Exhicon Events Media Solutions Ltd (543895)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Exhicon Events' revenue was ₹100 Cr (+23.5% year on year, -2.9% on the previous half-year), and net profit ₹23.0 Cr (+15.0% year on year); the operating margin was 28.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹100 | +23.5% | -2.9% |
| Operating profit | ₹28.0 | +27.3% | +3.7% |
| Net profit | ₹23.0 | +15.0% | +4.5% |
| EPS (₹) | 13.37 | +7.2% | -10.9% |
| Operating margin | 28.0% | — | — |
📢 Recent Corporate Announcements
Exhicon Events Media Solutions announced that its subsidiary, United Helicharters Private Limited (UHPL), signed an Aircraft Sale and Purchase Agreement with Dhillon Aviation Private Limited. The deal covers the acquisition of one Bell 206 L4 helicopter (VT-ZIN), designed to carry up to six passengers plus one pilot. Transaction value was not disclosed in the announcement. Completion remains subject to contractual terms and regulatory clearance from the DGCA.
- Acquisition of 1 unit of Bell 206 L4 helicopter (Serial No. 52315, Registration Mark VT-ZIN)
- Helicopter capacity includes 1 pilot and up to 6 passengers
- Seller is Dhillon Aviation Private Limited
- Acquisition cost and financial deal terms were not disclosed
At its 16th AGM, Exhicon Events outlined a pipeline of ~1,25,000 sqm of indoor exhibition and venue infrastructure, targeting over 60,000 sqm completion in FY27. For FY26, the company reported consolidated revenue of ₹205.46 crore (up 40.25% YoY) and PAT of ₹45.24 crore (up 49.54% YoY). To fund growth, the Board approved a ₹23.95 crore preferential warrant issue to promoters, increasing their stake to ~50.99%, alongside initiating migration from BSE SME to the Main Board of BSE and NSE. The company is executing major infrastructure projects, including a ~₹75 crore 21-acre PPP project in Mohali (65:35 JV with IEML) and a ₹50 crore asset partnership for Bharat Mobility Global Expo 2027.
- Indoor venue development pipeline spans ~1,25,000 sqm (~25% of India's operational indoor exhibition capacity), with >60,000 sqm targeted for completion in FY27
- Consolidated revenue grew 40.25% YoY to ₹205.46 crore in FY26, with PAT rising 49.54% to ₹45.24 crore
- Board approved preferential warrant issue of ~₹23.95 crore to promoter, raising holding to ~50.99%
- Executing Mohali Convention Centre (21-acre PPP, ~₹75 crore Phase 1 investment, 65:35 JV with IEML) and ACMA Bharat Mobility Expo 2027 infrastructure (₹50 crore asset)
- Subsidiary United Helicharters received DGCA Air Operator Permit (valid to Feb 19, 2031) and won the Kedarnath helicopter shuttle contract
Exhicon Events Media Solutions has signed a Joint Venture Agreement to sell a 35% stake in its subsidiary, Exhicon Mohali Convention Centre Pvt Ltd (EMCCPL), to India Exposition Mart Limited (IEML) for a cash consideration. Exhicon retains majority control with a 65% stake and will nominate two of three board directors. The subsidiary is developing the Mohali Convention & Exhibition Centre under a PPP model with the Punjab government, where Phase 1 carries a projected cost of ₹75 crore (representing ~21.6% of Exhicon's TTM revenue of ₹347 crore). The partnership de-risks capital expenditure while bringing an established industry operator on board.
- Projected Phase 1 cost of the Mohali Convention & Exhibition Centre is ₹75 crore (~21.6% of TTM revenue)
- Exhicon divests 35% equity in subsidiary EMCCPL to India Exposition Mart Limited (IEML) for cash
- Exhicon retains 65% majority ownership and board control with 2 out of 3 director nominations
- Joint Venture Agreement was approved by the committee and executed on September 21, 2026
Exhicon Events Media Solutions has signed a Joint Venture Agreement with India Exposition Mart Limited (IEML) to develop, finance, and operate the Mohali Convention & Exhibition Centre. As part of the JV, Exhicon will transfer a 35% stake in its SPV (Exhicon Mohali Convention Centre Private Limited) to IEML for Rs 5.25 lakh, retaining a 65% majority. The project is being executed on a PPP model with the Government of Punjab at an estimated cost of Rs 75 crore, which represents ~21.6% of Exhicon's TTM revenue (Rs 347 crore). Capital requirements for the project will be contributed proportionately (65:35) by both partners through rights issues.
- Projected project cost of Rs 75 crore under a PPP model with the Government of Punjab at IT City, Mohali
- Exhicon transfers 52,500 equity shares (35% stake) in SPV EMCCPL to IEML for Rs 5,25,000 cash consideration
- Post-transaction shareholding maintained at 65% Exhicon and 35% IEML
- Future capex funding to be contributed in a 65:35 ratio through proportionate rights issues
- Board composition of the SPV will have 3 directors (2 from Exhicon, 1 from IEML)
Exhicon Events Media Solutions has announced a strategic partnership with ICICI Lombard General Insurance Company Limited to introduce specialized risk protection and insurance solutions for India's exhibition and trade fair industry. The initiative was unveiled at the 15th Conventions India Conclave held at Bharat Mandapam, New Delhi, where Exhicon served as Gold Partner. The collaboration aims to increase awareness, provide tailored risk coverage for event infrastructure and cancellations, and build a scalable framework across the exhibition ecosystem. No commercial terms or financial revenue sharing figures were disclosed in the filing.
- Unveiled specialized exhibition insurance initiative with ICICI Lombard at the 15th Conventions India Conclave.
- Exhicon acted as the Gold Partner at the 3-day Conclave held at Bharat Mandapam, New Delhi.
- Aims to cover operational, property, equipment, logistics, and cancellation risks for trade fair organizers and exhibitors.
- Financial arrangements, fee model, or revenue impact from the insurance partnership were not disclosed.
Exhicon Events Media Solutions held its Board of Directors meeting on August 25, 2026, to finalize preparations for its 16th Annual General Meeting (AGM). The Board approved the appointment of M/s Bilimoria Mehta & Co., Chartered Accountants, as Statutory Auditors for a 5-year tenure extending until the AGM for FY 2030-31, subject to shareholder approval. Additionally, the Board approved the draft Annual Report for FY26 and recommended the re-appointment of retiring director Mrs. Padma Mishra.
- Appointment of M/s Bilimoria Mehta & Co. as Statutory Auditors for a 5-year term until the FY 2030-31 AGM
- Approval of the draft Annual Report and annexures for the financial year ended March 31, 2026
- Recommended re-appointment of director Mrs. Padma Mishra (DIN: 07668700), who retires by rotation
- Appointed Mr. Pratik Bangade as Scrutinizer for the 16th AGM e-voting process
Exhicon Events Media Solutions Ltd has approved the allotment of 61,800 equity shares of face value Rs 10 each upon the exercise of convertible warrants by non-promoters. The conversion was completed at an issue price of Rs 315 per share (including a premium of Rs 305 per share). The company received Rs 1.46 Cr, representing the remaining 75% exercise price of Rs 236.25 per warrant. The allottees include Manju Pushker (42,300 shares) and Zainab Rizvi (19,500 shares).
- Allotted 61,800 equity shares of face value Rs 10 each at an issue price of Rs 315 per share.
- Received remaining 75% exercise consideration of Rs 1,46,00,250 (Rs 236.25 per warrant).
- Allotment made to non-promoters: Manju Pushker (42,300 shares) and Zainab Rizvi (19,500 shares).
- Total warrant conversion value equals Rs 1.95 Cr, representing ~0.2% of current market cap.
Exhicon Events Media Solutions has allotted 6,87,800 equity shares to five non-promoter investors following the exercise of convertible warrants. The company received Rs 16.25 crore, representing the remaining 75% of the exercise price at Rs 315 per share. This capital infusion strengthens the balance sheet, representing approximately 10.8% of the company's net worth. The allotment results in a minor equity dilution of approximately 4.4% based on current share estimates.
- Allotment of 6,87,800 equity shares at an issue price of Rs 315 per share
- Receipt of Rs 16.25 crore as the final 75% payment for warrant conversion
- Five non-promoter allottees involved, including Jalan Chemical Industries Private Limited
- Issue price of Rs 315 is significantly lower than the current market price of Rs 458
- Total transaction value for this tranche stands at approximately Rs 21.66 crore
Exhicon Events has announced a massive venue development pipeline of 1,25,000 Sqm, representing approximately 25% of India's total indoor exhibition capacity (5,00,000 Sqm). A significant portion of this, 60,000 Sqm, is scheduled for completion by the end of FY 2026-27. Additionally, the company secured a landmark contract from ACMA to develop 30,000 Sqm of infrastructure for the Bharat Mobility Global Expo 2027 at Yashobhumi, New Delhi. This project is set to run from September 2026 to January 2027, reinforcing the company's 'Venue as a Service' (VAS) model.
- Venue development pipeline reached 1,25,000 Sqm, equivalent to 25% of India's current indoor capacity.
- Secured a 30,000 Sqm infrastructure contract from ACMA for the Bharat Mobility Global Expo 2027.
- Targeting completion of 60,000 Sqm of the venue portfolio by the end of FY 2026-27.
- ACMA project execution scheduled between September 2026 and January 2027.
- Company's ROCE stood at 29.0% with a TTM PAT of Rs 76 Cr, supporting expansion funding.
Exhicon Events Media Solutions has issued a corrigendum to its EGM notice for a proposed Rs 23.95 crore fundraise through the issuance of 5,00,000 fully convertible warrants. The warrants are being allotted to the Promoter and Managing Director, Mohammad Quaim Syed, at a price of Rs 479 per warrant. This capital infusion represents approximately 3% of the company's current market capitalization and follows a request from the Stock Exchange for a detailed bifurcation of the use of proceeds. The EGM to approve this resolution is scheduled for July 31, 2026.
- Issuance of 5,00,000 Fully Convertible Warrants at a price of Rs 479 per warrant
- Total fundraise amount of Rs 23.95 crore from the Promoter/MD
- Promoter's individual stake to increase from 5.80% to 8.88% post-conversion
- Warrant holders to pay 25% of the price upfront, with the remaining 75% due within 18 months
- Relevant date for price determination set as July 01, 2026
Exhicon Events Media Solutions has approved the allotment of 8,81,000 equity shares to six non-promoter investors. This allotment follows the conversion of warrants at an exercise price of Rs 315 per share. The company received the remaining 75% of the consideration, totaling Rs 20.81 crore, in cash. This capital infusion strengthens the balance sheet to support the company's aggressive 40-50% CAGR growth targets and venue expansion plans.
- Allotment of 8,81,000 equity shares of face value Rs 10 each.
- Issue price fixed at Rs 315 per share, including a premium of Rs 305.
- Received Rs 20.81 crore as the 75% balance payment for warrant exercise.
- Total transaction value of Rs 27.75 crore represents approximately 13.9% of the company's net worth.
- Allotment made to 6 non-promoter individuals, including Sharda Bhat and Hitesh Kawa.
Exhicon Events Media Solutions has scheduled an Extra-Ordinary General Meeting (EOGM) for July 31, 2026, to approve the issuance of 5,00,000 convertible warrants to its promoter, Mohammad Quaim Syed. The warrants are priced at ₹479 each, totaling a ₹23.95 crore capital infusion. The promoter will pay 25% of the consideration upfront, with the remaining 75% due upon conversion into equity shares within 18 months. The meeting will also address the appointment of M/s. Bilimoria Mehta & Co as statutory auditors to fill a casual vacancy.
- Issuance of 5,00,000 fully convertible warrants to the promoter at ₹479 per warrant
- Total fundraise amount of ₹23,95,00,000 (₹23.95 Cr) to be received in tranches
- Promoter to pay 25% (approx. ₹5.99 Cr) upfront at the time of warrant allotment
- Warrants are convertible into equity shares within a maximum period of 18 months
- Appointment of M/s. Bilimoria Mehta & Co as Statutory Auditors due to a casual vacancy
Exhicon Events Media Solutions Ltd has appointed M/s Bilimoria Mehta & Co. as its Statutory Auditor to fill a casual vacancy following the resignation of M/s. Piyush Kothari & Associates. The appointment, approved by the Board on July 07, 2026, covers a five-year period from FY 2026-27 to FY 2030-31. The new auditing firm, established in 1977, brings extensive experience in listed company audits and IPO assurance. This transition is subject to final approval by shareholders at an upcoming Extra-Ordinary General Meeting (EGM).
- Appointment of M/s Bilimoria Mehta & Co. for a 5-year term from FY 2026-27 to FY 2030-31
- Fills casual vacancy caused by the resignation of previous auditor M/s. Piyush Kothari & Associates
- New auditor firm established in 1977 with Peer Review Certificate No. 017167
- Board approval finalized on July 07, 2026, pending shareholder ratification at an EGM
Exhicon Events Media Solutions has approved a preferential issue of 5,00,000 convertible warrants to its promoter, Mohammad Quaim Syed, at a price of ₹479 per warrant. The total fundraise amounts to ₹23.95 crore, intended to bolster the company's capital base. These warrants are convertible into equity shares within 18 months from the date of allotment. Additionally, the board has appointed M/s Bilimoria Mehta & Co. as the new statutory auditor for a five-year term following the resignation of the previous auditor.
- Issuance of 5,00,000 convertible warrants to promoter Mohammad Quaim Syed
- Total capital infusion of ₹23,95,00,000 (₹23.95 Cr) through the preferential route
- Warrants priced at ₹479 each, representing a significant premium of ₹469 over the face value
- Warrants are convertible into equity shares within a maximum period of 18 months
- Appointment of M/s Bilimoria Mehta & Co. as statutory auditors for a 5-year term until 2030-31
Exhicon Events Media Solutions has approved a preferential issue of 5,00,000 convertible warrants to its promoter, Mohammad Quaim Syed, at a price of ₹479 per warrant. This capital infusion will aggregate to ₹23.95 Crores, providing the company with fresh growth capital. Additionally, the board has appointed M/s Bilimoria Mehta & Co. as the new Statutory Auditor for a five-year term (FY 2026-27 to 2030-31) following the resignation of the previous auditor. The warrants are convertible into equity shares within 18 months from the date of allotment, subject to shareholder approval at an upcoming EOGM.
- Preferential issue of 5,00,000 convertible warrants approved for the promoter.
- Issue price fixed at ₹479 per warrant, including a premium of ₹469.
- Total fundraise amount stands at ₹23.95 Crores for cash.
- New Statutory Auditor M/s Bilimoria Mehta & Co. appointed for a 5-year tenure.
- Warrants must be converted into equity shares within a maximum period of 18 months.
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.
