BSE SME Vectras Enprocon makes a tepid market debut
The counter hit a high of Rs 107 and a low of Rs 106. About 18.68 lakh shares changed hands on the BSE.
Vectras Enprocon's IPO was subscribed 3.11 times. The IPO opened for subscription on 30 October 2026 and closed on 3 November 2026. The price band was Rs 99-105 per share.
The IPO comprised a fresh issue of 40.56 lakh shares aggregating to approximately Rs 42.59 crore and an offer for sale (OFS) of 9.96 lakh shares worth around Rs 10.46 crore. The total issue size stood at approximately Rs 53.05 crore, The OFS comprised 4.98 lakh shares each by promoters Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel. The promoter and promoter group shareholding declined to 73.49% after the IPO from 100% before the issue.
Vectras Enprocon raised Rs 15.10 crore from anchor investors on 29 October 2026 through the allocation of 14,38,800 equity shares at Rs 105 per equity share.
The company plans to utilise Rs 14 crore of the IPO proceeds towards repayment or prepayment of certain outstanding borrowings. A further Rs 20 crore will be allocated towards meeting its working capital requirements. The remaining proceeds will be used for general corporate purposes.
Vectras Enprocon is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the oil and gas industry. The company specialises in laying pipeline networks, constructing combined stations and developing related infrastructure for oil and gas projects across multiple states in India.
Its business operations are divided into three key areas: combined oil and gas station works, midstream and downstream pipeline projects, and other allied services. The company undertakes mechanical, electrical and civil works at refineries, petrochemical complexes, gas processing units, oil and gas terminals and petroleum depots. Its allied services include civil and infrastructure projects, electrical and instrumentation works, inspection, testing and safety auditing services for the oil and gas industry.
Vectras Enprocon serves both public and private sector oil and gas companies. As of 30 September 2026, its order book for oil and gas pipeline projects stood at Rs 183.28 crore. The company also reported an unexecuted order book of Rs 150.89 crore for oil and gas station works as of 31 August 2025. Its operations are supported by a workforce of 990 employees as of 30 September 2026 and certifications covering quality, safety, environmental and instrumentation standards.
For FY2026, Vectras Enprocon reported total income of Rs 119.90 crore, compared with Rs 80.53 crore in FY2025, registering an increase of approximately 49%. Profit after tax (PAT) increased by 52% to Rs 15.43 crore from Rs 10.17 crore in the previous financial year. EBITDA rose to Rs 24.01 crore in FY2026 from Rs 15.05 crore in FY2025.
For the six months ended 30 September 2026, the company reported total income of Rs 72.20 crore and PAT of Rs 9.10 crore. EBITDA stood at Rs 14.54 crore, while total borrowings were Rs 31.36 crore and net worth stood at Rs 46.85 crore.
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