Vectras Enprocon IPO

Vectras Enprocon is an Ahmedabad-based engineering, procurement and construction (EPC) contractor working in the midstream and downstream segments of the oil and gas industry. It lays cross-country, spur and city-gas distribution pipelines and builds "combined station" works — the piping, mechanical, electrical and civil installations at refineries, petrochemical complexes, gas processing units, oil and gas terminals and petroleum depots. The RHP states the company has built piping up to 48 inches in diameter at stations and laid cross-country pipelines up to 30 inches, completing 521,772 inch-dia of piping, 1,430.43 inch-kilometres of pipeline and 4 combined station works since incorporation in May 2021. As of 30 September 2026 its unexecuted order book was 34 projects worth Rs 18,327.88 lakhs.

The company wins work by bidding in public-sector and private-sector tenders for oil and gas pipeline and station projects, and the RHP states tender participation is the primary driver of order inflow and revenue. Revenue is reported across three verticals: combined oil and gas station works (38.09% of revenue from operations in FY26), midstream and downstream pipeline projects and related facilities (50.66% in FY26), and other allied services — civil and infrastructure works, plus electrical, instrumentation and cathodic protection (Rs 1,096.23 lakhs in FY26). On station projects the company either procures pipes, valves, cement, TMT bars, structural steel and fittings from client-approved vendors or executes against material supplied by the client, which the RHP describes as a way to keep procurement flexible against project specifications. The work is executed by a largely site-based workforce — 911 of its 990 permanent employees as of 30 September 2026 were in operations. The RHP discloses heavy concentration on both sides of the business: the top 10 customers accounted for 97.29%, 92.27%, 96.04% and 97.84% of revenue from operations in H1 FY27, FY26, FY25 and FY24 respectively, and Gujarat and Maharashtra together accounted for 87.92%, 71.52%, 89.72% and 92.59% of revenue in the same periods. It is a working-capital-intensive model, with inventories and trade receivables rising alongside revenue and borrowings growing from Rs 415.77 lakhs at FY24-end to Rs 3,136.12 lakhs at 30 September 2026.