BSE: 543895
Exhicon Events Media Solutions
Builds and operates purpose-built exhibition venues and convention centres across India under a Venue As A Service (VAS) model, and runs helicopter aviation services through a subsidiary. The company develops indoor exhibition and convention infrastructure — including a 7.5-acre Messe Global Convention Centre in Pune, a 12,000 sqm Phase 1 hall in Greater Noida, a 14-acre Mohali Convention Centre awarded under a BOT-PPP model at roughly ₹75 crore, and projects in Ayodhya, Nashik and Indore — and earns from building, owning and operating these venues. It also supplies pre-engineered infrastructure for specific events, such as a 30,000 sqm contract for the Bharat Mobility Global Expo 2027 at Yashobhumi, Dwarka, a ₹50 crore expansion order from IEML, and a ₹32 crore Dubai government infrastructure project. Through subsidiary United Helicharters (UHPL), it operates helicopter shuttle services including a Kedarnath contract won against nine competitors, supported by a DGCA Air Operator Permit valid until 2031. It has also entered an Exhibition Insurance partnership with ICICI Lombard. FY26 consolidated revenue was about ₹202.70 crore against total assets of ₹264.26 crore, with capex absorbing roughly 23.1% of revenue, employee cost 5.4% and other operating expenses 9.1%, and no materials cost line, reflecting the infrastructure-and-services nature of the work. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Venue development and operations (VAS), Pre-engineered event infrastructure, International infrastructure projects, Aviation logistics (United Helicharters). Asset-heavy, capex-driven exhibition infrastructure and aviation services platform
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 59 | 88 | 144 | 203 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 10.68 | 10.09 | 20.06 | 28.19 |
| ROE % · ROCE % | — · 63.6 | — · 21.5 | — · 29.0 | — · 24.6 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (6) | (29) | 19 | 27 |
| Capex | — | — | (14) | (47) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 30 | 47 | 41 | 63 | 81 | 103 | 100 |
| Profit before tax | 6 | 10 | 8 | 14 | 22 | 25 | 26 |
| Net profit | — | 7 | — | 11 | — | — | — |
| EPS (₹) | 5.18 | 6.22 | 4.19 | 7.58 | 12.47 | 12.99 | 13.67 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SIS LIMITED | 5,941 | 40.5 | 2.33 | 13.9 | 5.4 | 1.9 | 11.9 | 4.8 |
| Exhicon Events Media Solutions ◆ | 706 | 10.2 | — | — | — | 23.8 | — | — |
| MACH TRAVEL SOLUTIONS LIMITED | 334 | 12.2 | — | — | — | 15.5 | — | — |
| NIS MANAGEMENT LIMITED | 82 | 2.5 | — | — | — | (2.8) | — | — |
| TOUCHWOOD ENTERTAIN LTD. | 68 | 21.4 | 1.53 | 7.8 | 9.0 | 11.5 | — | 21.6 |
| Safecure Services Limited | 19 | 2.3 | 0.38 | 2.4 | 11.8 | 11.9 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.2 | 18.1 | 7 of 27 | 77% |
| ROCE | 23.8 | 8.4 | 5 of 29 | 86% |
| Revenue growth | 143.1 | 9.2 | 3 of 24 | 91% |
| Market cap | 706 | 94 | 8 of 30 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Newspaper publication of notice for 16th AGM on Sept 24, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · AGM notice and FY26 Annual Report weblink sent to shareholders without registered emails | compliance | minimal | — | — |
| 1 Sept 2026 · Exhicon 16th AGM on Sep 24, 2026; FY26 PAT Up 49.54% to Rs 45.24 Crore | board shareholder meetings | low | — | — |
| 1 Sept 2026 · FY25-26 Annual Report filed with 16th AGM notice | board shareholder meetings | low | — | — |
| 30 Aug 2026 · Newspaper publication of 16th AGM notice | compliance | minimal | — | — |
| 26 Aug 2026 · Exhicon partners with ICICI Lombard for exhibition insurance initiative | business updates | medium | — | — |
| 25 Aug 2026 · Board approves new auditor, AGM notice and FY26 Annual Report | management changes | medium | — | — |
| 14 Aug 2026 · Monitoring Agency Report for Q1FY27 - no deviation from issue objects | fund raising | medium | — | — |
| 3 Aug 2026 · EOGM results: promoter warrant issue and new auditor approved | board shareholder meetings | low | — | — |
| 31 Jul 2026 · Exhicon wins ACMA contract, exhibition venue pipeline hits 25% of national capacity | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.