IPO Analysis
Vectras Enprocon IPO Analysis: GMP, Financials, Valuation & Risks
Vectras Enprocon’s BSE SME IPO is scheduled to open on October 30, 2026. Here are the issue details, reported financials, valuation metrics, unofficial GMP and disclosed risks.
By Vraj Shah
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Vectras Enprocon is a Gujarat-based EPC company focused on oil and gas pipelines, stations and related facilities. Its BSE SME bookbuilding IPO has a price band of ₹99 to ₹105 per share and is scheduled to open on October 30, 2026.
The company reported higher revenue and profit for each financial year shown from March 2024 to March 2026. Its disclosed risks include customer and regional concentration, working-capital needs, project execution exposure and compliance delays.
IPO snapshot
| Detail | Information |
|---|---|
| IPO type | SME, bookbuilding IPO |
| Exchange | BSE SME |
| Price band | ₹99 to ₹105 per share |
| Face value | ₹10 per share |
| Issue size | Approx 53.05 Crores |
| Fresh issue | 38,02,800 shares, aggregate up to 40 Cr |
| Offer for sale | 9,96,000 shares of 10, aggregate up to 10 Cr |
| Retail minimum | 2,400 shares, amount 2,52,000 |
| Retail maximum | 2,400 shares, amount 2,52,000 |
| S-HNI minimum | 3,600 shares, amount 3,78,000 |
| S-HNI maximum | 8,400 shares, amount 8,82,000 |
| B-HNI minimum | 9,600 shares, amount 10,08,000 |
| Open date | October 30, 2026 |
| Close date | November 3, 2026 |
| Allotment | November 4, 2026 |
| Refunds | November 5, 2026 |
| Credit to demat | November 5, 2026 |
| Listing | November 6, 2026 |
The financial and issue amounts above are stated as published. The source does not specify a unit for the financial statement figures below.
Business
Vectras Enprocon provides engineering, procurement and construction services for oil and gas pipelines, combined stations and related facilities. Its work includes design, engineering, procurement, construction, testing and commissioning, and it serves public and private oil and gas companies.
The company reports completed work across pipeline networks and combined stations, and had 990 employees as of September 30, 2026. Its business earns revenue mainly from project contracts, which can expose results and cash flows to project timing and execution.
Financials
| Period ended | Assets | Revenue | Profit after tax | EBITDA | Net worth | Reserves and surplus | Total borrowing |
|---|---|---|---|---|---|---|---|
| 31 Mar 2024 | 21.47 | 54.37 | 5.81 | 8.67 | 12.15 | 9.65 | 4.16 |
| 31 Mar 2025 | 46.50 | 80.53 | 10.17 | 15.05 | 22.32 | 19.82 | 11.87 |
| 31 Mar 2026 | 74.94 | 119.90 | 15.43 | 24.01 | 37.75 | 22.75 | 22.21 |
| 30 Sep 2026 | 90.91 | 72.20 | 9.10 | 14.54 | 46.85 | 31.85 | 31.36 |
Revenue, profit after tax, assets and borrowings increased across the financial years shown. The September 2026 figures cover a period ending on that date and are presented separately from the full-year figures.
Valuation
The disclosed valuation metrics include a price-to-book value of 3.36 and a net asset value of 31.23. Basic earnings per share is 10.29. The price-to-earnings ratio is listed as N/A, so we have left it out.
| Metric | Reported value |
|---|---|
| ROE | 21.52% |
| ROCE | 19.69% |
| Debt-to-equity ratio | 0.67 |
| Return on net worth | 21.52% |
| PAT margin | 12.65% |
| EBITDA margin | 20.21% |
| Net asset value | 31.23 |
| Price-to-book value | 3.36 |
| Basic EPS | 10.29 |
GMP
The unofficial grey market premium (GMP) was quoted at 0 on October 28, 2026, at 9:05 am IST. GMP is an unofficial grey market quote, not an exchange figure; it can change and listings often land away from it.
Strengths
- The company reports experience in oil and gas pipeline and station EPC work, with projects across multiple states.
- It reported an unexecuted order book of ₹18,327.88 lakh across 34 projects as of September 30, 2026. The book-to-bill figure for the six-month period was 2.55 times.
- Two projects were reported completed ahead of schedule, by 160 days and 62 days, respectively.
- The company has expanded its project activity beyond Gujarat into states including Maharashtra, Punjab, Bihar and Odisha.
Risks
- The top 10 customers generated 97.29% of revenue in the six months ended September 30, 2026. Gujarat and Maharashtra contributed 87.92%, creating customer and regional concentration.
- EPC work requires working capital. Short-term borrowings were ₹2,648.38 lakh at September 30, 2026, and the company has reported negative operating cash flows across FY2024-FY2026.
- Estimation errors, cost increases, material or labour shortages, subcontractor issues, delays, penalties and cancellations could affect project margins and cash flows.
- The order book may be delayed, changed, cancelled or unpaid. The top 10 suppliers accounted for 68.64% of FY2026 purchases.
- The company disclosed statutory filing and payment delays, including a 202-day PF delay and a 116-day company filing delay. Approvals may also affect operations.
- The shares have no prior trading market. Trading may be volatile or limited, and future share sales or issuances may affect prices or dilute holdings.
Important dates
| IPO event | Date |
|---|---|
| Issue opens | October 30, 2026 |
| Issue closes | November 3, 2026 |
| Allotment | November 4, 2026 |
| Refunds | November 5, 2026 |
| Credit to demat | November 5, 2026 |
| Listing | November 6, 2026 |
Promoters
The promoters are Ranjit Chandrabhai Bose, Rajit Chandra Bose and Deval Ranjitbhai Bose.
FAQs
What are the Vectras Enprocon IPO dates?
The issue is scheduled to open on October 30, 2026, and close on November 3, 2026. Allotment is scheduled for November 4, 2026.
What is the Vectras Enprocon IPO price band?
The price band is ₹99 to ₹105 per share.
What is the reported GMP?
The unofficial grey market premium was quoted at 0 on October 28, 2026, at 9:05 am IST. It is not an exchange figure.
What does Vectras Enprocon do?
It provides EPC services for oil and gas pipelines, combined stations and related facilities.
Where can I find other IPO information?
See all IPOs.