Institutional Alpha Dossier

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Name: Vectras Enprocon IPO DRHP & Primary Market Dataset (2026)
Creator: The FinReason
License: https://creativecommons.org/licenses/by-nc/4.0/

MAINBOARD SYNCING

GMP: ₹-

Est. Listing: Calculating...

IPO Execution Schedule (NSE / BSE Trading Calendar)

Bidding Opens - Issue Open

Bidding Closes - Closing Date

Basis of Allotment - Registrar Finalization

Exchange Listing - Secondary Debut

Issue Price Valuation

₹-

Upper Cap Price

Price Band Cap: Book Built / Fixed

Lot Size & Retail Matrix

- Shares

Minimum Market Lot

Min Capital: ₹-

Application Size: -

Quant Grade & Moat Score

FinReason Grade

★★★★★

FUNDAMENTALS & SPREAD

TBA Moat / 10

Proprietary Multi-Factor Moat Model

Underlying Moat Architecture & Risk Factors

💼 MINIMUM INVESTMENT

Capital Matrix

Retail (Min Lot) Up to ₹2 Lakhs Category

₹ 2,52,000

HNI (Min Lot) sNII / High Net-Worth Tier

₹ 3,78,000

HNI Capital Multiple: Institutional Lot Sizing

🍩 RESERVATION QUOTA (%)

Issue Allocation

100% Total Issue

Anchor 28.5%

Market Maker 5%

QIB 19%

NII / HNI 14.25%

Retail 33.25%

🏛️

Institutional Corporate Dossier

Vectras Enprocon

COMPANY PROFILE & DNA

⏳

Incorporation / Founded

18-05-21

Active Vintage

📍

Corporate Headquarters

Ahmedabad, Gujarat

Registered Hub

👔 Leadership & Promoter Group

Key Management

Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel

⚙️ Business Overview & Portfolio Core Offerings

EPC company providing integrated infrastructure solutions for oil and gas industry

🎯 Target Market & End-Use Revenue Drivers

Pipeline laying and station construction for oil and gas sector

🛡️

★ Unique Selling Proposition (Core Economic Moat)

Proven track record of timely completion of complex oil and gas EPC projects

Objects of the Issue (Use of Proceeds & Allocation)

🎯 Objective 01 Repayment or prepayment of certain outstanding borrowings availed by our Company

₹ 13.88

Allocation

🎯 Objective 02 To Meet Working Capital Requirements

₹ 20.00

Allocation

🎯 Objective 03 General Corporate Purpose

Balance

Allocation

🎯 Objective 04 Not Mentioned

Not Mentioned

Allocation

Financial Performance & Multi-Year Trajectory

All Figures in ₹ Crores

Latest Total Income📊

₹- Top-Line

EBITDA Margin⚡

-% Operating

Net Profit (PAT) Margin📈

-% Bottom-Line

Debt / Net Worth🛡️

-x Leverage

📊 Income, EBITDA & Profit Growth Trajectory

Income EBITDA PAT Trend

🏛️ Balance Sheet: Net Worth vs Debt

Net Worth Borrowing

Particulars	FY25	FY24	FY23
Total Income	80.53	54.37	10.53
EBITDA	14.29	8.32	0.26
Profit After Tax (PAT)	10.17	5.81	0.18
Net Worth	22.32	12.15	0.35
Total Borrowing	11.87	4.16	3.78

Growth Engine & Compounding Velocity (KPIs)

Multi-Year Trajectory

📊 Total Sales (Revenue)

Strong

80.53 ₹ Cr

YoY Growth 48.13%

3-Year CAGR 176.59%

⚡ EBITDA (Op. Profit)

Strong

14.29 ₹ Cr

YoY Growth 71.81%

3-Year CAGR 640.32%

📈 Net Profit (PAT)

Strong

10.17 ₹ Cr

YoY Growth 74.94%

3-Year CAGR 647.85%

Capital Efficiency & Return Ratios (ROE vs ROCE)

Capital Allocation Audit

◈ ROE (Return on Equity) Calculating...

Current ROE

Current Period-%

3-Year Average-%

Last Year-%

◈ ROCE (Capital Employed) Calculating...

Current ROCE

Current Period-%

3-Year Average-%

Last Year-%

MetricMetric	Current (%)Curr%	Last Year (%)Last%	3-Yr Avg (%)3Y Avg	Trend StatusTrend
ROE (Return on Equity)ROE	59.00%	93.02%	73.54%	Good
ROCE (Capital Employed)ROCE	55.94%	79.12%	48.23%	Good

Forensic Analysis & Reality Check

Earnings Quality & Dilution Audit

0.11 CFO / EBITDA

Cash Flow Conversion Efficiency

Checking...

Analyzing operating cash flow conversion...

0.0x (Paper Profit) 70%+ Institutional Benchmark 1.0x+ (Strong Cash)

⚡ Pre-IPO vs Post-IPO Forensic Impact Meters Post-Issue Trajectory

Parameter	Pre-IPO	Post-IPO	View
Debt / Equity	0.53	0	Low
EPS (₹)	6.78	5.08	Diluting
ROE (%)	59.00%	13.59%	Bad
ROCE (%)	55.94%	19.11%	Good
P/E (Valuation)	15.49	20.67	Reasonable

⏳ Debtor Days Trend (Receivables Cycle)

Analyzing...

FY23

139

→

FY24

→

FY25

Lower receivable days indicate faster cash collection from clients.

⚠️ Contingent Liabilities Off-Balance Sheet

₹ 0.00 Cr

*Potential hidden obligations & legal/tax claims

Company NameComp	Revenue (Cr)Rev	P/E RatioP/E	ROCE (%)ROCE	ROE (%)ROE	OPM (%)OPM
Vectras Enprocon Limited IPO CANDIDATE	80.53	20.67 (Ask)	55.94%	13.59% (Post Issue)	17.75%
Pratham EPC Projects Limited	118.9	18.03	20.96%	20.24%	14.65%
Desco Infratech Limited	59.45	15.14	30.47%	25.52%	22.45%
Likhitha Infrastructure Limited	520.09	14.13	25.99%	20.05%	18.37%
NA	0	0	0	0	0
NA	0	0	0	0	0

Strategic SWOT Analysis & Risk-Reward Matrix

4-Quadrant Institutional Assessment

▲ Positive Catalysts (Strengths + Opportunities): 8 Factors ▼ Risk Vectors (Weaknesses + Threats): 8 Factors

Strengths Internal Competitive Moat

4 Drivers

Proven track record of timely project completion
Strong order book providing high revenue visibility
Comprehensive engineering capabilities in oil and gas
Experienced management team with deep industry expertise

Weaknesses Internal Operational Constraints

4 Factors

Significant working capital requirements for EPC operations
Customer concentration with major revenue from key clients
Geographic concentration of operations primarily in Gujarat
Dependency on oil and gas sector infrastructure spending

Opportunities External Growth Tailwinds

4 Vectors

Expanding pipeline network in midstream and downstream
Government initiatives promoting city gas distribution growth
Bidding for larger value cross country pipeline projects
Diversification into new geographic regions across India

Threats & Risks External Macro & Sector Headwinds

4 Risks

Intense competition in EPC bidding for infrastructure
Fluctuations in raw material prices and execution costs
Regulatory changes affecting oil and gas industry
Risk of project delays and execution bottlenecks

Top 10 Anchor Investors & Smart-Money Allocation

INSTITUTIONAL BOOK

Top 10 Anchor Commitment

₹- Cr

Smart-Money Quality Score

- / 5.0 ★ Marquee Conviction

SEBI Anchor Lock-In Schedule

30D (50%) • 90D (50%) Mandatory Lock-In

Anchor Book Allocation Pending Exchange Filing

Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.

Rank	Marquee Anchor Institution	Smart-Money Grade	Amount Invested	Anchor Share (%)

Score 7/10 (Base 4, Sector +1, Co +4, Risk -2) | SECTOR MOAT: EPC market growing at 7.70% CAGR driven by oil and gas pipeline expansion and government capex. | COMPANY MOAT: Technical pre-qualification entry barriers, robust FY25 ROE of 59.00% and ROCE of 55.94%, EBITDA margins expanding to 18.65%, and Rs 247.64 Cr order book. | KEY RISKS: Top 5 clients contribute 85.39% of revenue along with high working capital intensity. | VERDICT: High-margin niche EPC player with strong order book, constrained by customer concentration. 28.5 5

IPO Subscription & Book-Building Demand Matrix

NSE / BSE Book-Building Feed

Aggregate Book Subscription

-x

Syncing Book...

Analyzing category-wise oversubscription & allotment odds... QIB vs Retail Spread

0.0x (Unfilled) 1.0x (Full Cover) 10x (Strong) 50x (High Demand) 100x+ (Blockbuster)

QIB Quota Qualified Institutional Buyers

Smart Money

-x Institutional Book

Inst. Conviction: Evaluating

NII / HNI Quota sNII (₹2L-10L) & bNII (₹10L+)

HNI Desk

-x Non-Institutional

HNI Competition Ratio: -

Retail (RII) Quota Individual Investors (Up to ₹2L)

SEBI Lottery

-x Retail Book

Retail Allotment Odds: -

Vectras Enprocon IPO: Key Issue Details, GMP & DRHP Quantitative Summary

Below is the institutional primary market dataset for Vectras Enprocon (SME IPO) compiled from official offer documents (DRHP/RHP) and exchange filings:

IPO Name	Vectras Enprocon
Slug	https://www.investorgain.com/gmp/vectras-enprocon-ipo/1998/
Status	✅ Active
Rating	TBA
Price	₹ 105
Lot/Size	1200
Dates Short	30 Oct - 03 Nov
Open Date	30-10-26
Close Date	03-11-26

Disclaimer: All data, moat scores, and indicative grey market figures are algorithmic and informational compilations for educational study only. The FinReason does not provide Buy/Sell/Subscribe/Avoid recommendations.

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💼 MINIMUM INVESTMENT

🍩 RESERVATION QUOTA (%)

IPO Subscription & Book-Building Demand Matrix

Vectras Enprocon IPO: Key Issue Details, GMP & DRHP Quantitative Summary

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