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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.
Credit Rating (CRISIL)
CARE BB
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 3 Oct 2025
This rating is over a year old.
View Full ReportValuation
Financials (FY2025)
Source: CRISILInvestment Thesis
India Exposition Mart Limited is the owner of one of India's most important trade fair venues, hosting Asia's largest handicrafts fair across its 58-acre Greater Noida campus. Backed by EPCH and institutionally connected to India's handicraft export ecosystem, IEML occupies a unique position in India's MICE industry. Long-term prospects are enhanced by Jewar Airport development, though near-term performance remains tied to trade fair activity and international buyer participation.
Pros
Cons
Business Segments
Exhibition & Trade Fair Hosting
Leasing exhibition hall space and providing event management infrastructure for trade fairs, especially IHGF
Convention & MICE Facilities
Hosting meetings, incentive events, conferences, and exhibitions for corporate and government clients
Revenue Model
India Exposition Mart generates revenue by leasing exhibition stalls and floor space to exhibitors, charging venue rental and event management fees for trade fairs and conventions. Revenue is primarily driven by the number and scale of events hosted annually, with IHGF being the largest revenue-generating event.
Detailed Analysis
Growth Plans
Jewar International Airport development boosting international visitor accessibility to Greater Noida
India's growing handicrafts exports creating demand for more IHGF editions and larger attendance
Government's 'Make in India' and export promotion initiatives driving trade fair participation
Industry Tailwinds
Jewar International Airport development boosting international visitor accessibility to Greater Noida
Recent Developments
Following the COVID-19 pandemic which disrupted trade fair schedules in 2020-2021, IEML resumed IHGF and other trade events with strong participation from both domestic exhibitors and international buyers.
The ongoing development of Noida International Airport (Jewar) near Greater Noida is expected to significantly boost accessibility for international visitors to IEML, potentially expanding its catchment for global trade fair participants.
Comparable Companies
Unlisted/Government
NESCO · 5000 Cr
PE: 25xx
Frequently Asked Questions
About India Expo Centre & Mart (IEML)
India Exposition Mart Limited (IEML) is the operator of India Expo Centre & Mart (IECM), one of the largest and most modern exhibition and convention complexes in South Asia, located at Knowledge Park II, Greater Noida, Uttar Pradesh. The company was promoted by the Export Promotion Council for Handicrafts (EPCH) — a body under the Ministry of Textiles, Government of India — along with the Greater Noida Industrial Development Authority (GNIDA) and individual handicraft exporters. IEML's primary mission is to provide world-class infrastructure for the promotion, display, and export of Indian handicrafts, carpets, silk, jute products, and other artisanal goods to global buyers. The company operates a sprawling campus spread over 1.2 million sq. ft. of built-up area, housing eight large exhibition halls, over 1,800 permanent marts, conference and banquet facilities, a helipad, ample parking for thousands of vehicles, and bonded warehousing. The complex hosts marquee trade fairs including the flagship India International Trade Fair events organised by EPCH, drawing thousands of international buyers and exhibitors annually. Beyond trade fairs, the venue is available for corporate events, product launches, government summits, and entertainment shows year-round. Incorporated on 12 April 2001, IEML has grown steadily from a greenfield project into a nationally significant exhibition hub. The venue's strategic location — just 45 km from Indira Gandhi International Airport, New Delhi, and well-connected via the Yamuna Expressway — makes it accessible to both domestic and international visitors. Revenue is generated through hall rentals to event organisers, permanent mart rentals to exporters and manufacturers, hospitality services, and ancillary charges for power, water, and logistics support. IEML received a CARE IND A+ credit rating (Stable Outlook) in September 2023, reflecting its healthy liquidity position, established market presence in the exhibition sector, and consistent revenue generation. With India's MICE (Meetings, Incentives, Conferences, and Exhibitions) industry projected to grow at a double-digit pace driven by expanding trade, government initiatives like Make in India, and increasing international buyer footfall, IEML is well-positioned to benefit from rising demand for premium exhibition infrastructure.
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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India's growing handicrafts exports creating demand for more IHGF editions and larger attendance
Government's 'Make in India' and export promotion initiatives driving trade fair participation
Industry Headwinds
Competition from newer government-backed exhibition venues in Delhi NCR
Global travel disruptions reducing international buyer participation at trade fairs
Dependence on export trade demand for Indian handicrafts which can be cyclical
Key Strengths
Experienced management with long track record of operations
Reputed organisers and healthy order book
Comfortable financial risk profile
Healthy profitability with periodic fluctuations
Key Weaknesses
Competition from players in the vicinity
Operations concentrated to single property and geographical area
Downward Factors
Moderation in operational performance as reflected by a decline in TOI and PBILDT margin, primarily due to competition
Deterioration in the financial risk profile as marked by overall gearing beyond 0.75x and total debt to gross cash accruals
Deterioration in the liquidity position leading to a depletion in free cash and bank balance below ₹30 crore
Revenue is concentrated around a few large trade fair events annually; cancellation or poor attendance at IHGF would significantly impact financials.
Source: Company Financial Filings
New government-built exhibition venues like Bharat Mandapam (New Delhi) and Yashobhoomi (Dwarka) offer competing world-class facilities in closer proximity to central Delhi.
Source: AlphaHub Research
Pandemics, natural disasters, or geopolitical events can force cancellation of trade fairs, as seen during COVID-19.
Source: AlphaHub Research
Competition from players in the vicinity
Source: AlphaHub Research
Operations concentrated to single property and geographical area
Source: Media Reports / Public Records
Revenue is concentrated around a few large trade fair events annually; cancellation or poor attendance at IHGF would significantly impact financials.
New government-built exhibition venues like Bharat Mandapam (New Delhi) and Yashobhoomi (Dwarka) offer competing world-class facilities in closer proximity to central Delhi.
Pandemics, natural disasters, or geopolitical events can force cancellation of trade fairs, as seen during COVID-19.
Incorporated in 2001 in Delhi by the Export Promotion Council for Handicrafts (EPCH)
Developed a 58-acre exhibition and convention complex in Greater Noida, Uttar Pradesh
Established India Handicrafts & Gift Fair (IHGF) as Asia's largest handicrafts trade fair at IEML
IHGF grew to attract thousands of international buyers per edition, cementing IEML's position as India's premier handicrafts trade venue
Export Promotion Council for Handicrafts (EPCH)
