Eventions
What they do: Provides event and conference organization services; revenue is recognized on a due/service-rendered basis, with operations concentrated in one business and one geography.
By IPO Milega Research · Published
Analysis score 5.6 -1.5 for 0.88x QIB subscription
Eventions Limited shows steady revenue growth and healthy accounting profits, but operating cash flow has been negative in the latest two years and borrowings are material.
- Listing gain
- -5.93%
- Listed at ₹111
- Subscribed
- 20.39x
- Total so far
- Retail odds
- 4%
- 1 in 25
GMP is an unofficial grey market indication. GMP updated 11 Oct, 18:05 IST.
- Price band
- ₹112-118
- Lot size
- 2400 shares
- Min. investment
- ₹2,83,200
- Issue size
- 38.12 Cr.
- Open30 Sept 2026
- Close5 Oct 2026
- Allotment6 Oct 2026
- Listing8 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 0.88x
- NII
- 35.98x
- Retail
- 24.88x
₹118 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹36 Cr
- Fresh issue
- To selling shareholders
- ₹0 Cr
- No offer for sale
- Repayment and/or pre-payment of certain borrowings₹7 Cr18%
- Investment in Subsidiary₹1.4 Cr4%
- Working Capital Requirement₹18.8 Cr49%
- General Corporate Purposes₹10.92 Cr29%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials6.0
- Performance7.0
- Flexibility7.0
- Timing5.0
- Risk3.0
GMP is flat at 0, so near-term listing upside looks limited despite steady revenue/PAT growth and margin expansion. The company has positive fundamentals, but negative operating cash flow, customer concentration, receivable build-up, and compliance/tax disputes reduce the chance of a strong re-rating at listing.
Strengths5
- Executed 107 high-value events with individual billing above ₹50 lakh across FY24-FY26.
- Served more than 50 corporate clients across banking, insurance, FMCG and other sectors.
- Expanded international execution footprint across Europe, Middle East and Asia-Pacific.
- Improved EBITDA margin from 4.77% in FY24 to 10.22% in FY26.
- Received industry recognition including MICE awards and partner appreciation.
Concerns5
- Revenue is highly concentrated among few customers; top 10 contributed 84.59% of FY26 revenue.
- Operating cash flow was negative in FY25 and FY26 despite reported profits, indicating earnings-to-cash conversion risk.
- Working capital strain is elevated, with trade receivables of INR 2,987.09 lakhs and unbilled revenue of INR 2,050.25 lakhs in FY26.
- Event management/MICE demand is volatile and execution depends on third-party vendors, venues, and timely client approvals.
- Compliance lapses exist, including delayed RoC filings and auditor observations on GST cancellation and ESI/PF non-compliance.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,83,2002 lots, 2400 shares
- Retail Maximum2,83,2002 lots, 2400 shares
- S-HNI Minimum4,24,8003 lots, 3600 shares
- S-HNI Maximum9,91,2007 lots, 8400 shares
- B-HNI Minimum11,32,8008 lots, 9600 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,83,200 |
| Retail Maximum | 2 | 2400 | 2,83,200 |
| S-HNI Minimum | 3 | 3600 | 4,24,800 |
| S-HNI Maximum | 7 | 8400 | 9,91,200 |
| B-HNI Minimum | 8 | 9600 | 11,32,800 |
Timing
5.0/10Neutral-to-mixed timing. Positives include consistent profit growth and a manageable issue size. Offsetting factors are weak operating cash generation, reliance on borrowings, recent conversion to a listed structure, and a disclosure set that emphasizes macro, regulatory, and execution risks rather than a clearly favorable sector momentum. Overall, the issue does not look poorly timed, but it also does not show strong evidence of exceptional market conditions or a compelling strategic window.
- Time to market
- The company seems to be accessing the market at a practical stage of expansion, but the timing is only average because profitability is not yet matched by operating cash flow strength. That makes the offering useful for capital flexibility, yet not clearly advantaged by a particularly strong business or market inflection.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- NSE SME
Key milestones
- 30 Sept 2026IPO Opens
- 5 Oct 2026IPO Closes
- 6 Oct 2026Basis of Allotment
- 7 Oct 2026Refunds Initiated
- 7 Oct 2026Credit to Demat Account
- 8 Oct 2026Listing Date
Financials
6.0/10- Revenue
- ₹101 Cr
- +14.3%
- Profit after tax
- ₹7.72 Cr
- +50.5%
- Net margin
- 7.7%
- +1.8 pts
- Assets
- ₹50.63 Cr
- +113.0%
- Return on equity
- 52.07%
- Debt to equity
- 0.52
- Revenue CAGR
- 7.44%
- ROCE
- 48.76%
- Return on net worth
- 55.16%
- NAV per share (₹)
- 20.92
- Price to book
- 5.64
Financial performance trend
Amount ₹ in croresEventions Limited shows steady revenue growth and healthy accounting profits, but operating cash flow has been negative in the latest two years and borrowings are material. Balance sheet leverage is moderate, and the IPO includes partial debt repayment plus working capital support.
Borrowings are moderate, with long-term borrowings of 14.109 million INR and short-term borrowings of 80.314 million INR. The IPO proposes repayment/pre-payment of 7.00 million INR (₹0.70 Cr) of borrowings, so debt will reduce but not disappear; it is a manageable but relevant leverage item.
Fresh issue goes to the company. OFS goes to the selling shareholders.
None; no offer for sale is described.
The company is raising capital for repayment/pre-payment of borrowings, investment in a subsidiary, working capital, and general corporate purposes. Existing holders are not shown as cashing out through OFS.
Risk
3.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks3
- Operational risks4
- Regulatory risks3
High customer concentration, negative operating cash flows despite profits, working-capital stress, unbilled revenue build-up, compliance lapses, and pending tax/consumer disputes elevate execution and regulatory risk.
How the company offsets these
Management cites accounting-compliant revenue recognition, diversified supplier base, no major criminal actions, and litigation amounts that appear limited versus overall operations.
Financial risks3
- Negative operating cash flows in FY25 and FY26 despite PAT growth.
- High trade receivables and unbilled revenue can pressure liquidity and collection cycles.
- Customer concentration increases earnings volatility and credit risk.
Market risks3
- Demand volatility in event management and MICE services.
- Intense competition in the sector.
- Revenue depends on client/event pipelines and timing of corporate engagements.
Operational risks4
- Dependence on third-party vendors, venues, and event execution quality.
- Execution delays and budget overruns in large-scale events.
- Billing and collection delays due to multi-stage approvals and reimbursable expenses.
- Unbilled revenue build-up reflects timing mismatches in invoicing and collections.
Regulatory risks3
- Delayed statutory filings with RoC and adverse auditor observations.
- Outstanding tax demands/notices for TDS and GST against the Company and Promoters.
- Consumer complaint pending adjudication with possible reimbursement obligation.
Performance
7.0/10Eventions Limited has delivered strong revenue and profit growth over FY24-FY26, driven by a shift toward higher-value MICE assignments and increased international/long-haul events. The model is asset-light and execution-led, but customer concentration, rising receivables, and cash outflows from operations temper the quality of performance.
- Historical growth
- Revenue grew from ₹8,656.75 lakh in FY24 to ₹8,752.97 lakh in FY25 and ₹9,973.96 lakh in FY26; PAT rose from ₹328.65 lakh to ₹512.59 lakh and then ₹772.01 lakh. EBITDA margin improved from 4.77% to 8.10% to 10.22%, while profit growth outpaced revenue growth., Revenue CAGR FY24-FY26: about 7.3%; PAT CAGR FY24-FY26: about 53.6%.
- Market comparison
- The company operates in a fragmented and competitive Indian MICE/event market alongside organised and unorganised players such as Mach Conferences & Events Limited and regional agencies. Its integrated service model and asset-light execution support competitiveness, but heavy reliance on a few large customers and exposure to pricing pressure limit peer-differentiation.
- Future potential
- Positive, supported by India’s developing MICE ecosystem, government initiatives to promote MICE infrastructure, and the company’s focus on higher-value domestic and international events.
- Operational consistency
- The company shows consistent operating history since FY23, recurring high-value event execution, and repeat-client relationships. However, operating cash flow was negative in FY24-FY26 and trade receivables rose sharply in FY26, indicating execution quality is good but working-capital discipline is still uneven.
- Experience
- Promoters collectively have about 20 years of experience in MICE and event management and have been associated since incorporation.
- Track record
- Management has scaled the business from ₹4,160.48 lakh revenue in FY23 to ₹9,973.96 lakh in FY26, while improving profitability and expanding higher-value international work.
Key achievements
- 01Executed 107 high-value events with individual billing above ₹50 lakh across FY24-FY26.
- 02Served more than 50 corporate clients across banking, insurance, FMCG and other sectors.
- 03Expanded international execution footprint across Europe, Middle East and Asia-Pacific.
- 04Improved EBITDA margin from 4.77% in FY24 to 10.22% in FY26.
- 05Received industry recognition including MICE awards and partner appreciation.
Flexibility
7.0/10The company serves domestic and international events, has executed across multiple countries, and benefits from an asset-light model and repeat client relationships. Its adaptability is constrained by heavy revenue concentration from insurance/banking clients and the top customer base.
Revenue and PAT have grown over FY24-FY26, EBITDA margin improved to 10.22%, and current ratio stayed above 1.0. However, debt rose to 52.07% of equity, receivables are high, and the IPO is partly aimed at debt repayment and working capital support.
The business model relies on vendor coordination rather than owned assets, enabling project-specific scaling across domestic and international locations. Execution across varied event sizes and locations, including long-haul international events, supports strong operational agility.
Asset-light execution, multi-geo delivery, and service breadth across MICE, corporate events, activations, and FIT support indicate good adaptability. However, high dependence on a few large clients, concentration in insurance/banking, and working-capital needs temper flexibility.
- Product diversification
- Moderate diversification. Core revenue is overwhelmingly from MICE, with smaller contributions from corporate events and negligible FIT/others. The subsidiary Gantu adds a separate B2C travel dimension, but current revenue diversification remains limited.
- Future adaptability
- Moderate to good. Planned use of IPO proceeds for working capital, debt repayment, and subsidiary investment should improve execution capacity and financial flexibility. Future adaptability will depend on reducing client concentration, broadening sector exposure, and successfully scaling the technology-led travel platform.
Latest on Eventions IPO
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.