Eventions IPO (30 Sep-05 Oct) Analysis
Updated: 1 hour ago
IPO Analysis | NSE Emerge | 100% Book Built Offer (Fresh Issue Only) | Regulation 229(2)
Based on Red Herring Prospectus dated September 22, 2026 | MICE and Corporate Event Management | Gurgaon, Haryana
STATUS: RHP FILED | Fresh Issue Only, No OFS | Regulation 229(2), SEBI ICDR | NSE Emerge | Price Band: [TBD] | Bidding Dates: [TBD] | All Figures in Rs. Lakhs
Eventions Limited was incorporated as Eventions Private Limited on December 15, 2020, and converted to a public company in February 2026. The registered and corporate office is at Plot No. 108, Sector 44, Institutional, Gurgaon Sector 45, Haryana 122003. The website is www.eventions.in. The promoters are Cristoo Arora, Ravi Rajak and Kirat Ahluwalia. Misha Dhawan is Company Secretary and Compliance Officer.
The company operates in the Meetings, Incentives, Conferences and Exhibitions (MICE) and event management segment, planning, coordinating and executing corporate events, conferences and related activities for corporate and institutional clients, including venue coordination, travel arrangements, accommodation, logistics and on site event execution.
The business runs on an asset light model, coordinating with hospitality providers, destination management companies, logistics partners and event production vendors rather than owning venues or heavy infrastructure.
Assignments span domestic and international locations, and the company has executed 107 events with individual billing value exceeding Rs.50 Lakhs across the three fiscal years shown, serving more than 50 corporate clients across banking, insurance, event management and fast moving consumer goods sectors. The MICE segment alone was 91.29% of FY2026 revenue. The financial year ends March 31.
Key Basics
This is a book built issue on NSE Emerge, made under Regulation 229(2) of the SEBI ICDR Regulations. The RHP is dated September 22, 2026. The Price Band, lot size and Bid dates remain undetermined at this stage.
Field | Value |
Document Type | Red Herring Prospectus dated September 22, 2026. Price Band, lot size and Bid dates are [TBD]. |
Platform | NSE Emerge. Designated Stock Exchange: NSE. |
Issue Structure | Fresh Issue only, up to 32,30,400 Equity Shares, subject to adjustment on finalisation of lot size and Basis of Allotment. No Offer for Sale. |
Face Value | Rs.10 per Equity Share |
Bonus History | |
BRLM | Not identified in the extracted document |
Registrar | Not identified in the extracted document |
Bid Dates | [TBD] |
What distinguishes this issue is a business converting strong profit growth into weakening cash generation: PAT grew every year, but operating cash flow swung from a small positive in FY2024 to increasingly negative in FY2025 and FY2026, entirely on the back of ballooning trade receivables. This is a Fresh Issue only, with no promoter or investor exit.
How Will the IPO Money Be Used?
This is a Fresh Issue only, with no Offer for Sale.
Object | Amount (Rs. Lakhs) | Details |
Repayment or prepayment of borrowings | 700.00 | Against total outstanding borrowings of Rs.944.23 Lakhs as of March 31, 2026, including an HDFC Bank overdraft facility of Rs.720.47 Lakhs outstanding. |
Investment in subsidiary | 140.00 |
|
Working capital | 1,880.00 |
|
General corporate purposes | [TBD] | Capped at 15% of Gross Proceeds or Rs.1,000.00 Lakhs, whichever is lower. |
Total Net Proceeds | [TBD] | To be finalised once the Issue Price is set. |
The three quantified objects total Rs.2,720.00 Lakhs, with working capital the largest single item at Rs.1,880.00 Lakhs, consistent with the company's own stated need to fund advance payments to vendors and execution of large scale events. None of the objects has been appraised by a bank or financial institution.
Financial Performance
Revenue, EBITDA, and Profitability
Rs. Lakhs | FY2026 | FY2025 | FY2024 |
Revenue from Operations | 9,973.96 | 8,752.97 | 8,656.75 |
EBITDA | 1,018.95 | 708.92 | 413.26 |
EBITDA Margin | 10.22% | 8.10% | 4.77% |
Profit After Tax | 772.01 | 512.59 | 328.65 |
EPS, Basic and Diluted (Rs.), post bonus | 8.90 | 6.09 | 3.90 |
Return on Net Worth | 55.16% | 70.28% | 106.46% |
Revenue grew 13.95% in FY2026 to Rs.9,973.96 Lakhs, and PAT grew 50.61% to Rs.772.01 Lakhs, extending a run of improving EBITDA margin from 4.77% in FY2024 to 10.22% in FY2026. RoNW has fallen every year despite growing absolute profit, from 106.46% in FY2024 to 55.16% in FY2026, as the equity base expanded following the March 2026 bonus issue and a rights issue during the year.
Customer concentration eased somewhat but remains high: the top 1 customer fell from 63.21% of revenue in FY2024 to 42.72% in FY2026, while the top 10 customers were 84.59% of FY2026 revenue.
Balance Sheet and Cash Flow
Rs. Lakhs | FY2026 | FY2025 | FY2024 |
Total Assets | 5,063.30 | 2,377.26 | 2,899.84 |
Total Equity | 1,813.38 | 985.63 | 473.04 |
Total Borrowings | 944.23 | 357.40 | 200.51 |
Trade Receivables | 2,987.09 | 985.68 | 1,255.29 |
Net Cash from Operating Activities | (451.75) | (289.38) | 29.10 |
NAV per Share (Rs.), post bonus | 20.92 | NA | NA |
Operating cash flow has worsened every year shown, from a small positive Rs.29.10 Lakhs in FY2024 to Rs.289.38 Lakhs used in FY2025 and Rs.451.75 Lakhs used in FY2026, as trade receivables jumped from Rs.985.68 Lakhs to Rs.2,987.09 Lakhs in the most recent year alone.
Total borrowings nearly tripled from Rs.357.40 Lakhs in FY2025 to Rs.944.23 Lakhs in FY2026, including an HDFC Bank overdraft facility disbursed in April 2026 with an interest rate linked to the three month Repo rate. There are no contingent liabilities or capital commitments disclosed as of the RHP date.
How Does It Compare to Peers?
The RHP names two listed peers: Mach Conferences and Events, and E Factor Experiences, based on closing NSE prices as of September 18, 2026. Eventions' own P/E cannot be shown until the Price Band is set.
Company | EPS (Rs.) | P/E (x) | NAV (Rs.) | RoNW (%) |
Eventions Limited | 8.90 | [TBD] | 20.92 | 55.16% |
Mach Conferences and Events | 7.16 | 22.44 | 58.47 | 12.99% |
E Factor Experiences Limited | 15.03 | 10.98 | 69.41 | 24.25% |
Eventions' RoNW of 55.16% is far higher than both named peers, neither of which exceeds 25%, though both peers carry substantially higher NAV per share and PAT in absolute terms, Rs.1,506.19 Lakhs and Rs.1,967.64 Lakhs against Eventions' Rs.772.01 Lakhs. The RHP's own stated industry P/E average of 16.71 spans the two named peers' 22.44x and 10.98x.
Key Risks
• Operating cash flow has worsened every year shown, from a small positive Rs.29.10 Lakhs in FY2024 to Rs.451.75 Lakhs used in FY2026, as trade receivables jumped from Rs.985.68 Lakhs to Rs.2,987.09 Lakhs in the most recent year alone, even as reported profit grew.
• Top 10 customers were 84.59% of FY2026 revenue, and the top 1 customer alone was 42.72%; the company's own risk disclosure names customer concentration and dependence on repeat engagements as a specific risk.
• Total borrowings nearly tripled in FY2026, from Rs.357.40 Lakhs to Rs.944.23 Lakhs, including a new HDFC Bank overdraft facility with a floating interest rate linked to the Repo rate, disbursed only in April 2026, months before this RHP.
• RoNW has fallen every year shown despite growing absolute profit, from 106.46% in FY2024 to 55.16% in FY2026, as the equity base expanded following a March 2026 bonus issue and a rights issue during the year.
• Recurring related party loan activity with directors Cristoo Arora and Ravi Rajak, including loans received, repaid and imprest advances each year, adds a layer of related party dependency to the company's cash management alongside its director remuneration arrangements.
• The company only converted from a private to a public company in February 2026, just months before this RHP, giving investors a very limited track record of it operating under public company governance standards.
• The MICE segment alone was 91.29% of FY2026 revenue, up from 87.39% in FY2024, concentrating the business in a single service category even as the company describes a broader portfolio of event management offerings.
• The asset light operating model depends on coordination with third party hospitality providers, destination management companies, logistics partners and event production vendors, meaning service quality and delivery timelines are not entirely within the company's direct control.
• This report could not identify the Book Running Lead Manager or Registrar from the extracted text; investors should confirm these directly from the final RHP.
• Both named listed peers are considerably larger by PAT and NAV per share, so the RoNW comparison should be read alongside the difference in scale rather than as a like for like valuation signal.
• Corporate event and MICE spending is discretionary and can be an early casualty of corporate cost cutting during economic downturns, a cyclicality risk inherent to the business.
Positives to Note
• Revenue grew from Rs.8,656.75 Lakhs in FY2024 to Rs.9,973.96 Lakhs in FY2026, and PAT grew from Rs.328.65 Lakhs to Rs.772.01 Lakhs over the same period.
• EBITDA margin more than doubled from 4.77% in FY2024 to 10.22% in FY2026, a genuine improvement in operating profitability as the business scaled.
• Customer concentration at the top has eased: the top 1 customer fell from 63.21% of revenue in FY2024 to 42.72% in FY2026.
• RoNW of 55.16% in FY2026 is far ahead of both named listed peers, neither of which exceeds 25%.
• The company has executed 107 large scale events with individual billing exceeding Rs.50 Lakhs across the three years shown, and holds industry recognition including the Excellence in MICE Business Awards 2024 to 25, evidence of a genuine execution track record in high value assignments.
• There are no contingent liabilities or capital commitments disclosed as of the RHP date.
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