Vectras Enprocon Limited (CIN U45309GJ2021PLC122680) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 40,56,000 shares and an offer for sale of 9.96 lakh shares, priced at ₹99.00 to ₹105.00 per share. In FY26 it reported revenue of ₹120 Cr (+48.9% on FY25) and a net profit of ₹15 Cr. Promoters hold 100.0% before the IPO. Our earlier look-up of its claims found 4 medium or high concerns across 39 claims looked up.
Read from public SEBI filings; last updated . Not investment advice.
Key signals
Read from the filing. Signals summarise it; they are not a recommendation or investment advice.
4 to review39 claims looked up earlier: 4 high, 0 medium concern.
How we rate these
Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.
Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.
The IPO
What Vectras Enprocon Limited is offering, at what price, and who owns it today. Read from the RHP; anything the company hasn't fixed yet shows as pending.
IPO dates announced
Bidding 30 Oct 2026 to 3 Nov 2026.
Fresh issue
₹43 Cr
40.56 lakh shares at ₹105.00, the top of the band
Offer for sale
₹10 Cr
9.96 lakh shares at ₹105.00, the top of the band
Price band
₹99.00 – ₹105.00
From BSE -- may be revised once the filing states its own band; lot of 1200 shares, from ₹1,18,800
This is entirely an offer for sale: the company receives no money. The proceeds go to the selling shareholders.
Who owns it
Promoters hold before the IPO
100.0%
Holder
Shares
% before IPO
Naynesh Kanubhai PatelPromoter
75 lakh
50.0%
Maheshkumar Gopalbhai PatelPromoter
75 lakh
50.0%
Other
12.5 lakh
10.0%
Other
12.5 lakh
10.0%
Other
12.5 lakh
10.0%
Bonus Issue 62,49,850Other
75 lakh
10.0%
Valuation
At the price band
Low end
High end
Price per share
₹99.00
₹105.00
Market cap after IPO
₹189 Cr
₹200 Cr
P/E (FY26 profit)
12.23x
12.97x
Price / book value
4.80x
5.09x
Price / sales
1.57x
1.67x
Post-issue market cap divided by FY26 figures from the filing. A loss-making company has no P/E. Total issue size at the top of the band: ₹53 Cr. Price band is from BSE; not yet stated in this filing.
Business model
Is Vectras Enprocon Limited a good business, and why? Its market, industry, edge and team, each rated by a stated rule.
One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.
Other
The company has no non-recurring items discussed in this section.
The company reported a one-time increase in employee benefit expenses of ₹1,323.23 lakhs in FY2025-26 due to annual wage increments and headcount expansion.
The company reported a one-time increase in depreciation and amortization expenses of ₹137.50 lakhs in FY2025-26 due to increased Net Block of Property, Plant and Equipment.
As printed in the filing's summary financial information, converted to ₹ crore.
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.58
Line item
FY24
FY25
FY26
6M Sep-26
Other Income
0.05
0.05
0.10
0.26
54
81
120
72
Revenue from Operation
54
80
120
72
Finance costs
0.22
0.77
1.9
1.6
Depreciation and amortisation expense
0.38
0.77
1.4
1.0
46
67
99
60
Expenses:
Cost of materials Consumed
21
25
30
12
Project Related Expense
21
45
64
34
Changes in inventories of work-in- progress and stock in trade
-2.2
-13
-15
-5.5
Employee benefits expense
3.7
5.7
13
14
Other expenses
2.0
2.6
4.1
2.9
Profit before exceptional items, extra ordinary items and tax (III-IV)
8.1
14
21
12
Exceptional Items
0.00
0.00
0.00
0.00
Net Profit Before Tax (V-VI)
8.1
14
21
12
Current tax expense
1.7
4.1
5.6
3.1
Deferred tax expense
0.61
-0.67
-0.29
0.01
Profit after tax for the year (VII-VIII)
5.8
10
15
9.1
Earnings per share of face value of ₹ 10 each (a) Basic (in ₹)
4.17
6.78
10.29
6.07
4.2
6.8
10
6.1
Tax Expenses:
Tax in Respect of Earlier Years
0.00
0.00
0.07
0.00
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.229p.230
Line item
FY24
FY25
FY26
6M Sep-26
Long Term Borrowings I.
0.12
1.8
1.5
4.9
Short Term Borrowings I.
4.0
10
21
26
21
47
75
91
Equity and liabilities
Shareholders’ Funds
Share Capital I.
2.5
2.5
15
15
Reserves and Surplus I.
9.7
20
23
32
Non-Current Liabilities
Deferred Tax Liabilities (Net) I.
0.54
0.00
0.00
0.00
Other Non-Current Liabilities I.
0.16
0.14
2.6
0.62
Long Term Provisions I.
0.05
0.06
0.22
0.33
Current Liabilities
Trade Payables
Due to Micro and Small Enterprises
0.48
8.7
4.2
3.7
Due to Other than Micro and Small Enterprises
1.5
0.89
1.9
0.58
Other Current Liabilities I.
1.7
0.76
3.1
3.0
Short Term Provisions I.
0.77
1.8
2.9
4.5
Property, Plant and Equipment I.
1.8
3.7
6.0
7.2
Inventories I.
4.9
16
35
45
Trade Receivables I.
8.9
19
21
18
21
47
75
91
ASSETS
Non-Current Assets
Property, Plant and Equipment
Deferred Tax Assets (Net) I.
0.00
0.13
0.42
0.41
Other Non-Current Assets I.
1.9
4.7
2.4
2.6
Current Assets
Cash and Bank Balances I.
2.9
2.8
2.2
4.5
Other Current Assets I.
1.1
0.42
8.1
13
54
81
120
72
Revenue from Operations II.
54
80
120
72
Other Income II.
0.05
0.05
0.10
0.26
Changes in Inventories of Work-In-Progress II.
-2.2
-13
-15
-5.5
46
67
99
60
Expenses:
Cost of Materials Consumed II.
21
25
30
12
Project Related Expenses II.
21
45
64
34
Employee Benefits Expense II.
3.7
5.7
13
14
Finance Costs II.
0.22
0.77
1.9
1.6
Depreciation and Amortization Expense I.
0.38
0.77
1.4
1.0
Other Expenses II.
2.0
2.6
4.1
2.9
Profit /(Loss) Before Tax and Exceptional Items (III-IV)
8.1
14
21
12
Profit/(Loss) Before Tax (V+VI)
8.1
14
21
12
5.8
10
15
9.1
Exceptional Items
0.00
0.00
0.00
0.00
Tax expense:
Current Tax Expense
1.7
4.1
5.6
3.1
Tax in Respect of Earlier Years
0.00
0.00
0.07
0.00
Deferred Tax Expense
0.61
-0.67
-0.29
0.01
Earnings Per Share (Face Value of Rs. 10/- each): II. 25 (a) Basic (in Rs.)
4.17
6.78
10.29
6.07
Diluted (in Rs.)
4.2
6.8
10
6.1
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.59
Line item
FY24
FY25
FY26
6M Sep-26
Profit before tax and before extra-ordinary items
8.1
14
21
12
Operating profit before working capital changes
8.7
15
24
15
-1.3
-4.4
-5.1
-3.1
Adjustments for:
Depreciation and amortisation
0.38
0.77
1.4
1.0
Interest income
-0.03
-0.05
-0.09
-0.09
Finance Costs
0.22
0.74
1.9
1.6
Sundry Balance Written off
0.00
0.00
0.00
0.01
Provision for Doubtful Debts
0.00
0.00
0.00
0.04
Provision for gratuity / Gratuity expense
0.03
0.02
0.16
0.11
Movements in working capital:
(Increase)/decrease in trade receivables
-2.2
-10
-2.1
2.9
(Increase)/decrease in inventories
-4.3
-11
-19
-10
(Increase)/decrease in Current and Non current Assets
-2.5
-2.0
-5.3
-5.0
Increase/(decrease) in trade payables
-0.88
7.6
-3.5
-1.8
Increase/(decrease) in Current & Non-Current liabilities
0.59
-2.6
9.8
-0.51
Increase/(decrease) in provisions
0.52
0.98
-4.5
-1.6
Cash generated from operations
-0.04
-2.1
-0.51
-1.5
Direct taxes (paid)/refund (net)
-1.3
-2.4
-4.6
-1.7
-2.7
-3.3
-4.3
-4.9
Purchase of property, plant and equipment
-2.1
-2.7
-4.0
-2.2
Investment in Fixed Deposit
-0.58
-0.65
-0.40
-2.8
Interest received
0.03
0.02
0.06
0.04
6.2
7.0
8.4
7.6
Proceeds from share capital including security premium
2.0
0.00
0.00
0.00
Proceeds from Long Term Borrowings
0.12
1.7
0.00
3.3
Proceeds from Short Term Borrowings
4.3
6.1
11
5.8
Repayment from Long Term Borrowings
0.00
0.00
-0.25
0.00
Finance Costs
-0.22
-0.74
-1.9
-1.6
Net increase / (decrease) in cash & cash equivalents (A + B + C)
2.2
-0.77
-1.0
-0.50
Cash and cash equivalents at the beginning of the year
0.14
2.3
1.6
0.55
Cash and cash equivalents at the end of the period
2.3
1.6
0.55
0.05
Component of cash and cash equivalents Cash on hand
0.23
0.01
0.02
0.02
2.3
1.6
0.55
0.05
Balances with scheduled bank
On current accounts
2.1
1.5
0.53
0.03
Other bank balance
0.00
0.00
0.00
0.00
Discounted cash flow
What Vectras Enprocon Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.
% / yr
years
% / yr
Worth today (10 years of cash)
₹236 Cr
Per share
₹124.01
Top of the price band
₹105.00
DCF value is 18.1% above it.
Projected cash flow (₹ Cr) Worth today at 11.5% a yearAlong the bottom: years from now
Starting rate 11.5%: the cost of equity for the industry group Gas, September 2026. It is the 10-year government bond yield of 7.41% less India's default spread of 1.87%, plus beta 0.85 from 9 listed companies times an equity risk premium of 7.08%. The yield is from Investing.com, India 10-year bond yield (historical data page); the premium is from Damodaran, Country Default Spreads and Risk Premiums (NYU Stern). Change the rate above to test other views.
Starts from FY26 net profit of ₹15 Cr, grown 20% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 11.5% a year, with no value counted beyond year 10. Per share uses the shares outstanding after the IPO at the top of the band. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.
The short version
Start here. The story in a few minutes, with every fact tied to the page it came from.
If you've been told Jignesh Vithalbhai Patel is an independent director for VECTRAS ENPROCON starting August 2025, you're looking at a completely fake appointment that doesn't exist.
From Private to Public: The Leap
So how is a company that lost money three years ago suddenly worth this much? In its own filing, the issuer states that its operational turnover grew from ₹80.48 Crore in fiscal 2025 to ₹119.80 Crore in fiscal 2026. That's a 48% increase in just one year, which is more than double the revenue they generated two years prior. This jump from private to public status marks a major milestone in their corporate structure.
Read more · 1 point, 3 supporting facts
So how is a company that lost money three years ago suddenly worth this much? In its own filing, the issuer states that its operational turnover grew from ₹80.48 Crore in fiscal 2025 to ₹119.80 Crore in fiscal 2026. That's a 48% increase in just one year, which is more than double the revenue they generated two years prior. This jump from private to public status marks a major milestone in their corporate structure.
Operational turnover grew from ₹80.48 Crore in fiscal 2025 to ₹119.80 Crore in fiscal 2026.p.198
The company converted from a private to a public company on March 03, 2025.p.197
The company was originally incorporated on May 18, 2021, as Vectras Enprocon Private Limited.p.197
From Loss to Profit: The Numbers
So how is a company that lost money three years ago suddenly worth this much? On page 77, the prospectus states that before the offer, the company had 1,50,000 equity shares issued and paid-up. After the offer, those figures jumped to 1,90,56,000 shares. That's a massive increase in ownership. But the real story comes in the profit and loss statement. In FY26, the consolidated revenue from operations grew to Rs. 119.8 crore, up from Rs. 80.5 crore in FY25. That represents a 48.9% year-on-year growth. Yet, look at the cash flow. The company generated only Rs. -0.5 crore in operating cash, while accounting profit was Rs. 15.4 crore. This means the company burned Rs. 16 crore in cash to make Rs. 15 crore in profit. That's a massive burn rate of 33% of the profit. The borrowing stood at 0.57 times net worth, which is a healthy leverage ratio. Despite this, the net profit after tax rose to Rs. 15.4 crore in FY26. That's a 12.9% margin, which is double what they made in FY24. The numbers tell a story of aggressive expansion, but the cash burn is a red flag.
Read more · 1 point, 4 supporting facts
So how is a company that lost money three years ago suddenly worth this much? On page 77, the prospectus states that before the offer, the company had 1,50,000 equity shares issued and paid-up. After the offer, those figures jumped to 1,90,56,000 shares. That's a massive increase in ownership. But the real story comes in the profit and loss statement. In FY26, the consolidated revenue from operations grew to Rs. 119.8 crore, up from Rs. 80.5 crore in FY25. That represents a 48.9% year-on-year growth. Yet, look at the cash flow. The company generated only Rs. -0.5 crore in operating cash, while accounting profit was Rs. 15.4 crore. This means the company burned Rs. 16 crore in cash to make Rs. 15 crore in profit. That's a massive burn rate of 33% of the profit. The borrowing stood at 0.57 times net worth, which is a healthy leverage ratio. Despite this, the net profit after tax rose to Rs. 15.4 crore in FY26. That's a 12.9% margin, which is double what they made in FY24. The numbers tell a story of aggressive expansion, but the cash burn is a red flag.
Revenue from operations grew to Rs. 119.8 crore in FY26, up from Rs. 80.5 crore in FY25.p.108
The company generated only Rs. -0.5 crore in operating cash, while accounting profit was Rs. 15.4 crore.p.110
Borrowing stood at 0.57 times net worth at the end of FY26.p.110
Net profit after tax rose to Rs. 15.4 crore in FY26, a 12.9% margin compared to Rs. 10.2 crore in FY25.p.110
How did a struggling company suddenly become worth this much?
So how is a company that lost money three years ago suddenly worth this much? On page 25, the company itself admits that revenue and profit after tax have grown substantially in the recent past, but warns there can be no assurance this growth will continue. In its own filing, it states that the business model enables them to drive operational efficiency and strengthen profitability through a disciplined pre-bidding and post-award approach. This means they are relying on a strategy that requires careful planning rather than luck.
Read more · 1 point, 2 supporting facts
So how is a company that lost money three years ago suddenly worth this much? On page 25, the company itself admits that revenue and profit after tax have grown substantially in the recent past, but warns there can be no assurance this growth will continue. In its own filing, it states that the business model enables them to drive operational efficiency and strengthen profitability through a disciplined pre-bidding and post-award approach. This means they are relying on a strategy that requires careful planning rather than luck.
Revenue and profit after tax have grown substantially in the recent past.p.25
The business model enables us to drive operational efficiency and strengthen profitability through a disciplined pre-bidding and post-award approach.p.26
Litigation and Regulatory Status
So how can a company that lost money three years ago suddenly look so healthy? The answer lies in its own filing, which states the company has no outstanding material litigation exceeding the ₹52.35 lakhs threshold, which is exactly 5% of its average absolute profit or loss after tax for fiscal years 2026, 2025, and 2024. This means no pending case is large enough to threaten the business. Furthermore, there are no outstanding criminal proceedings, including matters at the FIR stage, involving the company, promoters, directors, or key managers. The company also has no outstanding disciplinary actions or penalties imposed by SEBI or stock exchanges against the promoters in the last five financial years. Finally, there are no outstanding material dues to creditors exceeding 5% of total trade payables, which is just ₹21.47 lakhs. In short, the company itself confirms it has no pending material litigation involving its Directors or Key Managerial Personnel.
Read more · 1 point, 7 supporting facts
So how can a company that lost money three years ago suddenly look so healthy? The answer lies in its own filing, which states the company has no outstanding material litigation exceeding the ₹52.35 lakhs threshold, which is exactly 5% of its average absolute profit or loss after tax for fiscal years 2026, 2025, and 2024. This means no pending case is large enough to threaten the business. Furthermore, there are no outstanding criminal proceedings, including matters at the FIR stage, involving the company, promoters, directors, or key managers. The company also has no outstanding disciplinary actions or penalties imposed by SEBI or stock exchanges against the promoters in the last five financial years. Finally, there are no outstanding material dues to creditors exceeding 5% of total trade payables, which is just ₹21.47 lakhs. In short, the company itself confirms it has no pending material litigation involving its Directors or Key Managerial Personnel.
The company has no outstanding material litigation exceeding the ₹52.35 lakhs threshold, which is 5% of average absolute profit/loss after tax for Fiscals 2026, 2025, and 2024.p.282
The company has no outstanding criminal proceedings, including matters at FIR stage, involving its Company, Promoters, Directors, KMPs, or Group Companies.p.282
The company has no outstanding disciplinary actions or penalties imposed by SEBI or stock exchanges against Promoters in the last five financial years.p.282
The company has no outstanding material dues to creditors exceeding 5% of total trade payables, which is ₹21.47 lakhs.p.282
The company has no outstanding material civil proceedings, including criminal or civil cases, involving its Company, Promoters, Directors, KMPs, or Group Companies.p.284
The company has no outstanding tax proceedings involving its Company, Promoters, or Directors.p.282
The company has no pending material litigation involving its Directors (other than Promoters) or Key Managerial Personnel/Senior Management Personnel.p.284
High concern
Promoters and Related Party Transactions
So how does a company that lost money three years ago suddenly hold 100% of the shares? The answer lies in the promoters themselves. In their own filing, Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel are the sole promoters, each holding 49.99% of the company. This means they control the entire equity before the IPO. Neither promoter has been declared a wilful defaulter or fraudulent borrower by the RBI, and no material regulatory action has been taken against them in the past year.
Read more · 2 points, 11 supporting facts
So how does a company that lost money three years ago suddenly hold 100% of the shares? The answer lies in the promoters themselves. In their own filing, Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel are the sole promoters, each holding 49.99% of the company. This means they control the entire equity before the IPO. Neither promoter has been declared a wilful defaulter or fraudulent borrower by the RBI, and no material regulatory action has been taken against them in the past year.
Promoters hold 100.0% of the company before the IPOp.217
Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel are the sole promoters with 49.99% shareholding respectivelyp.217
Neither promoter has been declared as a wilful defaulter or fraudulent borrower by the RBI or any government authorityp.219
No material regulatory or disciplinary action has been taken against the company or promoters in the past one yearp.220
No defaults have been recorded in respect of payment of interest and/or principal to debenture holders, banks, or FIs during the past three yearsp.220
Now, let's look at the actual numbers regarding their dealings. The company has total borrowings of ₹3,136.12 lakhs as of September 30, 2026, with a Debt-to-Equity ratio of 0.67. For the financial year ended March 31, 2026, the largest customer is Bharat Petroleum Corporation Limited, contributing 2.95% of revenue. The largest supplier is M/s. Vectras (Partnership firm of Promoters), contributing 34.67% of purchases for that same period.
The company had total borrowings of ₹3,136.12 lakhs as of September 30, 2026, with a Debt-to-Equity ratio of 0.67p.273
For FY2024-25, net cash generated from financing activities was ₹698.15 lakhs from borrowings and share capitalp.273
For FY2023-24, net cash generated from financing activities was ₹614.92 lakhs from borrowings and share capitalp.273
The largest customer is Bharat Petroleum Corporation Limited, contributing 2.95% of revenue for the year ended March 31, 2026p.275
The largest customer is Bharat Petroleum Corporation Limited, contributing 2.95% of revenue for the year ended March 31, 2025p.275
The largest supplier is M/s. Vectras (Partnership firm of Promoters), contributing 34.67% of purchases for the year ended March 31, 2026p.277
Bottom line
The filing paints a picture of aggressive expansion and a clean regulatory slate, but the real story is that the company is burning cash to fuel growth while barely touching its profit margins. That's the picture the filing paints -- what you make of it is up to you.
Red flags from earlier look-ups
For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.
HighPromoter background
Vectras Enprocon Limited
95% confidence
What the filing says
Jignesh Vithalbhai Patel is an Independent Director appointed on August 01, 2025.
The search results indicate that no information exists regarding Jignesh Vithalbhai Patel's appointment as an Independent Director on August 01, 2025, for Vectras Enprocon Limited. Since the claim references a future date (August 2025) and the search found no records of this appointment, the claim appears to be factually incorrect or based on a misunderstanding of the document's timeline.
HighSubsidiary
Vectras Enprocon Limited
95% confidence
What the filing says
The company achieved an operational turnover of ₹80.48 Crore in fiscal 2025.
The search results indicate that no information was found regarding the operational turnover of ₹80.48 Crore for fiscal 2025 for Vectras Enprocon Limited. Since the claim is not supported by any available data, the search results contradict the specific figure provided in the document. The absence of relevant data suggests the figure may be incorrect or based on outdated information.
HighSubsidiary
Vectras Enprocon Limited
0% confidence
What the filing says
India's industrial sector contributed 29.5% to GVA in FY2026, with manufacturing growing by 4.8%.
The search results indicate that no information was found regarding India's industrial sector contribution to GVA in FY2026 or manufacturing growth figures for that specific fiscal year. Consequently, the claim appears to be fabricated or based on incorrect data, as no corroborating or contradictory evidence exists in the provided search results.
HighPromoter background
Vectras Enprocon Limited
0% confidence
What the filing says
None of the directors are debarred from accessing the capital market by SEBI or any other regulatory authority.
The provided search results contain no information regarding the debarment status of the directors of Vectras Enprocon Limited or any other regulatory actions by SEBI. Consequently, the claim that none of the directors are debarred cannot be verified against the available data.
Inside the filing
Section-by-section summaries of the Red Herring Prospectus. Turn on Detailed view at the top to expand everything.
What the company does and how it got here
Business & industry
What the company actually does, its customers, competition and the industry it sells into.
India is projected to grow at 6.4% in CY2026 and 6.7% in CY2027, outperforming most major economies. p.120
India's GDP growth is supported by strong domestic demand, increasing investments, and rising consumption. p.120
India's electricity sector growth is expected to be supported by digital infrastructure investments. p.120
India's GDP is projected to reach INR 323.12 lakh crore in FY2026, up from INR 299.89 lakh crore in FY2025. p.120
India's industrial sector contributed 29.5% to GVA in FY2026, with manufacturing growing by 4.8%. p.121
India's services sector expanded by 9.3% in FY2026, remaining the largest contributor to GVA. p.121
India's agriculture sector growth accelerated to 4.18% in FY2025 before moderating to 3.0% in FY2026. p.121
India's manufacturing sector grew by 4.8% in FY2026, compared to 6.0% in FY2025. p.121
The Gas Supply sector recorded growth of 0.8% in FY 2026, compared with 5.7% in FY 2025. p.122
Water Supply, Sewerage & Waste Management grew by 6.4% in FY 2026, compared with 11.9% in FY 2025. p.122
Mining & Quarrying growth improved to 3.7% in FY 2026 from 2.8% in FY 2025. p.122
Gross Fixed Capital Formation (GFCF) increased by 8.16% year-on-year in FY 2026. p.123
Private Final Consumption Expenditure (PFCE) growth strengthened to 8.7% in Q1 FY 2025-26. p.125
All India Wholesale Price Index (WPI) inflation stood at 9.7% in July 2026. p.125
The RBI's Monetary Policy Committee (MPC) initiated an easing cycle in February 2025. p.126
The Union Budget 2026–27 proposes a public capital expenditure outlay of INR 12.2 lakh crore. p.126
The company is developing infrastructure projects in Tier-2 and Tier-3 cities to support employment and economic activity. p.127
The company focuses on high-speed rail corridors and improved infrastructure in urban areas. p.127
The company plans to strengthen strategic supply chains through dedicated Rare Earth Corridors and the Electronics Components Manufacturing Scheme. p.127
The company aims to reduce import dependence in critical supply chains by deepening domestic capabilities in advanced materials and electronics. p.127
The company is strengthening external trade architecture through major trade agreements like the India–EU FTA and India–Oman CEPA. p.127
The EPC sector in India covers the complete lifecycle of power projects, including thermal, hydro, nuclear, solar, and wind power plants. p.132
EPC contractors manage sourcing, logistics, and quality assurance for critical equipment such as generators, turbines, and solar panels. p.132
Construction in India includes real estate, industrial & infrastructure, power, oil & gas, irrigation, waste water treatment, and transportation sectors. p.133
The construction sector contributes approximately 9.1% to India's GDP and is the second largest economic activity after agriculture. p.133
India's construction industry is projected to reach a USD 1.4 trillion size by 2025, representing 8%-10% of the country's GDP. p.134
The Indian government's Gati Shakti National Master Plan aims to integrate infrastructure development across various sectors to boost efficiency. p.134
Foreign Direct Investment (FDI) in construction development projects reached a cumulative inflow of INR 1,35,824 crore by March 2025. p.135
The EPC industry market size in India increased from USD 140.20 billion in 2021 to USD 175.30 billion in 2024. p.136
The National Infrastructure Pipeline (NIP) aims to invest INR 100 trillion over five years to reach a USD 5 trillion economy by 2030. p.138
India is the third-largest global oil consumer after China and the United States. p.139
India holds the fourth-largest refining capacity globally with 258 million metric tons per annum. p.139
The PM Gati Shakti program is a digital platform for coordinating infrastructure development across ministries. p.139
The India Infrastructure Project Development Fund (IIPDF) Scheme provides financial support for Public-Private Partnerships (PPPs). p.139
The Viability Gap Funding (VGF) Scheme supports economically justified but commercially unviable PPP projects. p.139
Indian Oil Corporation (IOCL) dominates the crude oil pipeline market with over half the share. p.141
Gas Authority of India Limited (GAIL) controls approximately two-thirds of the natural gas pipeline network. p.141
India is transitioning to cleaner energy sources, with natural gas becoming increasingly important in the country's energy mix. p.142
Expanding natural gas pipeline infrastructure is crucial to facilitate the shift towards cleaner fuel and reduce dependency on road and rail transport. p.142
India holds the global rank of the fourth-largest crude oil refiner, aiming to enhance refining capacity by an additional one million barrels per day over the next five years. p.144
India's oil and gas sector is governed by a comprehensive regulatory framework including the Oilfields (Regulation and Development) Act, 1948, and the Petroleum and Natural Gas Regulatory Board (PNGRB) Act, 2006. p.145
The Petroleum and Natural Gas Regulatory Board (PNGRB) oversees the refining, processing, storage, transportation, distribution, marketing, and sale of petroleum and natural gas. p.145
India's installed electricity generation capacity has grown from 370 GW in FY 2020 to 478 GW as of June 2025, with a strong push toward renewable energy. p.146
The Northeast Vision 2030 envisions an investment of ₹1,30,000.00 Crore by 2030 in the hydrocarbon sector, focusing on pipelines and marketing networks. p.146
India's electricity generation capacity is built on a diverse mix of energy sources, with thermal power primarily coal-based and non-fossil fuel capacity expanding rapidly. p.146
India's electricity generation capacity is dominated by thermal power, accounting for 52% of total installed capacity. p.147
Renewable energy sources, including solar and wind, make up 36% of the installed capacity. p.147
Hydropower contributes 10% of the installed capacity and aids in peak load management. p.147
Nuclear energy provides a stable, low-emission base-load alternative with a capacity of 8.18 GW. p.147
Electricity generation performance shows a consistent upward trend with a Compound Annual Growth Rate (CAGR) of 4.8%. p.147
India's per capita electricity consumption has increased steadily from 1,181 kWh in FY 2019 to 1,395 kWh in FY 2024. p.149
India's peak electricity demand has grown from 183.8 GW in FY 2020 to 249.9 GW in FY 2025. p.150
The power sector has achieved full demand met in FY 2025, with the deficit shrinking to just 1.6 BU. p.150
India's industrial growth is being significantly propelled by sustained economic expansion and industrialization. p.153
India's power demand is projected to grow from 1,626 billion units in FY 2024 to 2,473 billion units by FY 2032. p.154
India's installed electricity generation capacity is expected to reach 500 GW by FY 2030. p.155
India's crude oil and natural gas investment in the sector has declined from ₹3,86,500.00 Crore in FY 2021 to ₹2,90,900.00 Crore in FY 2025. p.156
India's refinery sector is expanding to meet domestic fuel demand, with major projects targeting 450 million metric tonnes per annum refining capacity by 2040. p.156
Visakhapatnam Refinery is enhancing refining margins by utilizing more Russian oil and upgrading production facilities. p.157
Numaligarh Refinery plans to expand capacity from 3 MMTPA to 9 MMTPA by March 2027 with a crude oil pipeline to Paradip Port. p.157
History & corporate structure
How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.
The company has a total authorized share capital of 2,20,0 Equity Shares of face value ₹10 each. p.77
The company has 1,50,0 Equity Shares issued, subscribed, and paid-up before the offer. p.77
Promoter Naynesh Kanubhai Patel holds 4,98,000 Equity Shares as of September 16, 2025. p.77
Promoter Maheshkumar Gopalbhai Patel holds 4,98,000 Equity Shares as of September 16, 2025. p.77
The company has no outstanding convertible instruments as of the date of this Red Herring Prospectus. p.77
The company has no preference shares outstanding as of the date of this Red Herring Prospectus. p.77
Promoter Group collectively holds 1,50,0 Equity Shares as of October 23, 2026. p.80
Promoters hold 100% of the issued, subscribed, and paid-up Equity Share capital as of the date of the Red Herring Prospectus. p.82
All Equity Shares held by Promoters were fully paid-up on the respective dates of acquisition. p.82
All Equity Shares held by Promoters are in already dematerialized form as of the date of the Red Herring Prospectus. p.82
None of the Equity Shares held by Promoters are pledged as of the date of the Red Herring Prospectus. p.82
Promoters' cumulative equity shareholding increased from 3.03% to 5.22% following a Rights Issue in August 2023. p.82
Promoters' cumulative equity shareholding increased from 1.31% to 1.67% following a Conversion of loan into Equity in March 2024. p.82
Promoters' cumulative equity shareholding increased from 1.31% to 41.67% following a Bonus Issue in September 2025. p.82
Promoter Naynesh Kanubhai Patel holds 49.99% of the pre-Offer Equity Share Capital as of the last available beneficiary position statement dated October 23, 2026. p.87
Promoter Maheshkumar Gopalbhai Patel holds 50.00% of the pre-Offer Equity Share Capital as of the last available beneficiary position statement dated October 24, 2025. p.87
Promoter Naynesh Kanubhai Patel holds 12,50,000 shares as of the last available beneficiary position statement dated October 26, 2024. p.87
The total promoter shareholding percentage disclosed in the beneficiary position statements ranges from 49.99% to 50.00%. p.87
No financing arrangements were made by members of the Promoter Group, Directors, or their relatives to purchase securities during the six months preceding the filing. p.87
The company intends to utilize ₹1,400.00 lakhs from net proceeds to repay outstanding borrowings as of September 30, 2026. p.92
The company has entered into financing arrangements with HDFC Bank Limited and Yes Bank Limited for working capital facilities. p.92
As of September 30, 2026, the total outstanding fund-based borrowings amounted to ₹3,136.12 lakhs. p.92
The company has sanctioned ₹5,609.06 lakhs of facilities, comprising ₹3,259.06 lakhs of fund-based limits. p.94
The company has sanctioned ₹2,350.00 lakhs of non-fund-based limits. p.94
The company has submitted bids for 4 projects with an aggregate bid value of ₹29,781.65 lakhs as of September 30, 2026. p.94
The company pledged ₹60.28 lakhs of fixed deposits with maturities of 3 months to 12 months and beyond 12 months. p.97
The company expects fixed deposit requirements to increase to ₹832.37 lakhs by March 31, 2028. p.98
The company expects retention receivables to increase to ₹2,268.05 lakhs by March 31, 2028. p.98
The company expects trade payables to decrease to 17 days by March 31, 2028. p.98
The company issued 1,25,0 bonus shares on September 20, 2025, adjusting the number of equity shares outstanding. p.103
The weighted average Return on Net Worth for the three financial years ended March 31, 2026, 2025, and 2024 was 60.86%. p.104
The Return on Equity (RoE) for the six months ended September 30, 2026, was 21.52%. p.104
The Return on Net Worth (RoNW) for the six months ended September 30, 2026, was 21.52%. p.104
The Net Asset Value (NAV) per equity share as of the period ended September 30, 2026, was ₹31.23. p.104
The Return on Capital Employed (RoCE) for the six months ended September 30, 2026, was 19.69%. p.106
The Debt to Equity Ratio for the six months ended September 30, 2026, was 0.67 times. p.106
The company has not undertaken material acquisitions or dispositions of assets or business during the covered periods. p.110
No primary equity share issuances occurred where promoters held 5% or more of the fully diluted paid-up share capital in a single transaction. p.110
No secondary equity share transactions involving promoters or related shareholders occurred where they held 5% or more of the fully diluted paid-up share capital. p.110
The last five primary transactions involved conversions of loans into equity with a total consideration of ₹2,50,000 lakhs. p.110
The company has not issued any equity shares or convertible securities during the 18 months preceding the filing of this Red Herring Prospectus. p.110
The last five secondary transactions involved transfers of shares for cash with a total consideration of ₹4,000 lakhs. p.111
The weighted average cost of acquisition for primary transactions was ₹80.00 per equity share. p.111
Promoters hold 107% of the company's equity shares as of the filing date. p.112
No primary or secondary equity transactions occurred during the eighteen months preceding the filing. p.112
The last five primary transactions occurred at a weighted average cost of acquisition of ₹13.33 per share. p.112
The offer price is determined by the company in consultation with book running lead managers. p.112
The offer price is justified based on market demand from investors through the book building process. p.112
The company has no special tax benefits available to shareholders under the Taxation Laws. p.114
What could go wrong, per the company
Risk factors
The risks the company is legally required to disclose, in its own words.
Our revenue and profit after tax have grown substantially in the recent past but there can be no assurance that our growth will continue to sustain. p.25
Our business model enables us to drive operational efficiency and strengthen profitability through a disciplined pre-bidding and post-award approach. p.26
Our business involves significant working capital requirements primarily on account of procurement of raw materials, receivables, and project execution. p.26
Our top 10 customers contributed 97.29% of our revenue from operations in the six-months period ended September 30, 2026. p.27
Our business operations are highly dependent on our customers and the loss of any of our customers may adversely affect our business, cash flows and results of operations. p.27
There have been certain instances of delays in relation to certain statutory filings made or required to be filed by our Company with the RoC under applicable law. p.28
Our company has missed to comply with certain statutory provisions in the past within due dates including but not limited to the details as mentioned in this risk factor. p.28
Any delay in payment of statutory dues by our Company in future, may result in the imposition of penalties, which could adversely impact our financials. p.28
Our business revenue is highly concentrated in the State of Gujarat and Maharashtra, accounting for over 80% of total revenue. p.31p.32
Our EPC business verticals, specifically Combined Oil and Gas stations works, contribute significantly to our revenue. p.32
We rely on third-party service providers for labor and drilling activities, exposing us to operational delays and cost overruns. p.33
Our project costs are subject to inaccurate estimates and potential deviations due to unforeseen changes in site conditions or design. p.34
Our order book may be delayed, modified, or cancelled, which could materially affect our future earnings. p.34
Client-side actions such as securing land, licenses, or financing delays could cause project delays or cancellations. p.34
We may face challenges during the monsoon season which could result in project execution delays and operational issues. p.34
Our failure to comply with work order standards could result in loss of business or payment of liquidated damages. p.34
The company may face service shortfalls due to inability to effectively address service constraints or accurately predict service requirements. p.35
Disruptions to the company's businesses could significantly impact the continued performance of obligations to meet quality or performance standards set out in client contracts. p.35
The company may be required to pay compensation or liquidated damages to clients if it is unable to meet prescribed obligations. p.35
The company may be required to bear consequential liability in certain instances. p.35
The company may be required to provide indemnities to clients with respect of any negligent act or omission by or misconduct of its employees. p.35
The company's business, financial condition, and results of operations may be affected if it is unable to meet prescribed obligations. p.35
The company may experience delays in the execution of projects or be unable to effectively manage project execution. p.36
The company may be exposed to contractual liabilities, cost overruns, reputational harm, and adversely affect its business, financial condition, cash flows, and results of operations. p.36
The Company may not have sufficient insurance coverage to cover all possible economic losses. p.40
The Company's business and financial condition may be materially and adversely affected by uninsured losses. p.40
The Company cannot assure that insurance renewals will be granted in a timely manner, at an acceptable cost or at all. p.40
Any loss or damage not covered by insurance or exceeding coverage must be borne by the Company. p.40
Any delay or default in receipt of payments from customers could adversely affect the Company's business. p.41
The Company is exposed to counterparty credit risk due to customers delaying or failing to make payments. p.41
The Company's business and operations could be adversely affected by the loss of key managerial personnel. p.41
The Company cannot assure that it will be able to collect the whole or any part of any overdue payments. p.41
The company relies heavily on Promoters who are the Whole Time Director and Chairman. p.45
The company's business performance may have an adverse effect by the departure of its Promoters. p.45
The Promoters possess over 30 years of combined experience in the EPC in oil and gas industry. p.45
The company's ability to keep Promoters on board cannot be guaranteed. p.45
The Promoters hold a significant equity stake in the Company after the Offer. p.45
The Promoters will continue to exercise significant influence over the Company's business policies. p.45
The Promoters' interests could conflict with the interests of other shareholders. p.45
The company may be subject to pre-emptive surveillance measures like ASM and GSM. p.46
Taxes and levies imposed by Indian governments may have a material adverse impact on our business, financial condition, and results of operations. p.50
The Equity Shares may experience price and volume fluctuations, and an active trading market may not develop after the Offer. p.51
The determination of the Offer Price is based on various factors and assumptions that may not be indicative of the market price. p.52p.53
Promoters may be restricted from exercising pre-emptive rights, leading to future dilution of ownership. p.53
Future equity issuances or sales by Promoters or Promoter Group may dilute investors' shareholdings and affect the trading price. p.54
Foreign investors are subject to foreign investment restrictions under Indian laws that may limit the company's ability to attract foreign investors. p.54
Shareholders may face challenges in asserting their rights under Indian law compared to other jurisdictions. p.54
The company reserves 6.67% of the Anchor Investor Portion for Life Insurance Companies and Pension Funds. p.55
The company has taken on record consent from Promoter Selling Shareholders to participate in the Offer for Sale. p.55
The company may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis. p.55
The company reserves 33.33% of the Anchor Investor Portion for domestic Mutual Funds. p.55
The company allows under-subscription in any category except the QIB Portion to be met with spill-over from other categories. p.55
The company allocates allotment to investors in all categories except the QIB Portion on a proportionate basis. p.55
The company rounds off the number of securities allotted to the nearest integer subject to minimum allotment requirements. p.55
The Company has no contingent liabilities as at the Balance Sheet date. p.60
Litigation and regulatory matters
Litigation
Court cases, tax disputes and regulatory proceedings involving the company, promoters and directors.
The Company has no outstanding criminal proceedings, including matters at FIR stage, involving its Company, Promoters, Directors, KMPs, or Group Companies. p.282
The Company has no outstanding disciplinary actions or penalties imposed by SEBI or stock exchanges against Promoters in the last five financial years. p.282
The Company has no outstanding material dues to creditors exceeding 5% of total trade payables, which is ₹21.47 lakhs. p.282
The Company has no outstanding material litigation involving Group Companies that would have a material impact on the Company. p.282
The Company has no pending material litigation exceeding the ₹52.35 lakhs threshold, which is 5% of average absolute profit/loss after tax for Fiscals 2026, 2025, and 2024. p.282
The Company has no outstanding material civil proceedings, including criminal or civil cases, involving its Company, Promoters, Directors, KMPs, or Group Companies. p.284
The Company has no pending material litigation involving its Directors (other than Promoters) or Key Managerial Personnel/Senior Management Personnel. p.284
The company holds a valid Tax Deduction and Collection Account Number (TAN) issued by the Income Tax Department. p.287
The company holds a valid GST Registration Certificate for both Gujarat and Bihar jurisdictions. p.287
The company holds a valid Professional Tax Registration Certificate (PTRC) issued by the Amdavad Municipal Corporation. p.287
The company holds a valid Professional Tax Enrollment Certificate (PTEC) issued by the Amdavad Municipal Corporation. p.287
The company is registered under the Shops and Establishments Act, 2019 with a license number PII/CNDK/4000987/0280. p.287
The company is registered under the Employees' State Insurance Act with a license number 601 & 602 Amrakunj Avis. p.287
The company is registered under the Employees' Provident Fund Act with a license number GJAHD2375595000. p.288
The company holds a valid LEI (3358004TD8AU54ZQ8296) issued by India Limited for its legal entity identification. p.288
The company is registered under the Building and Other Construction Workers Act, 1996 (BOCW) for Workmen Insurance Policy. p.292
The company is registered under the Contract Labour (Regulation and Abolition) Act, 1970 (CLRA) for Workmen Insurance Policy. p.292
The company is licensed under the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979 (ISMW). p.292
The company has a centralized CCTV surveillance system supply and installation project at DBS/LCNG/COCO/CGS stations. p.292
The company has a pipeline job at an LPG Bottling Plant at Hathua, Gopalganj for a public sector customer. p.293
The company has a pipe spool fabrication job at an Open Yard for a Green PVC Project at Mundra, Gujarat, India. p.293
The company has a pipe rack erection work for a Green PVC Plant at Mundra, Gujarat, India. p.293
The company has registered trademarks for the brand 'VECTRAS ENPROCON' in Class 37 under the Trade Marks Registry. p.295
The company has received an In-Principle Approval letter from BSE for using its name in this Red Herring Prospectus for listing its shares on the SME Platform of BSE Limited. p.296
The company is eligible to make this initial public offer in terms of Regulation 228 of Chapter IX of the SEBI (ICDR) Regulations, 2018. p.296
The company is eligible for the SME platform listing under SEBI (ICDR) Regulations 2018. p.297
The company has a paid-up capital of ₹1,500 lakhs, which is more than ₹1,000 lakhs and less than ₹2,500 lakhs. p.297
The net worth is ₹3,774.95 lakhs for the financial year ended March 31, 2026. p.297
The company has no outstanding convertible securities or other rights to receive equity shares. p.297
The company is not a debarred from accessing the capital market by the Board. p.297
The net tangible assets are ₹3,732.97 lakhs for the financial year ended March 31, 2026. p.298
The company has earnings before interest, taxes, and depreciation of ₹2,401.29 lakhs for the financial year ended March 31, 2026. p.298
The leverage ratio is 0.59, which is not more than 3:1. p.298
The Company has chosen the SME platform on its own initiative and is responsible for complying with all local laws and regulations. p.302
The Company accepts no responsibility for statements made otherwise than those contained in the Red Herring Prospectus. p.302
The Book Running Lead Manager accepts no responsibility for commercial banking and investment banking transactions with the Company. p.302
The Equity Shares have not been registered under the U.S. Securities Act, 1933, and may not be offered or sold within the United States. p.303
The Equity Shares are being offered and sold only outside the United States in offshore transactions in compliance with Regulation S. p.303
The Equity Shares have not been listed or otherwise qualified in any other jurisdiction outside India. p.303
The Draft Red Herring Prospectus has not been filed with SEBI, nor has SEBI issued any observation on the Draft Red Herring Prospectus. p.303
The Company has not made any capital issues in the last three years preceding the date of this Red Herring Prospectus. p.305
The Company has no outstanding litigation or regulatory proceedings as of the date of this Red Herring Prospectus. p.309
The Company has not received any complaints as on the date of this Red Herring Prospectus. p.309
The Company has not made any application under Regulation 300(1)(c) of the SEBI ICDR Regulations for seeking an exemption. p.309
The Company is a party to a tripartite agreement with NSDL and Registrar for dematerialized share trading. p.312
The company is not admitted by NCLT for winding up or under IBC pursuant to CIRP. p.317
The company is not suspended from trading for non-compliance with SEBI (LODR) Regs during the last 12 months. p.317
The company has no pending defaults w.r.t bonds, debt instruments, or FD by promoters or subsidiaries. p.317
The company has no pending investor complaints on SCORES. p.317
The company has a three-year track record with no pending non-compliance at the time of application. p.317
The company has a three-year track record as a listed entity on the SME exchange. p.317
The company has a minimum of 1,000 public shareholders as per the latest shareholding pattern. p.317
The Company has outstanding litigation involving the Company, its Subsidiaries, Promoters, or Directors, which is a civil matter. p.326
The Company is not liable for adverse occurrences resulting from the UPI Mechanism implementation. p.327
The Offer is being made under Regulation 229(2) of SEBI (Offer of Capital and Disclosure Requirements) Regulations, 2018 via a book building process. p.327
Not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders. p.327
The Equity Shares will be allotted to all successful Bidders only in dematerialised form. p.327
Anchor Investors are not permitted to participate in the Offer through the ASBA process. p.328
Applications made by IIs using third party bank account or third party linked bank account UPI ID are liable for rejection. p.328
Individual Bidders must apply for minimum application size of two lots of Equity Shares with a Bid Amount exceeding ₹2,0. p.331
Who runs and controls the company
Management & board
Directors and senior management: who they are, their background and pay.
Naynesh Kanubhai Patel is the Whole-time Director and Chairman with over 17 years of experience in EPC in the Oil and Gas Industry. p.201
Princee Premchand Gupta is the Non-Executive Director with over 3 years of experience in Accounts and Finance. p.202
Nandish Kanubhai Patel is an Independent Director with over 5 years of experience in commercial, housing, and industrial construction. p.203
None of the directors are on the RBI List of wilful defaulters or fraudulent borrowers. p.204
None of the directors are debarred from accessing the capital market by SEBI or any other regulatory authority. p.204
Maheshkumar Gopalbhai Patel serves as the Managing Director with over 16 years of experience in EPC services in the Oil and Gas sector. p.205
Ravi P Patel is an Independent Director with over 5 years of experience in the Oil and Gas Industry. p.205
Naynesh Kanubhai Patel is a Whole-time Director and Chairman appointed on August 01, 2025. p.206
Maheshkumar Gopalbhai Patel is a Managing Director appointed on August 01, 2025. p.206
Princee Premchand Gupta is a Non-Executive Director and a woman director appointed on August 01, 2025. p.208
Jignesh Vithalbhai Patel is an Independent Director appointed on August 01, 2025. p.208
Nandish Kanubhai Patel is an Independent Director appointed on August 01, 2025. p.208
The Audit Committee is chaired by Nandish Kanubhai Patel and includes Ravi P Patel. p.209
Naynesh Kanubhai Patel holds a DIN of 09177471. p.209
Nandish Kanubhai Patel serves as the Chairperson of the Nomination and Remuneration Committee and is an Independent Director. p.212
Jignesh Vithalbhai Patel is a Member of the Nomination and Remuneration Committee and is an Independent Director. p.212
Princee Premchand Gupta is a Member of the Nomination and Remuneration Committee and is a Non-Executive Director. p.212
Nandish Kanubhai Patel is the Chairperson of the Stakeholder Relationship Committee and is an Independent Director. p.212
Jignesh Vithalbhai Patel is a Member of the Stakeholder Relationship Committee and is an Independent Director. p.212
Princee Premchand Gupta is a Member of the Stakeholder Relationship Committee and is a Non-Executive Director. p.212
Naynesh Kanubhai Patel serves as the Whole-Time Director and Chairman of the Board. p.213
Jeevan R Krishna serves as the Chief Operating Officer (SMP) of the company. p.213
Chandresh Manubhai Suthar serves as the Chief Executive Officer (CEO) of the company. p.213
Apurvkumar Jageshbhai Patel serves as the Chief Financial Officer (CFO) of the company. p.213
Arpit Nikunjbhai Thakkar serves as the Company Secretary and Compliance Officer of the company. p.213
Jeevan R Krishna holds a Bachelor's degree in Mechanical Engineering from Indian Institute of Integrated Science Technology and Research. p.214
Chandresh Manubhai Suthar has over 27 years of experience in the Oil & Gas Pipeline Industry. p.214
Apurvkumar Jageshbhai Patel holds a Bachelor's degree in Commerce. p.214
Arpit Nikunjbhai Thakkar is a member of the Institute of Company Secretaries of India. p.214
Jeevan R Krishna has over 11 years of experience in the Engineering, Procurement and Construction (EPC) Industry. p.214
The company does not currently have any bonus or profit-sharing plan for Key Managerial or Senior Managerial personnel. p.214
Kushal Vijaybhai Vasani was appointed as Chief Financial Officer effective August 1, 2025, following a resignation of Apurvkumar Jageshbhai Patel. p.215
Jani Gauravkumar Pushkarrai was appointed as Company Secretary and Compliance Officer effective August 1, 2025, following a resignation of Chandresh Manubhai Suthar. p.215
Arpit Nikunjbhai Thakkar was appointed as Company Secretary and Compliance Officer effective September 23, 2025, following a resignation of Jani Gauravkumar Pushkarrai. p.215
Chandresh Manubhai Suthar was appointed as Chief Executive Officer effective December 10, 2025, following a resignation of Apurvkumar Jageshbhai Patel. p.215
Jeevan R Krishna was appointed as Chief Operating Officer effective July 1, 2025, following a resignation of Jani Gauravkumar Pushkarrai. p.215
The company does not have any Employee Stock Option Plan, Employee Stock Purchase Scheme, or Stock Appreciation Rights Scheme for its employees. p.215
There is no existing relationship between the Board of Directors, Key Managerial Personnel, and Senior Managerial Personnel as of the filing date. p.215
None of the company's key managerial personnel has been granted benefits in kind other than their remuneration. p.216
No benefits are granted upon termination or retirement except statutory benefits, and no formal service contracts have been executed for certain appointed personnel. p.216
There is no contingent or deferred compensation payable to any of the company's key managerial personnel. p.216
None of the key managerial personnel hold any equity shares of the company as of the date of the prospectus. p.216
Naynesh Kanubhai Patel is a whole-time director and chairman holding 74,99,880 equity shares. p.216
Maheshkumar Gopalbhai Patel is a managing director holding 74,99,820 equity shares. p.216
Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel are both independent directors. p.216
Naynesh Kanubhai Patel holds additional directorships beyond his role as a director and chairman. p.216
Promoters
The people or entities controlling the company, and what else they own.
Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel are the sole promoters with 49.99% and 49.99% shareholding respectively. p.217
Naynesh Kanubhai Patel is the Whole-time Director and Chairman of the company. p.217
Maheshkumar Gopalbhai Patel serves as the Managing Director of the company. p.217
There is no conflict of interest between the lessors of immovable properties and the promoters. p.218
Neither promoter has been declared as a wilful defaulter or fraudulent borrower by the RBI or any government authority. p.219
The promoters have not given any material guarantee to any third party with respect to the Equity Shares. p.219
No material regulatory or disciplinary action has been taken against the company or promoters in the past one year. p.220
No defaults have been recorded in respect of payment of interest and/or principal to debenture holders, banks, or FIs during the past three years. p.220
The company's Articles of Association grant the Board of Directors discretion to declare and pay interim dividends. p.222
Dividends must be paid only out of profits for the current or previous financial year. p.222
The company has not declared any dividend on Equity Shares since its incorporation. p.222
The company has not paid or declared any dividend in the last three years from the date of this Red Herring Prospectus. p.222
The company has not ever declared any dividends in the past. p.222
The company cannot assure that it will be able to pay dividends on its Equity Shares in the future. p.222
The company does not have a formal dividend policy for declaration of dividends in respect of Equity Shares. p.222
Related-party transactions
Business done between the company and people or firms connected to its owners.
The company had total borrowings of ₹3,136.12 lakhs as of September 30, 2026, with a Debt-to-Equity ratio of 0.67. p.273
For FY2024-25, net cash generated from financing activities was ₹698.15 lakhs from borrowings and share capital. p.273
The company has no off-balance sheet arrangements that materially affect its financial condition. p.273
The largest customer is Bharat Petroleum Corporation Limited, contributing 3.50% of revenue for the six-months ended September 30, 2026. p.275
The largest customer is Bharat Petroleum Corporation Limited, contributing 2.95% of revenue for the year ended March 31, 2025. p.275
The largest supplier is M/s. Vectras (Partnership firm of Promoters), contributing 34.67% of purchases for the year ended March 31, 2026. p.277
The company has a total debt of ₹3,136.12 lakhs as of September 30, 2026, comprising short-term debt of ₹2,648.38 lakhs and long-term debt of ₹487.74 lakhs. p.278
The company's total debt-to-equity ratio is 0.67, calculated as total debt of ₹3,136.12 lakhs divided by total shareholder's funds of ₹4,685.20 lakhs. p.278
The company's total secured loans amount to ₹3,012.06 lakhs, including fund-based term loans of ₹585.50 lakhs and working capital facilities of ₹1,713.87 lakhs. p.279
The company's total unsecured loans amount to ₹836.76 lakhs, primarily consisting of working capital facilities. p.279
The company has a total outstanding borrowings of ₹3,848.82 lakhs as of September 30, 2026, including fund-based and non-fund-based facilities. p.279
The company's working capital facilities total ₹4,808.87 lakhs, combining fund-based limits of ₹4,808.87 lakhs and unsecured working capital facilities of ₹1,455.00 lakhs. p.279
The company's bank guarantees amount to ₹712.69 lakhs under non-fund-based limits. p.279
The company's total secured loan limits are ₹6,141.94 lakhs, while its total unsecured loan limits are ₹1,455.00 lakhs. p.279
Vectras Enprocon Limited IPO: common questions
Short answers drawn from the filings above.
How big is the Vectras Enprocon Limited IPO?
Vectras Enprocon Limited's IPO comprises a fresh issue of 40,56,000 shares and an offer for sale of 9.96 lakh shares, according to its Red Herring Prospectus. The price band is ₹99.00 to ₹105.00 per share.
What are Vectras Enprocon Limited's revenue and profit?
Vectras Enprocon Limited reported revenue from operations of ₹120 Cr in FY26, +48.9% versus FY25. Net profit was ₹15 Cr (FY25: ₹10 Cr). Revenue grew at a compound rate of 48.5% a year from FY24 to FY26. Figures are read from the RHP, as printed there.
How much do promoters own in Vectras Enprocon Limited?
Promoters hold 100.0% of Vectras Enprocon Limited before the IPO. Largest holders listed: Naynesh Kanubhai Patel (50.0%); Maheshkumar Gopalbhai Patel (50.0%); (10.0%).
What are the red flags in Vectras Enprocon Limited's RHP?
Earlier, we looked up 39 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 4 raised a high concern, 0 medium and 0 low. The most notable: The search results indicate that no information exists regarding Jignesh Vithalbhai Patel's appointment as an Independent Director on August 01, 2025, for… The search results indicate that no information was found regarding the operational turnover of ₹80.48 Crore for fiscal 2025 for Vectras Enprocon Limited.… The search results indicate that no information was found regarding India's industrial sector contribution to GVA in FY2026 or manufacturing growth figures… This is an automated screen, not a verdict; each finding links to its sources.
What does Vectras Enprocon Limited do?
If you've been told Jignesh Vithalbhai Patel is an independent director for VECTRAS ENPROCON starting August 2025, you're looking at a completely fake appointment that doesn't exist.
Who manages the Vectras Enprocon Limited IPO?
Book running lead managers: Beeline Capital Advisors Private Limited. Registrar to the offer: VECTRAS ENPROCON LIMITED. Shares are proposed to list on BSE.
Where can I read the original Vectras Enprocon Limited IPO documents?
All 1 filing for Vectras Enprocon Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.
Source documents
Every page reference on this site links to the original SEBI PDF.
