🎬 At a Glance
Exhicon Events Media Solutions Ltd runs India’s behind-the-scenes circus: exhibitions, expos, and temporary event infrastructure. Revenue zoomed from ₹9 Cr to ₹144 Cr in 4 years, net profit grew 7x, and ROCE still rocks at 34.5%. But with public holding ballooning, 2024’s cash flow chaos, and a crowded B2B events market—can Exhicon really scale beyond stalls and steel frames?
1. 🎣 Hook – “India’s Exhibition King? Or Just a Stall Owner With Branding Skills?”
When you attend a trade fair and find fancy booths, carpets, modular lighting, QR-coded badges, and awkward booth selfies, guess who’s behind it?
Probably Exhicon.
They’re like the “set designers” of India’s expo ecosystem.
But here’s the question: Can a business built on temporary constructs deliver permanent wealth?
2. 🏗️ WTF Do They Even Do?
Exhicon is not just an event planner. It’s a full-blown exhibition ecosystem player.
📦 Their offerings:
- Event infrastructure: AC steel tents, modular booths, AV, LED walls
- Media: Show bulletins, branding, design, media planning
- Operations: Licenses, B2B matchmaking, logistics
- Clients: Govt bodies, hospitality, FMCG, healthcare
💡 They’re even dabbling in:
- MEP
- Solar booths
- International expos
- Real estate and trading (😬 bit too much?)
This is not your typical Shaadiwala company. Think “Expo-as-a-Service.”
3. 📈 Financials – Revenue, Profits, ROE, Margins
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 9 | 46 | 59 | 88 | 144 |
| EBITDA (₹ Cr) | 0 | 6 | 13 | 19 | 35 |
| Net Profit (₹ Cr) | 0 | 4 | 9 | 14 | 30 |
| ROE (%) | NA | 30%+ | 30%+ | 27% | 26.6% |
| ROCE (%) | 148% | 101% | 36% | 34.5% |
🚀 3-Year Sales CAGR: 46%
💥 3-Year PAT CAGR: 82%
🧠 ROE: Consistently >25%
These are not “events”, these are earnings.
4. 📊 Valuation – Is It Cheap, Meh, or Crack?
- CMP: ₹434
- Market Cap: ₹563 Cr
- P/E: 21.6
- P/B: 5.0
- Dividend Yield: 0.24%
📊 Compared to similar players:
| Company | P/E | ROCE | ROE |
|---|---|---|---|
| E Factor | 14.8 | 39% | 33% |
| Touchwood | 24.7 | 18% | 14% |
| Party Cruisers | 12.0 | 30% | 21% |
| Exhicon | 21.6 | 34.5% | 26.6% ✅ |
📍 Verdict: Fairly valued for the growth, still cheaper than large FMCG/IT service firms, with far superior capital efficiency.
5. 🔥 What’s Cooking – Triggers & Headlines
🚀 Growth Triggers:
- Signed ₹20–35 Cr LOI with India Expo Mart (Infra development at Greater Noida)
- Awarded textile expo mandate in Ladakh 🏔️
- IPO utilization completed; No deviation in use of funds
- Public shareholding rising = retail buzz
⚠️ Concerns:
- Promoter holding fell from 86.2% → 56.2%
- Cash flow from ops was –₹29 Cr in FY24
- Still SME listed, limited analyst coverage
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Borrowings | ₹1 Cr | ₹1 Cr | ₹0 Cr ✅ |
| Reserves | ₹10 Cr | ₹70 Cr | ₹99 Cr |
| Assets | ₹28 Cr | ₹103 Cr | ₹143 Cr |
💡 Zero debt = rare gem in SME world
🛠️ Fixed assets increasing = more infra play
But need to be careful of over-diversification.
7. 💸 Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net |
|---|---|---|---|---|
| FY23 | –₹3 Cr | ₹2 Cr | –₹0 Cr | –₹1 Cr |
| FY24 | –₹29 Cr | ₹52 Cr | –₹1 Cr | +₹22 Cr |
| FY25 | ₹19 Cr | –₹55 Cr | ₹25 Cr | –₹12 Cr |
🧯 FY24: Free cash flow was bad
FY25: Positive from operations, but investments went crazy
Likely investing in infra projects (Greater Noida, solar, real estate angle?).
8. 🔍 Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 34.5% ✅ |
| ROE | 26.6% ✅ |
| OPM | 24.4% |
| Debtor Days | 88 |
| CCC | 59 |
| Working Capital Days | 138 |
🔥 Operationally lean + asset-light = still healthy
📉 Working capital increasing — monitor closely
9. 🧾 P&L Breakdown – Show Me the Money
FY25 P&L Highlights:
- Revenue: ₹144 Cr
- EBITDA: ₹35 Cr
- PAT: ₹30 Cr
- EPS: ₹20.06
EBITDA Margin = 24%
NPM = 20.8% — Elite SaaS-level margins in an events business!
10. 🥊 Peer Comparison – Who Else is in the Show?
| Company | Rev (Cr) | PAT (Cr) | OPM | ROCE | P/E |
|---|---|---|---|---|---|
| E Factor | ₹172 | ₹20 | 15.6% | 39.2% | 14.8x |
| Touchwood | ₹68 | ₹5.4 | 11.2% | 18.4% | 24.7x |
| Party Cruisers | ₹111 | ₹7.9 | 11.7% | 30.2% | 12x |
| Exhicon | ₹144 | ₹30 | 24.4% | 34.5% | 21.6x ✅ |
🧠 Exhicon is the leader in scale, margin, and bottom-line. Only risk? If they try to become Reliance of Events.
11. 📊 Misc – Shareholding, Gossip, Governance
| Holder | Mar ‘23 | Mar ‘24 | Mar ‘25 |
|---|---|---|---|
| Promoters | 86.2% → | 57.0% → | 56.2% |
| Public | 13.8% → | 38.0% → | 39.4% |
| DIIs | 0 → | 4.8% → | 4.2% |
👀 Promoter dilution = IPO + fundraises
But no pledging or shady disclosures found.
✅ All funds from IPO and pref allotment deployed properly
✅ Exempted from Annual Secretarial Compliance (SME rule)
12. 🎯 Fair Value Range – Eventual Multibagger?
Let’s assume FY26 PAT = ₹42 Cr (40% YoY growth)
At 20–25x P/E → Valuation = ₹840 Cr to ₹1,050 Cr
Current Market Cap = ₹563 Cr
Shares Outstanding ≈ 1.5 Cr
🎯 Fair Value/Share = ₹560 – ₹700
📍 CMP = ₹434
🟢 Upside potential = 29% to 61%
🧠 EduInvesting Verdict™
Exhicon is what happens when an events company gets a startup CEO.
- High-growth? ✅
- Cash conversion? Not yet.
- Valuation? Reasonable.
- Promoter faith? Fading?
If they can avoid overextension into solar/FMCG/gadgets/real estate (pick a lane, boss), this could be India’s Event Infra Titan.
Otherwise… it’ll be a ₹144 Cr circus with too many ringmasters.
✍️ Written by Prashant | 📅 July 1, 2025
Tags: Exhicon Events, SME Multibagger Stocks, Exhibition Infra India, FY25 Results Exhicon, ROCE ROE Comparison SME, EduInvesting Event Stocks, India Expo Mart Projects, Promoter Dilution Trends SME Stocks
