E Factor Experie — Q4 FY26 earnings call

Call held 1 Jun 2026

Management summary

E-Factor Experiences reported an 11.5% YoY revenue growth to ₹191.44 crores for FY26, despite project postponements due to global uncertainties. The company strategically invested in capabilities and infrastructure, transforming into a creator of experiential infrastructure and IP-led experiences. It secured a robust pipeline of ₹500-550 crores for FY27 and aims for a long-term EBITDA margin of 14.5%, while shifting focus towards permanent projects and B2C segments to mitigate risks.

Highlights

  • Consolidated revenue from operations increased by 11.5% YoY to ₹191.44 crores in FY26.

  • Net worth increased to ₹90.32 crores, reflecting strong balance sheet and financial management.

  • Current ratio improved to 2.08x, indicating healthy liquidity despite investments.

  • Secured a qualified pipeline of approximately ₹500-550 crores for FY27, with an aspiration to achieve at least 60% of that number (₹300-330 crores).

  • SkyWaltz Balloon Safari, a wholly-owned subsidiary, delivered an outstanding performance with ₹11.2 crores revenue and ₹1.3 crores PAT for the first time.

Concerns

  • FY26 revenue of ₹191.44 crores was below the anticipated ₹225-240 crores due to postponement of two large projects worth ₹35 crores.

  • Profitability moderated marginally in FY26 due to deliberate investments in talent, project infrastructure, and capability building.

Key financials

  1. Revenue from Operations ₹191.44 Cr +11.5%YoY
  2. Net Worth ₹90.32 Cr
  3. Current Ratio 2.08×
  4. EBITDA Margin 15%

What they filed

Q4 FY26: revenue up 9.4%, net profit up 0.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY23Q4 FY23Q2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue19 100 21 127 18 −5%153 +53%53 +152%139 +9%
EBITDA0 12 2 20 1 26 +117%8 +300%21 +5%
Net profit-1 8 1 15 0 +100%20 +150%5 +400%15 +0%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • SkyWaltz Balloon Safari (Subsidiary)
    ₹11.2 Cr Revenue₹1.3 Cr PAT

Capital allocation

low confidence
  • Debt Debt disclosed
    The company maintains a very prudent capital structure with the working capital borrowing primarily linked to the execution cycle of the large-scale government projects.

Guidance & targets

Revenue

  • FY27 Revenue Target (from pipeline conversion) Revenue · FY27 · Medium confidence ₹300-330 crores
    I think for financial year '26-'27, we are sitting on a very healthy business opportunity of in excess of INR500 crores to INR550 crores. And going by our past experiences of how certain uncertainties have toggled these expectations, we are now being a little conservative and aspiring to achieve at least a 60% of that number in the current financial year.

    — Samit Garg

Profitability

  • Long-term Sustainable EBITDA Margin Profitability · long-term · High confidence 14.5%
    It should be close to 14.5% basically that we talk about.

    — Mukesh Agarwal

Revenue Mix

  • Private Sector Contribution to Revenue Revenue Mix · current financial year (FY27) · High confidence 25%
    So, this financial year, yes, so there is a certain strategic call that we've taken on the inside and I would assume that of the total number that we achieve this year in terms of top line, 25% of that would be contributed by the private sector.

    — Samit Garg

Business Development

  • Wedding Business Revenue Business Development · in three years · Medium confidence ₹100+ crores
    So, three years down the line, we would have wedding business back into our kitty in excess of INR100 crores is what I can easily tell you. And the process will begin this year.

    — Samit Garg

What to watch in Q1 FY27

FY27 Revenue Achievement

FY27
Current FY26 Revenue: ₹191.44 crores
Target ₹300-330 crores (60% conversion of ₹500-550 crore pipeline)

Why it matters

To assess the company's ability to convert its robust pipeline into actual revenue and achieve its growth targets.

I think for financial year '26-'27, we are sitting on a very healthy business opportunity of in excess of INR500 crores to INR550 crores. And going by our past experiences of how certain uncertainties have toggled these expectations, we are now being a little conservative and aspiring to achieve at least a 60% of that number in the current financial year.

Risks & concerns

  • Global uncertainties and geopolitical crises leading to project postponements

    medium

    Two large projects worth ₹35 crores were postponed from FY26 to FY27 due to the West Asia crisis, impacting revenue targets. Management acknowledges uncertainty is a constant.

    Management acknowledged

Q&A highlights

6 direct
Managing execution risk across multiple geographies Direct
So, it is being done both organically and inorganically. There are some considerable collaborations also that have been now put in place both nationally and internationally, so that if there is a sudden upsurge of being able to handle execution, we don't get stuck.

Addresses concerns about the company's ability to scale operations and manage complex projects, highlighting strategic collaborations.

Asked by Shurti Sharma

Demand environment for corporate events and MICE segment Partial
But importantly, we'd also like you to note that corporate events and MICE is not our focus area.

Clarifies the company's strategic shift away from traditional corporate events, indicating a focus on other growth areas.

Asked by Shurti Sharma

Impact of global crises on revenue and steps to prevent future occurrences Partial
And Tanvi, I would also like to add a couple of things very important, that see, this whole thought of getting into the permanent space, design, and the experiential infrastructure business will eventually help us take care of such eventualities because these are larger projects, they are not like events.

Explains the rationale behind the strategic shift to permanent infrastructure and B2C models as a hedge against global uncertainties affecting event-based revenue.

Asked by Tanvi Bhandari

Current confirmed order book and future pipeline Direct
So, I will take that, JT. The current pipeline or the current order book is looking to be in the region of about close to INR80 crores, INR82 crores.

Provides specific figures for the current order book, which is a key indicator of near-term revenue visibility.

Asked by Tanvi Bhandari

Shift in strategy regarding private sector revenue share Direct
We want to now start focusing back on weddings because the nature of business has legitimized and we want to focus on MICE where because of our international footprint, our ability is way better than many others in the business.

Details the company's evolving strategy to increase private sector contribution by targeting specific high-value segments like weddings and MICE.

Asked by Tanvi Bhandari

Discrepancy in FY27 revenue growth guidance vs. prior calls Direct
Let's say the INR35 crores worth of business opportunity that should have accrued to us in the last year gets shifted to this year. Okay, so that INR35 crores worth of business is coming to us in this year and I remove this from this year's kitty and let's say we put it back into last year's kitty. So, last year's kitty becomes INR225 crores instead of INR190 crores. Now imagine that we are talking of INR225 crores to INR325 crores. Does this answer you?

Clarifies the basis for the FY27 revenue target, linking it to delayed projects from FY26 and a conservative conversion rate from the pipeline.

Asked by Ridhi Agarwal

Participation in large sporting events like IPL Direct
Ma'am, we do bigger events than IPL. ... No, we do. We did the World Cup for Kho-Kho last year and we are going to be doing the Commonwealth Kho-Kho that India's hosting this year.

Highlights the company's involvement in large-scale sporting events, indicating capability and presence in high-profile projects beyond traditional events.

Asked by Ridhi Agarwal

Competition from ticketing platforms like Zomato/District Direct
So, there is no comparison at all, Yash, because Zomato and District are ticketing platforms. If we aren't there, their businesses will shut down.

Clarifies the company's position in the ecosystem, distinguishing its role as an event producer from ticketing platforms, thereby addressing competitive concerns.

Asked by Yash Parkar

3 min read 7 chapters

Detailed narrative

Strategic Transformation & Focus Areas

E-Factor Experiences is undergoing a conscious transformation from an execution-led events company to a creator of experiential infrastructure, cultural destinations, immersive tourism, and intellectual property-led experiences. This shift aligns with the government's focus on the creative sector, positioning the company at the intersection of tourism, heritage, culture, technology, and public engagement. The company is increasingly participating in sectors benefiting from long-term government spending, destination development, and cultural infrastructure creation, including experiential storytelling.

FY26 Financial Performance & Investments

For the full financial year ending March 31, 2026, E-Factor Experiences reported a consolidated revenue of ₹191.44 crores, marking an 11.5% year-on-year growth. This was achieved despite project postponements totaling ₹35 crores due to the West Asia crisis, which caused the company to miss its initial revenue anticipation of ₹225-240 crores. The year was characterized by deliberate investments in talent, project infrastructure, and capability building, which marginally moderated profitability but strengthened the company's foundation for future growth. Net worth increased to ₹90.32 crores, and the current ratio improved to 2.08x, demonstrating disciplined financial management.

Outlook & Pipeline for FY27

The company has built a robust qualified pipeline of business opportunities ranging from ₹500 crores to ₹550 crores for FY27. Conservatively, E-Factor aims to convert at least 60% of this pipeline, targeting a revenue of approximately ₹300-330 crores for the upcoming financial year. This strong visibility is driven by growing participation in experiential infrastructure and intellectual property projects. The current confirmed order book stands at ₹80-82 crores, with management emphasizing that the order book is continually building.

Mitigating Execution Risks & Global Uncertainties

To address execution risks and global uncertainties, E-Factor is focusing on building a larger pipeline and strengthening its backend infrastructure, including human capabilities and strategic collaborations. The shift towards permanent experiential infrastructure projects, such as museums and cultural centers, is a key strategy, as these larger projects are less susceptible to complete cancellation compared to event-based projects. The company also aims to expand into the B2C space with initiatives like the Shiva Immersive show, which received international recognition, to diversify revenue streams and provide stability.

EBITDA Margin Trajectory

While profitability moderated marginally in FY26 due to strategic investments, management anticipates a long-term sustainable EBITDA margin of approximately 14.5%. This target reflects the evolving business model, where larger projects and B2C segments, while potentially having different margin profiles, contribute to overall value creation and a more resilient financial structure. The current consolidated EBITDA margin is 15%, and management expects a slight reduction as the company grows and takes on larger, more complex projects.

Shift in Business Mix (Private Sector & B2C)

E-Factor is strategically increasing its focus on the private sector, aiming for it to contribute 25% of the total revenue in the current financial year, a significant increase from historical levels. This includes a renewed emphasis on the wedding business, with a target of generating over ₹100 crores in revenue from this segment within the next three years. The company is also expanding its B2C offerings through immersive experiences and direct consumer engagement, leveraging its international footprint in MICE to drive growth.

Leveraging Government Initiatives in Tourism & Culture

The company is well-positioned to benefit from the Indian government's significant investments in spiritual tourism, cultural promotion, and experiential infrastructure development, with allocations exceeding ₹100,000 crores. E-Factor is actively involved in projects across states like Madhya Pradesh, Uttar Pradesh, Maharashtra, and Andhra Pradesh, contributing experiential input, storytelling, and educational elements to these developments. The overall market for experiential infrastructure in this domain is estimated at ₹25,000-30,000 crores, offering substantial growth opportunities.

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