Exhicon Events Media Solutions Limited reported a 40.25% year-on-year increase in consolidated total revenue to ₹205.46 crore for FY26, driven by robust growth in its exhibition and infrastructure businesses. Profit after tax rose 49.54% to ₹45.24 crore, reflecting significant operating leverage as the company transitions from an asset-light model to owning and operating major venues.

The financial performance was detailed in the Chairman's address at the 16th Annual General Meeting held on September 24, 2026. The meeting also adopted the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026, and approved the re-appointment of Ms. Padma Mishra as Whole Time Director and M/s. Bilimoria Mehta & Co. as statutory auditors for a five-year term.

Financial performance and balance sheet strength

Exhicon delivered its strongest financial year to date, with profitability outpacing revenue growth. Consolidated revenue from operations grew 41.24% to ₹202.70 crore. The balance sheet strengthened significantly, with consolidated net worth expanding 72.52% to ₹212.25 crore and total assets rising 85.34% to ₹264.26 crore. Cash and bank balances surged 144.39% to ₹28.57 crore, while Earnings Per Share (EPS) grew 37.4%.

Strategic shift to Venue-as-a-Service

The company is executing a deliberate shift toward a Venue-as-a-Service (VAS) model, combining design and construction with long-term Operations & Maintenance revenue. This approach generates two distinct income streams: upfront execution revenue and recurring annuity-like O&M income. Exhicon’s development pipeline now spans nearly 1.25 lakh square metres of venue infrastructure across India, including Pune, Mohali, Greater Noida, Indore, Nashik, Ayodhya, and Delhi-NCR. This portfolio represents approximately 25% of India's total operational indoor exhibition capacity.

Key projects include the Messe Global Convention Centre in Pune, which is fully operational, and the Mohali Convention & Exhibition Centre, a 21-acre Public-Private Partnership project with the Government of Punjab. The company also secured mandates for the India Expo Centre expansion in Greater Noida and the Bharat Mobility Global Expo 2027 in New Delhi.

Governance updates and capital raising

During the AGM, shareholders approved the re-appointment of Bilimoria Mehta & Co. as statutory auditors until the conclusion of the AGM for the fiscal year ending March 31, 2031. The firm holds Peer Review Certificate No. 017167 and serves listed companies across media, technology, and manufacturing sectors.

To fund its scale-up, the Board approved a preferential warrant issue of approximately ₹23.95 crore to the promoter, which will raise promoter holding to roughly 50.99% post-issue. Additionally, the company has initiated migration of its listing from the BSE SME platform to the Main Board of BSE and NSE, subject to SEBI approval.

Diversification into aviation and lifestyle sectors

Exhicon is diversifying beyond core events through its subsidiary, United Helicharters Private Limited, which received its DGCA Air Operator Permit in February 2026 and won the Kedarnath helicopter shuttle contract. The company also operates Pinewoods Golf Club, managing two golf courses in Pune, and has entered an exclusive partnership with ICICI Lombard General Insurance for exhibition risk cover.

What the Numbers Show

The divergence between revenue growth (40.25%) and net worth growth (72.52%) indicates that Exhicon is retaining a substantial portion of its earnings to fund capital-intensive infrastructure projects rather than distributing them. This retention strategy, coupled with the surge in cash balances (144.39%), provides the liquidity necessary to execute the large-scale PPP and BOT projects disclosed in the pipeline, reducing reliance on external debt for immediate construction costs.

Exhicon Events Media Solutions Ltd has executed a Joint Venture Agreement with India Exposition Mart Limited (IEML) to develop the Mohali Convention & Exhibition Centre. The project, valued at ₹75 crore, is being undertaken through a special purpose vehicle on a public-private partnership model with the Government of Punjab.

Under the agreement signed on September 21, 2026, Exhicon agreed to transfer 35% of its wholly owned subsidiary, Exhicon Mohali Convention Centre Private Limited (EMCCPL), to IEML. The consideration for the 52,500 equity shares is ₹5,25,000. Following the transfer, which remains subject to dematerialisation and regulatory formalities, EMCCPL will cease to be a wholly owned subsidiary but will continue as a subsidiary of Exhicon.

Strategic Rationale and Sector Context

The partnership aims to strengthen both companies' foothold in India's growing MICE (Meetings, Incentives, Conferences, and Exhibitions) sector. The Mohali Convention & Exhibition Centre is being developed at IT City, Sector 83, Mohali, Punjab. Phase 1 of the project is designed to create a modern, large-scale venue addressing the region's current undersupply of world-class MICE facilities.

For Exhicon, the deal offers capital-efficient growth by bringing in a strategic partner to co-fund and de-risk a large-scale infrastructure project. This reduces the capital burden on the parent company while retaining majority (65%) ownership and control. IEML gains a strategic entry into the fast-growing Punjab-Chandigarh tri-city market, extending its presence beyond existing venues. Padma Mishra, Whole Time Director at Exhicon, stated that the partnership extends their reach into Punjab’s growing MICE industry. Mukesh Gupta, Director of IEML, described it as an important milestone in building a pan-India MICE network.

Governance and Ownership Structure

The Joint Venture Agreement outlines the rights and obligations of both partners regarding the ownership, management, and funding of EMCCPL. The post-transfer shareholding structure establishes a clear majority control for Exhicon while granting IEML significant minority protections.

Key Terms of the Agreement

The agreement stipulates that the Board of EMCCPL will comprise three directors. Exhicon retains the right to nominate two directors, while IEML may nominate one. This right continues as long as the respective partner holds at least 25% of the paid-up share capital. Specified affirmative-vote matters require prior written consent from IEML, ensuring minority protection in critical decisions.

Future capital requirements for the project will be contributed by the JV partners in proportion to their respective shareholdings through rights issues. The share transfer is governed by pre-emptive rights and other restrictions contained within the JVA. The JVA was approved by Exhicon's Corporate Restructuring and Investment Committee.

What the Numbers Show

A notable divergence exists between the nominal equity transfer value and the total project cost. While the consideration for the 35% stake is merely ₹5,25,000, the projected cost of the convention centre is ₹75 crore. This disparity suggests that the initial equity contribution is minimal relative to the overall capital expenditure, implying that the bulk of the funding will likely be raised through debt or future proportional capital calls as outlined in the agreement. Additionally, EMCCPL was incorporated in April 2026 and contributed no revenue or net worth to Exhicon in FY26, indicating the venture is in its nascent stage.