Vectras Enprocon Limited IPO

Vectras Enprocon Initial Public Offering is a book-building issue of ₹53.05 crores. The issue is a combination of a fresh issue of 40.56 lakh shares aggregating to ₹42.59 crores and an offer for sale of 9.96 lakh shares aggregating to ₹10.46 crores.

Beeline Capital Advisors Private Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Spread X Securities Private Limited is the market maker for the company.

About Vectras Enprocon Limited

Vectras Enprocon Limited has executed projects for both public sector undertakings and private sector companies across multiple states in India. The company participates in tenders for pipeline construction, oil and gas terminals, and station infrastructure. Its client base includes Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Gujarat Gas, Central Railway, Reliance, and Adani. Since incorporation, the company has completed 521,772 inch-diameter piping, 1,430.43 inch-kilometres of pipeline, and four combined station works. As of September 30, 2026, its unexecuted order book comprised 34 projects valued at ₹183.28 crore, providing visibility into its future project execution pipeline.

The company's business model is based on providing integrated Engineering, Procurement, and Construction services for oil and gas infrastructure projects. Its operations encompass project design and engineering, procurement of materials, construction, testing, and commissioning. The company undertakes pipeline and station projects through tender participation and serves customers in the public and private sectors. Its execution capabilities include combined station piping with diameters of up to 48 inches and cross-country pipelines of up to 30 inches.

For the financial year ended March 31, 2026, Vectras Enprocon Limited reported revenue from operations of ₹119.80 crore and profit after tax of ₹15.43 crore. For the financial year ended March 31, 2025, the company reported revenue from operations of ₹80.48 crore and profit after tax of ₹10.17 crore. For the financial year ended March 31, 2024, revenue from operations stood at ₹54.32 crore, while profit after tax was ₹5.81 crore. Revenue from operations increased by approximately 48.85% in the financial year 2025–26 and 48.25% in the financial year 2024–25.

Vectras Enprocon Limited's business is supported by its experience in oil and gas infrastructure execution, its presence across multiple Indian states, and its relationships with public and private sector customers. Its completed pipeline and station projects demonstrate its execution capabilities, while its unexecuted order book of ₹183.28 crore as of September 30, 2026, indicates ongoing project commitments. The company's growing revenue and profitability, integrated Engineering, Procurement, and Construction service portfolio, and quality and safety management certifications form the foundation of its operations. Its business performance remains linked to securing new tenders, executing projects within contractual timelines and costs, and managing the working capital requirements associated with infrastructure contracts.

Industry Outlook

• The Engineering, Procurement, and Construction (EPC) industry plays a significant role in infrastructure development, covering engineering design, procurement, construction, commissioning, and project handover under a single point of responsibility.
• India's EPC industry serves multiple sectors, including oil and gas, power generation, chemicals, fertilizers, petroleum, and infrastructure, with developers increasingly relying on EPC and EPCM contractors for complex projects.
• EPC contracts generally provide defined project scopes, completion schedules, and performance guarantees, while transferring substantial design, procurement, and construction risks from project owners to contractors.
• The oil and gas sector requires EPC services for developing refineries, pipelines, processing facilities, terminals, and associated infrastructure, including engineering, equipment procurement, installation, testing, and commissioning.
• Oil and gas pipelines provide continuous transportation of petroleum products and natural gas to refineries, industries, and power plants. They offer lower maintenance requirements and transportation costs compared with road and rail transportation.
• EPC projects can be executed through different contractual models, including lump-sum, unit-price, cost-plus, design-and-build, and turnkey contracts. EPCM, EPCI, and EPCC arrangements provide alternatives based on project requirements.
• India's infrastructure development outlook is supported by the Union Budget 2026–27, which provides a public capital expenditure outlay of ₹12.2 lakh crore, aimed at strengthening infrastructure, connectivity, and industrial capacity.
• The EPC industry faces risks from material price fluctuations, labour shortages, procurement delays, project coordination challenges, and quality-control issues. Geopolitical tensions, supply-chain disruptions, and natural disasters can further affect project costs and execution timelines.

Vectras Enprocon IPO Objectives

The company proposes to utilise the net proceeds from the Issue towards the following objectives:

• Repayment/prepayment, in full or part, of certain outstanding borrowings availed by the company.
• Towards working capital requirements.
• Towards general corporate purposes.

Financial Performance of Vectras Enprocon Limited

Vectras Enprocon Limited Peer Details Comparison