Vectras Enprocon Ltd.
VECTRASSME
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Overview
Vectras Enprocon Limited is a Gujarat-based EPC provider serving India’s midstream and downstream oil and gas sector. It designs, procures, constructs, tests and commissions combined oil and gas stations, cross-country and distribution pipelines, and related civil, electrical, instrumentation, cathodic-protection, inspection and safety-auditing works.
Should you apply? Read our Vectras Enprocon IPO analysis →- Opening Date
Oct 30, 2026
- Closing Date
Nov 03, 2026
- Listing Date
Nov 06, 2026
- IPO Type
SME
- IPO Status
Open
- Issue Size
53.05 Cr
- Fresh Issue
42.59 Cr
- Offer for Sale
10.46 Cr
- Price Band
₹99 - ₹105
- Lot Size
1200
IPO Timeline
Financials
Use of IPO funds
Key Performance Indicator
- P/E Ratio
10.2
- EPS
10.29
- ROE
21.52%
- ROCE
19.69%
- RONW
21.52%
- Debt to Equity Ratio
0.67
- PAT Margin
12.65%
- EBITDA Margin
20.21%
- P/B
3.36
Bull vs Bear
Bull case
- •
Its ability to complete complex projects ahead of schedule can strengthen tender credentials, helping it win work where execution history matters.
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Integrated pipeline, station and allied services let it handle more of a project, making it more useful to clients and reducing reliance on one service.
- •
The shift into pipeline work has broadened revenue beyond station projects, giving the business access to more oil and gas infrastructure work.
Bear case
- •
Recent rapid revenue and profit growth may be difficult to sustain, so weaker execution or slower expansion could reduce earnings and cash generation.
- •
Projects require large upfront funding for materials and execution. Financing shortages, higher interest costs, or delayed customer payments could squeeze margins and operations.
- •
The top 10 customers provided 97.29% of recent revenue and lack long-term contracts, so losing or delaying one major customer could materially hurt cash flow.
Net takeaway
The long-term case rests on Vectras using its execution experience to deliver oil and gas pipeline and station projects, supported by a meaningful order book and broader service mix. But this depends on converting projects into profitable cash collections while funding materials and guarantees, because customer concentration is high. The one measure to monitor over time is operating cash flow, which has remained negative despite reported profits.
