Vectras Private Customers Account for 82% of ₹183.28 Crore Backlog

Vectras Enprocon Limited had ₹150.66 crore of private-customer work in its ₹183.28 crore unexecuted order book at September 30, 2026, equal to 82.20% across 34 projects. Public-sector customers accounted for the remaining ₹32.62 crore, or 17.80%, despite a substantial increase in their share from 0.83% at March 31, 2025.

Why do private customers account for 82% of Vectras’ ₹183.28 crore backlog?

Private customers account for 82.20% of Vectras’ ₹183.28 crore unexecuted order book because they contributed ₹150.66 crore of awarded work still to be executed at September 30, 2026. An unexecuted order book is the value of contracted projects that has not yet been completed, rather than revenue already recognised. The mix makes private contracts the principal source of future work available for execution.

The private share remained dominant despite a decline in the total order book during the first six months of financial year 2026-27. At March 31, 2026, private customers represented ₹194.44 crore, or 83.65%, of the ₹232.45 crore order book. The private balance therefore declined by ₹43.78 crore by September 30, 2026, while its share fell by 1.45 percentage points to 82.20%.

Private-sector reliance is also evident in operating revenue for the six months ended September 30, 2026. Private customers generated 93.07% of combined oil and gas station-work revenue and 92.80% of pipeline-work revenue. In allied services, private customers supplied 71.92% of revenue, while public-sector undertakings, or PSUs, accounted for 28.08%, the highest public-sector proportion among the three reported service categories.

How has Vectras’ public-sector order book changed?

Vectras’ public-sector order book rose from a negligible base to ₹32.62 crore, or 17.80% of the total, at September 30, 2026. The equivalent public-sector balance was ₹38.01 crore, or 16.35%, at March 31, 2026; ₹78.21 lakh, or 0.83%, at March 31, 2025; and ₹57.18 lakh, or 0.55%, at March 31, 2024. The changing percentage reflects public-sector orders becoming a larger secondary component of the order book.

The September 2026 public-sector balance remained smaller than the private balance by ₹118.04 crore. Vectras’ ongoing-project schedule includes ₹21.99 crore of unexecuted mechanical work connected with the Composite Tender for the crude oil terminal at Vadinar, estimated for completion in calendar year 2028. It also lists a pipeline job at the liquefied petroleum gas, or LPG, bottling plant at Hathua, Gopalganj, with ₹9.33 crore unexecuted and estimated completion in 2027.

The project schedule identifies some orders as awarded by a public-sector customer, while two pipeline projects are shown as awarded by M/s Vectras, a promoter partnership firm. The prospectus states that these M/s Vectras orders originated from a public-sector customer and were subcontracted to Vectras under a non-compete agreement dated September 25, 2025. Customer classification in the order-book table nevertheless places ₹32.62 crore within public-sector customers at September 30, 2026.

Which services and projects underpin Vectras’ order book?

Combined station work underpins Vectras’ order book, contributing ₹116.29 crore, or 63.45%, at September 30, 2026. Pipeline work contributed ₹59.46 crore, or 32.44%, and other allied services contributed ₹7.53 crore, or 4.11%. Combined station work covers mechanical, electrical and civil work for facilities including refineries, terminals and petroleum depots.

The service mix has changed since March 31, 2024, when combined station work represented ₹90.54 crore, or 87.44%, of the ₹103.55 crore order book and no pipeline-work order book was reported. Pipeline work reached 32.44% by September 30, 2026 after Vectras expanded from internal piping within station projects into midstream and downstream pipeline projects. Midstream activity includes transporting crude oil and natural gas to refineries or processing plants, while downstream activity includes infrastructure linked to refined products and distribution.

Customer concentration also exists within the wider private-led portfolio. Projects awarded by Vectras’ largest customer accounted for 28.74% of the September 30, 2026 order book, although the customer is not named. The largest ongoing project listed was pipe-rack erection for a Green PVC project, with ₹52.68 crore unexecuted and estimated completion in 2028; the schedule classifies it as a private-sector customer project.

What must happen for Vectras to convert its backlog into revenue?

Vectras must execute private-customer contracts within their scope, timing and commercial terms to convert its ₹183.28 crore order book into revenue. Revenue from operations was ₹71.94 crore for the six months ended September 30, 2026, compared with ₹119.80 crore for the financial year ended March 31, 2026. The order book is therefore a measure of work remaining to be carried out, not sales booked during either reporting period.

The company reported a book-to-bill ratio of 2.55 times at September 30, 2026, compared with 1.94 times at March 31, 2026. Vectras describes the order book as a committed portion of anticipated future revenue. Its engineering, procurement and construction, or EPC, process covers design, engineering, procurement, construction, testing and commissioning before project handover.

Conversion also depends on procurement and contract arrangements. Vectras may buy pipes, valves, steel and other materials from client-approved vendors, while clients supply materials directly for certain projects. Its item-rate contracts may include price-variation or escalation clauses for materials, labour and fuel, and it also undertakes lump-sum contracts where customers require them.

The private-heavy mix will persist if Vectras continues to secure and execute private awards at a rate that maintains their larger share of new work. The company had 990 permanent employees at September 30, 2026, including 911 in operations, to support project execution. Its stated strategy is to strengthen long-term client relationships and expand its customer base, but the prospectus does not set a target customer mix or a targeted public-sector share.

Conclusion

Vectras’ order book at September 30, 2026 was chiefly dependent on private customers, which supplied ₹150.66 crore of the ₹183.28 crore unexecuted balance. Public-sector work rose sharply from ₹78.21 lakh at March 31, 2025 to ₹32.62 crore, yet remained a 17.80% minority of the portfolio. Combined station work remained the largest service vertical at 63.45%, while pipeline work reached 32.44%.

The next disclosures should show whether the stated plan to deepen client relationships and expand the customer base changes this composition. Estimated project completions extend to 2028, including the ₹52.68 crore Green PVC pipe-rack project and the ₹21.99 crore Vadinar-linked mechanical project. Updates to the order book, the largest customer’s 28.74% contribution and public-sector awards will indicate whether dependence becomes more or less concentrated.