Synopsis:- Exhicon Events Media Solutions has signed a term sheet to design, build, and operate an exhibition & convention center at MMLP Indore, its fifth multipurpose venue in under two years. The asset-light deal lets the company earn at both the construction and operational stages without putting in any capital of its own.
Exhicon Events Media Solutions has signed its fifth multipurpose venue deal in under two years, a zero-CAPEX term sheet to design, build, and operate an exhibition and convention center at MMLP Indore. The asset-light structure lets the company earn at both the construction and operational stages without putting in any capital of its own.
With a market capitalization of Rs. 761 crore, the shares of Exhicon Events Media Solutions Limited were trading around Rs. 515.05 per share as of April 22, 2026, with a 52-week range of Rs. 595 to Rs. 241. It is trading at a P/E of approximately 20.5x.
The Deal Structure
The structure of this deal is worth examining closely. The entire capital expenditure for the project will be borne by the developer; Exhicon puts in nothing on the construction side. Instead, the design and build contract has been awarded to Exhicon’s wholly owned subsidiary, Exhicon Global Development Private Limited, which converts that developer-funded CAPEX into execution revenue for the company at the development stage. Once the venue is operational, Exhicon steps in as the operator under a 10-year O&M agreement, earning a revenue share of 35 percent in years one through three, stepping down to 30 percent from year four onward.
That revenue share applies across exhibitions, conventions, corporate and social events, sponsorships, F&B, parking, and ancillary income, a diversified base that reduces dependence on any single category. The agreement also includes developer-funded marketing support, an escrow mechanism, audit rights, and exclusive operating rights for the tenure, giving Exhicon meaningful commercial protection without financial exposure.
Track Record and Execution Context
This is the fifth multipurpose venue Exhicon has signed in the past two years and the second where the company is involved in both design-build and operations. Two venues are already operational. That matters because the gap between signing and revenue is a real risk for event infrastructure companies, and two live operational assets suggest the model is moving past the paper stage. The MMLP Indore site, part of India’s broader multimodal logistics infrastructure push, also benefits from built-in institutional footfall from the industrial park’s commercial ecosystem.
Business Overview
Incorporated in 2010 and listed on the BSE SME platform, Exhicon Events Media Solutions Limited provides end-to-end solutions for exhibitions, conferences, and events spanning temporary and permanent event infrastructure, media and integrated marketing, and event management services.
For the half-year ended September 30, 2025, the company reported consolidated revenue from operations of Rs. 103 crore against Rs. 63 crore in the same period last year, with profit before tax of Rs. 25 crore compared to Rs. 14 crore a year ago, a year-on-year improvement of approximately 78 percent on the bottom line.
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