Vectras Enprocon Ltd IPO
Infrastructure Developers & Operators
Price Band
₹99 – ₹105
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹252000
Issue Size
₹53.05Cr
Opens
2026-10-30
Closes
2026-11-03
Listing
06-11-2026
Subscription Status
Qualified Institutional Buyers
1.88 x
Non-Institutional Investor
5.21 x
Retail Individual Investor
4.36 x
Total
3.93 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1FD201014
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Vectras Enprocon Limited is a Gujarat-based engineering, procurement and construction (EPC) company operating in the midstream and downstream segments of the oil and gas industry. Incorporated in May 2021, the company undertakes pipeline construction, combined oil and gas station works, and associated infrastructure projects across various states in India. Its services include design, engineering, procurement, construction, testing, and commissioning of cross-country pipelines, spur pipelines, city gas distribution networks, oil and gas terminals, and stations. The company also undertakes mechanical, electrical, and civil works at refineries, petrochemical complexes, gas processing units, and petroleum depots. Additionally, Vectras Enprocon provides civil infrastructure services, including site development, road construction, foundations, and drainage systems. Its other services include electrical and instrumentation works, cathodic protection, pipeline inspection, pressure testing, and safety auditing. The company is headquartered in Ahmedabad, Gujarat, and serves both public sector undertakings and private sector companies.
Pros
- • As of September 30, 2026, Vectras Enprocon had an unexecuted order book of Rs 183.28 crore comprising 34 projects, with a book-to-bill ratio of 2.55 times, providing visibility for future growth. Combined oil and gas station works accounted for Rs 116.29 crore (63.45%) of the order book, followed by pipeline works at Rs 59.46 crore (32.44%) and other allied services at Rs 7.53 crore (4.11%).
- • The company has completed certain projects ahead of their scheduled completion dates. According to the RHP, the company completed one public sector project 160 days ahead of schedule in FY23, while a private sector project was completed 62 days early in FY24.
- • The company has expanded its geographical presence beyond Gujarat. As of September 30, 2026, Gujarat accounted for Rs 112.90 crore (61.60%) of its order book, followed by Chhattisgarh at Rs 26.38 crore (14.40%), Maharashtra at Rs 21.57 crore (11.77%), Bihar at Rs 9.33 crore (5.09%) and Punjab at Rs 6.52 crore (3.55%). This geographical diversification could help the company access a wider range of project opportunities and reduce its dependence on a single state.
Cons
- • The company depends heavily on a limited number of customers for its revenue. Its top 10 customers contributed Rs 53.14 crore (97.84%), Rs 77.30 crore (96.04%), and Rs 110.54 crore (92.27%) to revenue from operations in FY24, FY25, and FY26, respectively. Loss of major customers, reduced orders, or payment delays could adversely affect the company's revenue, cash flows, and profitability.
- • The company relies on a limited number of suppliers for raw materials and components. Purchases from its top 10 suppliers amounted to Rs 16.93 crore (72.87%) in FY24, Rs 14.45 crore (61.67%) in FY25 and Rs 23.34 crore (68.64%) in FY26. During the six months ended September 30, 2026, these purchases stood at Rs 7.79 crore (45.23%). Any disruption in supplies, quality issues, or an increase in procurement costs could delay project execution and reduce profitability.
- • The company derives a significant portion of its revenue from combined oil and gas station works. This segment contributed Rs 46.50 crore (85.59%), Rs 51.36 crore (63.82%), and Rs 45.64 crore (38.09%) to revenue from operations in FY24, FY25, and FY26, respectively. Any adverse change in demand for these services, increased competition, or delays in project awards could affect the company's revenue and financial performance.
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