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SME NSE • BSE Financial Services

Vectras Enprocon Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

Listed
Price Band ₹105 per share per share
Lot Size 2400 Shares
Min. Investment ₹252000
Issue Size ₹53.05 Cr
Face Value ₹10
IPO Open 30 October 2026
IPO Close 03 November 2026
Allotment 04 Nov 2026
Listing 06 Nov 2026
Live demand

Subscription status for Vectras Enprocon Ltd IPO

As of 11 Nov 26, 10:22 AM. Will get Updated in every 30 minutes

QIB -

Qualified Institutional Buyers

NII -

Non-Institutional Investors

Retail -

Retail Individual Investors

Total -

Across all investor categories

Key dates

IPO schedule for Vectras Enprocon Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 30 Oct 2026
IPO Close 03 Nov 2026
Allotment 04 Nov 2026
Refund / Unblock 05 Nov 2026
Listing 06 Nov 2026
About the company

Who is Vectras Enprocon Ltd ?

Vectras Enprocon Limited was originally incorporated on May 18, 2021 as Vectras Enprocon Private Limited', on May 18, 2021 with the Assistant Registrar of Companies, Central Registration Centre. Subsequently, it was converted from a private Company to a public Company, and a fresh Certificate of incorporation was issued by the Central Registration Centre on April 04, 2025.

The Company is engaged in the business of engineering, procurement, and construction (EPC) services-mainly in the oil & gas and power sectors. Company provide integrated solutions to the Oil & Gas sector, which includes combined station works, ,midstream and downstream pipeline projects and other allied services. Under the leadership of experienced and first-generation promoters, Company was established in delivering comprehensive EPC services in Oil & Gas industry such as design, engineering, procurement, construction, testing and commissioning of Oil & Gas stations and cross-country pipelines, spur pipelines, city gas stations and related civil and mechanical works.

Over the years, Company executed projects for public sector undertakings and private sector companies, contributing to the development of Oil & Gas infrastructure across various states of India. Apart from these, Company actively participates in public sector and private sector tenders across India for laying of midstream and downstream Oil & Gas pipelines and setting up Oil & Gas terminals and stations. Since Incorporation, Company has completed 3,34,393 inch dia piping, 785 inch kilometres pipeline and 4 Combine Station Works.

Company is planning the Initial Public Offer of 60,00,000 equity shares of face value of Rs 10, comprising a fresh issue of 50,00,000 equity shares and the offer for sale of 10,00,000 equity shares.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2025
FY 2024
FY 2023
Metric (₹ Cr)FY 2025FY 2024FY 2023
Total Income80.5354.3710.55
EBITDA15.078.700.45
PAT10.175.810.34
AUM46.5021.477.86

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

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.

Risks

  • Our revenue and profit after tax have grown substantially in the recent past but there can be no assurance that our growth will continue to sustain. If we are unable to implement or sustain our growth strategy successfully it could adversely affect our business, results of operations, cash flows and financial conditions.
  • Our business involves significant working capital requirements, primarily on account of procurement of raw materials, receivables and project execution. Any inability to meet our working capital requirements or to arrange necessary financing in a timely and cost-effective manner, including in a scenario of tightening credit markets or rising interest rates, could adversely affect our operations, financial condition and profitability.
  • Our top 10 customers contributed 97.29%, 92.27%, 96.04% and 97.84% of our revenue from operations in the six -months period ended September 30, 2026 and the financial year 2026, 2025 and 2024, respectively. A significant portion of our revenues is derived from repeat business or contracts awarded by these customers. Any loss, reduction or delay in orders, deterioration in their financial health, or adverse change in our relationships with such customers may materially affect our revenues, cash flows and results of operations. In addition, a concentration of receivables from these customers may expose us to collection risks.
  • There have been certain instances of delays in relation to certain statutory filings made or required to be filed by our Company with the RoC under applicable law and certain other non-compliances under Indian company law.
  • There are certain discrepancies and non-compliances noticed in filing of returns and deposit of statutory dues with the taxation and other statutory authorities in the past. Any delay in payment of statutory dues by our Company in future, may result in the imposition of penalties, which could adversely impact our financials.
  • Several of our key raw materials and components are sourced from a limited number of suppliers, which exposes us to supplier concentration risks. Any restriction in supply or defects in quality could cause delays in project construction or implementation and impair our ability to provide our services to clients at a price that is profitable to us, which could have a material adverse effect on our business, financial condition and results of operations.
  • We derive majority of our revenue from our EPC business verticals i.e. Combined Oil and Gas stations works. Any reduction in the demand of such services could have an adverse effect on our business, results of operations and financial conditions.
  • Our revenues are highly dependent on our operations in the geographical region of the State of Gujarat and Maharashtra, which accounted for 87.92%, 71.52%, 89.72% and 92.59% of our revenue from operations in the six-months period ended September 30, 2026, financial years 2026, 2025 and 2024, respectively. Any adverse development affecting our operations in this region could have an adverse impact on our business, financial condition and results of operations.
  • Our business is operating under various laws which require us to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business, and if we are unable to obtain these approvals and the renewals, our business operations could be adversely affected thereby impacting our revenues and profitability.
  • We rely on third-party service providers for providing labour at site and drilling & excavation activities, any delay or deficiency in their services may adversely affect our project timelines, cost efficiency and customer satisfaction which could have an adverse effect on our business, financial condition, cash flows and results of operations.

Vectras Enprocon Ltd IPO — frequently asked questions

The Vectras Enprocon Ltd IPO opens on 30 October 2026 and closes on 03 November 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Vectras Enprocon Ltd IPO is Rs 105 to Rs 105 per share. The lot size is 2400 shares per lot, requiring a minimum investment of Rs 252000 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 2400 lots as per SEBI guidelines.
You can apply for the Vectras Enprocon Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Vectras Enprocon Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 03 November 2026 at 5:00 PM.
Allotment for Vectras Enprocon Ltd IPO is scheduled on 04 Nov 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 05 Nov 2026. The shares are expected to list on 06 Nov 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Vectras Enprocon Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Vectras Enprocon Ltd IPO bid before the subscription window closes on 03 November 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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