India Exposition Mart Ltd
Owner-operator of the India Expo Centre & Mart in Greater Noida – the venue that hosts the IHGF Delhi Fair, the Auto Expo and the 2023 G20 Sherpa events – with an IPO on file.
Market cap
₹471.2 Cr
3.80 Cr shares
P/E ratio
12.40
Sector average 30
Book value
₹83.68
P/B 1.48
1-year return
-0.10%
52w ₹105 – ₹145
Currently 48% of the way through its 52-week range.
Indicative price history
1Y change
+0.70% ₹123 → ₹124
52-week band in this window: ₹116.58 – ₹130.39. Weekly indicative marks, not exchange-traded prices.
Key highlights
- One of India's largest integrated exhibition venues: about 58 acres, 16 halls and 900 permanent showrooms at Greater Noida.
- Host venue for the IHGF Delhi Fair, Auto Expo components, Petrotech and G20 Sherpa meetings.
- DRHP filed with SEBI in 2024; the company owns its land and buildings with negligible debt.
About India Expo Mart
India Exposition Mart Limited (IEML) owns and runs the India Expo Centre & Mart at Knowledge Park II, Greater Noida, one of the largest integrated exhibition and convention venues in the country. The complex spreads over about 58 acres with 16 exhibition halls, roughly 900 permanent showrooms (marts) leased to handicraft exporters, convention halls, an open-air arena and parking for several thousand vehicles. It was promoted in 2001 by the Export Promotion Council for Handicrafts (EPCH) with the Government of Uttar Pradesh and several hundred exporter-members as founding shareholders.
Revenue comes from three streams: renting halls and outdoor space to organisers (the IHGF Delhi Fair held twice a year, the Auto Expo, Petrotech, defence and machinery shows), lease and maintenance income from the permanent showrooms, and food, utilities and event services. The venue also hosted the G20 Sherpa meetings in 2023 and the UP Global Investors Summit ecosystem events, which raised its profile with government organisers.
After a pandemic wash-out in FY21-FY22, revenue rebounded to about ₹95 Cr in FY23 and, on our estimates, about ₹140 Cr in FY24 and ₹165 Cr in FY25, with margins improving as fixed costs were absorbed. IEML filed a draft red herring prospectus with SEBI in early 2024 for a fresh issue plus an offer for sale by exporter shareholders; the issue has not opened as of September 2026 and investors should check whether SEBI's approval remains valid. The company is debt-light and owns its land and buildings.
Rate shown is the dealer quote given to us. Registry identifiers and several figures could not be verified against public sources at the time of writing; line items are reconstructed around reported or estimated totals; treat them as approximate.
Where the revenue comes from
- Hall and space rental for exhibitions55%
Fees from organisers of trade fairs, consumer shows and conferences
- Mart lease and maintenance25%
Permanent showrooms leased to handicraft exporters
- Events, catering and services20%
Food and beverage, utilities, parking, event management
Products & services
Exhibition halls and open areas
Air-conditioned halls and outdoor grounds rented to trade-fair and consumer-show organisers.
Permanent marts
Showrooms leased to handicraft and lifestyle exporters for year-round buyer meetings.
Convention and event services
Auditoria, meeting rooms, catering, utilities and event management.
What works
- • Owns a scarce, purpose-built venue near Delhi with land, halls and 900 showrooms on its own books – hard to replicate at any price.
- • Anchor demand from EPCH's IHGF Delhi Fair (spring and autumn editions) plus a growing calendar of automotive, energy, defence and government events.
- • Low leverage and strong cash generation once occupancy recovers; capex is largely done.
What to watch
- • Competition from Bharat Mandapam (Pragati Maidan) and Yashobhoomi (Dwarka), both government-backed venues that can draw large events away from Greater Noida.
- • Earnings are lumpy and event-driven; the pandemic showed revenue can fall to a fraction of normal.
- • Shareholder base of several hundred exporters and an IPO whose timing is uncertain make price discovery in the unlisted market patchy.