Propshop Events and Exhibitions Ltd Management Discussions

The key issues of the Management Discussion and Analysis are given below.

Global Outlook:

The global outlook for the exhibition and MICE (Meetings, Incentives, Conferences and Exhibitions) industry for FY 2026-27 is expected to evolve in response to several key trends and developments. Trade shows and exhibitions remain among the most effective business-to-business marketing platforms worldwide, and the industry has continued to consolidate its post-pandemic recovery on the strength of renewed international business travel, sustained corporate marketing spends and continuing investment in convention infrastructure. The following are the key aspects likely to shape the global outlook:

(a) Scale and Structure of the Global Exhibition Industry:

Market Scale: The global exhibition industry operates across approximately 1,530 venues offering about 44.3 million square metres of indoor exhibition space. In calendar year 2025, roughly 32,000 exhibitions were hosted worldwide, drawing about 4.7 million exhibiting companies and 318 million visitors, with about 138 million square metres of booth space utilised. The scale of participation underlines the continuing relevance of physical exhibitions as a channel for product launches, distribution build-out and buyer engagement.

Regional Concentration: Asia-Pacific leads globally with about 16.9 million square metres of indoor exhibition space across 449 venues, followed by Europe with about 16.1 million square metres across 520 venues and North America with about 7.6 million square metres across 372 venues. Together, Asia-Pacific and Europe account for more than two-thirds of global indoor exhibition capacity, while the Middle East and Africa continue to expand steadily from a smaller base.

(b) Growth Outlook for the Global MICE Industry:

Projected Expansion: The global MICE industry is projected to grow from approximately USD 0.87 trillion in calendar year 2025 to over USD 1.4 trillion by calendar year 2030, reflecting a compound annual growth rate of approximately 9.97% over the forecast period. Growth is being supported by the recovery in international business travel, higher corporate event activity, rapid digital integration and rising demand for experiential business engagement.

Asia-Pacific as the Growth Engine: Asia-Pacific is expected to be the fastest growing MICE market globally, with a projected compound annual growth rate of between 10% and 13% through calendar year 2030. India, China, Thailand, Singapore and Indonesia are witnessing sustained investment in convention centres, airports, hotels and digital event infrastructure, which is expected to shift a growing share of global exhibition activity towards the region.

(c) Investment in Convention and Exhibition Infrastructure:

Infrastructure-Led Growth: The growth of the industry is closely linked to continued investment in convention infrastructure, exhibition venues, transportation networks and digital capability. Modern convention centres integrated with hotels, airports and urban transit systems are increasingly critical to attracting large-scale international events. Cities such as Las Vegas, Barcelona, Singapore, Frankfurt and Dubai have consolidated their positions as global MICE hubs on the strength of such infrastructure.

(d) Demand for Knowledge Exchange and Sectoral Forums:

Sectoral Drivers: The increasing importance of innovation, research and professional collaboration continues to drive demand for conferences, industry forums, technical exhibitions and knowledge-sharing events. This trend is particularly pronounced in healthcare, information technology, pharmaceuticals, education, renewable energy and sustainability, each of which generates recurring, calendar-driven exhibition activity.

(e) Hybrid, Smart and Technology-Enabled Event Formats:

Digital Integration: The industry has seen significant adoption of hybrid and technology-enabled formats combining physical participation with virtual engagement. The growing use of artificial intelligence-driven matchmaking, attendee analytics, augmented and virtual reality, event applications and smart scheduling systems is improving personalisation and operational efficiency. For booth solution providers, this translates into demand for digitally integrated stands incorporating interactive installations, LED and audio-visual elements.

(f) Sustainability and ESG-Focused Events:

Circularity and Reuse: Sustainability considerations are becoming increasingly important, with organisers and participants placing greater emphasis on environmentally responsible event practices. Demand for green venues, carbon-neutral events and eco-certified convention centres is rising steadily. This directly favours modular and reusable stand systems over single- use bespoke fabrication, and rewards service providers able to demonstrate material reuse, responsible sourcing and efficient logistics.

(g) Geopolitical Diversification and New Destinations:

Shifting Event Geographies: Global event organisers are increasingly diversifying event locations beyond traditional Western markets, owing to evolving geopolitical conditions, supply chain diversification strategies and the growing economic importance of Asia and the Middle East. This is contributing to the emergence of new MICE hubs and a more geographically diversified global events landscape, which in turn widens the addressable market for service providers with multi-country execution capability.

(h) Economic and Geopolitical Influences:

Headwinds: Ongoing geopolitical tensions, regional conflicts, trade uncertainties and global economic volatility may affect international business travel, airline connectivity, delegate participation and event planning activity. Rising fuel prices, supply chain disruptions and changing travel advisories can increase operational costs for organisers and exhibitors and affect overall business sentiment.

Outlook Summary:

The global exhibition and MICE industry is expected to record steady growth in FY 2026-27, supported by infrastructure investment, sustained corporate marketing spends, the diversification of event geographies and continued digital integration. At the same time, competitive intensity, cost pressures and macroeconomic uncertainty are expected to persist. Overall, FY 2026-27 is likely to be a year in which the emphasis shifts from volume growth alone towards integrated, technology-enabled and sustainable exhibition solutions delivered by organised, process-driven service providers.

Exhibition and MICE Industry & Market Growth in India:

The outlook for the Indian exhibition and MICE industry in FY 2026-27 is shaped by several key trends and opportunities across sectors. Set out below is an analysis of the principal factors:

(a) Indias Position in the Global MICE Industry:

Rising Global Standing: Indias MICE industry is emerging as a vital segment within the countrys tourism and business ecosystem, supported by a growing economy, increased global integration and rising corporate activity. India improved its International Congress and Convention Association (ICCA) global ranking from 37th position in 2022 to 28th position in 2024, and its Asia Pacific regional ranking from 9th in 2022 to 7th in 2024, recording 51% growth in the hosting of global conferences in 2024 over 2022.

Established and Emerging Hubs: Delhi NCR, Mumbai, Bengaluru, Hyderabad and Goa have established themselves as key MICE hubs, supported by convention centres such as Bharat Mandapam, Yashobhoomi, Jio World Centre and HICC. Emerging cities including Jaipur, Kochi, Ahmedabad, Varanasi, Udaipur, Indore and Bhubaneswar are gaining prominence through infrastructure expansion and improved connectivity.

(b) Market Size and Growth Trajectory:

Market Size: Indias MICE market generated estimated revenue of approximately USD 55.9 billion in calendar year 2025 and is projected to reach approximately USD 103.7 billion by calendar year 2030, growing at a compound annual growth rate of approximately 13.2%. This is materially ahead of the projected global growth rate, reflecting Indias relatively low base and the pace of infrastructure creation.

Exhibition Infrastructure: Indias exhibition infrastructure has expanded from approximately 6,01,518 square metres across 18 venues in calendar year 2024 to approximately 6,39,048 square metres across 19 venues in calendar year 2025. The increase in venue count signals a degree of decentralisation, with Tier II and Tier III cities beginning to emerge alongside traditional metropolitan centres.

(c) Government Policy and Institutional Support:

Policy Framework: The National Strategy and Roadmap for the MICE Industry (2022), released by the Ministry of Tourism, lays out a structured roadmap to establish India as a globally competitive MICE destination, advocating cohesive branding, capacity building, global outreach and regional development. The "Meet in India" campaign was launched to unify promotional efforts across states and stakeholders. Central and State Governments are extending bid support for international events, single-window clearance mechanisms and venue and marketing subsidies.

(d) Infrastructure Development:

Connectivity and Hospitality: India has made significant strides in physical infrastructure that is vital to hosting large-scale, multi-day and international events, including approximately 7,71,950 kilometres of roadways completed during FY 2024-25, more than 159 operational airports including international terminals in Tier II and Tier III cities, new railway terminals and semi- high-speed corridors, and a hospitality base of approximately 2.48 million hotel rooms.

(e) Surge in Domestic Corporate Events:

Domestic Demand: Indian companies are increasingly organising domestic conferences, offsites, training programmes, product launches and incentive tours. Industry-specific conferences focused on pharmaceuticals, defence, aerospace, green energy, education and financial technology, together with business-to-business networking platforms and trade fairs aimed at micro, small and medium enterprises and start-ups, are driving sustained demand for exhibition stands and event execution services.

(f) Redirection of Outbound MICE and Global Event Hosting:

Import Substitution in Events: India has traditionally witnessed significant outbound MICE travel to destinations such as Dubai, Thailand and Singapore. There is now a focused effort to retain this segment by offering competitive facilities and value-driven domestic alternatives. Indias G20 Presidency, involving over 200 meetings held across cities throughout the country, demonstrated the ability to manage large, decentralised and protocol-driven events and materially improved international perception of Indias event infrastructure.

(g) Rise in Private Sector Investment:

Capital Formation: Private players are investing in large-scale convention facilities, integrated hotel-event zones and event technology platforms enabling seamless delegate experience from booking to feedback analytics. This is expanding both the number of venues available and the sophistication expected of exhibition service providers.

(h) Industry Structure and Competitive Landscape:

A Fragmented Market Consolidating: The exhibition and trade show services sector in India remains largely unorganised and fragmented, with most participants operating regionally and with a limited scope of services. Competition is increasingly shifting beyond venue capacity and fabrication capability towards integrated services, technology adoption and destination experience. This structural shift favours organised, process-driven service providers able to offer end-to-end solutions under a unified project management framework.

(i) Challenges and Opportunities:

Challenges: India continues to contend with underdeveloped MICE branding and global visibility, perceptions relating to safety and security, the absence of professionally managed city-level convention bureaus, a high tax structure on hotels and event-related services with limited fiscal incentives, fragmentation and a lack of standardisation in service quality, high capital requirements for venue creation, regulatory complexity in the absence of single-window clearances, skill gaps and manpower shortages, and limited access to bid intelligence and global networks.

Opportunities: Sustained infrastructure creation, the emergence of MICE-ready destinations beyond metropolitan centres, growth in domestic corporate event activity, the redirection of outbound MICE spend, rising private sector investment and the professionalisation of an otherwise informal ecosystem together create substantial headroom for organised service providers with multi-geography execution capability.

Outlook Summary:

The Indian exhibition and MICE industry is positioned for strong growth in FY 2026-27, driven by infrastructure creation, policy support, rising domestic corporate event activity and Indias improving standing in the global business events calendar. To capitalise on these opportunities, service providers will need to focus on design capability, execution reliability, cost competitiveness, geographic reach and the adoption of technology across the project lifecycle. Overall, FY 2026-27 is expected to be a year of growth and value addition for the exhibition services industry in India, with opportunities spanning domestic and international markets.

Government Initiatives

The Government of India has launched several initiatives that directly and indirectly support the exhibition and MICE industry, focusing on infrastructure creation, destination branding, domestic manufacturing and enterprise participation in trade fairs:

(a) National Strategy and Roadmap for the MICE Industry:

Objective: Released by the Ministry of Tourism in 2022, the strategy sets out a structured roadmap to establish India as a globally competitive MICE destination through cohesive branding, capacity building, global outreach and regional development.

Impact on the Industry: The strategy provides an institutional framework for bid support, venue development and destination promotion, which expands the pipeline of exhibitions and conferences hosted in India and, consequently, the demand for exhibition stand design and execution services.

(b) "Meet in India" Campaign:

Objective: Launched to unify promotional efforts across states and stakeholders, the campaign positions India as a preferred destination for international conferences and exhibitions, showcases regional diversity through localised MICE offerings and creates a collaborative platform for government bodies, tourism boards and industry associations.

Impact on the Industry: Improved international visibility increases inbound exhibition activity and the participation of overseas exhibitors, widening the market for full-service booth solution providers.

(c) "Incredible India" and "Dekho Apna Desh":

Objective: These campaigns actively promote tourism, including MICE tourism, as a high- potential contributor to economic growth.

Impact on the Industry: Sustained promotion of business tourism supports venue utilisation and the calendar of trade fairs across both established and emerging destinations.

(d) Convention and Exhibition Infrastructure Development:

Objective: The development of large-scale venues such as Bharat Mandapam and the India International Convention and Expo Centre (Yashobhoomi) in New Delhi, alongside the Hyderabad International Convention Centre and the Jaipur Exhibition & Convention Centre, reflects a sustained public and public-private commitment to exhibition infrastructure.

Impact on the Industry: Greater hosting capacity for mega-events and multi-track conventions directly increases the volume of exhibition space sold and, correspondingly, the demand for stand design, fabrication and installation services.

(e) National Infrastructure Pipeline and Connectivity Programmes:

Objective: Successive Union Budgets have sustained a high level of public capital expenditure on roads, railways, airports and urban infrastructure.

Impact on the Industry: Improved inter-city and intra-city connectivity reduces logistics cost and transit time for the movement of fabricated elements, equipment and personnel to event venues, which is a material component of the cost structure of exhibition service providers.

(f) Make in India and Atmanirbhar Bharat:

Objective: These initiatives aim to transform India into a global manufacturing hub and to reduce import dependency by promoting domestic value addition.

Impact on the Industry: Higher domestic manufacturing activity increases the participation of Indian enterprises in domestic and international trade fairs to build distribution and export relationships, directly expanding the customer base for exhibition services.

(g) Start-up India and MSME Promotion:

Objective: Programmes supporting start-ups and micro, small and medium enterprises encourage participation in industry forums, business-to-business networking platforms and trade fairs.

Impact on the Industry: These programmes contribute to the growth of regional events and create demand for affordable and scalable exhibition infrastructure, including modular and shell scheme compatible stands.

(h) Export Promotion and Market Access Initiatives:

Objective: Export promotion councils and allied programmes support the participation of Indian exporters in international trade fairs and exhibitions.

Impact on the Industry: Support for overseas trade fair participation increases the demand for Indian service providers capable of executing booths in international markets, an area in which the Company has established capability.

(i) Skill Development Initiatives:

Objective: Skill India and the National Skill Development Mission aim to enhance the skill sets of the services and manufacturing workforce.

Impact on the Industry: A more skilled workforce addresses one of the sectors principal constraints, namely the shortage of professionals trained in event operations, audio-visual management, international client servicing and safety compliance.

These government initiatives collectively support the growth and development of the exhibition and MICE industry in India by expanding venue infrastructure, improving destination branding, increasing enterprise participation in trade fairs and strengthening the skill base of the sector.

Road Ahead

The exhibition and MICE industry, both globally and in India, is entering a phase of professionalisation and consolidation. Over the next five years, growth is expected to be shaped by the following:

• Sustained growth in the global MICE market from approximately USD 0.87 trillion in calendar year 2025 to over USD 1.4 trillion by calendar year 2030, with Asia-Pacific as the fastest growing region.

• Expansion of Indias MICE market from approximately USD 55.9 billion in calendar year 2025 to approximately USD 103.7 billion by calendar year 2030.

• Continued creation of convention and exhibition capacity, including decentralisation towards Tier II and Tier III cities.

• Growing preference for integrated, single-vendor solutions spanning design, fabrication, logistics, installation and post-event dismantling.

• Increasing adoption of modular and reusable stand systems, driven by sustainability considerations and cost efficiency.

• Deeper integration of digital, audio-visual and interactive technologies into physical booth design.

• Progressive shift of business from unorganised regional operators to organised, process-driven and quality-consistent service providers.

• Rising client expectations on design differentiation, execution reliability and adherence to compressed delivery timelines.

Overall, FY 2026-27 is expected to be a year of growth and value addition. Companies that align with these industry trends, invest in design and project management capability and maintain execution discipline across geographies are expected to be well placed to capture the emerging opportunities.

Our Business:

The Company is engaged in the business of trade show and exhibition booth solutions, offering both custom-built and modular exhibition options. Design and conceptualisation are handled in-house and through project-based collaborations with professionals, while booth fabrication and related services are carried out under the supervision of the Company. The Companys services extend from concept design and three-dimensional visualisation to project management, logistics, on-site supervision, fabrication, installation and post-event dismantling support.

The Companys clientele spans a wide range of industries, including Industrial Machinery and Equipment, Building Materials, Furnishing and Decor, Chemicals, Media and Entertainment, Healthcare and Cosmetics, Food and Beverages, Packaging Materials, Metals and Minerals, Power and Energy, Banking, Financial Services and Insurance, Information Technology, Travel and Tourism and Automobiles. The Company has a pan-India presence and working relationships with local teams across key global markets hosting major exhibition hubs, including the United States, the United Kingdom, Dubai, Germany, Spain and Singapore.

The Company operates from its registered office at Mumbai, Maharashtra, which anchors its administrative and coordination activities, and from two rented godown facilities located at Vasai, Maharashtra and Bengaluru, Karnataka, which serve as the base for storage, logistics and fabrication support. To ensure smooth execution at event sites, the Company temporarily rents godowns or storage spaces at or near event locations as required. This asset-light and flexible infrastructure, combined with a pan-India presence and international operational ties, enables the Company to manage projects efficiently across geographies while maintaining control over execution and timelines.

The Company operates a dual execution model comprising outsourcing (subcontracting) and in-house project execution. This approach enables the Company to balance quality control, scalability and cost efficiency across a wide spectrum of projects, and is supported by a structured vendor screening and project execution framework and by the physical presence of the Companys supervisors on site for the full duration of each project.

During the year under review, the Company recorded revenue from operations of Rs 7,029.40 Lakhs as compared to Rs 5,151.82 Lakhs during the financial year ended March 31, 2025, representing an increase of approximately 36.44%. Other income for the year stood at Rs 14.89 Lakhs as against Rs 6.91 Lakhs in the previous financial year. Accordingly, total income for the year under review stood at Rs 7,044.29 Lakhs as against Rs 5,158.72 Lakhs in the previous financial year.

Total expenses for the year stood at Rs 5,950.12 Lakhs as against Rs 4,316.31 Lakhs in the previous financial year. The major component of expenditure continued to be operating expenses, comprising principally fabrication materials, subcontracted fabrication and assembly, labour, transportation and logistics, site and storage rentals and equipment hire, which stood at Rs 5,019.67 Lakhs as against Rs 3,633.38 Lakhs in the previous financial year. Employee benefits expense stood at Rs 704.47 Lakhs as against Rs 513.15 Lakhs, finance costs at Rs 18.21 Lakhs as against Rs 15.78 Lakhs and depreciation and amortisation expense at Rs 15.15 Lakhs as against Rs 11.43 Lakhs in the previous financial year.

On the profitability front, the Company reported a profit before tax of Rs 1,094.17 Lakhs as against Rs 842.41 Lakhs in the previous year, and a profit after tax of Rs 801.62 Lakhs as against Rs 632.30 Lakhs in the previous financial year, reflecting an increase of approximately 26.78%. The weighted basic and diluted earnings per equity share of face value Rs 10 each stood at Rs 7.10 for the year under review as against Rs 6.09 for the previous financial year.

During the year under review, the Authorised Share Capital of the Company was increased from Rs 3,00,00,000 to Rs 18,00,00,000, and the Company issued and allotted 85,30,804 bonus equity shares of face value Rs 10 each. Accordingly, as on March 31, 2026, the issued, subscribed and paid-up share capital of the Company stood at Rs 11,29,08,040 divided into 1,12,90,804 equity shares of face value Rs 10 each.

Subsequent to the end of the financial year under review, the Company successfully completed its Initial Public Offering of 41,40,000 (Forty-One Lakh Forty Thousand) equity shares of face value of Rs10/- (Indian Rupees Ten only) each at an issue price of Rs69/- (Indian Rupees Sixty-Nine only) per equity share, including a securities premium of Rs59/- (Indian Rupees Fifty-Nine only) per equity share, aggregating to Rs28,56,60,000/- (Indian Rupees Twenty-Eight Crores Fifty-Six Lakhs Sixty Thousand only) ("the Offer"), comprising:

(a) a Fresh Issue of 33,40,000 (Thirty-Three Lakh Forty Thousand) equity shares of face value of Rs10/- (Indian Rupees Ten only) each at an issue price of Rs69/- (Indian Rupees Sixty-Nine only) per equity share, aggregating to Rs23,04,60,000/- (Indian Rupees Twenty-Three Crores Four Lakhs Sixty Thousand only); and

(b) an Offer for Sale of 8,00,000 (Eight Lakh) equity shares of face value of Rs10/- (Indian Rupees Ten only) each at an issue price of Rs69/- (Indian Rupees Sixty-Nine only) per equity share, aggregating to Rs5,52,00,000/- (Indian Rupees Five Crores Fifty-Two Lakhs only), by the Promoter Selling Shareholders, comprising 5,00,000 (Five Lakh) equity shares offered by Mr. Prathamesh Shantaram Pusalkar and 3,00,000 (Three Lakh) equity shares offered by Mrs. Aarti Prathamesh Pusalkar.

The Offer was made in terms of Chapter IX of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, and included a Market Maker Reservation Portion of 2,16,000 (Two Lakh Sixteen Thousand) equity shares, the Net Offer to the public being 39,24,000 (Thirty-Nine Lakh Twenty-Four Thousand) equity shares. The Offer was authorised by a resolution of the Board of Directors dated July 10, 2026 and by a special resolution passed by the Members dated July 13, 2026.

The Company did not receive any proceeds from the Offer for Sale, the proceeds whereof, net of the proportionate share of Offer-related expenses, accrued to the Selling Shareholders. Pursuant to the allotment of equity shares under the Fresh Issue, the issued, subscribed and paid-up equity share capital of the Company increased from Rs11,29,08,040 divided into 1,12,90,804 equity shares to Rs14,63,08,040 divided into 1,46,30,804 equity shares of face value Rs10/- (Indian Rupees Ten only) each.

Pursuant to the successful completion of the Offer, the equity shares of the Company were listed and commenced trading on the SME Platform of the National Stock Exchange of India Limited (NSE Emerge) on August 03, 2026. The Company has also incorporated a wholly owned subsidiary in Florida, United States of America, subsequent to the end of the year under review.

The overall performance of the Company during the year under review remained satisfactory, with growth in revenue and profitability reflecting an improvement in scale, wider industry and geographic coverage and continued operating discipline.

Opportunities for our business:

• Sustained growth in the Indian MICE market, projected to expand at a compound annual growth rate of approximately 13.2% between calendar years 2025 and 2030.

• Progressive shift of business from the unorganised segment to organised, process-driven service providers offering integrated, end-to-end solutions.

• Expansion of the international business, leveraging established relationships with local teams and subcontractors across the United States, the United Kingdom, Dubai, Germany, Spain and Singapore.

• Diversification into exhibition and corporate event organisation, building on the Companys existing capabilities in logistics, vendor coordination, on-ground execution and project management.

• Empanelment with prominent exhibition organisers, enabling entry into the exhibition organisation segment.

• Deepening of relationships with existing customers and expansion of wallet share through higher-value and more sophisticated project mandates.

• Emergence of MICE-ready destinations beyond metropolitan centres, widening the domestic geographic footprint available to the Company.

• Growing demand for sustainable, modular and reusable stand systems, which align with the Companys asset-light model.

• Increasing client demand for brand-led, technology-enabled booth experiences, addressed through the Companys in-house design, marketing and branding capability.

• Access to capital markets following the listing of the Companys equity shares, providing a broader platform for future growth and expansion.

Threats:

• Intense competition from established domestic and international service providers as well as from a large unorganised segment, which may exert pressure on pricing and margins.

• Fragmentation and the absence of standardisation in service quality across the industry, which may affect client perception of the sector as a whole.

• Short order lead times, with purchase orders typically raised only a few weeks to one or two months prior to the scheduled event, requiring high operational readiness and limiting revenue visibility.

• Dependence on third-party subcontractors for fabrication and assembly, and on local teams in international markets, for execution quality and adherence to timelines.

• Concentration of revenue in certain geographies, industries and customer accounts.

• Volatility in the cost of fabrication materials, labour, transportation and logistics, site rentals and equipment hire, which together constitute the principal component of operating costs.

• Exposure to foreign exchange fluctuations on account of the international business.

• Cancellation, postponement or rescheduling of exhibitions and events on account of geopolitical tensions, regional conflicts, travel restrictions, public health events or adverse weather.

• High taxation on hotels and event-related services in India and the limited availability of fiscal incentives, which affect overall event economics.

• Regulatory complexity in obtaining approvals and clearances for events in the absence of single- window mechanisms, and evolving safety, environmental and compliance requirements.

• Shortage of skilled professionals trained in event operations, audio-visual management, international client servicing and safety compliance.

• Macroeconomic uncertainty and cyclicality in corporate marketing and business travel budgets.

Segment-wise or Product-wise Performance:

The Company is principally engaged in the business of providing trade show and exhibition booth solutions and related services and, accordingly, operates in a single reportable business segment. The Company does not have more than one reportable segment in terms of Accounting Standard 17 - Segment Reporting and, accordingly, segment-wise reporting is not applicable to the Company for the year under review.

The Companys services are supplied across a range of end-use industries, including Industrial Machinery and Equipment, Building Materials, Furnishing and Decor, Chemicals, Media and Entertainment, Healthcare and Cosmetics, Food and Beverages, Packaging Materials, Metals and Minerals, Power and Energy, Banking, Financial Services and Insurance, Information Technology, Travel and Tourism and Automobiles. This diversification across industries reduces sectoral concentration risk and enables the Company to apply cross-sector insights to booth design and execution.

During the year under review, the Company continued to strengthen its market position by enhancing customer engagement, widening its industry and geographic coverage and expanding its network of subcontractors and local execution partners across domestic and international markets. In line with its strategy of business diversification, the Company also extended its capabilities into corporate event organisation and secured empanelment with prominent exhibition organisers.

The Company services both domestic and international markets and continues to evaluate opportunities in complementary service offerings that align with its business objectives.

Outlook:

The outlook for the exhibition and MICE services industry remains positive, supported by the sustained expansion of the Indian and global MICE markets, continued creation of convention and exhibition infrastructure, growth in domestic corporate event activity and the progressive shift of business towards organised service providers.

Over the medium to long term (FY 2026-27 to FY 2030-31), the Company has charted a growth roadmap aimed at building a scalable, diversified and resilient business model. The key elements of this outlook are:

• Revenue Growth: Sustained topline growth driven by deeper penetration of existing markets, expansion of the customer base and the scaling up of newer service lines.

• Service Diversification: Expansion into exhibition and corporate event organisation as a strategic and operationally synergistic extension of the existing business, initially through partnerships with established event organisers and logistics providers and, over time, through a dedicated in-house events team.

• International Expansion: Strengthening of local partnerships and broadening of the empanelment footprint across key global exhibition hubs, so as to drive international growth while minimising capital expenditure and preserving operational flexibility.

• Customer Relationships: Continued focus on strengthening long-term relationships with existing customers, increasing wallet share and moving towards higher-value mandates, alongside the acquisition of new customers.

• Capability Enhancement: Ongoing investment in in-house design, marketing and branding capability, project management systems and vendor management, so as to maintain execution consistency across geographies.

• Operational Efficiency: Leveraging technology, process improvements and economies of scale to optimise costs, improve working capital efficiency and enhance profitability.

• Talent and Infrastructure: Continued investment in people, systems and facilities to strengthen capabilities and enhance customer delivery.

• Shareholder Value Creation: A balanced focus on growth and profitability to deliver consistent returns, backed by a resilient and asset-light business model.

The management remains confident that these initiatives will enable the Company to strengthen its competitive position and create sustainable value for all stakeholders.

The management further believes that the Companys asset-light and scalable business model, in-house design and project management capabilities, structured execution framework, diversified industry and geographic coverage, experienced leadership team and established network of subcontractors and local execution partners place it in a position to pursue the opportunities available in the industry.

Risk Management:

The Board of the Company has adopted a Risk Management Policy to identify, analyse and assess the potential risks associated with the business operations of the Company and to devise measures to minimise and manage such risks. The internal controls and procedures established in the organisation are aligned to the Risk Management Policy so as to enable a timely response to identified risks. The Audit Committee exercises additional oversight over financial risks and controls. The key focus areas in the Companys risk management framework include:

• Securing critical resources, including capital and human talent.

• Ensuring cost competitiveness and protecting margins against input cost volatility.

• Maintaining execution quality and timelines across a network of subcontractors and local execution partners.

• Creating design differentiation and a strong value proposition.

• Maintaining and enhancing customer service standards.

• Managing concentration risk across customers, industries and geographies.

• Introducing innovative marketing and branding initiatives, particularly in digital media.

Internal control systems and their adequacy:

The Company has duly established and maintained its internal controls and procedures for financial reporting and has evaluated the effectiveness of its internal control systems. The internal control systems are commensurate with the size, scale and complexity of the Companys operations and are designed to provide reasonable assurance regarding the reliability of financial reporting, the safeguarding of assets, the prevention and detection of frauds and errors, the accuracy and completeness of accounting records and the timely preparation of reliable financial information.

The Internal Auditors monitor the efficiency and effectiveness of the internal control systems in the Company. The reports presented by the Internal Auditors, together with significant audit observations and corrective actions taken thereon, are reviewed by the Audit Committee of the Board.

Material Developments in Human Resources / Industrial Relations Front Including Number of People Employed

Employee wellbeing and the building of a strong workplace culture continued to be focus areas during the financial year 2025-26. The Company believes that its employees are its most important resource, and that the quality of design conceptualisation, project management and on-site execution depends directly on the capability and engagement of its teams. Industrial relations remained cordial throughout the year under review.

The Companys workforce is organised across the Management, Operations and Production, Sales and Marketing, Designing, Accounts, Data Operations, Human Resources and Administration, Information Technology and Legal and Compliance functions. In addition, the Company engages third-party subcontractors for the fabrication and assembly of exhibition booths and related components, who deploy their own workforce under fixed-term or project-based arrangements under the supervision of the Company.

As on March 31, 2026, the Company had 125 employees on its rolls.

The Human Resources team undertook focused initiatives during the year to strengthen employee- centric welfare programmes and engaged actively with business leaders to address workplace requirements, with a view to attracting, developing and retaining talent across design, execution and client servicing functions.

Details of significant ratios:

Details of the ratios and the changes therein are provided in the notes to the financial statements of the Company for the financial year ended March 31, 2026.

Significant Changes in the return on net-worth:

The details of the return on net-worth are as follows:

Particulars	FY 2025-26	FY 2024-25	% of variance
Return on Net-Worth (%)	41.46%	55.86%	-26%

The change in the return on net-worth during the financial year ended March 31, 2026 is primarily on account of the increase in the net-worth of the Company arising from the profits retained during the year, which grew proportionately more than the profit after tax for the year. The net-worth of the Company increased from Rs 1,131.93 Lakhs as at March 31, 2025 to Rs 1,933.55 Lakhs as at March 31, 2026, while the profit after tax increased from Rs 632.30 Lakhs to Rs 801.62 Lakhs over the same period.

Cautionary Statement:

The statements made in this section describe the Companys objectives, projections, expectations and estimations which may be forward looking statements within the meaning of applicable securities laws and regulations. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements may differ materially from those expressed in the statement or implied due to the influence of external and internal factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

By the order of the Board of Directors

For Propshop Events and Exhibitions Limited

Sd/-

Prathamesh Shantaram Pusalkar

Chairman and Managing Director

DIN:06743048

Place: Mumbai

Date: September 04, 2026