Vectras Enprocon IPO: ₹99–105 Price Band, Dates & Review
Vectras Enprocon Limited's ₹53.05 crore BSE SME IPO opens for subscription today, 30 October 2026, and closes on 3 November 2026. The Ahmedabad-based oil and gas infrastructure EPC company has fixed its price band at ₹99–₹105 per share, with a lot size of 1,200 shares. Here is everything investors need to know — issue details, key dates, financials, grey market premium (GMP) and our review.
Vectras Enprocon IPO Details
Vectras Enprocon is a Gujarat-based engineering, procurement and construction (EPC) company serving the midstream and downstream segments of the oil and gas industry. Incorporated in May 2021, it designs, builds and commissions pipeline networks, combined oil and gas station works and allied infrastructure facilities for public-sector and private-sector customers across Gujarat, Maharashtra, Punjab, Bihar and Odisha.
The issue comprises a fresh issue of 40,56,000 shares (up to ₹42.59 crore) and an offer for sale of 9,96,000 shares (up to ₹10.46 crore) by promoters. The company will use the fresh proceeds mainly to repay ₹14 crore of borrowings and fund ₹20 crore of long-term working capital, with the balance for general corporate purposes.
| Detail | Vectras Enprocon IPO |
|---|---|
| Issue size | ₹53.05 crore (50,52,000 shares at upper band) |
| Fresh issue | 40,56,000 shares (up to ₹42.59 crore) |
| Offer for sale | 9,96,000 shares (up to ₹10.46 crore) |
| Price band | ₹99–₹105 per share |
| Face value | ₹10 per share |
| Lot size | 1,200 shares (₹1,26,000 at upper band) |
| Minimum bid (retail) | 2,400 shares — two lots, ₹2,52,000 at upper band |
| Issue type | Book-built, BSE SME |
| Lead manager | Beeline Capital Advisors Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market maker | Spread X Securities Pvt. Ltd. (2,53,200 shares reserved) |
Vectras Enprocon IPO Dates
| Event | Date |
|---|---|
| Anchor bidding | 29 October 2026 (₹15.11 crore raised, 14,38,800 shares) |
| Issue opens | 30 October 2026 |
| Issue closes | 3 November 2026 |
| Allotment finalisation | 4 November 2026 (tentative) |
| Refunds / demat credit | 5 November 2026 (tentative) |
| Listing | 6 November 2026 (tentative, BSE SME) |
Allotment can be checked on the registrar MUFG Intime's website once finalised. Investors can also track other issues opening alongside Vectras in our IPO GMP today (30 October) roundup.
What Does Vectras Enprocon Do?
The company operates across three verticals:
- Combined station works — piping, mechanical, electrical and civil works at refineries, petrochemical complexes, crude oil terminals and petroleum depots.
- Pipeline projects — cross-country pipelines, steel pipelines and city gas distribution networks with associated facilities.
- Allied services — civil infrastructure, electrical and instrumentation work, cathodic protection, inspection, testing and safety auditing.
Since incorporation, the company says it has completed 5,21,772 inch-diameter of piping, laid 1,430.43 inch-kilometres of pipelines and executed four combined station projects, supported by 990 permanent employees. As of 30 September 2026, its unexecuted order book stood at ₹183.28 crore across 34 projects — ₹116.29 crore from combined station works, ₹59.46 crore from pipeline works and ₹7.53 crore from allied services — giving it roughly 1.5 times FY26 revenue in visible backlog.
Vectras Enprocon Financials
Revenue has more than doubled in two years, and margins have widened steadily — a strong combination for an SME EPC player. Figures below are from the Red Herring Prospectus, in ₹ lakh unless stated otherwise.
| Particulars | H1 FY27 (to 30 Sep 2026) | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Revenue from operations | 7,193.86 | 11,980.20 | 8,048.03 | 5,431.89 |
| EBITDA | 1,454.04 | 2,401.29 | 1,504.88 | 867.17 |
| EBITDA margin | 20.21% | 20.04% | 18.70% | 15.96% |
| PAT | 910.25 | 1,543.27 | 1,016.77 | 581.19 |
| PAT margin | 12.65% | 12.88% | 12.63% | 10.70% |
In crore terms, FY26 revenue was ₹119.80 crore with profit after tax of ₹15.43 crore, up from ₹80.48 crore revenue and ₹10.17 crore profit in FY25. At the upper price band, the issue is priced at roughly 10.2 times FY26 earnings on a pre-issue basis, per IPO trackers compiling the RHP — modest next to listed EPC peers, though SME valuations swing sharply after listing.
Vectras Enprocon IPO GMP Today
As of the morning of 30 October 2026, no grey market premium has been quoted for the Vectras Enprocon IPO on major trackers — the unofficial GMP is effectively ₹0, implying an expected listing around the ₹105 upper band. GMP is unofficial, market-reported data and can change quickly once bidding picks up; treat it as sentiment, not a price guarantee. For context on how grey market signals have played out for recent debuts, see our 29 October subscription update.
Strengths and Risks
Strengths: fast revenue growth (FY24–FY26), expanding EBITDA and PAT margins, a ₹183.28 crore order book across 34 projects, anchor backing of ₹15.11 crore, and a reasonable ~10x FY26 P/E at the upper band.
Risks: the business is project-based and working-capital heavy — ₹20 crore of the fresh issue goes to working capital; customer concentration and execution delays are typical EPC risks; SME stocks are illiquid and volatile, with wide price swings on listing; and with no GMP quoted yet, there is no grey-market cushion signal.
Conclusion
Vectras Enprocon offers a play on India's oil and gas infrastructure build-out, with strong recent growth, improving margins and a healthy order book at a valuation that does not look stretched against FY26 earnings. The main watchpoints are working-capital intensity and SME volatility. Investors should read the RHP risk factors, check the subscription trend over 30 October–3 November, and apply only within their risk appetite. This article is for information only and is not investment advice.
FAQs
When does the Vectras Enprocon IPO open and close?
The IPO opens on 30 October 2026 and closes on 3 November 2026.
What is the Vectras Enprocon IPO price band and lot size?
The price band is ₹99–₹105 per share and the lot size is 1,200 shares. Retail investors must bid for at least two lots (2,400 shares, ₹2,52,000 at the upper band).
What is the Vectras Enprocon IPO size?
₹53.05 crore at the upper band — a ₹42.59 crore fresh issue plus a ₹10.46 crore offer for sale.
When will Vectras Enprocon list?
Listing is tentatively scheduled for 6 November 2026 on BSE SME, with allotment expected on 4 November 2026.
What is the Vectras Enprocon IPO GMP today?
No GMP has been quoted as of 30 October morning — effectively ₹0 (unofficial). GMP is unofficial and subject to change.