1. At a Glance
Picture this: a company that throws parties so big even governments show up—and still manages a27% operating margin. That’sExhicon Events Media Solutions Ltd (EEMSL)for you, currently₹500 per share, wearing a₹698 crore market capsuit and flashing aP/E of 18.8x.
In the last quarter (Sep’25), Exhicon pulled in₹103 crore in revenue, a sizzling63.8% YoY growth, whilenet profit jumped 113% YoYto ₹22 crore. Clearly, someone at Exhicon found the “Turbo” button on the Excel sheet.
The company’sROCE stands at 34.6%,ROE at 26.6%, anddebt-to-equity ratio at 0.05—basically debt-free. Even more impressive? Theirinterest coverage ratio is 104x, which is CFO-speak for “banks call us sir.”
But there’s a twist:promoter holding quietly slipped from 57.15% to 55.33%. Are they sharing the stage with new investors—or slipping backstage quietly? We’ll find out.
For now, the crowd cheers. The show goes on. And Exhicon, with a104% 1-year return, is clearly the new ringmaster of India’s growingexhibitions and event infrastructure circus.
2. Introduction
There are companies that make events. And then there’sExhicon, which buildsevents about eventsandvenues for venues. If Ambani throws a party, these are the people who’d set up the tent, design the invite, and maybe print the next day’s newspaper about it too.
From supplyingtemporary hangars, lighting, furniture, and sound, to managingtrade fairs for ministries and MNCs, to runningtheir own event infrastructure empire, Exhicon’s business model is what you’d get ifRamoji Film City, NDTV, and BHELhad a baby.
Born in2010, the company started as a humble exhibition infrastructure provider and has now sprawled acrossFMCG, solar, healthcare, and international expo projectsinUAE, Thailand, Switzerland, and Hong Kong. Basically, they went from setting up stalls to setting up empires.
Their latest trick? A shiny45,000-seat Messe Global Convention Centre in Pune, which is projected to rake in ₹40–₹50 crore annually, with ₹10–₹15 crore EBITDA and a4–5 year payback. Someone clearly did the math between “temporary stage” and “permanent cash flow.”
The IPO inApril 2023raised ₹21.12 crore—pocket change by today’s market frenzy—but the funds were stretched wider than an exhibition carpet: importing aluminium hangars, acquiring a 51% stake inNICE Solutions, and rolling out venue projects across India.
Welcome toIndia’s newest events monopoly, where the party never ends—because Exhicon owns the venue, the banners, and even the Wi-Fi.
3. Business Model – WTF Do They Even Do?
So what exactlyisExhicon? An event manager? A marketing agency? A real estate developer? Or a secret government department with cooler lighting?
Let’s break it down:
They are aone-stop-shop for exhibitions, conferences, trade shows, and conventions, servinggovernments, corporates, and industry associations. If you’ve ever attended a trade fair and admired the stalls, lighting, signage, or those “Free Wi-Fi by Ministry of X” banners—there’s a good chance Exhicon built that circus.
Their verticals include:
- B2B Trade Shows– Big exhibitions, big booths, bigger invoices.
- Event Venues & Real Estate– Owning spaces likeMesse Global Convention CentreandMesse Global Arena Pune.
- Event Media & Publications– Because every good event needs someone shouting about it in print, digital, and radio.
- End-to-End Exhibition Solutions– From carpet to ceiling, they handle it all.
- Exhibition Hospitality & F&B– Yes, they’ll even feed your guests (and possibly overcharge for coffee like a true event veteran).
- International Expo Sales & Marketing– Selling Indian fairs to the world, literally.
The magic lies in integration. While others chase one-off event contracts, Exhicon quietly buildspermanent venues and recurring client relationships. Think of them as India’s “events landlord.”
And if that’s not enough diversification, they’re also sniffing aroundsolar energy, gadgets, and healthcare. If someone finds a way to host an exhibition in space, these guys will be first in line with an octanorm frame.
4. Financials Overview
Data Type: Quarterly (Consolidated Figures in ₹ crore)
| Metric | Sep’25 (Latest) | Sep’24 (YoY) | Jun’25 (Prev Qtr) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 103 | 63 | 81 | 63.8% | 27.2% |
| EBITDA | 27 | 13 | 22 | 107.7% | 22.7% |
| PAT | 22 | 11 | 20 | 113% | 10% |
| EPS (₹) | 15.01 | 7.58 | 12.47 | 98% | 20.4% |
Annualised EPS:₹15.01 × 4 =₹60.04At ₹500 CMP, that’s aP/E of
~8.3x (annualised)—far below its headline 18.8x trailing ratio.
That’s like discovering your overpriced pani puri actually came with gold flakes.
Exhicon’s quarterly expansion is pure fireworks: revenues and profits have more than doubled YoY. Operating margin at27%shows strong pricing power. When your clients are ministries and multinationals, payment might be slow—but it’s solid.
5. Valuation Discussion – Fair Value Range Only
Let’s decode what this event emperor could beworth—educationally, of course.
(a) P/E Method:If we annualise EPS ₹60.04 and apply reasonable multiples:
- AtP/E 15x, fair value = ₹900
- AtP/E 20x, fair value = ₹1,200
(b) EV/EBITDA Method:FY25 EBITDA = ₹50 crore; EV = ₹679 crore ⇒ EV/EBITDA = 13.5xIf sector median is ~16x, a range of ₹700–₹1,000 crore enterprise value seems fair.
(c) DCF Snapshot (simplified):Assume 25% growth for 3 years tapering to 10%, cost of capital 12%.Discounted fair value ≈ ₹750–₹950 crore EV range.
So, educationally speaking,Exhicon’s fair value range is ₹700–₹1,000 crore EV (₹520–₹750/share).
⚠️Disclaimer: This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
Exhicon’s announcement section is basically a Netflix season. Here’s the highlight reel:
- Nov 2025:Completed theMesse Global Convention Centre, Pune— 45,000 capacity, ₹40–₹50 crore revenue potential, ₹10–₹15 crore EBITDA, 4–5 year payback. That’s not an event venue, that’s a money-printing hangar.
- Oct 2025:Signed MoU with10Timesfor Middle East exhibitor services. Translation: “We’ll host your events, market them, and probably charge you twice.”
- Sept 2025:Inks₹2,000–₹4,000 crore PPP dealwith IEML for exhibition infra over 3–5 years. That’s like shaking hands with Delhi’s events destiny.
- Oct 2025:CompletedMesse Global Arena, Kharadi Pune; appointedMark Burns as CEOof global operations. Sounds British enough to run a global exhibition empire.
- Aug 2025:Launches“Best of India” International Expo Seriesacross six countries. Global show-off mode: ON.
- Apr 2025:Approves₹50 crore capexfor modular event infra to juice margins.
The company alsoshifted its HQto a shiny new Pune office. When you start buying hangars from China
