Propshop Events and Exhibitions Limited

1. Overview

Propshop Events and Exhibitions Limited is engaged in the business of trade show and exhibition booth solutions, offering both custom-built and modular exhibition options. Incorporated in 2019 as a private limited company and converted to a public limited company on February 10, 2025, the Company traces its roots to a proprietary venture established by Promoter Prathamesh Shantaram Pusalkar in 2013. Headquartered in Mumbai, Maharashtra, the Company's services span the entire project lifecycle — from concept design and 3D visualization through fabrication, logistics, on-site supervision, installation, and post-event dismantling support.

Over 12 years of cumulative experience, the Company has executed both B2B and B2C-focused events across a diversified client base spanning Industrial Machinery & Equipment, Building Materials, Furnishing and Décor, Chemicals, Media & Entertainment, Healthcare and Cosmetics, and Food & Beverages. As of the period ended February 28, 2026, the Company reported serving clients across 34 sectors and 24 international markets, participating in 174 trade shows/exhibitions during the stub period.

The Company maintains a physical presence in India with its registered office in Mumbai and two rented godown facilities in Vasai, Maharashtra and Bengaluru, Karnataka, supplemented by working relationships with local teams across major global exhibition hubs including the United States, United Kingdom, Dubai, Germany, Spain, and Singapore. The Company has successfully executed over 5,000 exhibition stands for more than 1,100 clients to date (Source: Dun & Bradstreet Report), positioning it as a structured, process-driven player in an industry that remains largely unorganised and fragmented.

2. Business Model and Revenue Streams

Revenue Breakdown by Geography

The Company derives revenue from both domestic and international operations, with the domestic business further concentrated across specific Indian states and zones. For the period ended February 28, 2026, revenue was distributed as follows:

Within the West Zone, sales are further concentrated in Gujarat, Maharashtra, and Karnataka, which together accounted for 68.21% of total revenue from operations for the Feb-2026 stub period — a key geographic concentration risk flagged in the Company's risk factors.

Execution Model: In-house vs. Subcontracted

The Company operates on an asset-light, hybrid execution model, engaging third-party subcontractors for fabrication while retaining design, conceptualization, and on-ground supervision in-house:

This growing reliance on subcontracting (from 64.40% in FY23 to 90.89% in the latest stub period) reflects the Company's deliberate asset-light scaling strategy, though it introduces dependency risk on third-party quality and delivery timelines, since the Company does not maintain formal registered agreements with these subcontractors.

Client Concentration

The Company's Top 10 customers contributed a declining share of total revenue over the track record period — 46.42% in FY2023, narrowing to 22.66% for the Feb-2026 stub period — indicating an improving diversification trend, though customer concentration remains a monitored risk factor.

Key Operating Metrics (Industry-Specific KPIs for Events/Exhibition Services)

3. Products and Service Portfolio

Core Service Lines

The Company's offerings span the full exhibition and event lifecycle:

1. Concept design and 3D visualization
2. Custom-built and modular booth fabrication
3. Logistics and on-site project supervision
4. Installation and post-event dismantling support

Emerging Segment: Event Organisation

Building on its exhibition-stall expertise, the Company has begun diversifying into corporate event organisation as a strategic adjacency — having successfully organised its first corporate event in September 2025 and a second in October 2025, with plans to formalize this as a dedicated vertical through partnerships with established event organisers.

Key Input Cost Structure

As a service-oriented business, Propshop does not consume raw materials in a traditional manufacturing sense, but relies on the following operational inputs (as % of Total Expenses):

Fabrication materials & labour dominates the cost structure at 82–91% across all periods, consistent with the Company's project-based, execution-heavy service model.

4. Key Business Strengths

• Established track record in a fragmented industry: Over 5,000 exhibition stands executed for 1,100+ clients, with a 100+ member in-house team supporting a full-service model in an otherwise unorganised sector (Source: Dun & Bradstreet Report).
• Agile, asset-light business model enabling scalable growth: The Company rents godowns, fabrication equipment, and project sites rather than owning fixed assets, supporting a 30.13% CAGR in booths delivered globally (FY23–FY25) and a 245% increase in international clientele over the same period.
• Global execution framework enabled by established practices and local integration: A hybrid delivery model combining in-house fabrication and project management with a curated network of local partners across the US, UK, Dubai, Germany, Singapore, and Spain.
• Brand-led booth design by skilled in-house marketing & branding team: Booth design is integrated with client brand strategy, translating brand values into immersive physical experiences that go beyond standard fabrication.

5. Future Growth Strategy

• Diversifying service offerings through exhibition and corporate event organisation: Expanding into complementary verticals including corporate event management, leveraging existing logistics, vendor-coordination, and execution expertise — having already delivered two corporate events (September and October 2025) and secured empanelment with several prominent exhibition organisers.
• Accelerating international expansion through empanelment and local partnerships: Promoter-led, on-ground market development across the US, UK, UAE, Germany, and Singapore, building execution-partner and workshop alliances without significant fixed-asset investment.
• Strengthening relationships with existing customers and expanding customer base: Deepening wallet share with existing clients through higher-value contract engagements, while continuing to acquire new customers via marketing and facility improvements.
• Funding working capital to support scale: The Net Proceeds from the Fresh Issue (₹16.62 Crore earmarked for working capital) are intended to support the Company's transition from an execution partner to a full-fledged event solutions provider, enabling faster project turnaround and higher concurrent project volumes.