Eventions SME IPO

Strengths · 8

• 01Profit has more than doubled in two years, from Rs 3.29 crore in FY2024 to Rs 5.13 crore in FY2025 and Rs 7.72 crore in FY2026.
• 02EBITDA has grown from Rs 4.13 crore in FY2024 to Rs 10.19 crore in FY2026.
• 03Return on net worth is 55.16% and return on capital employed is 48.76%, because the asset-light model needs little capital of its own.
• 04Net worth has grown from Rs 4.73 crore in FY2024 to Rs 18.13 crore in FY2026.
• 05Revenue crossed Rs 100 crore in FY2026, at Rs 100.62 crore against Rs 88.02 crore in FY2025.
• 06There is a record of repeat work, with 107 events each billing over Rs 50 lakh across three years and more than 50 corporate clients.
• 07The whole Rs 38.12 crore issue is fresh capital with no offer for sale, with Rs 18.80 crore for working capital and Rs 7 crore repaying borrowings.
• 08It executes events in Europe, the Middle East and Asia-Pacific as well as India, so it is not limited to one market.

Risks · 12

• 01The reserves row does not fit the rest of the table, falling from Rs 9.85 crore in FY2025 to Rs 9.18 crore in FY2026 while net worth rose from Rs 9.86 crore to Rs 18.13 crore.
• 02The assets row moves oddly too, falling from Rs 29.00 crore in FY2024 to Rs 23.77 crore in FY2025 and then more than doubling to Rs 50.63 crore in FY2026.
• 03Revenue was almost flat between FY2024 and FY2025, at Rs 87.29 crore and Rs 88.02 crore, so only one year of real growth is on record.
• 04The profit margin is thin at 7.67% and the EBITDA margin is 10.22%, because most of the billing is passed on to hotels, airlines and vendors.
• 05Rs 7 crore of the Rs 38.12 crore issue repays borrowings and Rs 1.40 crore goes into the subsidiary Gantu Online Private Limited, so that part of the money does not build the main business.
• 06Borrowing has risen from Rs 2.01 crore in FY2024 to Rs 9.44 crore in FY2026.
• 07The client list is short at more than 50 corporate customers, and corporate event budgets are cut first when companies tighten spending.
• 08The company runs on 35 employees and buys in venues, travel and production, so delivery depends on vendors it does not control.
• 09The QIB reservation of 1,62,000 shares is shown without a percentage of the offer, so the split cannot be checked against the other categories.
• 10The company was incorporated only in December 2020, so there is no record of how it trades through a weak year.
• 11Promoter holding falls from 99.96% to 73.46% after the issue.
• 12This is an SME issue. One lot is 1,200 shares, which is about Rs 1.42 lakh at the upper band of Rs 118, and SME shares usually trade in low volume after listing.

Eventions Limited was incorporated in December 2020 and works in the meetings, incentives, conferences and exhibitions business, usually shortened to MICE.

It plans, coordinates and runs corporate events and conferences for companies and institutions. Services cover MICE events, corporate events, conferences, incentive travel programmes, virtual events, free independent travel and brand and marketing activations, including venue coordination, travel and accommodation, logistics and running the event on the ground. It works mainly business to business and also executes events on behalf of other event management companies when an assignment is large or spread across cities.

The model is asset light, with hospitality providers, destination management companies, logistics partners and event production vendors doing the physical work. It has run events across India and in Spain, France, the Netherlands, Switzerland, Hungary, the UAE, Azerbaijan, Singapore and Indonesia. Across FY2024, FY2025 and FY2026 it executed 107 events each billing more than Rs 50 lakh and served more than 50 corporate clients. MICE work was 91.29% of revenue in FY2026, 91.77% in FY2025 and 87.39% in FY2024. Its subsidiary Gantu Online Private Limited sells travel to consumers. As on 31 March 2026 it had 35 employees.

Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.