Vectras Enprocon IPO

GMP History

Financial Performance

As disclosed by Vectras Enprocon in its offer document.

Strengths and risks

Taken from Vectras Enprocon's own offer document — not Arthneeti's assessment.

• ✓As of September 30, 2026, Vectras Enprocon had an unexecuted order book of Rs 183.28 crore comprising 34 projects, with a book-to-bill ratio of 2.55 times, providing visibility for future growth. Combined oil and gas station works accounted for Rs 116.29 crore (63.45%) of the order book, followed by pipeline works at Rs 59.46 crore (32.44%) and other allied services at Rs 7.53 crore (4.11%).
• !The company depends heavily on a limited number of customers for its revenue. Its top 10 customers contributed Rs 53.14 crore (97.84%), Rs 77.30 crore (96.04%), and Rs 110.54 crore (92.27%) to revenue from operations in FY24, FY25, and FY26, respectively. Loss of major customers, reduced orders, or payment delays could adversely affect the company's revenue, cash flows, and profitability.
• ✓The company has completed certain projects ahead of their scheduled completion dates. According to the RHP, the company completed one public sector project 160 days ahead of schedule in FY23, while a private sector project was completed 62 days early in FY24.
• !The company relies on a limited number of suppliers for raw materials and components. Purchases from its top 10 suppliers amounted to Rs 16.93 crore (72.87%) in FY24, Rs 14.45 crore (61.67%) in FY25 and Rs 23.34 crore (68.64%) in FY26. During the six months ended September 30, 2026, these purchases stood at Rs 7.79 crore (45.23%). Any disruption in supplies, quality issues, or an increase in procurement costs could delay project execution and reduce profitability.

About Vectras Enprocon

Vectras Enprocon Limited is a Gujarat-based engineering, procurement and construction (EPC) company operating in the midstream and downstream segments of the oil and gas industry. Incorporated in May 2021, the company undertakes pipeline construction, combined oil and gas station works, and associated infrastructure projects across various states in India. Its services include design, engineering, procurement, construction, testing, and commissioning of cross-country pipelines, spur pipelines, city gas distribution networks, oil and gas terminals, and stations. The company also undertakes mechanical, electrical, and civil works at refineries, petrochemical complexes, gas processing units, and petroleum depots. Additionally, Vectras Enprocon provides civil infrastructure services, including site development, road construction, foundations, and drainage systems. Its other services include electrical and instrumentation works, cathodic protection, pipeline inspection, pressure testing, and safety auditing. The company is headquartered in Ahmedabad, Gujarat, and serves both public sector undertakings and private sector companies.