Mach Conferences and Events Limited

As per financial performance, Mach Conferences and Events Limited has posted total income / net profits of Rs 23.84 Cr / Rs (2.61) Cr (FY22), Rs 141.94 Cr / Rs 8.81 Cr (FY23) and Rs 238.99 Cr / Rs 26.18 Cr (FY24). So as per previous financials data, company has shown good growth. Company has posted an average EPS of Rs 8.29 and average RoNW of 36.33% for last three fiscals. Issue is priced at a P/BV of 8.54 as per NAV of 26.35 as on 31.03.24. If we attribute latest earnings of FY22, FY23 and FY24 on fully diluted equity post issue, then asking price is at a P/E of around NA, 53.74 and 18.08 respectively, which looks fully priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Beeline Capital Advisors Private Limited is associated with this SME IPO and handled 46 SME IPOs in last 3 years. From last 10 IPOs, all opened above issue price or at par on the day of listing. As of now from last 10 IPOs, two are trading below issue price and remaining are trading  above issue price as on today. ( As on 30.08.24 ) As per financials, Mach Conferences and Events Limited has shown good growth, RoNW is 30.81% and P/E is respectively 55.36, 24.23 and 17.03 as per FY22, FY23 and FY24 earnings. So, issue looks fully priced. Company is in business of event management and specifically operates within MICE (Meeting, Incentives, Conferences, Exhibitions) industry, which is highly competitive and fragmented segment. But the sector is growing at good rate and expected to do well for next couple of years. Performance of BRLM is good. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Amit Bhatia
• 2 Ms. Laveena Bhatia