Camera projection in viewport IPR mismatch

V-Ray V-Ray for Maya Issues
1

Vray Next (v4.04.01.000009) for maya 2018.4 Bug.
It looks like the perspective projection option (when using a camera as projection) uses the camera’s display overscan (in the shape’s display options) as the projection bounds. The standard value is 1,3 which means your projected texture will be 1,3 times bigger in viewport IPR. Regular IPR and renderer work like they should.

2

Is this with CPU or GPU? In V-Ray Next, if the texture is an exr with data window information, on the file node that holds the projected texture, some extra V-Ray attributes can be added and you can enable ignore data window and/or include overscan - see this link and look for data window and projection attributes: https://docs.chaosgroup.com/display/VRAY4MAYA/Texture+Attributes#TextureAttributes-ProjectionOptions

Let me know if this helps.