# India Exposition Mart Limited: IPO analysis > India Exposition Mart Limited (CIN U82300DL2001PLC110396) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 75,00,000 shares and an offer for sale of 2.27 Cr shares. In FY26 it reported revenue of ₹291 Cr (+20.5% on FY25) and a net profit of ₹31 Cr. Our earlier look-up of its claims found 3 medium or high concerns across 37 claims looked up. - Page: https://ipo.innerkore.com/in/company/U82300DL2001PLC110396/india-exposition-mart-limited/ - CIN: U82300DL2001PLC110396 - Last updated: 4 Sep 2026 ## Key facts - **Company:** India Exposition Mart Limited - **CIN:** U82300DL2001PLC110396 - **Filing stage:** DRHP - **Latest SEBI filing:** 4 Sep 2026 - **Offer for sale:** 2,27,41,002 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹291 Cr - **Revenue growth:** +20.5% - **Net profit FY26:** ₹31 Cr - **Revenue CAGR FY24 to FY26:** 22.2% - **Lead managers:** Choice Capital Advisors Private Limited - **Registrar:** KFin Technologies Limited - **Earlier look-up flags:** 0 high, 3 medium, 4 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 22.2% a year. Sales FY24 to FY26; latest year +20.5%. - **Profitability** (looks fine): 10.7% net margin. FY26; operating margin slipping. - **Debt** (looks fine): 0x equity. ₹0.6 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 170% of profit. Operations brought in ₹52.8 crore against ₹31.2 crore of profit in FY26. - **One-off income** (look closer): 21% of profit. Other and one-off income is 21% of pre-tax profit. - **Where the money goes** (concern): 75% for sale. 25% is new shares issued by the company. - **Red flags** (look closer): 3 to review. 37 claims looked up earlier: 0 high, 3 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 195 | 241 | 291 | | Sales growth | – | 23.8% | 20.5% | | Operating profit | 46 | 69 | 57 | | Operating margin | 23.7% | 28.5% | 19.6% | | Net profit | 23 | 39 | 31 | | Net margin | 12.0% | 16.0% | 10.7% | | Net worth | 225 | 254 | 275 | | Borrowings | 23 | 17 | 0.60 | | Return on equity | 10.4% | 15.2% | 11.3% | ## Use of proceeds (fresh issue) - Funding capital expenditure requirements of our Company for upgradation of air handling units, chillers, cooling towers, lifts and escalators, variable frequency drives and other ancillary works at India Expo Centre and Mart;: ₹64 crore - Funding capital expenditure requirements of our Company for renovation of exhibition hall 4 and exhibition hall 6, and build-up of exhibition hall 18, at India Expo Centre and Mart: ₹31 crore - General corporate purposes*: amount not fixed yet ## Claims looked up earlier - **MEDIUM** (SubsidiaryPerformance): The hospitality unit executed a Management Services Agreement with Royal Estcon Private Limited dated May 5, 2026, for sales, marketing, and management services.. Search results corroborate the general relationship between India Expo Mart Limited (IEML) and Royal Estcon Pvt. Ltd., noting that IEML units have signed management agreements with Royal Estcon to operate properties. However, the search results do not specify the exact date of the agreement mentioned in the claim (May 5, 2026) and instead refer to agreements for operating new properties. - **MEDIUM** (LitigationStatus): The Company has applied for the FSSAI License Export Promotion Council for Handicrafts (EPCH) for NH 9, New Moradabad, Moradabad (M Corp.), Moradabad Tahsil, Moradabad, Uttar Pradesh, 244001, with an application date of August 13, 2026.. The search results confirm that India Exposition Mart has filed draft IPO papers with SEBI, with some articles dated around August 2026, which is close to the claimed application date. However, the search results do not specifically mention an application for an FSSAI License for Export Promotion Council for Handicrafts (EPCH) at the specified address. - **MEDIUM** (SubsidiaryPerformance): The Company entered into a long lease agreement dated May 10, 2024, with M/s Shree Kunj Biharji Infracon Private Limited to lease commercial units in KB Mart, Greater Noida.. The search results show mentions of 'Shree Kunj Bihariji Infracon' and related entities, including projects developed by them in Greater Noida, which is relevant to the claim about a lease agreement. However, none of the results specifically confirm or deny a long lease agreement dated May 10, 2024, with M/s Shree Kunj Biharji Infracon Private Limited for leasing commercial units. - **LOW** (RegulatoryAction): The Company shall apply for authentication on SCORES in terms of several SEBI circulars related to investor grievance redressal.. The search results confirm that India Exposition Mart has filed draft IPO papers with SEBI to raise funds, which is related to the context of the DRHP. However, the search results do not explicitly mention the specific application for authentication on SCORES in terms of investor grievance redressal. - **LOW** (SubsidiaryPerformance): The Company was incorporated as ‘India Exposition Mart Limited’ at New Delhi, India, under the Companies Act, 1956, pursuant to a certificate of incorporation dated April 12, 2001.. The search results corroborate part of the claim by mentioning that India Exposition Mart Limited was incorporated in April 2001. However, the search results do not explicitly confirm the specific details regarding the incorporation as 'India Exposition Mart Limited' under the Companies Act, 1956, pursuant to a certificate dated April 12, 2001. - **LOW** (SubsidiaryPerformance): Business operations commenced pursuant to a certificate of commencement of business dated June 12, 2001.. The search results do not directly confirm or deny the specific date mentioned in the DRHP claim regarding the commencement of business operations. However, some results mention the company's incorporation in April 2001, which is related but not identical to the claim. - **LOW** (RegulatoryAction): Written consent was received from M/s Metaphor Creators Private Limited, Independent Chartered Architect, to include their name as required under section 26(1) of the Companies Act read with the SEBI ICDR Regulations, and as an “expert” in the Draft Red Herring Prospectus.. The search results mention a company named 'Metaphor's' technology platform being acquired by KPMG and various legal/regulatory discussions related to AI and metaphors, but they do not directly confirm the written consent from M/s Metaphor Creators Private Limited to be included as an 'expert' in the DRHP. - **NONE** (LitigationStatus): A company has filed a complaint alleging dishonour of a cheque amounting to ₹11.50 Lakh against 100 Sports Management Pvt. Ltd. and its directors.. The provided search results confirm that India Exposition Mart has filed draft IPO papers with SEBI, but none of the snippets mention a complaint alleging dishonour of a cheque amounting to ₹11.50 Lakh against 100 Sports Management Pvt. Ltd. and its directors. - **NONE** (LitigationStatus): A criminal complaint has been filed by ExpoInn Suites and Convention against 100 Sports Management Pvt. Ltd. and its directors concerning a criminal proceeding.. The provided search results do not contain any information corroborating or contradicting the claim regarding a criminal complaint filed by ExpoInn Suites and Convention against 100 Sports Management Pvt. Ltd. and its directors. The search results focus on the filing of the Draft Red Herring Prospectus (DRHP) by India Exposition Mart Limited with SEBI. - **NONE** (PromoterBackground): Afeef Ur Rehman is a Non-Executive Independent Director who joined the Board on June 23, 2026.. The provided search results do not contain any information regarding the appointment or joining date of a director named Afeef Ur Rehman on the board of India Exposition Mart Limited. - **NONE** (PromoterBackground): Birendra Kumar Bengani is a Non-Executive Independent Director who joined the Board on September 22, 2025.. The provided search results do not contain any information regarding a director named Birendra Kumar Bengani joining the board of India Exposition Mart Limited on September 22, 2025. Therefore, the claim cannot be corroborated or contradicted by the available sources. - **NONE** (PromoterBackground): Sunil Sikka is a Non-Executive Director who joined the Board on September 22, 2025.. The provided search results do not contain any information regarding a director named Sunil Sikka joining the board of India Exposition Mart Limited on September 22, 2025. Therefore, the claim cannot be corroborated or contradicted by the available sources. ## Common questions ### How big is the India Exposition Mart Limited IPO? India Exposition Mart Limited's IPO comprises a fresh issue of 75,00,000 shares and an offer for sale of 2.27 Cr shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are India Exposition Mart Limited's revenue and profit? India Exposition Mart Limited reported revenue from operations of ₹291 Cr in FY26, +20.5% versus FY25. Net profit was ₹31 Cr (FY25: ₹39 Cr). Revenue grew at a compound rate of 22.2% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How will India Exposition Mart Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding capital expenditure requirements of our Company for upgradation of air handling units, chillers, cooling towers, lifts and escalators, variable frequency drives and other ancillary works at India Expo Centre and Mart; (₹64 Cr); Funding capital expenditure requirements of our Company for renovation of exhibition hall 4 and exhibition hall 6, and build-up of exhibition hall 18, at India Expo Centre and Mart (₹31 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in India Exposition Mart Limited's DRHP? Earlier, we looked up 37 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 3 medium and 4 low. The most notable: Search results corroborate the general relationship between India Expo Mart Limited (IEML) and Royal Estcon Pvt. Ltd., noting that IEML units have signed… The search results confirm that India Exposition Mart has filed draft IPO papers with SEBI, with some articles dated around August 2026, which is close to the… The search results show mentions of 'Shree Kunj Bihariji Infracon' and related entities, including projects developed by them in Greater Noida, which is… This is an automated screen, not a verdict; each finding links to its sources. ### What does India Exposition Mart Limited do? The timeline for the India Exposition Mart IPO raises immediate red flags: draft papers were filed with SEBI, but crucial documentation—specifically the FSSAI License for the Export Promotion Council for Handicrafts—is conspicuously missing. ### Who manages the India Exposition Mart Limited IPO? Book running lead managers: Choice Capital Advisors Private Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original India Exposition Mart Limited IPO documents? All 1 filing for India Exposition Mart Limited (DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [India Exposition Mart Limited](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788507005445_1348.pdf) (Draft Red Herring Prospectus, filed 4 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.