Mach Conferences & Events Ltd Management Discussions

GLOBAL ECONOMY:

In 2024, global growth stabilized but remained subdued. The World Bank reported growth at around 2.6%, up slightly from early-year forecasts, though still below the pre-COVID average (~3.1%). The IMFs April and October Outlooks maintained growth forecasts near 3.1%, noting that the world economy was "steady but slow," with inflation easing from ~6.8 % in 2023 to ~5.9% in 2024. During the year, central banks led by the ECB, BoE, and Fed shifted toward easing, acknowledging slowing inflation and sluggish activity.

The U.S. outperformed expectations, growing approximately 2.3%, stronger than forecast, which supported global resilience. In contrast, Germany suffered a second consecutive recession, burdened by energy constraints and fiscal strain. China continued to slow, with growth moderating to around 4.64.8%, impacted by property-sector weakness. Meanwhile, Sri Lanka began recovering—driven by structural reforms and tourism—with GDP rising ~4.4% and inflation dropping sharply.

Looking ahead to 2025-26, global growth is expected to hover around 2.7-2.8%, supported by easing policies but restrained by debt, trade tensions, and demographic pressures. The IMF projects growth of 2.8% in 2025 and 3.0% in 2026, while the World Bank highlights the weakest decade since the 1960s. Inflation is forecast to decline to ~4.5% by 2025, allowing central banks to either pause or begin cautious rate cuts, though geopolitical flashpoints and commodity volatility—like tensions in the Middle East— could alter the outlook.

World Economic Outlook, April 2024: Steady but Slow: Resilience amid Divergence

World Economic Situation and Prospects: February 2025 Briefing, No. 187 Department of Economic

and Social Affairs

World Economic Situation and Prospects: June 2024 Briefing, No. 181 Department of Economic and Social Affairs

Sri Lankan economic crisis (2019-2024) - Wikipedia Global economy heading_ for ‘worst decade since 1960s

Indian Economy Outlook

Indias economic performance in FY25 has demonstrated resilience amid global uncertainties, with real GDP growth estimated between 6.3% and 6.5%. This steady growth trajectory is underpinned by robust domestic demand, strategic public investments, and a rebound in key sectors.

Deloittes May 2025 outlook projects Indias GDP growth in the range of 6.3% to 6.5% for FY25, with expectations of 6.5% to 6.7% for FY26. This optimistic forecast is attributed to tax incentives boosting consumer spending and strong domestic demand. However, potential headwinds include global trade uncertainties and the impact of international tariff regimes. The services sector continues to be a significant contributor, maintaining its upward trajectory.

Inflationary pressures have moderated, with retail headline inflation softening to 4.9% during April- December 2024. The Reserve Bank of India anticipates aligning consumer price inflation with the target of around 4% in FY26. Additionally, gross FDI inflows increased by 17.9% year-on-year, reaching USD 55.6 billion in the first eight months of FY25.

Looking ahead, Indias economic prospects remain favorable, supported by structural reforms, infrastructure development, and a focus on self-reliance. The government is committed to the sustained growth, with aspirations to ascend to the position of the worlds third-largest economy in the coming years.

Source - https://www2.deloitte.com/us/en/insights/economy/asia-pacific/india-economic-outlook.html

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2113316

https://www.ey.com/en in/services/tax/india-economic-pulse

Industry Overview

MEETINGS, INCENTIVES, CONFERENCES, AND EVENTS (MICE) INDUSTRY

The global MICE market was valued at approximately USD 1,051.41 billion in 2024 and is projected to grow from USD 1,148.35 billion in 2025 to USD 2,269.16 billion by 2032, at a compound annual growth rate (CAGR) of 10.22%. Another estimate suggests the market could reach USD 2,309.4 billion by 2032, with a CAGR of 11.6% from 2023 to 2032. The meetings segment dominates, accounting for over 60% of the market share in 2022 due to its frequency and role in corporate activities, while the incentives segment is expected to grow fastest at a CAGR of 9.8% through 2028. Europe holds the largest market share (50.66% in 2024), followed by Asia-Pacific (44%) and North America (38%).

Meetings, Incentives, Conferences, And Exhibitions (MICE) Global Market Report 2025

$1462 64 billion

https://www.thebusinessresearchcompany.com/report/meetings-incentives-conferences-and-

exhibitions-mice-global-market-report

Indias MICE industry is supported by its extensive infrastructure, which includes over 1,300 star- category hotels and more than 70 world-class convention centres capable of hosting international summits and exhibitions. Major cities such as Delhi, Mumbai, Bangalore, Hyderabad, and Chennai are gaining popularity for their top-tier facilities and strong government support promoting MICE tourism.

Indias Meetings, Incentives, Conferences, and Exhibitions (MICE) sector is witnessing remarkable growth, with an annual expansion rate of around 8, and is currently valued at approximately INR25,000 crore. Hospitality sector in India is expected to grow 7-9% in FY 2025 and 6-8% in FY 2026, with MICE as a key growth driver.

Indias MICE industry sees 8% growth, valued at INR 25,000 cr amid technological innovations INDIAN TRAVEL & TOURISM INDUSTRY:

According to the Tourism Minister of India, the industry is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 20% over the next couple of decades, driven primarily by the rise in the middle- income population and increasing disposable incomes. The Indian travel market is expected to expand from USD 75 billion in FY20 to USD 125 billion by FY27.

In support of this growth, the Union Budget 2025-26 has allocated ?2,541.06 crore (US$ 291.07 million) to the tourism sector. This funding focuses on infrastructure development, skill enhancement, and better travel facilitation through initiatives such as the identification of 50 top tourist destinations, provision of MUDRA loans for homestays, enhanced connectivity, and the introduction of e-visa facilities. Emphasis has also been placed on sustainable tourism under the Swadesh Darshan Scheme 2.0, medical tourism through the "Heal in India" initiative, spiritual tourism, and heritage conservation via the Gyan Bharatam Mission. Government schemes like Swadesh Darshan 2.0 and the RCS-UDAN initiative are enhancing connectivity and infrastructure, opening doors for investments in transportation and hospitality

Furthermore, the Ministry of Tourism has approved 46 projects under its PRASHAD Scheme, including three in Andhra Pradesh, with 29 sites identified for development under this initiative. Indias geographical diversity and rich cultural experiences have positioned it as a leading country in terms of international tourism expenditure. According to the World Travel & Tourism Council (WTTC), the GDP contribution is projected to grow at an average of 7.1% annually over the next decade.

Source: IBEEF https://www.ibef.org/industry/tourism-hospitality-india

INDIAS TOURISM SECTOR: DRIVING ECONOMIC GROWTH AND GLOBAL INVESTMENT OPPORTUNITIES

Indias tourism sector stands as a cornerstone of economic growth and a beacon for global investment opportunities. With its rich cultural heritage, diverse landscapes, and proactive government initiatives, the industry is poised for unprecedented expansion.

Projections indicate that by 2035, the tourism sectors contribution could double to ?42 trillion, driven predominantly by domestic travel. This growth trajectory underscores the sectors resilience and its capacity to generate employment and stimulate ancillary industries

With a strategic blend of heritage and innovation, Indias tourism sector is on a trajectory of robust growth. The confluence of government support, infrastructural development, and increasing global interest positions India as a premier destination for tourists and investors alike.

https://www.investindia.gov.in/sector/tourism-hospitality

https://www.devdiscourse.com/article/business/3445901-india-a-booming-tourist-economy-with-

heritage-and-innovation

FAVOURABLE GOVERNMENT INITIATIVES

The Central Government and various state governments actively advanced the MICE ecosystem through infrastructure investment, policy reforms, and targeted promotions. Key national-level initiatives included the ‘Meet in India campaign under Incredible India, supported by dedicated promotional funds, streamlined visa procedures, and a proposed single-window clearance system to ease event hosting. In the 2025-26 Union Budget, there were provisions for enhanced tourism infrastructure spending — covering convention centres and exhibition halls in tier-II/III cities — and tax rationalisation for MICE services, including potential GST reductions and incentives. Additionally, the Cruise Bharat Mission launched in late 2024 extended support to cruise-based MICE tourism via infrastructure grants, e-visa provisions, and terminal development across key ports.

At the state level, several regional governments bolstered MICE readiness through infrastructure and hosting support. Rajasthan earmarked ?25 crore for a dedicated MICE centre in Jodhpur, committed ?975 crore in tourism budget for 2025-26, and engaged in major events like the Great Indian Travel Bazaar 2025 to draw business tourism. States like Madhya Pradesh are positioning themselves as hubs for wellness and spiritual tourism, attracting investments in wellness centers, resorts, and related infrastructure. Cities such as Ahmedabad and Gandhinagar are witnessing significant growth in the hospitality sector, with new premium hotel projects underway, reflecting investor confidence

In the North East, the Ministry of Tourism leveraged Swadesh Darshan funds to develop MICE infrastructure, including a new convention centre in Aizawl, aiming to diversify the MICE market beyond traditional metros. These combined efforts signify a unified push by both central and state governments to transform India into a competitive MICE hub.

FICCIS ANALYSIS OF UNION BUDGET FOR THE MICE SECTOR - TradeFairTimes Key Expectations_ from MICE sector of India_ from Union Budget 2025 - TradeFairTimes (26 Apr, 2025)

https://travelbizmonitor.com/top-stories/government-push-fuels-enthusiasm-for-mice-tourism-in- northeast-region-stakeholders/?utm_source =chatgpt. com

Government push fuels enthusiasm for MICE tourism in Northeast region: Stakeholders - TravelBiz Monitor: India travel news, travel trends, tourism

INDIAN ONLINE TRAVEL MARKET

In 2024, the Indian online travel market reached approximately USD 17.0-17.3 billion. IMARC forecasts the market to grow to USD 19.05 billion in 2025, expanding at a CAGR of ~10.5% over 20252030. The online accommodation segment alone is projected at USD 8.95 billion in 2025, growing at a 10.25% CAGR into 2030.

Mobile-first bookings dominate the landscape, fueled by widespread smartphone usage and affordable data. AI-driven personalization, chatbots, and dynamic pricing are boosting user engagement and conversions. UPI and digital wallets significantly support secure, frictionless payments. Online penetration for travel spend reached ~54% in FY23 and is expected to increase to ~65% by FY28. Market segmentation shows transportation (flights, trains, buses) leading, with expansion into vacation packages and multimodal travel offerings via OTAs.

sphericalinsights. com+2futuremarketinsights. com+2reddit. com+2.

The Rapid Evolution of Indias Online Travel Industry in 2024 - Forever NEWS mordorintelligence. com. mordorintelligence. com. imarcgroup. com.

imarcgroup. com+lfuturemarketinsights. com+1. imarcgroup. com+15reddit. com+15reddit. com+15

CRUISE INDUSTRY

Indias cruise tourism industry is undergoing a major transformation, shedding its luxury-only image and evolving into an accessible, fast-growing sector backed by strategic government initiatives. With a 7,500 km coastline and 14,500 km of navigable waterways, India is geographically positioned to become a major cruise hub in the Indian Ocean. The Cruise Bharat Mission, launched in September 2024, targets 5 million cruise passengers by 2047, up from just 950,000 projected in 2030. Investments like the ?556 crore Mumbai International Cruise Terminal (MICT)—capable of handling **10,000 passengers daily and docking five ships simultaneously—are central to this expansion. Cruise traffic is projected to grow from 208 ships in 2023 to 1,100 by 2047, with major lines like Royal Caribbean and Costa Cruises now offering India-focused itineraries.

By 2029, the Indian cruise market is forecasted to reach USD 319 million, growing at a CAGR of 8.53%, with an estimated 1.2 million users and average revenue per user (ARPU) of USD 490.11. Infrastructure plans include 10 sea cruise terminals, 100 river cruise terminals, and 5 marinas, supported by policy reforms like e-visa facilities, reduced port fees, and cabotage relaxations. With global cruise tourism rebounding (projected to hit 37.3 million passengers by 2025), India is aligned with this momentum, combined with public-private partnerships and sustainability initiatives.

Sources:

• Statista - Cruise Market India

• Swaraiya - Indian Cruise Sector

• Travel Trends Today

• The Ground Zero Post

• Rediff & TravelBiz Monitor

Key Growth Drivers

• Economic Development: Strong economic growth in emerging markets, particularly India and China, boosts demand for business events. Increased corporate profits and global business expansion drive the need for meetings, conferences, and exhibitions.

• Corporate Travel Demand: The 2024 Deloitte corporate travel study indicates that 21% of frequent business travelers attend sales meetings, and 14% participate in team meetings, underscoring the importance of MICE for networking and collaboration.

• Government Support: Initiatives like tax incentives, infrastructure development, and grants (e.g., Australias USD 50 million for MICE events) encourage industry growth. In India, the Union Budget 2025-26 allocated Rs. 2,541.06 crore (US$ 291.07 million) for tourism infrastructure, enhancing MICE facilities.

• Technological Advancements: The rise of hybrid and virtual events, driven by platforms like Cvent and TravelPerk, expands audience reach and engagement. Approximately 63% of MICE events in 2024 were hybrid, with 61% of venues integrating smart technologies.

• Incentive Travel: Incentive travel programs, with an average spend of USD 4,900 per person, are increasingly used by industries like finance, insurance, and pharmaceuticals to boost employee morale and retention.

Recent Development and News in Meetings, Incentives, Conventions, And Exhibitions (MICE) Market

• In February 2024, International Exhibition and Convention Center (IECC) Shanghai announced the opening of its new 150,000 square meter expansion, increasing its total exhibition area to 370,000 square meters (Shanghai Daily). This expansion underscores the growing demand for larger and more sophisticated MICE facilities in China.

• In April 2025, C-vent, a leading global event management platform, partnered with Google to integrate Google Meet video conferencing technology into its event management software (Business Wire). This collaboration aims to provide seamless virtual event solutions for organizers, addressing the increasing trend towards hybrid events.

• In June 2025, Hilton Worldwide Holdings Inc. Acquired EventScape, a digital event platform, for USD150 million (Hotel News Now). This acquisition strengthens Hiltons position in the MICE market by offering a comprehensive suite of event solutions, including both physical venues and virtual event technologies.

COMPANYS OVERVIEW:

Mach Conferences & Events is a leading player in the MICE (Meetings, Incentives, Conferences, and Exhibitions) and Events industry, offering comprehensive and customized event management solutions. Founded by seasoned industry experts Mr. Amit Bhatia and Ms. Laveena Bhatia, Mach has grown under their visionary leadership. With over two decades of expertise, MACH specialize in conference and exhibition management, global event planning, and destination-specific logistics. Its extensive service offerings include venue sourcing, accommodation arrangements, transportation logistics, ticketing, visa facilitation, on-site coordination, and foreign exchange support, ensuring a seamless experience from planning to execution.

The company maintains an operational presence across more than 18 Indian states and union territories through a network of co-working spaces, with all project execution centralized at its corporate office in Noida, Uttar Pradesh. Over the past three years, Mach has successfully executed more than 370+ domestic and international events in locations such as FRANCE, SOUTH AMERICA, BUDAPEST, SWITZERLAND, GOA, JAIPUR, and SHIMLA. While its core clientele comes from the Banking,

Financial Services, and Insurance (BFSI) sector, the company also serves clients in Hospitality, FMCG, Infrastructure, and other industries. Machs commitment to detail, budget management, and creativity ensures high-impact experiences tailored to client needs.

Mach Conferences & Events holds several prestigious certifications and affiliations, including ISO 9001:2015 for Quality Management Systems, IATA certification (2024), and membership in industry bodies such as PATA and IATO.

SERVICE OFFERING:

We offer a wide array of MICE services, tailored to the unique needs of our B2B clientele:

• Event & Conference Management: Professional management of venue selection, agenda creation, speaker coordination, and attendee logistics.

• Destination Management: Complete logistical support at domestic and international destinations, including transportation, hotel arrangements, and local activities.

• Hotel/Venue Bookings: Preferred partnerships with major hotels and venues ensure added benefits and cost-effective packages for clients.

• Ticketing & Visa Services: End-to-end assistance for flight bookings, visa documentation, and embassy facilitation.

• Logistics: Comprehensive coordination of event logistics including equipment handling, ground transport, and crew support.

As part of its strategic growth, Mach is expanding into the B2C segment. In FY25 it forayed into the Religious Tourism space, had a partnership with Cordelia cruises, wedding. These initiatives aim to leverage its strong client base and market insights while contributing to Indias cultural and tourism landscape.

PERFORMANCE OVERVIEW:

156 Events Executed

The company successfully managed 150+ events in the present Financial Year 2024-25. Additionally, the number of locations serviced were 66. The company covered events in international locations like Budapest, Vietnam, Peru, New Zealand, Switzerland, Monte Carlo etc. and domestic location like Goa, Jabalpur, Bekal, Jaipur, Kovlam, Gangtok etc. Added 15 new clients and have conducted 35+ events in the present Financial Year.

Do Dham & Char Dham Yatra

Launched an exclusive Char Dham Yatra by Helicopter, offering devotees a swift, luxurious, and spiritually enriching experience across the four sacred shrines of Kedarnath, Badrinath, Yamunotri, and Gangotri. With helicopter transfers, on-ground assistance, and well-curated services, pilgrims can experience the divine energy in record time. This initiative reflects Mach Conferences commitment to creating unforgettable experiences, blending tradition with innovation, and making Indias holiest pilgrimages accessible to all.

Acquired 60% Stake in Travexel

The strategic acquisition marks Mach Conferences & Events entry into the specialized domain of medical conferences, further expanding the expertise and service portfolio. Medical conference segment offers long-term planning and predictability. The Revenue of Travexel in FY25 stood at 1.25 Crores with Order book of approximately ?20 crores.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES, INCLUDING NUMBER OF PEOPLE EMPLOYED

Employees are integral to the growth of our organization. The success and excellence we have achieved are directly attributed to the dedication and motivation of our team members. Our HR practices are designed to encourage employees to maintain a healthy balance between their professional and personal lives, while also fostering a dynamic workforce capable of adapting to challenges.

Our goal is to cultivate a productive, fair, and motivating workplace, where equal opportunities and treatment are available to all, regardless of age, gender, or financial background. We are dedicated to embracing diverse perspectives and experiences, which enrich our company culture. Innovation within our organization is driven by a team of talented employees who bring forward unique and creative ideas.

In FY25 we have added 26 employees and hence our total employee count stands at 81, as on 31^st March, 2025. Valuing the employees, the board has approved the ESOP scheme on May 23, 2025 which is subject to approval of shareholders in forthcoming AGM. This move reinforces our commitment to our team and recognizes the critical role they play in our success.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Mach conferences & Events Limited has established a robust internal control framework that is designed to ensure the integrity of financial reporting, safeguard assets against unauthorized use or loss, and promote operational efficiency. The internal control systems are aligned with the Companys strategic and operational objectives, and are continuously reviewed to keep pace with the evolving business environment.

All financial transactions are authorized through clearly defined approval hierarchies and are accurately recorded in accordance with applicable Accounting Standards (AS). The Company maintains comprehensive and well-documented policies and procedures to support sound governance and ensure compliance with statutory requirements.

An independent internal audit function, reporting directly to the Audit Committee of the Board, plays a pivotal role in evaluating the adequacy and effectiveness of internal controls across departments and projects. The internal auditors conduct risk-based audits at regular intervals and submit detailed reports with observations and recommendations. In addition, periodic interactions between the Audit Committee and statutory auditors further strengthen the control environment and help ensure transparency and accountability.

FINANCIAL OVERVIEW:

The consolidated performance of the Company for the financial year ended March 31, 2025, is as follows:

Revenue for the full year was Rs. 235.75 Crores in FY25, a YoY decrease of 0.6%.

Total expenses (including employee and other expenses) for the year were Rs. 217.07 Crores.

EBITDA stood at Rs. 21.96 Crores for FY25, YoY decrease of 40.1%. EBITDA Margin was 9.31%.

The depreciation during this financial year was Rs. 1.27 Crores, compared with Rs. 0.39 Crores in FY24. Interest cost for the year was reported at Rs. 0.95 Crores, as against Rs. 1.17 Crores in FY24.

Profit before tax (PBT) came in at Rs. 19.74 Crores, vis-a-vis Rs. 35.09 Crores in the previous fiscal year.

The PAT during this year was Rs. 14.17 Crores as against Rs. 26.18 Crores in FY24. PAT margin stood at 6.01%.

The Basic EPS for this year is Rs. 7.07.

The board has recommended dividend of Rs. 1.00 per equity share, i.e., 10% of the face value of Rs. 10/- each for FY25, subject to approval of shareholders.

CHANGES IN KEY RATIOS

Sr No	Particulars	FY25	FY24	Y-o-Y
1	Debtors Turnover Ratio	8.21	17.68	(53.6)%
2	Interest Coverage Ratio	21.75	30.90	(29.6)%
3	Current Ratio	4.17	1.77	135.6%
4	Debt-Equity Ratio	0.06	0.25	(76.0)%
5	Operating Profit Margin (%)	9.19%	15.24%	(39.7)%
6	Net Profit Margin (%)	5.93%	10.96%	(45.9)%
7	Return on Net worth (%)	13.01%	52.88%	(75.4)%

Explanation:

1. Debtor Turnover ratio: The Debtors Collection Ratio has reduced from 17.68 to 8.21 times, indicating a slower rate of collection. There was a shift in credit terms extended to some customers, in an effort to boost sales.

2. Interest Coverage Ratio: The Company maintained a healthy Interest Coverage Ratio, reflecting strong operating profits and prudent debt management. This indicates sufficient earnings to comfortably meet interest obligations.

3. Current Ratio: Primarily due to increase in trade receivable and repayment of other current liabilities using the proceeds from the Initial Public Offer fund.

4. Debt-Equity Ratio: The debt position improved during the year with partial repayment of both longterm and short-term borrowings. As a result, the Debt-to-Equity ratio reduced to 0.06 from 0.25 in the previous year, reflecting a stronger balance sheet and reduced leverage.

5. Operating Profit Margin (%): The decline in operating margin during the year is attributable to the acquisition of several new clients at competitive pricing, in line with the Companys growth strategy. Furthermore, a greater number of lower-margin events were executed during the period, which also impacted overall profitability. These initiatives, while affecting short-term margins, are aimed at driving long-term revenue growth and enhancing client base diversification.

6. Net Profit Margin (%): The decline in net profit margin is due to the increase in depreciation and decline in operating profit margin.

7. Return on Net worth (%): Return on Net worth declined compared to the previous year primarily due to a higher equity base following capital infusion through IPO. While this has impacted the ratio

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OPPORTUNITIES AND THREATS

OPPORTUNITIES

Increasing Demand for MICE Services

The global recovery in corporate travel and events post-pandemic has led to a resurgence in demand for in-person conferences, incentive travel, and international exhibitions. With India emerging as a key destination for business events, Mach is well-placed to capture this demand. Its proven track record in executing complex domestic and international events positions the company to attract new clients seeking reliable, full-service MICE solutions.

Expanding the Business from existing customers

Mach has created a good customer base. Being a promoter driven company and the availability of the promoter makes Mach viable option. The company will try to increase the share of business from each customer.

Venturing into the B2C Travel Segment

With the planned launch of a dedicated travel portal, Mach Conferences & Events is strategically entering the B2C travel market. This expansion allows the company to diversify its service portfolio and tap into a broader customer base beyond its core B2B clientele. Leveraging its deep understanding of travel behaviour and preferences gathered from years of MICE operations, the company is well- positioned to offer curated travel experiences to individual consumers, including leisure and religious travel.

Partnership with Cordelia cruises

Mach Conferences becomes a Key Distributor for Cordelia Cruises, reinforcing its leadership in luxury travel and aligning with the Cruise Bharat Mission targeting 5 million passengers by 2047.

The company will lead the way in offering transformative experiences in Indias booming cruise sector

Growth in Religious Tourism

Indias religious tourism market is witnessing strong growth, driven by a rising interest in spiritual travel and increased infrastructural support from the government. Machs decision to diversify into this segment is both a cultural and commercial opportunity. By designing structured pilgrimage packages and spiritual travel experiences, the company can cater to a vast and loyal audience seeking meaningful journeys, while also contributing to regional tourism development.

Global Client Acquisition Potential

Having successfully managed events in international destinations such as London, Paris, and Singapore, Mach has built a credible global reputation. This international experience enables the company to

approach and secure multinational clients looking for experienced partners in Asia. The ability to deliver seamless cross-border event solutions gives Mach a competitive edge in securing high-value, global projects.

THREATS

Economic and Geopolitical Uncertainty

The MICE industry is highly sensitive to macroeconomic factors and geopolitical developments. Fluctuations in economic stability, rising inflation, currency exchange volatility, or international conflicts can impact client budgets, travel feasibility, and overall event demand. These external shocks pose a significant threat to the companys revenue predictability and operational planning.

Intensifying Market Competition

The MICE and travel sector is increasingly competitive, with new entrants—including tech-enabled platforms—offering event and travel services at aggressive pricing. Established competitors with broader global footprints and digital-first capabilities can also pose a challenge. This intensifying competition could pressure margins and require continuous innovation to maintain client loyalty and service differentiation.

Disruptions from Public Health Crises or Natural Disasters

Events such as pandemics, natural disasters, or environmental disruptions can lead to cancellations or postponements, significantly affecting revenue and operations. Although the world is recovering from the COVID-19 crisis, the risk of similar disruptions in the future cannot be ruled out. These events can also cause sudden changes in travel advisories, visa policies, and venue availability.

Technological and Cybersecurity Risks

With increasing digital integration—especially through the planned B2C platform—cybersecurity and data privacy become crucial. Any breach or failure in IT infrastructure could damage the companys reputation and expose it to regulatory and legal consequences. As more services go online, safeguarding customer data and maintaining secure booking systems will be essential to protect consumer trust.

RISK MANAGEMENT

Comprehensive Risk Monitoring and Planning

Mach has implemented a structured risk management framework that includes continuous monitoring of economic trends, regulatory changes, and industry dynamics. Through scenario planning, event risk

assessments, and contingency budgeting, the company remains prepared to mitigate the impact of disruptions on its operations and client commitments.

Service and Client Diversification

To reduce dependency on any single client segment or event type, Mach maintains a diversified portfolio across industries such as BFSI, Hospitality, FMCG, and Infrastructure. The acquisition of Travexel which is into Medical conferences will help the revenue diversification. The upcoming foray into B2C travel and religious tourism further strengthens revenue stability and reduces reliance on corporate events alone.

Operational Excellence and Vendor Relationships

Strong relationships with hotels, transportation providers, and international service partners allow Mach to secure favorable terms, improve service delivery, and reduce supply-side risks. These partnerships, coupled with internal process controls and ISO 9001:2015-certified quality systems, ensure consistently high standards across all events.

Investment in Technology and Data Protection

To support its digital expansion, the company is investing in secure platforms, data privacy protocols, and cybersecurity infrastructure. This ensures that new ventures in B2C Travel are compliant with industry standards and capable of withstanding digital threats, thereby safeguarding both the company and its customers

CAUTIONARY STATEMENT

Forward-looking statements made in this Management Discussion & Analysis report are based on various assumptions and projections of future events over which Mach conferences & events Ltd has no control. The company makes no assurances as to their accuracy or that they will be realized. Actual outcomes may differ significantly from those stated or suggested. Demand, supply, global economic and geopolitical changes, government regulatory and tax framework, market liquidity, and other macroeconomic factors may have an impact on Mach conferences & events Limiteds activities.

On behalf of

Mach Conferences and Events Limited

Sd/-

Amit Bhatia

Chairman & Managing Director