💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 62.2% YoY to INR 143.51 Cr in FY25, driven by strategic acquisitions and the consolidation of newly acquired entities and event IPs. H2FY25 revenue specifically surged 96.4% YoY to INR 80.88 Cr.

Geographic Revenue Split

Not explicitly disclosed by percentage, but the company operates in 10 Indian cities and has served clients in Saudi Arabia, UAE, Germany, and France, with offices in Thailand, Hong Kong, and Dubai.

Profitability Margins

PAT margin improved to 21.0% in FY25 from 16.0% in FY24. EBITDA margin increased to 24.4% from 22.0% YoY. H2FY25 PAT margin was 24.3%, reflecting a 200% YoY growth in absolute PAT to INR 19.65 Cr.

EBITDA Margin

EBITDA margin stood at 24.4% for FY25 (up 240 bps YoY) and 27.6% for H2FY25, driven by operating leverage, cost optimization, and higher-margin government tenders.

Capital Expenditure

Planned rolling capex of INR 100 Cr over the next 3 years, including a specific INR 50 Cr investment in modular and portable event infrastructure like hangars and dome structures.

Credit Rating & Borrowing

Achieved Zero Net Debt on a standalone basis. Finance costs remained low at INR 0.094 Cr in FY25 compared to INR 0.085 Cr in FY24, indicating minimal reliance on external debt.

⚙️ Operational Drivers

Raw Materials

Modular event infrastructure components (German hangars, prefab maxima, octanorm systems, dome structures) and pre-owned aviation assets (Eurocopter AS350 B3).

Import Sources

Sweden (for Eurocopter AS350 B3) and international markets for specialized exhibition infrastructure components.

Key Suppliers

Savbak Helicopters AB (Sweden) for helicopter procurement; other infrastructure suppliers not specifically named.

Capacity Expansion

Created 120,000 Sqm of temporary event infrastructure in H2FY25. Planned expansion includes Messe Global Pune Phase 2, Messe Global Arena Kharadi (operational Sept 2025), and a new 5-acre venue in Ayodhya.

Raw Material Costs

Purchase of stock in trade accounted for INR 89.46 Cr in FY25, representing 62.3% of total revenue, up from INR 59.65 Cr in FY24.

Manufacturing Efficiency

ROCE reached 35% in FY25, indicating high capital efficiency and strong asset utilization in managing 120,000 B2B visitors.

Logistics & Distribution

Not disclosed as a separate percentage, but included within 'Other Expenses' which rose 95% YoY to INR 11.73 Cr.

📈 Strategic Growth

Expected Growth Rate

40-50%

Growth Strategy

Achieving 40-50% CAGR through a three-pronged strategy: 1) Strategic acquisitions (6 completed post-listing), 2) Venue expansion (Ayodhya land, Pune Phase 2, Rajasthan MoU), and 3) Scaling new event IPs like 'Best of India' across Cambodia, Vietnam, and Russia.

Products & Services

B2B and B2C exhibition management, venue operations (Messe Global), temporary infrastructure (German hangars), stall designing, helicopter leasing (MRO), and golf club management.

Brand Portfolio

Exhicon, Messe Global, Pinewoods Golf Club, TradeFairTimes, Instyle Mega, IADM.

New Products/Services

Helicopter leasing and MRO services via United Helicharters; new international exhibition IPs expected to fuel the 40-50% CAGR target.

Market Expansion

Expanding into Ayodhya (5 acres), Rajasthan (MoU signed), and international markets including Saudi Arabia, UAE, Germany, France, and Southeast Asia.

Market Share & Ranking

Not disclosed, but positioned as a leader in the integrated MICE ecosystem with increasing market share in end-to-end service portfolios.

Strategic Alliances

MoU with Govt of Rajasthan for venue development; Agreement with Butterfly Funtainments for Messe Global Arena Kharadi; Partnership with ANM Exhibitions for international IPs.

🌍 External Factors

Industry Trends

The Indian B2B events market is valued at USD 0.60 billion in 2025, expected to reach USD 1.04 billion by 2030 (11.72% CAGR). Industry is shifting toward integrated 'ecosystem' providers.

Competitive Landscape

Competes against fragmented vendors; positions itself as a 'category of one' by offering end-to-end solutions that traditional players cannot match.

Competitive Moat

Durable advantage through a 360-degree integrated model (infrastructure + media + venue) which is difficult to replicate; ROCE of 35% suggests high sustainability of this model.

Macro Economic Sensitivity

Highly sensitive to the MICE and B2B exhibition sector, which is projected to grow at 15-18% CAGR; growth is tied to 'Make in India' and 'Digital India' initiatives.

Consumer Behavior

Clients are moving away from fragmented support toward complete ecosystems for seamless event execution.

Geopolitical Risks

Exposure to international markets like Russia and Brazil for event IPs may face trade or regulatory barriers.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with MICE industry standards, safety norms for temporary structures, and DGCA/aviation regulations for helicopter operations.

Taxation Policy Impact

Effective tax rate of approximately 15.3% in FY25 (INR 5.48 Cr tax on INR 35.74 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Key risks include the integration of the 6 recent acquisitions and the execution timeline for the new Ayodhya and Pune venues.

Geographic Concentration Risk

Significant concentration in India (Pune and Delhi), though expanding internationally through Southeast Asia and UAE.

Third Party Dependencies

Low dependency on third-party infrastructure due to INR 50 Cr investment in in-house modular systems.

Technology Obsolescence Risk

Company is leveraging digital integration for better cash flow predictability to mitigate operational technology risks.

Credit & Counterparty Risk

Trade receivables of INR 34.57 Cr; risk mitigated by 'major improvement' in the receivables cycle in FY25.