Expression 360 Services India Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 1,50,00,000 equity shares (Entirely OFS)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Expression 360 Services India Limited

Incorporated in 2010 and headquartered in Kolkata, Expression 360 Services India Limited is a media and advertising services company engaged in providing integrated communication, branding, and marketing solutions. The company offers end-to-end creative solutions across multiple platforms, including on-ground events, exhibitions, digital campaigns, film production, and brand strategy. It works with corporates, government organisations, and large-scale exhibitions, helping clients enhance visibility and engagement through innovative communication strategies. The company operates with a workforce of 154 employees as of December 31, 2025.

Expression 360 Services India Limited IPO Overview

Expression 360 Services India Limited filed its DRHP with SEBI on March 30, 2026, for a book-built IPO comprising entirely an offer for sale (OFS) of up to 1,50,00,000 equity shares by the existing shareholders. The issue is entirely an OFS with no fresh issue component, and the company will not receive any proceeds from the IPO. The equity shares are proposed to be listed on NSE and BSE. Lead manager: Smart Horizon Capital Advisors Pvt. Ltd. Registrar: MUFG Intime India Pvt. Ltd. Key details like IPO dates, price band, and lot size are yet to be announced. The face value of the equity shares is ₹5 per share.

Expression 360 Services India Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	1,50,00,000 equity shares
Fresh Issue	—
Offer for Sale (OFS)	1,50,00,000 equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹5 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	5,98,59,000 shares
Shareholding post-issue	5,98,59,000 shares

Expression 360 Services India Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Expression 360 Services India Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Expression 360 Services India Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹4.54
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	26.48%
Net Asset Value (NAV)	₹12.17
Return on Equity (RoE)	30.52%
Return on Capital Employed (RoCE)	35.66%
EBITDA Margin	16.65%
PAT Margin	16.19%
Debt to Equity Ratio	0.04

 

Objectives of the IPO Proceeds

• Being entirely an OFS issue, the IPO proceeds will entirely go to the selling shareholders, and the company will not receive any funds from the IPO proceeds.

Expression 360 Services India Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,460.12	1,188.50	726.73	505.07
Revenue from Operations	1,616.04	2,802.28	2,234.44	1,154.88
Profit After Tax	192.88	272.02	147.29	75.71
Reserves and Surplus	428.96	533.27	261.74	114.27
Total Borrowings	26.28	32.63	20.02	73.13
Total Liabilities	731.87	653.01	462.77	388.58

Financial Status of Expression 360 Services India Limited

SWOT Analysis of Expression 360 Services India Limited

Strengths and Opportunities	Weaknesses and Threats
End-to-end integrated service model across marketing communications, events, and exhibitions	High customer concentration: top 10 customers contributed 84.19% of H1 FY2026 revenue
Established government relationships with empanelment-based direct allocations	Revenue concentration in Maharashtra, West Bengal, and Delhi (82% of H1 FY2026 revenue)
Diversified revenue streams across multiple industry verticals including energy, defence, and BFSI	Asset-light model with dependence on third-party vendors for execution
Established operational infrastructure with pan-India and international network	Low entry barriers in unorganised segment of advertising and events industry
Multi-channel procurement model (empanelment-direct, tender, direct sales)	Project-based revenue model with lumpy order flow
High entry barriers supported by execution capabilities for large-scale government mandates	Working capital intensive business with extended credit cycles
Diversified industry exposure with strong presence in energy, oil & gas, and utilities sectors	Intense competition from larger integrated communication agencies
India’s advertising industry expected to reach ₹1.74 lakh crore by 2026	Economic slowdown affecting advertising and event spends
Indian MICE market projected to grow at 13.2% CAGR to USD 103.7 billion by 2030	Regulatory changes in government procurement and empanelment policies

 

Expression 360 Services India Limited IPO Strengths

End-to-End Integrated Service Model

Expression 360 Services India offers integrated marketing communications and event management solutions across multiple platforms, including creative development, media planning and buying, digital outreach, events and exhibitions, and audio-visual production. This integrated approach enables clients to achieve consistency in messaging and efficiency in execution through single-window solutions spanning concept development to post-campaign analysis, thereby reducing client reliance on multiple vendors and enhancing accountability.

2. Established Government Relationships with Empanelment-Based Direct Allocations
   Expression 360 Services India has established empanelments with various government bodies enabling direct work allocations without competitive bidding. Revenue from empanelment-direct procurement accounted for 76.20% of revenue in H1 FY2026 and 34.34% in Fiscal 2025. The company’s participation in government mandates is supported by a demonstrable track record of executing projects of comparable scale and complexity, providing continuity of engagements and revenue visibility.

Diversified Revenue Streams Across Multiple Industry Verticals

Expression 360 Services India derives revenue from a diversified mix of end-user industries, including energy, oil and gas and utilities (71.63% of H1 FY2026 revenue), aerospace, defence and marine (4.43%), automotive and transportation (1.60%), and biotech, pharma and healthcare (1.05%). This diversified industry exposure enables the company to mitigate concentration risks and participate in opportunities across sectors with varying growth dynamics.

Established Operational Infrastructure with Pan-India and International Network

Expression 360 Services India has developed an integrated operational infrastructure supported by a pan-India network and international execution capabilities. The company’s presence in key locations including New Delhi, Mumbai, Kolkata, Bhubaneswar, Patna, Chennai, and Guwahati enables efficient execution of multi-location assignments across metropolitan, Tier 2, and Tier 3 markets. The company has also undertaken assignments in international markets across Europe, Asia-Pacific, the Middle East, and North America.

High Entry Barriers Supported by Execution Capabilities and Diversified Procurement Model

The integrated marketing communications and event and exhibition industry is characterised by significant entry barriers, particularly for large-scale and government-led assignments. These barriers include substantial working capital requirements, established relationships with media owners and execution partners, technological capabilities, and compliance with regulatory and empanelment frameworks. Expression 360’s experience of over 15 years enables participation in high-value assignments across government and institutional sectors.

Experienced Promoters and Management Team with Strong Execution Capabilities

Expression 360 Services India is led by experienced promoters and a qualified senior management team with significant industry experience. The Promoter and Chairman-cum-Managing Director has over 15 years of experience in the media and advertising industry. The senior management team includes experienced personnel across experiential design, bids and tenders, and marketing communications. The company has also received multiple industry recognitions and awards, including Best Ad Film at KSFF 2025.

Other IPO Pages Linking

More About Expression 360 Services India Limited

Expression 360 Services India Limited, incorporated in 2010, has established itself as an integrated media and advertising services company with a strong focus on government and institutional clients.

Business Model and Service Offerings

• Events and Exhibitions: End-to-end event management, exhibition design and fabrication, experiential marketing
• Marketing and Communication: Media planning and buying across print, electronic, and outdoor platforms, creative content services, digital engagement
• Film and Audio-Visual Production: Content production, brand films, documentary production
• Brand Strategy: Integrated communication, branding solutions, creative development

Revenue Mix (H1 FY2026)

• Event and Exhibition services: ₹828.47 million (51.27%)
• Marketing and Communication services: ₹734.22 million (45.43%)
• Other miscellaneous services: ₹53.35 million (3.30%)

Procurement Model

• Empanelment – Direct: 76.20% of H1 FY2026 revenue (direct work allocations without bidding)
• Empanelment – Tender: 20.53% of H1 FY2026 revenue
• Direct Sales: 3.27% of H1 FY2026 revenue

Geographic Presence

• Domestic presence across Maharashtra, West Bengal, Delhi, Uttar Pradesh, Tamil Nadu, Madhya Pradesh, Bihar, Goa, Assam, and Haryana
• International assignments across Europe, Asia-Pacific, the Middle East, and North America

Industry Verticals Served

• Energy, Oil & Gas and Utilities (71.63% of H1 FY2026 revenue)
• Aerospace, Defence and Marine (4.43%)
• Automotive and Transportation (1.60%)
• Biotech, Pharma and Healthcare (1.05%)
• Education & Research, BFSI, Engineering and Construction, Agriculture, IT & Services, and others

Customer Base

• 126 customers served in H1 FY2026
• Top 10 customers contributed 84.19% of revenue
• Revenue from repeat customers: 83.50% in H1 FY2026
• Average association with top 10 customers: 5-7 years

Workforce

• 154 employees as of December 31, 2025
• Key functions: creative development, content production, event execution, client servicing, project management

Industry Outlook

India’s advertising, media, and events industry is poised for significant growth driven by increasing digital adoption, government spending on communication, and the expanding experience economy. India’s advertising industry closed 2025 at ₹1,21,339 crore and is projected to grow to ₹1,40,001 crore by 2027 at a CAGR of 7.41%. According to Madison’s report, India’s ad market is projected to reach ₹1,74,605 crore in 2026, implying 12–13% growth.

Key Growth Drivers:

• Digital Advertising Leadership: Digital advertising continues to lead the industry’s growth at 19% in 2025, reaching ₹71,621 crore and accounting for 59% of the country’s total ad spending. The Indian digital ad market is projected to grow at 10-15% CAGR, reaching USD 19-22 billion by 2030 from USD 11 billion in 2025.
• Government Spending on Communication: The Union Government allocated approximately ₹1,477 crore towards information and publicity for FY27. Advertisement and sales promotion expenditure by PSUs increased from ₹34,479.6 million in Fiscal 2021 to ₹99,674.2 million in Fiscal 2025, indicating sustained growth in spending.
• MICE and Events Growth: The Indian MICE market is projected to more than double from USD 49.4 billion in 2024 to USD 103.7 billion by 2030, representing a CAGR of 13.2%. India’s organised live events sector was valued at ₹145 billion in 2025 and is projected to grow at 10% annually to reach ₹196 billion by 2028.
• Out-of-Home (OOH) Advertising: The Indian OOH market is expected to reach ₹5,961 crore by FY2027-28 at a CAGR of approximately 7.5%.
• Experiential Marketing: India’s experiential marketing sector is forecast to reach ₹10,000 crore ($1.15 billion) by 2025, driven by increasing consumer preference for immersive experiences.
• Media & Entertainment Sector Growth: The Indian Media & Entertainment sector has reached approximately INR 2.5 trillion in 2024 and is expected to grow by about 7% in 2025, crossing INR 2.7 trillion.

How Will Expression 360 Services India Limited Benefit

• Expression 360 Services India is strategically positioned to benefit from India’s advertising industry growing to ₹1.74 lakh crore by 2026, with the company’s integrated service model capturing value across creative, media, digital, and experiential platforms.
• The company’s strong government empanelment positions (76.20% of H1 FY2026 revenue from direct allocations) enable it to capture a significant share of the ₹1,477 crore Union Government budget for information and publicity, as well as PSU advertising expenditure which has grown from ₹34,479.6 million to ₹99,674.2 million between Fiscal 2021 and Fiscal 2025.
• Expression 360’s strong presence in the energy, oil & gas, and utilities sector (71.63% of H1 FY2026 revenue) positions it to benefit from the sector’s large-scale communication and outreach requirements, including public awareness campaigns and policy-driven initiatives.
• With the Indian MICE market projected to grow at 13.2% CAGR to USD 103.7 billion by 2030 and the live events sector valued at ₹145 billion in 2025, the company’s event and exhibition services (51.27% of revenue) are well-positioned for significant growth.
• Expression 360’s pan-India presence across 7 key locations and international execution capabilities enable it to execute multi-location and cross-border assignments, meeting the growing demand for integrated, large-scale campaigns from government and institutional clients.
• With a repeat customer rate of 83.50% in H1 FY2026 and top 10 customers associated for an average of 5-7 years, the company has demonstrated strong client retention, providing revenue visibility and predictable cash flows.
• The company’s diversified revenue mix across energy, defence, automotive, healthcare, BFSI, and other sectors insulates it from sector-specific downturns and provides multiple growth avenues.

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue (₹ in million)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)
Expression 360 Services India Limited	5.00	2,802.28	4.54	4.54	[●]	50.80%	8.95
Peer Group
RK Swamy Limited	5.00	1,195.47	2.68	2.68	27.40	5.41%	49.55
Crayons Advertising Limited	10.00	1,922.67	2.76	2.76	8.77	5.99%	46.11
Graphisads Limited	10.00	1,072.68	3.21	3.21	9.64	6.43%	49.96

Key Strategies for Expression 360 Services India Limited

Deepening Client Relationships, Expanding Customer Base and Increasing Share of Wallet Across Key Sectors

Expression 360 Services India intends to strengthen its market position by deepening relationships with existing clients, expanding customer base, and increasing share of wallet across key sectors including government, public sector undertakings, and institutional clients. The company follows a relationship-led engagement model, wherein initial mandates are progressively expanded into multi-service engagements through cross-selling and up-selling across creative development, media planning, digital outreach, events, and audio-visual production.

Leverage Integrated Communication Capabilities to Capitalise on Industry Growth

Expression 360 Services India intends to capitalise on the evolving dynamics of the advertising, media and events industry, characterised by increasing digital adoption and sustained demand for large-scale public communication programmes by government and PSU clients. The company intends to increase focus on digital and technology-enabled services, including digital content development, social media engagement, analytics-driven campaign execution, and audio-visual production, enabling more targeted and measurable communication solutions.

Continue to Focus on Talent Retention, Capability Enhancement and Workforce Expansion

Expression 360 Services India continues to focus on attracting, developing, and retaining skilled professionals to support business operations and growth objectives. The company fosters an open and collaborative organisational culture with structured initiatives including training programmes, internal review mechanisms, leadership development initiatives, and team engagement activities. Performance management systems with periodic appraisals and continuous feedback mechanisms align individual performance with organisational objectives.

Enhancing Operational Efficiency and Expanding Service Portfolio

Expression 360 Services India intends to enhance operational efficiency and execution capabilities to support scalable growth, improve service delivery, and maintain cost discipline. The company is focused on continuous process optimisation, technology integration, and strengthening of organisational capabilities. It intends to expand and diversify its service portfolio across the marketing communications and media value chain to drive revenue growth and reduce dependence on any single business segment.

To Strengthen Brand Image and Marketing Presence

Expression 360 Services India intends to continue developing its brand image by maintaining consistent service standards and execution capabilities across business verticals. The company engages with a diversified base of clients including government bodies, PSUs, and private sector entities, supporting their communication and outreach requirements through integrated service offerings. The company’s marketing approach focuses on delivering client-specific solutions supported by internal capabilities in planning, content development, design, and multi-channel execution.

FAQs

How can I apply for Expression 360 Services India Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Expression 360 Services India IPO?

The IPO comprises 1,50,00,000 equity shares, entirely an offer for sale with no fresh issue component.

When is the Expression 360 Services India IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Expression 360 Services India shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Expression 360 Services India use the IPO proceeds?

Being entirely an OFS issue, the IPO proceeds will entirely go to the selling shareholders, and the company will not receive any funds.

Infographic Content

Expression 360 Services India Limited IPO Highlights

Expression 360 Services India is an integrated media and advertising services company offering creative, digital, events, and exhibition solutions with a pan-India presence and strong government empanelment relationships.

• Offer Size:1,50,00,000 equity shares (entirely OFS; no fresh issue component)
• Purpose:Being entirely an OFS issue, the IPO proceeds will entirely go to the selling shareholders, and the company will not receive any funds.
• Financials (FY March 2025):Revenue ₹2,802.28 million; Profit After Tax ₹272.02 million; EPS ₹4.54
• Listing:Mainboard IPO on BSE & NSE