India Exposition Mart IPO

Strengths · 6

• 01Revenue from operations grew from Rs 194.73 crore in FY2024 to Rs 241.15 crore in FY2025 and Rs 290.63 crore in FY2026.
• 02The venue has 17 indoor exhibition halls with about 88,509 square metres of indoor area and about 78,511 square metres of outdoor area.
• 03Operating cash flow was Rs 52.84 crore in FY2026, up from Rs 38.56 crore in FY2025 and Rs 25.53 crore in FY2024.
• 04Borrowings fell from Rs 23.27 crore of non-current and Rs 9.42 crore of current debt in FY2024 to only Rs 0.60 crore of current debt in FY2026.
• 05Hotels and Hospitality revenue rose from Rs 16.33 crore in FY2024 to Rs 39.39 crore in FY2026, and room occupancy rose from 28.63% to 55.88%.
• 06The company reported a profit in each of FY2024, FY2025 and FY2026, with consolidated profit of Rs 31.16 crore in FY2026.

Risks · 10

• 01All operations depend on one venue. The India Expo Centre and Mart sits on land leased from GNIDA, and non-renewal would end substantially all operations.
• 02Third-Party Events gave 56.44% of FY2026 revenue, and the top ten events gave 90.77% of that vertical's revenue, up from 78.39% in FY2024.
• 03The top customer gave 40.61% of events and exhibitions revenue in FY2026, against 18.92% in FY2025. The top five gave 68.30%.
• 04The top supplier took 26.50% of other expenses in FY2026 and the top five took 56.02%.
• 05Profit after tax fell from Rs 38.64 crore in FY2025 to Rs 31.16 crore in FY2026 even though revenue rose, and other income was Rs 8.93 crore in FY2026.
• 06Of the 3,02,41,002 shares offered, 2,27,41,002 are an offer for sale, so most of the issue goes to selling shareholders. The company gets money only from the 75,00,000 fresh shares.
• 07General corporate purposes in the fresh issue is not yet fixed but can be up to 25% of gross proceeds.
• 08Subsidiary Expo Digital India Private Limited lost Rs 29.58 million in FY2026, Rs 39.58 million in FY2025 and Rs 45.04 million in FY2024.
• 09The company gave loans to subsidiaries without prior member approval under Section 185 and filed a compounding application on 13 August 2026. It has also filed for an exemption on identifying one group company.
• 10Pending cases include 2 tax proceedings and 1 regulatory proceeding against the company worth Rs 34.13 million, and 2 criminal and 1 tax case against directors worth Rs 15.07 million.

India Exposition Mart Limited was incorporated in New Delhi on 12 April 2001. It runs the India Expo Centre and Mart in Greater Noida, Uttar Pradesh. This is its only large exhibition venue. The land is held on 90-year leases from the Greater Noida Industrial Development Authority (GNIDA), and the earliest lease began on 10 May 2001.

The venue has 17 indoor exhibition halls, one of them under development, with about 88,509 square metres of indoor space. It also has about 78,511 square metres of outdoor exhibition area. Power comes from a 34 MW infrastructure supplemented by a 3.00 MW solar system. The company had 391 employees as of 31 July 2026.

The company earns from six verticals. Third-Party Events, where organisers hire the venue, gave Rs 164.03 crore or 56.44% of FY2026 revenue. Own IPs, the events it owns, gave 10.99%. Managed Events gave 9.77%. Hotels and Hospitality, under the Indeva Hotels and Resorts brand with ExpoInn, Plume Hotel, Mor Stays and Bean & Brew, gave 13.55%. Export Supply Chain Management gave 3.92% and Maintenance Services gave 4.64%.

The number of events fell from 61 in FY2024 to 51 in FY2025 and 44 in FY2026, while revenue kept rising because the events are larger. Third-party events were 55, 38 and 33 in the same years. Own IP events were 4, 11 and 7. Hotel room occupancy was 28.63% in FY2024, 51.86% in FY2025 and 55.88% in FY2026.

The company is professionally managed and has no identifiable promoter. Vectra Investments Private Limited is the largest shareholder with 22.46%. It has subsidiaries including Expo Digital India Private Limited, which runs the Expo Bazaar export platform, and Garment Technology Expo Private Limited. It filed a draft offer document with SEBI on 3 March 2022 and withdrew it, citing unfavourable market conditions.

The industry

The company operates in the meetings, incentives, conferences and exhibitions (MICE) industry. The industry data in the draft offer document comes from a CRISIL report titled Assessment of Meetings, Incentives, Conferences and Exhibitions Industry in India, dated August 2026, which the company commissioned and paid for. The document lists industry threats such as competition from established global venues, seasonality, currency volatility and a shortage of skilled staff. It also says the company competes with other exhibition venues, including large government-supported ones.

Customer concentration: Top 1, top 5 and top 10 customers gave 40.61%, 68.30% and 75.00% of events and exhibitions revenue in FY2026.