Overview
Updated 2 hr agoVectras Enprocon Limited is an engineering, procurement, and construction (EPC) company specializing in oil and gas infrastructure, including pipeline networks and combined station works. The company is raising funds through a fresh issue of 40,56,000 equity shares and an offer for sale of 9,96,000 equity shares.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| bNII (min) | 8 | 9,600 | ₹10,08,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Day-wise demand
close of each bidding day| Day | Date | QIB | NII | bNII | sNII | Retail | Employee | Total |
|---|---|---|---|---|---|---|---|---|
| Day 1 | 30 Oct | -- | -- | -- | -- | -- | -- | 1.20x |
| Day 2 | 2 Nov | -- | -- | -- | -- | -- | -- | 1.39x |
| Day 3 | 3 Nov | -- | -- | -- | -- | -- | -- | 2.76x |
bNII = NII bids above ₹10 lakh, sNII = NII bids from ₹2 lakh to ₹10 lakh. Each day shows the last reading we recorded that day.
Grey market premium
Unofficial| Date | GMP | GMP % | Implied price |
|---|---|---|---|
| 06-Nov-2026 | ₹0 | 0.0% | ₹105 |
| 05-Nov-2026 | ₹0 | 0.0% | ₹105 |
| 04-Nov-2026 | ₹0 | 0.0% | ₹105 |
| 03-Nov-2026 | ₹0 | 0.0% | ₹105 |
| 02-Nov-2026 | ₹0 | 0.0% | ₹105 |
| 01-Nov-2026 | ₹0 | 0.0% | ₹105 |
| 31-Oct-2026 | ₹0 | 0.0% | ₹105 |
GMP is an unofficial, unregulated, community-tracked quote. It is not an exchange price and not a forecast. See how often it has been right →
Listing performance
Latest price updated 5 hr ago.
Grey market vs reality: the last GMP before listing was ₹0 (0.0%). It listed at +2.9%, off by 2.9 points.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Price band | ₹99–105 |
| Final issue price | ₹105.00 |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,26,000 |
| Issue size | ₹53.00 Cr |
| Market cap at upper band | ₹200 Cr |
| P/E at upper band | 10.2x |
| Registrar | MUFG Intime India PrivateLimited |
| Lead managers | Beeline Capital Advisors Private Limited |
| NSE symbol | VECTRAS |
| ISIN | INE1FD201014 |
Shareholder quota and promoter holding
Company & business
Vectras Enprocon Limited, incorporated in 2021, is an Ahmedabad-based EPC company focused on the oil and gas sector. The company provides integrated solutions including design, engineering, procurement, construction, testing, and commissioning for oil and gas stations, cross-country pipelines, and city gas distribution networks. It serves a diverse client base, including public sector undertakings and private sector companies. The company operates primarily in Gujarat and Maharashtra and has expanded its geographical footprint to other states. It is committed to quality and safety, holding certifications like ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and ISO 27001:2022.
Objects of the issue — how the money will be used
- Pre-payment/ re-payment, in part or full, of certain outstanding borrowings (₹14 Cr)
- Funding long-term working capital requirement (₹20 Cr)
- General Corporate Purposes
Key strengths
- Track record of timely completion of complex projects
- Strong order book for existing project portfolio and geography
- Strong execution capabilities
- Track record of growth in financial performance
- Experienced management team with significant industry experience
Key risks
- High customer concentration, with top 10 customers contributing 92.27% of revenue in FY26
- Significant working capital requirements
- Geographical concentration of operations in Gujarat and Maharashtra
- Reliance on third-party service providers for labor and excavation
- Potential conflicts of interest with promoter-owned partnership firm 'Vectras'
- Negative operating cash flows in recent periods
- Dependence on tenders from private sector entities
Promoters
Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 54.32 | -- | 5.81 | 21.47 | 12.15 | 4.03 |
| FY25 | 80.48 | -- | 10.17 | 46.50 | 22.32 | 10.09 |
| FY26 | 119.80 | -- | 15.43 | 74.94 | 37.75 | 20.68 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Vectras Enprocon this issue | 119.8 | 10.29 | 10.2x | 51.39 | 25.17 |
| Pratham EPC Projects Limited | 140.2 | 3.38 | 34.5 | 7.44 | 49.94 |
| Desco Infratech Limited | 118.6 | 21.30 | 8.4 | 25.21 | 92.22 |
| Likhitha Infrastructure Limited | 456.7 | 9.94 | 22.4 | 9.82 | 104.44 |
This issue is priced at 10.2x P/E against a peer median of 22.4x: a discount of 55%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.