Eventions Limited IPO

01At a glance

Eventions IPO date, price band and lot size

What the company does: plans and runs meetings, incentive trips, conferences and exhibitions (MICE) and other corporate events for business clients, arranging venues, travel, hotels and on-site execution through outside vendors (RHP p.131).

Who pays it: corporate clients, which the prospectus does not name. Clients in insurance and banking brought 85.91% of FY26 revenue (RHP p.134). The largest single client was 42.72% of FY26 revenue and the top ten 84.59% (RHP p.27).

Why it is raising money: ₹1,880.00 lakh for working capital in FY27 and FY28, ₹700.00 lakh to repay borrowings and ₹140.00 lakh to lend to its subsidiary Gantu Online Private Limited, with the rest for general corporate purposes (RHP p.90).

How fast it has grown: revenue went from ₹8,656.75 lakh in FY24 to ₹9,973.96 lakh in FY26 and profit after tax from ₹328.65 lakh to ₹772.01 lakh (RHP p.59). Our arithmetic: about 7.3% a year for revenue and 53.3% a year for profit (RHP p.59).

The one thing to understand: profit has not turned into cash. Over FY24 to FY26 the company reported ₹1,613.25 lakh of profit after tax and a net operating cash outflow of ₹712.03 lakh, our arithmetic from the cash flow statement (RHP p.60). At March 2026, ₹2,050.25 lakh of revenue had been recognised but not yet invoiced, 20.55% of FY26 revenue (RHP p.34).

02The business, in plain words

What Eventions does

A company that wants to reward its sales force, hold a training conclave or run a dealer conference hires Eventions to plan and deliver it. Eventions books the flights, hotels, venues, local transport and production vendors, and supervises the event on the ground (RHP p.131). It owns little event infrastructure and works through hospitality providers, destination management companies and production vendors, which the prospectus calls an asset-light model (RHP p.140). It also executes parts of large assignments for other event management companies (RHP p.132).

A corporate client needs a conference or incentive trip → issues a purchase or work order and usually pays an advance → Eventions books airlines, hotels, venues and vendors and runs the event → Eventions raises the final invoice after the event and is paid for the whole package.

The company was incorporated in December 2020 and converted to a public company in February 2026 (RHP p.62). The events it lists as examples include conclaves and conferences in Barcelona, Paris, Amsterdam, Zurich, Singapore, Budapest, Baku, Abu Dhabi, Bali and Dubai (RHP p.132, RHP p.133). International events brought 71.10% of FY26 revenue (RHP p.134). It had 35 employees at March 31, 2026, 13 of them in MICE operations (RHP p.146). Travel booking for individual travellers has moved to the subsidiary Gantu, which the company acquired 70% of in March 2026 (RHP p.132).

Earnings equation: Revenue = number of events × billing per event, and profit is what remains after air fares, hotels, venues and other vendor costs, staff and interest. In FY26 cost of services was ₹8,287.19 lakh, 83.09% of revenue (RHP p.251). The company executed 49 events with a contract value of ₹50 lakh or more in FY26 at an average of ₹200.12 lakh each, as it computes the average (RHP p.134), and 33 events of ₹10 lakh to ₹50 lakh (RHP p.140). Employee costs were ₹402.95 lakh and finance costs ₹66.75 lakh (RHP p.59).

03Where the money comes from

Source: service split (RHP p.29) and domestic against international (RHP p.134).

Eventions customers: how concentrated the revenue is

Source: (RHP p.27).

Revenue depends on a few customers. The largest client brought ₹5,471.74 lakh in FY24, ₹4,798.51 lakh in FY25 and ₹4,261.04 lakh in FY26 (RHP p.143). The customers are not named, and the ranking is set year by year. Revenue from everyone other than the largest client rose from ₹3,185.01 lakh in FY24 to ₹5,712.92 lakh in FY26, our arithmetic from the same table (RHP p.143). Engagements are project by project, with no long-term contracts (RHP p.27).

By client industry, insurance and banking brought 86.14%, 88.80% and 85.91% of revenue in FY24, FY25 and FY26, and FMCG about 6% (RHP p.134). By billing state, Haryana was 71.15% of FY26 revenue (RHP p.37); the company notes that revenue is recorded by billing location, which need not be where the event was held (RHP p.38). The number of clients served across all services was 104, 121 and 49 in the three years (RHP p.136).

04The growth record

Eventions financials: revenue, profit and margins

Source: KPI table (RHP p.109), profit and loss (RHP p.59), cash flow (RHP p.60), net worth (RHP p.58) and borrowings (RHP p.224). The prospectus computes PAT margin on total income, including other income (RHP p.109).

Our arithmetic from the KPI table: revenue grew about 7.3% a year from FY24 to FY26, EBITDA about 57.0% and profit after tax about 53.3%; EBITDA margin rose 545 basis points and PAT margin 390 basis points (RHP p.109). The year before, FY23, revenue was ₹4,160.48 lakh and profit after tax ₹139.02 lakh (RHP p.260).

Three points under the table. Restatement changed profit: audited profit after tax was ₹308.05 lakh in FY24, ₹564.00 lakh in FY25 and ₹751.53 lakh in FY26, against restated figures of ₹328.65 lakh, ₹512.60 lakh and ₹772.01 lakh, after adjustments for liabilities written back, provident fund and ESI, gratuity and deferred tax (RHP p.225). FY26 other income of ₹88.18 lakh, mostly ₹78.14 lakh of commission income (RHP p.217), was 8.6% of profit before tax of ₹1,021.70 lakh, our arithmetic (RHP p.59). Trade receivable days, as the company computes them, were 37 in FY24, 47 in FY25 and 73 in FY26 (RHP p.99).

05What the growth is made of

Revenue rose ₹1,317.21 lakh from FY24 to FY26: MICE added ₹1,539.43 lakh while events fell ₹153.84 lakh and FIT and others ₹68.38 lakh, our arithmetic from the service table (RHP p.29). International events added ₹1,643.03 lakh, our arithmetic (RHP p.134). The FY25 increase was 1.11%; the company says it chose higher-margin engagements over volume that year (RHP p.256).

The events the company counts are those of ₹10 lakh or more. Events of ₹50 lakh or more went from 27 in FY24 to 31 and then 49 in FY26, and events of ₹10 lakh to ₹50 lakh from 51 to 23 and then 33 (RHP p.140). The average revenue per large event, as the company computes it, fell from ₹265.92 lakh in FY24 to ₹200.12 lakh in FY26 (RHP p.134). The prospectus gives no participant numbers or price per participant, so the increase cannot be separated into volume and price.

The margin rise is explained by the company as a change in mix. Long-haul international events rose from 2 in FY24 to 9 in FY25 and 17 in FY26 (RHP p.134), and the company says those events carried margins of about 21% to 27% in FY26 against about 11% to 20% for short-haul and domestic events (RHP p.256). Cost of services fell from 91.03% of revenue in FY24 to 84.02% in FY25, which the company puts down to procurement planning and vendor pricing (RHP p.257). The prospectus does not give the margin of each event, so the stated ranges cannot be checked against the accounts.

06Earnings quality

The item that needs explaining is unbilled revenue. The company recognises revenue as services are rendered, including amounts not yet invoiced (RHP p.203). Unbilled revenue was ₹461.76 lakh at March 2024, ₹793.69 lakh at March 2025 and ₹2,050.25 lakh at March 2026, 5.33%, 9.07% and 20.55% of revenue (RHP p.34). At March 2026 it was ₹2,050.25 lakh of the ₹2,987.09 lakh of trade receivables (RHP p.214).

The company says such amounts are usually billed 30 to 120 days after the event (RHP p.34), and attributes the build-up to cost finalisation after events, reimbursable expenses awaiting validation and engagements through other event companies, which are billed in line with their own collections (RHP p.264).

Two other balances are large against revenue. At March 2026 prepaid expenses were ₹1,083.54 lakh and vendor advances ₹214.46 lakh (RHP p.216), while advances from customers were ₹1,563.70 lakh (RHP p.211). The restated notes say certain receivables, advances and payables at March 2026 were subject to confirmation and reconciliation, with the impact not ascertained (RHP p.225). Interest paid on late statutory dues was ₹19.07 lakh, ₹80.68 lakh and ₹49.08 lakh in the three years (RHP p.218).

07The balance sheet

At March 2026 borrowings were ₹944.23 lakh: an HDFC Bank overdraft of ₹720.47 lakh and ₹223.76 lakh of business loans (RHP p.210). The overdraft is secured on book debts and a ₹100 lakh fixed deposit, with personal guarantees from Cristoo Arora and Ravi Rajak and a residential property owned by Cristoo Arora as collateral (RHP p.210).

The business loans are unsecured, from HDFC Bank, Bajaj Finance, Tata Capital, Godrej Finance and InCred Financial Services, at 14.50% to 18.50% a year (RHP p.210). The risk factors describe ₹223.76 lakh of unsecured loans as repayable on demand (RHP p.49). Three of those loans, ₹161.75 lakh together, were taken in February and March 2026 (RHP p.93, RHP p.94).

Cash was ₹153.45 lakh and fixed deposits held as margin ₹100.00 lakh (RHP p.214). The company reports no contingent liabilities or capital commitments (RHP p.61). The registered office is leased from Mehta Wheels Private Limited at ₹2,72,500 a month until January 31, 2029 (RHP p.41). Loans named for repayment from the issue stood at ₹896.73 lakh on August 31, 2026 (RHP p.94).

Source: (RHP p.58). The right-hand column is our arithmetic: ₹3,811.87 lakh of gross proceeds added at the upper band, less the ₹700.00 lakh repayment object (RHP p.90), before issue expenses and before any other object is spent.

08What the money is for

Eventions IPO objects: what the money is for

Source: (RHP p.90); the percentages are our arithmetic on gross proceeds of ₹3,811.87 lakh.

Repayment: the loans listed include the HDFC Bank overdraft (₹755.93 lakh outstanding on August 31, 2026) and business loans at 16% to 18.50% (RHP p.93). Prepayment charges of up to 5% on some loans are to be paid from general corporate purposes or internal accruals (RHP p.91).

Gantu: Gantu runs a travel booking platform for individual travellers (RHP p.95). The ₹140.00 lakh will be lent, with the interest rate, security, tenure and repayment to be decided later (RHP p.95). It is to fund a technology budget quoted by Grappus Technologies Private Limited at ₹140.00 lakh; a second quote was ₹158.00 lakh, and no order has been placed (RHP p.96). Gantu had revenue of ₹313.68 lakh and a loss of ₹74.65 lakh in FY26 (RHP p.242). The other 30% of Gantu is held by Cristoo Arora (14.30%), Ravi Rajak (9.11%) and three individuals (RHP p.163).

Working capital: ₹900.00 lakh in FY27 and ₹980.00 lakh in FY28 (RHP p.104). The company's plan assumes receivable days of 65 and payable days of 10 in both years, against 73 and 13 in FY26 (RHP p.99).

The balance: at ₹118 the gross proceeds leave ₹1,091.87 lakh for general corporate purposes and issue expenses, both left blank, our arithmetic (RHP p.90). General corporate purposes may not exceed 15% of the gross proceeds or ₹10 crore, whichever is lower (RHP p.91), which at ₹118 is ₹571.78 lakh, our arithmetic. The company has appointed Infomerics Valuation and Rating Limited as monitoring agency, although not required to (RHP p.67).

Into the business: the whole issue, up to 32,30,400 new shares, ₹3,811.87 lakh at the upper band before expenses, our arithmetic (RHP p.75). To selling shareholders: nothing; there is no offer for sale (RHP p.1).

09Who is selling

Eventions IPO offer for sale: who is selling

No one. The whole issue is new shares issued by the company (RHP p.1). Of the 32,30,400 shares, 1,62,000 are reserved for the market maker, Aftertrade Broking Private Limited (RHP p.56). The promoters and promoter group will not take part in the issue (RHP p.89).

10Promoters

The promoters are Cristoo Arora, Ravi Rajak and Kirat Ahluwalia (RHP p.167). Cristoo Arora, 38, is whole-time director and chief financial officer, with 15 years in MICE and event management and a diploma in instrument technology (RHP p.167). Ravi Rajak, 37, is whole-time director and chief executive, with 7 years in the field, a B.Sc. and a postgraduate diploma in tourism and travel management (RHP p.168).

Both have been directors since incorporation and took their present roles on February 2, 2026 (RHP p.173). Kirat Ahluwalia, 39, is a non-executive director since August 25, 2025, with about 4 years in marketing and brand management (RHP p.174). The prospectus states that Kirat Ahluwalia is the wife of Cristoo Arora (RHP p.171).

Other interests: Cristoo Arora owns Eventions, a proprietorship in the same line of business, with which the company signed a non-compete agreement on March 30, 2026, effective from June 1, 2026 (RHP p.29). The EVENTIONS trademark is registered in Cristoo Arora's name; a deed assigning it to the company was signed on March 6, 2026 and the recording application filed on March 31, 2026 (RHP p.38).

Cristoo Arora is a director of Naturesum (OPC) Private Limited, Ravi Rajak lists Hilasmic LLP among the entities where a position is held, and both are directors of Gantu (RHP p.168). Ravi Rajak resigned on April 22, 2023 as a director of Aadvik Traders Private Limited, which is under voluntary strike-off (RHP p.32).

Pay was ₹7.20 lakh each to Cristoo Arora and Ravi Rajak in FY24, ₹58.75 lakh and ₹45.75 lakh in FY25 and ₹54.00 lakh and ₹48.00 lakh in FY26 (RHP p.61). Vincy Arora, listed as a sister of Cristoo Arora (RHP p.171), was paid ₹3.30 lakh, ₹5.40 lakh and ₹7.56 lakh (RHP p.61). No promoter shares are pledged (RHP p.79). There are no criminal, civil or regulatory proceedings against the promoters, but ten tax matters are listed against them, discussed in section 23 (RHP p.35). No director has been a director of a listed company in the last five years (RHP p.177).

Promoter economics: the average cost of the promoters' shares is ₹0.62 for Cristoo Arora, ₹0.64 for Ravi Rajak and ₹0.56 for Kirat Ahluwalia (RHP p.82). The share events:

• December 15, 2020: 7,500 shares to Cristoo Arora and 2,500 to Ravi Rajak at ₹10 on incorporation (RHP p.78).
• May 26, 2025: Cristoo Arora transferred 2,500 shares to Ravi Rajak and 102 shares to five others, all at ₹10 (RHP p.79).
• September 29, 2025: a bonus of 49 shares for each share held, 4,90,000 shares, and a rights issue of 4,90,000 shares at ₹10 (RHP p.77).
• March 5, 2026: a bonus of 8 shares for each share held, 79,20,000 shares (RHP p.77).
• March 10, 2026: 43,509 shares at ₹15.55 to Cristoo Arora and Ravi Rajak in exchange for 70% of Gantu (RHP p.78), ₹6.77 lakh in all, our arithmetic.

11Who already owns it

Eventions promoter holding before and after the IPO

Source: (RHP p.82); the after-issue column is our arithmetic on 1,21,83,909 shares (RHP p.75).

The company has seven shareholders (RHP p.84). The promoters hold 99.39% before the issue (RHP p.79) and 73.04% after it at the full issue size, our arithmetic (RHP p.75); with the promoter group, 99.96% before and 73.46% after (RHP p.46). No fund, institution or company holds shares, and the only outside holders are Rajan Bhatia and Chandan Pahwa with 1,800 shares each (RHP p.82).

Of the promoters' shares, 25,00,000, 20.52% of the enlarged capital, are locked in for three years, and the other 64,53,509 pre-issue shares for one or two years (RHP p.86). The weighted average cost of the shares issued or transferred in the 18 months before the prospectus, excluding bonus shares, is ₹10 (RHP p.113).

12What changed just before the IPO

• May 26, 2025: share transfers among the founders and four individuals at ₹10 (RHP p.79).
• August 25, 2025: Kirat Ahluwalia appointed a director (RHP p.174).
• September 29, 2025: 49-for-1 bonus and a rights issue at ₹10 (RHP p.77).
• January 16, 2026: registered office moved to Sector 44, Gurgaon (RHP p.161).
• February 2, 2026: Cristoo Arora made whole-time director and CFO, Ravi Rajak chief executive (RHP p.173).
• February 26, 2026: conversion to a public company (RHP p.62).
• February 28, 2026: two independent directors appointed (RHP p.180).
• February and March 2026: new unsecured loans from Bajaj Finance, Godrej Finance and InCred at 16% to 18.5% (RHP p.93, RHP p.250).
• March 5, 2026: 8-for-1 bonus issue (RHP p.77).
• March 10, 2026: 70% of Gantu acquired from the two founders for 43,509 shares (RHP p.78).
• March 30, 2026: non-compete agreement with the promoter's proprietorship Eventions (RHP p.29).
• Auditors: TPSG & Co. resigned in August 2023 and Japneet Makkar & Associates in August 2024; Sanjeev Sharma & Associates were appointed on August 31, 2024 (RHP p.65).
• Pay: the two founders' combined pay rose from ₹14.40 lakh in FY24 to ₹102.00 lakh in FY26, our arithmetic (RHP p.61).
• Margins: EBITDA margin moved from 4.77% in FY24 to 10.22% in FY26 (RHP p.109).
• Unbilled revenue: ₹461.76 lakh at March 2024 to ₹2,050.25 lakh at March 2026 (RHP p.34).
• July 1 and September 17, 2026: GST notice in Maharashtra and GST assessment order in Tamil Nadu for returns not filed in 2026 (RHP p.270).

13Capacity and expansion

The prospectus says capacity and capacity utilisation do not apply, because the company is a service business (RHP p.148). The nearest measure it gives is the number of events:

Source: events (RHP p.140) and employees (RHP p.47).

Employee attrition was 20.69% in FY24, 31.43% in FY25 and 48.57% in FY26 (RHP p.47). The issue funds no physical capacity. The working capital object is meant to let the company take on larger events and pay vendor advances on time (RHP p.98). The prospectus gives no event count or revenue that the proceeds are expected to add, and none is estimated here.

14Market size and industry structure

Eventions industry: market size and growth

As claimed: the industry chapter is compiled from websites and public documents, not from a commissioned report, and has not been verified by the company or anyone connected with the issue (RHP p.117). It cites Mordor Intelligence for an Indian event and exhibition market of US$ 5.23 billion in 2024 (RHP p.123), and says India ranked 28th of 94 countries with 158 meetings in the 2019 ICCA ranking (RHP p.122). Its first five pages cover the world and Indian economy and size nothing in this business (RHP p.117 to RHP p.121).

The part that is addressable: corporate MICE programmes and events for business clients, mainly incentive trips and conferences held abroad; international events were 71.10% of FY26 revenue (RHP p.134). The prospectus does not size the corporate MICE segment or the outbound incentive travel market; the national MICE strategy the chapter quotes calls the outbound market large and growing, without a figure (RHP p.130).

What the company is today: FY26 revenue of ₹9,973.96 lakh (RHP p.59), from 49 events of ₹50 lakh or more, 23 of them abroad (RHP p.140). The market figure is in US dollars and the prospectus gives no exchange rate, so no share is computed here.

Size over time: the chapter gives no earlier years. The Mordor Intelligence estimate it cites expects the market to grow at a CAGR of 8.31% from 2024 to 2029 and reach US$ 7.80 billion (RHP p.123); that is Mordor Intelligence's projection as the prospectus reports it.

Segments: the chapter splits MICE into meetings, incentives, conferences and exhibitions, a sub-segment of business travel (RHP p.121), and event management into MICE, educational, corporate, entertainment, political and social events (RHP p.122). The company's MICE line brought ₹9,104.93 lakh of FY26 revenue and other events ₹857.89 lakh (RHP p.29).

What drives demand: the chapter names large commercial events, companies' use of events to promote products, rising incomes and hybrid event technology (RHP p.123), and government support through the G20 presidency and the Ministry of Tourism (RHP p.122). It says MICE runs year-round (RHP p.124). The company's own demand depends on corporate travel and marketing budgets (RHP p.29).

Structure: the chapter does not discuss fragmentation, entry barriers or competitors. The company describes the MICE and corporate events market as competitive and fragmented, with online travel platforms, corporate travel firms, specialised MICE operators and regional agencies (RHP p.144). Assignments are usually won through proposals judged on scope, execution, pricing and vendor network (RHP p.144).

Inputs and trade: the chapter does not discuss air fares, hotel rates or exchange rates, beyond noting industry calls for lower GST on hotels (RHP p.125). The company spent ₹2,257.19 lakh in foreign currency in FY26, on travel packages for events abroad (RHP p.219).

Rules: the chapter covers promotion policy rather than licences, such as City MICE Promotion Bureaus and the "Meet in India" sub-brand (RHP p.126). The prospectus lists the laws that apply, mainly tax, labour and contract law, in a separate chapter (RHP p.151).

What the chapter says can go wrong: its SWOT lists no national MICE policy, high taxes and costs, uneven service standards and no city convention bureaus, and names competition from Singapore, Thailand, the UAE, China, Macau and Malaysia and India's rank of 122 on safety and security (RHP p.125). It warns that its sources may be out of date (RHP p.117). It does not discuss cyclicality or currency risk.

15Competitive position

Eventions competitors

Source: (RHP p.111); peer figures are consolidated, from their annual reports (RHP p.108).

The prospectus names Mach Conferences & Events Limited as a competitor (RHP p.144). The reasons it gives for winning work are an integrated service across MICE, events and activations, end-to-end execution, an asset-light model, execution across geographies, repeat clients and experienced promoters (RHP p.139). Repeat clients were 62.50%, 66.67% and 33.33% of the clients served for events of ₹50 lakh or more in FY24, FY25 and FY26 (RHP p.141). The company holds no long-term client contracts (RHP p.36), and the EVENTIONS trademark is still in the promoter's name (RHP p.147).

16Peers the company named

Eventions listed peers

Peers named in the offer document: Mach Conferences & Events Limited and E-Factor Experiences Limited (RHP p.108).

Both are listed companies with a face value of ₹10. Mach Conferences & Events had FY26 revenue of ₹23,044.99 lakh, about 2.3 times Eventions', and E-Factor Experiences ₹19,144.05 lakh, about 1.9 times, our arithmetic (RHP p.111). Profit after tax was ₹1,506.19 lakh and ₹1,967.64 lakh (RHP p.108). On closing prices of September 18, 2026 of ₹160.70 and ₹165.00, they traded at 22.44 and 10.98 times FY26 diluted EPS; the prospectus gives an average industry P/E of 16.71 (RHP p.107). Mach Conferences & Events is the one the company names as a competitor in MICE (RHP p.144); the prospectus describes neither peer's business.

17Valuation at the issue price

Eventions IPO valuation and P/E

At the upper band of ₹118, with 32,30,400 new shares added to 89,53,509 existing shares (RHP p.75):

Source: our arithmetic on shares (RHP p.75), profit (RHP p.59), EPS (RHP p.106), EBITDA (RHP p.109) and book value per share (RHP p.219).

The market capitalisation at ₹118 is ₹143.8 crore and the P/E on FY26 profit and the post-issue share count 18.6 times, our arithmetic (RHP p.75). At the lower band of ₹112 the market capitalisation is ₹13,645.98 lakh and the P/E on FY26 profit 17.7 times, our arithmetic (RHP p.75). Enterprise value takes the 89,53,509 existing shares at ₹118, ₹10,565.14 lakh, adds borrowings of ₹944.23 lakh and deducts cash of ₹153.45 lakh (RHP p.58).

After the issue, book value including the gross proceeds would be about ₹5,625.25 lakh, or ₹46.17 a share, and the market capitalisation at ₹118 about 2.6 times that, our arithmetic (RHP p.58). On the pro forma consolidated FY26 EPS of ₹8.28, which includes Gantu's loss, ₹118 is 14.3 times (RHP p.242). The promoters' average cost is ₹0.62 to ₹0.64 a share (RHP p.82), and the last allotment, in March 2026, was at ₹15.55 (RHP p.77).

The two peers the prospectus names traded at 10.98 and 22.44 times earnings on September 18, 2026, a median of 16.7 times (RHP p.107). At the upper band the issue is priced at 18.6 times FY26 profit on the enlarged share count, 11% above that median, our arithmetic (RHP p.107), and at 13.3 times FY26 EPS on the prospectus's own share basis. Individual investors must apply for at least two lots (RHP p.75); at ₹118 two lots of 1,200 shares cost ₹2,83,200.

18Risks, in plain words

Eventions IPO risks

Customers: work comes on purchase orders with no long-term contract (RHP p.36) → a client that does not return takes its revenue with it → the largest client was 42.72% of FY26 revenue and 63.21% of FY24 revenue, and the top ten 84.59% (RHP p.27).

Client industry: most clients are insurers and banks (RHP p.134) → a cut in incentive and event budgets in one industry reaches most of revenue at once → insurance and banking clients were 85.91% of FY26 revenue (RHP p.134).

Working capital: the company pays hotels, airlines and venues before it bills (RHP p.98) → growth uses cash before profit arrives → operating cash flow was an outflow of ₹451.75 lakh in FY26 (RHP p.60), and receivables older than six months were ₹218.99 lakh at March 2026 (RHP p.40).

Debt: much of the borrowing is short term and costly (RHP p.210) → a lender recall would need cash the business may not have → ₹223.76 lakh of unsecured loans were repayable on demand at March 2026 (RHP p.49), at rates up to 18.50% (RHP p.210).

Compliance record: statutory payments and filings have been late (RHP p.37) → penalties and demands follow → GST interest and late fees came to ₹119.24 lakh over three years (RHP p.37), 19 company law forms were filed late by up to 477 days (RHP p.31), and TDS demands of ₹53.62 lakh were outstanding (RHP p.270).

Promoter interests: the promoter's proprietorship Eventions is in the same business and the brand is still registered to the promoter (RHP p.29) → the two could compete for the same clients until the arrangements are fully in force → the non-compete took effect only from June 1, 2026 (RHP p.29), and the trademark assignment awaits recording (RHP p.38).

Subsidiary: part of the proceeds goes to Gantu, a loss-making travel platform in which the founders personally hold 23.41% (RHP p.163) → a loan to Gantu depends on Gantu's ability to repay → Gantu lost ₹11.32 lakh in FY25 and ₹74.65 lakh in FY26 (RHP p.48).

Foreign currency: events abroad are paid for in foreign currency (RHP p.48) → exchange moves change the cost of a priced event → foreign currency spending was ₹2,257.19 lakh in FY26 (RHP p.48).

Issue-specific: general corporate purposes and issue expenses are left blank (RHP p.90); the objects have not been appraised by any bank or institution (RHP p.49); the promoters and promoter group keep 73.46% after the issue (RHP p.46).

19Litigation and regulatory matters

Cases against Eventions and its promoters

The company:

The promoters:

There are no criminal proceedings by or against the company, promoters, directors, subsidiary or key managers (RHP p.267). The subsidiary has a TDS demand of ₹2.44 lakh (RHP p.273). The company counts one material civil matter and six tax matters against it, ₹83.03 lakh in all, and ten tax matters against the promoters, ₹188.11 lakh; these totals mix confirmed demands with proposed amounts (RHP p.35). The adjudication application under Section 10A of the Companies Act, for starting business before the required filing, was filed on March 31, 2026 (RHP p.32).

20Related-party transactions

Source: (RHP p.61); the imprest total is our arithmetic.

Ravi Rajak also lent ₹56.00 lakh in FY25 and ₹12.80 lakh in FY26, and was repaid ₹30.00 lakh and ₹38.80 lakh (RHP p.61). The founders' loans had been repaid in full by March 2026 (RHP p.220). Imprest is money advanced to people for expenses incurred on the company's behalf in running events (RHP p.216); at March 2026 ₹80.80 lakh was outstanding with Cristoo Arora and ₹5.81 lakh with Ravi Rajak (RHP p.220). The company owed Gantu ₹26.25 lakh at March 2026 (RHP p.220).

What appeared or disappeared: Gantu became a related party through the March 2026 acquisition from the founders (RHP p.78); imprest to the founders appears for the first time in FY26 (RHP p.61); a capital advance of ₹2.50 lakh from Kirat Ahluwalia was repaid in FY26 (RHP p.61). The registered office is leased from an unrelated company (RHP p.41).

21What the offer document does not say

The clients and vendors are not named, including the one client that brought 42.72% of FY26 revenue. The number of participants or trips, and price per participant, are not disclosed, so volume and price cannot be separated. The margin of individual events is given only as ranges, which cannot be checked against the accounts. How much of the ₹2,050.25 lakh of unbilled revenue at March 2026 has since been invoiced and collected is not stated.

What the ₹1,083.54 lakh of prepaid expenses consists of is not explained. The interest rate, security and repayment terms of the ₹140.00 lakh loan to Gantu are not set. The names of material creditors are placed on the company's website, not in the prospectus. The general corporate purposes amount, the issue expenses and the post-issue shareholding at each end of the band are left blank.

No industry report sizes the corporate MICE segment the company works in.

22Five questions for management

1. Who is the client that brought ₹4,261.04 lakh of FY26 revenue, how many events did it account for, and how much of the March 2026 receivables and unbilled revenue did it owe?
2. How much of the ₹2,050.25 lakh unbilled at March 2026 had been invoiced and collected by September 2026?
3. What do the ₹1,083.54 lakh of prepaid expenses at March 2026 consist of, and for which events were they paid?
4. How many participants travelled on the 49 large events of FY26, and what was the average billing per participant against FY24?
5. On what terms will Gantu borrow the ₹140.00 lakh, and will its other shareholders, including Cristoo Arora and Ravi Rajak, fund it in proportion to their 30%?

1Sources and cited facts

This study was read from 1 document the company filed. The 226 figures it cites are listed under the document each came from, with the page and the sentence as printed.