Vectras Enprocon IPO Details, Dates, Price Band and Lot Size (2026)
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Vectras Enprocon Limited has announced its BSE SME initial public offer opening on 30 Oct 2026. Here are the factual details from the DRHP filed with BSE.
Direct answer: The Vectras Enprocon IPO opens for subscription on 30 Oct 2026 and closes on 03 Nov 2026. The BSE SME issue is priced at ₹99 to ₹105 per share with a minimum lot size of 1,200 shares. The issue seeks to raise ₹53.05 Cr through a combination of fresh issue and offer for sale.
Source: DRHP filed with BSE.
Vectras Enprocon IPO Structure and Reservation Details
Vectras Enprocon Limited has filed its draft red herring prospectus for an initial public offering on the BSE SME platform. The total issue size is ₹53.05 Cr, representing 47,98,800 equity shares of face value ₹10 each. The issue consists of a fresh issue component of ₹39.93 Cr and an Offer for Sale (OFS) of ₹10.46 Cr by promoter selling shareholders Maheshkumar Gopalbhai Patel and Naynesh Kanubhai Patel, who are selling up to 5,00,000 equity shares each.
| Item | Value | As of |
|---|---|---|
| Price band | ₹99 – ₹105 | 28 Oct 2026 |
| Lot size | 1200 shares | 28 Oct 2026 |
| Minimum application | ₹1,26,000 | 28 Oct 2026 |
| Issue size | ₹53.05 Cr | 28 Oct 2026 |
| Fresh issue | ₹39.9 Cr | 28 Oct 2026 |
| Offer for sale | ₹10.5 Cr | 28 Oct 2026 |
| Exchange | BSE SME | 28 Oct 2026 |
| Issue type | SME | 28 Oct 2026 |
| Face value | ₹10 | 28 Oct 2026 |
| Opens | 30 Oct 2026 | 28 Oct 2026 |
| Closes | 3 Nov 2026 | 28 Oct 2026 |
| Allotment | 4 Nov 2026 | 28 Oct 2026 |
| Listing | 6 Nov 2026 | 28 Oct 2026 |
| Registrar | MUFG Intime India Pvt.Ltd. | 28 Oct 2026 |
Retail applicants can apply for a minimum of 1 lot comprising 1,200 shares. At the upper price band of ₹105, the minimum application amount for retail investors is ₹1,26,000 (lot of 1,200 shares x upper band ₹105). Non-Institutional Investors (NII / HNI) have a minimum application threshold of 3,600 shares (3 lots). Beeline Capital Advisors Pvt. Ltd. is acting as the sole lead manager for the issue, while MUFG Intime India Pvt. Ltd. is appointed as the registrar.
Per the DRHP filed with BSE, the offer reservation structure allocates not more than 50.0% of the Net Offer to Qualified Institutional Buyers (QIBs), not less than 15.0% to Non-Institutional Investors (NII), and not less than 35.0% to Retail Individual Investors. Market maker reservation accounts for 2,53,200 equity shares.
Investors reviewing upcoming SME market offerings can refer to Vectras Enprocon on BuyUnlistedShares alongside the IPO calendar. Additional market disclosures are available via the Unlisted shares screener, as well as context on peer filings such as Ajwa Projects IPO 2026: SME Issue Dates, Price Band & Lot Size and Antala Industries IPO 2026: SME Opening Dates, Price Band & Details.
Business Overview and Operations
Per the DRHP filed with BSE, Vectras Enprocon Limited is a Gujarat-based Engineering, Procurement, and Construction (EPC) company operating in the midstream and downstream segments of the Oil & Gas sector. The company's core operations include laying pipeline networks, building combined stations, and constructing related infrastructure facilities across multiple states in India.
The issuer provides integrated EPC solutions encompassing design, engineering, procurement, site construction, testing, and commissioning. The offer document states that Vectras Enprocon has completed over 3,34,000 inch dia piping, 785 inch-kilometre pipelines, and 4 combined station projects. As of 31 Aug 2025, the company maintained a permanent workforce of 279 employees across its business divisions. The firm holds ISO certifications for quality, safety, environmental, and instrumentation management standards.
Objects of the Offer
The gross proceeds from the fresh issue of ₹39.93 Cr will be utilized in accordance with the objects listed in the DRHP filed with BSE:
- Repayment / Prepayment of Borrowings: ₹13.88 Cr (allocated up to ₹14 Cr) to repay or prepay, in full or in part, certain outstanding debt facilities taken by the company.
- Working Capital Requirements: ₹20 Cr allocated to satisfy long-term working capital requirements.
- General Corporate Purposes: The remaining net proceeds will fund general corporate activities, capped at 15.0% of gross proceeds or ₹10 Cr, whichever is lower.
The company will not receive any proceeds from the Offer for Sale of ₹10.46 Cr, which will be received by the promoter selling shareholders after deducting their share of offer-related expenses and taxes.
Financial Trend and Valuation Metrics
The DRHP filed with BSE presents restated financial results for recent financial periods. The company recorded continuous revenue growth alongside expanding operating profits across FY24, FY25, FY26, and the half-year period ending 30 Sep 2026.
The total income reached a high of ₹119.9 Cr in FY26 compared to ₹54.37 Cr in FY24, while net profit grew from ₹5.81 Cr in FY24 to ₹15.43 Cr in FY26.
Key financial metrics restated in the offer document reflect the following historical performance:
- H1 FY27 (six months to 30 Sep 2026, NOT a full year): Total Income of ₹72.2 Cr, PAT of ₹9.1 Cr, EBITDA of ₹14.54 Cr, Net Worth of ₹46.85 Cr, and Total Borrowing of ₹31.36 Cr.
- FY26 (full year to 31 Mar 2026): Total Income of ₹119.9 Cr, PAT of ₹15.43 Cr, EBITDA of ₹24.01 Cr, Net Worth of ₹37.75 Cr, and Total Borrowing of ₹22.21 Cr.
- FY25 (full year to 31 Mar 2025): Total Income of ₹80.53 Cr, PAT of ₹10.17 Cr, EBITDA of ₹15.05 Cr, Net Worth of ₹22.32 Cr, and Total Borrowing of ₹11.87 Cr.
- FY24 (full year to 31 Mar 2024): Total Income of ₹54.37 Cr, PAT of ₹5.81 Cr, EBITDA of ₹8.67 Cr, Net Worth of ₹12.15 Cr, and Total Borrowing of ₹4.16 Cr.
As of 31 Mar 2026, the company reported an EBITDA margin of 20.04%, a PAT margin of 12.88%, Return on Capital Employed (ROCE) of 48.37%, Return on Equity (ROE) of 51.39%, and a debt-to-equity ratio of 0.59. At the upper price band of ₹105, the P/E ratio is 10.2x pre-issue (based on pre-issue EPS of ₹10.29) and 11x post-issue (based on post-issue EPS of ₹9.55). The P/B ratio is 4.17x based on the NAV per share of ₹25.17 per the offer document.
Peer Comparison
The offer document includes listed peer group data evaluated as of 30 Mar 2026. The table below outlines the standalone and consolidated financial ratios quoted for Vectras Enprocon and its listed industry peers:
| Company Name | Basic EPS (₹) | Diluted EPS (₹) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Statement Type |
|---|---|---|---|---|---|---|---|
| Vectras Enprocon | 10.29 | 10.29 | 25.17 | - | 51.39% | - | Standalone |
| Pratham EPC Projects | 3.38 | 3.38 | 49.94 | 34.47 | 7.44% | 2.37 | Consolidated |
| Desco Infratech | 21.30 | 21.30 | 92.22 | 8.35 | 25.21% | 1.92 | Consolidated |
| Likhitha Infrastructure | 9.94 | 9.94 | 104.44 | 22.43 | 9.82% | 2.13 | Consolidated |
Risk Factors Quoted in the Offer Document
The DRHP filed with BSE highlights several internal and external risk factors related to Vectras Enprocon’s operations:
- Geographical Concentration: Revenue operations are heavily concentrated in Gujarat and Maharashtra, which accounted for 89.72% of revenues in recent periods. Any economic, regulatory, or operational disruption in these states could impact financial results.
- Working Capital Intensity: EPC contracts in the Oil & Gas industry require substantial funding for initial site mobilisation, procurement, and execution. Delayed client payments or inability to obtain bank facilities could affect cash flows.
- Project Estimation and Cost Overruns: Contracts are executed on fixed-price or item-rate bases. Inaccurate project cost estimates or unanticipated site delays could cause cost overruns and lower profit margins.
- Dependence on Third-Party Contractors: The company relies on sub-contractors and third-party labor providers for site excavation, drilling, and civil labor. Delays or quality deficiencies by external vendors could hamper execution timelines.
- Raw Material Availability: Fluctuations in prices or supply shortages of essential project materials could increase operating expenses.
- Outstanding Litigation: Tax and statutory proceedings are pending against the company and its promoters. As detailed in the DRHP, aggregate tax claims against the company stand at ₹2.97 lakh, and claims against promoters stand at ₹49.83 lakh.
IPO Timeline and Process
The subscription timetable for the Vectras Enprocon IPO follows this sequence:
- Bidding Opens: 30 Oct 2026
- Bidding Closes: 03 Nov 2026
- Basis of Allotment Finalization: 04 Nov 2026
- Initiation of Refunds: 05 Nov 2026
- Credit of Shares to Demat Accounts: 05 Nov 2026
- Listing Date: 06 Nov 2026 on BSE SME
Retail applicants can submit bids through Application Supported by Blocked Amount (ASBA) provided by self-certified syndicate banks (SCSB) or via UPI payment handle linked to their demat accounts. Upon successful allotment on 04 Nov 2026, allotted equity shares will be credited directly to the applicant's demat account prior to listing.
Frequently Asked Questions
What are the opening and closing dates for the Vectras Enprocon IPO?
The IPO opens for public bidding on 30 Oct 2026 and closes on 03 Nov 2026.
What is the price band and minimum lot size for retail applicants?
The price band is fixed at ₹99 to ₹105 per equity share. The minimum application lot size is 1,200 shares, requiring a minimum retail investment of ₹1,26,000 at the upper price band.
What is the total issue size of the Vectras Enprocon IPO?
The total issue size is ₹53.05 Cr (47,98,800 equity shares), comprising a fresh issue of ₹39.93 Cr and an Offer for Sale of ₹10.46 Cr by promoter selling shareholders.
When will the allotment status and demat credit be processed?
The basis of allotment will be finalized on 04 Nov 2026. Non-allottee refunds and demat share credits for successful applicants will be processed on 05 Nov 2026.
Where will the equity shares of Vectras Enprocon be listed?
The equity shares are scheduled to list on the SME platform of the BSE on 06 Nov 2026.
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Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
