Exhicon Events Media Solutions Ltd Q2 FY26 – From Hangars to Hype: India’s Event Emperor Hits the Big Stage (Revenue ₹103 Cr, Profit ₹22 Cr, ROCE 34.6%)
1. At a Glance
Picture this: a company that throws parties so big even governments show up—and still manages a 27% operating margin. That’s Exhicon Events Media Solutions Ltd (EEMSL) for you, currently ₹500 per share, wearing a ₹698 crore market cap suit and flashing a P/E of 18.8x.
In the last quarter (Sep’25), Exhicon pulled in ₹103 crore in revenue, a sizzling 63.8% YoY growth, while net profit jumped 113% YoY to ₹22 crore. Clearly, someone at Exhicon found the “Turbo” button on the Excel sheet.
The company’s ROCE stands at 34.6%, ROE at 26.6%, and debt-to-equity ratio at 0.05—basically debt-free. Even more impressive? Their interest 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 a 104% 1-year return, is clearly the new ringmaster of India’s growing exhibitions and event infrastructure circus.
2. Introduction
There are companies that make events. And then there’s Exhicon, which builds events about events and venues 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 supplying temporary hangars, lighting, furniture, and sound, to managing trade fairs for ministries and MNCs, to running their own event infrastructure empire, Exhicon’s business model is what you’d get if Ramoji Film City, NDTV, and BHEL had a baby.
Born in 2010, the company started as a humble exhibition infrastructure provider and has now sprawled across FMCG, solar, healthcare, and international expo projects in UAE, Thailand, Switzerland, and Hong Kong. Basically, they went from setting up stalls to setting up empires.
Their latest trick? A shiny 45,000-seat Messe Global Convention Centre in Pune, which is projected to rake in ₹40–₹50 crore annually, with ₹10–₹15 crore EBITDA and a 4–5 year payback. Someone clearly did the math between “temporary stage” and “permanent cash flow.”
The IPO in April 2023 raised ₹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 in NICE Solutions, and rolling out venue projects across India.
Welcome to India’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 exactly is Exhicon? 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 a one-stop-shop for exhibitions, conferences, trade shows, and conventions, serving governments, 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 like Messe Global Convention Centre and Messe 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 builds permanent venues and recurring client relationships. Think of them as India’s “events landlord.”
And if that’s not enough diversification, they’re also sniffing around solar 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)
Source table
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 = ₹60.04 At ₹500 CMP, that’s a P/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 at 27% shows strong pricing power. When your clients are ministries and multinationals, payment might be slow—but it’s solid.
