Vectras Enprocon Ltd IPO

Track record of timely completion of complex projects.

Strong Order Book for existing project portfolio and geography.

Strong Execution Capabilities.

Track Record of Growth in Financial Performance.

Experienced management team with significant industry experience.

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. If we are unable to implement or sustain our growth strategy successfully it could adversely affect our business, results of operations, cash flows and financial conditions.

Our business involves significant working capital requirements, primarily on account of procurement of raw materials, receivables and project execution. Any inability to meet our working capital requirements or to arrange necessary financing in a timely and cost-effective manner, including in a scenario of tightening credit markets or rising interest rates, could adversely affect our operations, financial condition and profitability.

Our top 10 customers contributed 97.29%, 92.27%, 96.04% and 97.84% of our revenue from operations in the six -months period ended September 30, 2026 and the financial year 2026, 2025 and 2024, respectively. A significant portion of our revenues is derived from repeat business or contracts awarded by these customers. Any loss, reduction or delay in orders, deterioration in their financial health, or adverse change in our relationships with such customers may materially affect our revenues, cash flows and results of operations. In addition, a concentration of receivables from these customers may expose us to collection risks.

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 and certain other non-compliances under Indian company law.

There are certain discrepancies and non-compliances noticed in filing of returns and deposit of statutory dues with the taxation and other statutory authorities in the past. 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.

Several of our key raw materials and components are sourced from a limited number of suppliers, which exposes us to supplier concentration risks. Any restriction in supply or defects in quality could cause delays in project construction or implementation and impair our ability to provide our services to clients at a price that is profitable to us, which could have a material adverse effect on our business, financial condition and results of operations.

We derive majority of our revenue from our EPC business verticals i.e. Combined Oil and Gas stations works. Any reduction in the demand of such services could have an adverse effect on our business, results of operations and financial conditions.

Our revenues are highly dependent on our operations in the geographical region of the State of Gujarat and Maharashtra, which accounted for 87.92%, 71.52%, 89.72% and 92.59% of our revenue from operations in the six-months period ended September 30, 2026, financial years 2026, 2025 and 2024, respectively. Any adverse development affecting our operations in this region could have an adverse impact on our business, financial condition and results of operations.

Our business is operating under various laws which require us to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business, and if we are unable to obtain these approvals and the renewals, our business operations could be adversely affected thereby impacting our revenues and profitability.

We rely on third-party service providers for providing labour at site and drilling & excavation activities, any delay or deficiency in their services may adversely affect our project timelines, cost efficiency and customer satisfaction which could have an adverse effect on our business, financial condition, cash flows and results of operations.