenue and profit growth sustainability risk
Our revenue increased from ₹ 5,431.89 lakhs in the Financial Year ended March 31, 2024 to ₹ 11,980.20 lakhs in the Financial Year ended March 31, 2026 at a CAGR of 48.51%, while our net profit for the year increased from ₹ 581.19 lakhs in FY 2024 to ₹ 1,543.27 lakhs in FY 2026 at an outstanding CAGR of 62.95%, which we may not be able to continue in future.
Significant working capital requirements
Our business involves significant working capital requirements, primarily on account of procurement of raw materials, receivables and project execution.
Customer concentration risk
Our top 10 customers contributed 97.29%, 92.27%, 96.04% and 97.84% of our revenue from operations in the six-months period ended September 30, 2026 and the financial year 2026, 2025 and 2024, respectively.

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Delays in statutory filings with RoC
There have been certain instances of delays in relation to certain statutory filings made or required to be filed by our Company with the RoC under applicable law and certain other non-compliances under Indian company law.
Discrepancies in statutory dues payment
There are certain discrepancies and non-compliances noticed in filing of returns and deposit of statutory dues with the taxation and other statutory authorities in the past.

This analysis is informational and objective. It is not a recommendation to apply for or avoid the IPO.

Contact the company

Websitewww.vectrasgroup.com Email[email protected]Phone+91 63531 52513 Compliance officer · Arpit Nikunjbhai Thakkar[email protected]

Registered officeOffice No. 601-602, Amrakunj Avis, Near Tapovan circle, Chandkheda, Ahmedabad-382424, Gujarat, India.

Next tabFinancials · Revenue ₹119.8 Cr in FY26