# Vectras Enprocon Limited: IPO analysis

> 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.

- Page: https://ipo.innerkore.com/in/company/U45309GJ2021PLC122680/vectras-enprocon-limited/
- CIN: U45309GJ2021PLC122680
- Last updated: 29 Oct 2026

## Key facts

- **Company:** Vectras Enprocon Limited
- **CIN:** U45309GJ2021PLC122680
- **Filing stage:** RHP
- **Latest SEBI filing:** 29 Oct 2026
- **Offer for sale:** 9,96,000 shares
- **Price band:** ₹99.00 to ₹105.00 per share
- **Bidding opens:** 30 Oct 2026
- **Bidding closes:** 3 Nov 2026
- **Listing on:** BSE
- **Revenue FY26:** ₹120 Cr
- **Revenue growth:** +48.9%
- **Net profit FY26:** ₹15 Cr
- **Revenue CAGR FY24 to FY26:** 48.5%
- **Promoter holding (pre-IPO):** 100.0%
- **Lead managers:** Beeline Capital Advisors Private Limited
- **Registrar:** VECTRAS ENPROCON LIMITED
- **Earlier look-up flags:** 4 high, 0 medium, 0 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (looks fine): 13x P/E. From BSE's price band, on FY26 profit; 5.1x book value.
- **Growth** (looks fine): 48.5% a year. Sales FY24 to FY26; latest year +48.9%.
- **Profitability** (looks fine): 12.9% net margin. FY26; operating margin steady.
- **Debt** (look closer): 0.57x equity. ₹22.2 crore borrowed at the end of FY26.
- **Profit into cash** (concern): -33% of profit. Operations brought in ₹-5.1 crore against ₹15.4 crore of profit in FY26.
- **One-off income** (look closer): 0% of profit. Other and one-off income is 0% of pre-tax profit; management describes 14 one-off items.
- **Where the money goes** (looks fine): 20% for sale. 80% is new shares issued by the company. (converted using BSE's price band)
- **Red flags** (concern): 4 to review. 39 claims looked up earlier: 4 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 | 6M Sep-26 |
|---|---:|---:|---:|---:|
| Sales | 54 | 80 | 120 | 72 |
| Sales growth | – | 48.2% | 48.9% | – |
| Operating profit | 8.7 | 15 | 24 | 15 |
| Operating margin | 16.0% | 18.7% | 20.0% | 20.2% |
| Net profit | 5.8 | 10 | 15 | 9.1 |
| Net margin | 10.7% | 12.6% | 12.9% | 12.7% |
| Net worth | 13 | 24 | 39 | 52 |
| Borrowings | 4.2 | 12 | 22 | 31 |
| Return on equity | 45.4% | 42.2% | 39.3% | – |

## Non-recurring items (as described by management)

- The company has no non-recurring items discussed in this section. (p.257)
- Insurance Claim Received amounted to ₹1.49 lakhs in the six-months period ended September 30, 2026. (p.262)
- Government Grant/Subsidy amounted to ₹9.51 lakhs in the six-months period ended September 30, 2026. (p.262)
- Government Grant/Subsidy amounted to ₹9.51 lakhs in the Financial Year ended March 31, 2026. (p.262)
- Government Grant/Subsidy amounted to ₹9.51 lakhs in the Financial Year ended March 31, 2025. (p.262)
- Government Grant/Subsidy amounted to ₹9.51 lakhs in the Financial Year ended March 31, 2024. (p.262)
- The company reported a one-time increase in project-related expenses of ₹6,350.09 lakhs in FY2025-26 due to revenue and orderbook execution. (p.268)
- 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. (p.268)
- The company reported a one-time increase in finance cost of ₹189.89 lakhs in FY2025-26 due to increased total borrowing. (p.268)
- 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. (p.268)
- The company reported a one-time increase in other expenses of ₹408.51 lakhs in FY2025-26 due to increases in electricity, rental, and legal fees. (p.268)
- The company reported a one-time increase in profit before tax of ₹2,083.79 lakhs in FY2025-26 due to the factors outlined above. (p.268)
- The company reported a one-time increase in tax expense of ₹540.52 lakhs in FY2025-26 due to increased current tax expenses. (p.268)
- The company reported a one-time increase in profit for the year of ₹1,543.27 lakhs in FY2025-26 due to the factors outlined above. (p.269)

## Claims looked up earlier

- **HIGH** (PromoterBackground): 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.
- **HIGH** (SubsidiaryPerformance): 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.
- **HIGH** (SubsidiaryPerformance): 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.
- **HIGH** (PromoterBackground): 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.
- **NONE** (SubsidiaryPerformance): India's services sector expanded by 9.3% in FY2026, remaining the largest contributor to GVA.. The provided search results contain no information regarding India's services sector expansion, GVA contributions, or the specific FY2026 economic projections mentioned in the claim. Consequently, the search results do not corroborate, contradict, or update the claim, nor do they provide any new relevant data.
- **NONE** (PromoterBackground): There is no conflict of interest between the lessors of immovable properties and the promoters.. The provided search results contain no information regarding the specific claim about conflict of interest between lessors and promoters of Vectras Enprocon Limited. Since no relevant data was found in the search results, the claim cannot be verified or contradicted based on available evidence.
- **NONE** (PromoterBackground): The promoters have not given any material guarantee to any third party with respect to the Equity Shares.. The provided search results contain no information regarding any material guarantees made by the promoters of Vectras Enprocon Limited to third parties. Consequently, the claim that no such guarantees exist is not supported by any available data in the search results.
- **NONE** (PromoterBackground): 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.. The provided search results contain no information regarding the payment history of interest or principal for Vectras Enprocon Limited, making it impossible to verify the specific claim about defaults over the past three years. Since the search yielded no relevant data, the claim cannot be corroborated, contradicted, or updated based on available evidence.
- **NONE** (PromoterBackground): No material regulatory or disciplinary action has been taken against the company or promoters in the past one year.. The provided search results contain no information regarding any regulatory or disciplinary actions taken against Vectras Enprocon Limited or its promoters within the past year. Consequently, the claim appears to be based on internal company documentation rather than public search data, and the absence of external records does not validate or refute the statement.
- **NONE** (PromoterBackground): Neither promoter has been declared as a wilful defaulter or fraudulent borrower by the RBI or any government authority.. The provided search results contain no information regarding the status of Vectras Enprocon Limited's promoters as wilful defaulters or fraudulent borrowers by the RBI or any government authority. Consequently, the claim in the prospectus remains unverified by the available data.
- **NONE** (PromoterBackground): Maheshkumar Gopalbhai Patel serves as the Managing Director of the company.. The provided search results contain no information regarding the current management structure or the name of the Managing Director of Vectras Enprocon Limited, making it impossible to verify the claim against available data.
- **NONE** (PromoterBackground): Naynesh Kanubhai Patel is the Whole-time Director and Chairman of the company.. The provided search results contain no information regarding Naynesh Kanubhai Patel's role as a director or chairman of Vectras Enprocon Limited, meaning the claim cannot be verified against available data.

## Common questions

### 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

- [Vectras Enprocon Limited](https://www.bseindia.com/downloads/ipo/VEL_RHP&GID_291020262108.zip) (Red Herring Prospectus, filed 29 Oct 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.