Some ground info based on my current job with an AV-IT company:
InfoComm India is a major exhibition in the Audio-Visual solution space that happens every year. In 2022, it was hosted in NESCO BEC. Source
In 2023, it will be hosted in Jio Convention Center. Source
It appears that for large exhibitions (high value), Jio Conevntion Center is a competitor to NESCO BEC and may take away some market share. The BEC revenue should be closely monitored for stagnation or de-growth as it contributes ~30% of revenue.
Since IT building segment is a steady 6-7% growth business (till new IT buildings come in), any re-rating in valuations from here would require BEC revenues to grow and not stagnate/de-grow.
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