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Delhi World Book fair: A fair like no other

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Thomas Abraham

In Delhi it’s that time of year again when publishers, distributors and retailers are scrambling around frantically getting everything from point-of-sale to stocks right. It’s the World Book fair (WBF), which comes around once every two years sprawling across the giant halls of Pragati Maidan. This is the fair’s 20th edition, and although there are look-alikes all over the country, this one is undoubtedly the mother-of-them all.


In the 1980s and the ’90s, the Kolkata Book fair was the fair to go. But with the move from the maidan, apart from other venue and organisational problems, Kolkata has had to give up its title. Today the Delhi WBF is a mammoth affair, and has gone beyond just being a sort of retail exhibition.

Actually, no book fair in India would really qualify to be a ‘trade fair’ like Frankfurt or London, where business and rights deals are a norm. But like the Jaipur Literary Fest, what we lack in focus, or ‘order and method’, we make up for in sheer numbers.

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The WBF is a giant carnival. The last edition had over 800,000 visitors, and the organizers are wondering whether this year the million mark will be touched, given that the Pragati Maidan now has direct metro connectivity and that admission is free. Certainly the exhibitors have gone up since last time to about 1,300. That’s still, of course, less than a tenth of the total number of publishers in the country, as estimated by the various federations who put the count at being well over 15,000.

Month of March

This year, for the first time, the dates of the WBF moved from the traditional January end to early February period to a whole month down the line. This has met with some consternation as many publishers felt that it was leaving it too late for library budgets, and many schools would have exams on, and that might affect the turnout a bit. The jury is out on that one – the verdict will be out on the 4th of March when it all gets over.

So what are the business stats from the fair? Herein lies the rub – there are none. Ironically, for an industry that is seeing technological change at a pace like never before, and typically of an industry still coming to grips with management information, there is no reliable data available apart from guesstimates.

The National Book Trust (NBT) – the fair organizers – blames it on traditional publisher mindsets and the archaic notion of ‘business secrets’ where exhibitors don’t divulge figures. But even just by conservative extrapolation, assuming a Rs 2.5 lakh average turnover per participant (incidentally, the big ones top Rs 20 crore) one is looking at a fair turnover of over Rs 30 crore in cash sales, which is more than three times the business done from all of the leading bookstores all over India in any given week. Trade buying, rights deals, subscription sales, print contracts, and other ‘collateral business’ are on top of this.

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Trade & Rights

The WBF – indeed the industry – needs to take this to the next level with a dedicated two days for ‘trade and rights’. Years ago, the first two hours of the fair every day used to be designated trade hours where librarians and stockists could browse uninterrupted, a practice since discontinued. But if the 9-day fair could be shortened to seven days for consumers with two days as business days, India might yet see the fillip it needs in its rights business, as local-to-international rights networks build.

India has a large contingent going to Frankfurt but bulk of these is either English publishers-distributors, visiting principals or remainder merchants buying surplus stock. The size of the Indian rights pavilion is testament to the fact that our share of the rights pie is negligible.

 

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When were the last time you heard of an Indian work in translation break out through a rights purchase the way Wolf-Totem was snapped up from Chinese or The Devotion of Suspect-X from the Japanese? It’s only if we build a rights module here within the WBF, that one can gradually work up (yes it will take years) to exploiting the rights potential from Indian languages in translation.

So what purpose does the fair serve? With the surge in online bookstores, does it still have any relevance? I believe it still has huge relevance. Quite simply it is at its most fundamental, the only real direct interface publishers have with their end readers. This is the only time you can actually put the range you want up there, and watch readers as they browse.

For most publishers, the long tedious day playing floor assistant and traffic cop rolled into one has its reward in watching that die-hard fan chasing that obscure book you thought would never sell. The ecstasy of finding that long lost book, the agony of seeing something priced beyond one’s budget, the amazement at seeing a bargain or combo offer…it’s all there every day, hour on hour. For readers, this is the one time you’ll get to see, touch, browse lists and full range as you can never anywhere else.

Online has its convenience, but by and large you need to know what book you want, notwithstanding the cross recommendations the better sites have. This is where a reader can experience that joy of discovery-where s/he will see full series, obscure imprints, rare titles.

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Then there are the bargains. Fair rules make it impossible to deep discount but bargain tables with ‘fair prices’ and combination offers abound. What we have over the nine days of the fair is in essence the world’s largest bookstore-over a million square feet of books to choose from-in every Indian language, a lot of foreign ones, and of course English.

(The author is Managing Director, Hachette India)

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Manhattan Associates Stock Jumps 27% as Cloud Revenue Growth Powers Record Second-Quarter Results Today

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Shares of Manhattan Associates surged 26.70% in Wednesday morning trading, climbing $44.90 to $213.07, after the supply chain software company reported record second-quarter results driven by strong growth in its cloud subscription business.

The Atlanta-based company reported second-quarter revenue of $297.8 million, up 9.3% from $272.4 million in the same period a year earlier and ahead of the consensus analyst estimate of roughly $293.7 million. Cloud subscription revenue, the segment investors have watched most closely as a signal of the company’s transition away from legacy licensing and services, climbed 26% year over year to $126.7 million. Services revenue came in at $133.0 million for the quarter.

On the earnings side, Manhattan Associates reported non-GAAP adjusted diluted earnings per share of $1.39, topping the analyst consensus estimate of $1.34 and improving from $1.31 reported in the second quarter of 2025. GAAP diluted earnings per share, however, declined to 85 cents from 93 cents a year earlier, with net income falling to $50.4 million from $56.8 million over the same period, a divergence that reflects differences between the company’s adjusted and unadjusted accounting measures.

The company’s remaining performance obligations, a metric that reflects contracted future revenue not yet recognized, grew 23% year over year to reach $2.5 billion as of June 30, according to the company’s earnings release. Manhattan Associates said the quarter marked its third consecutive period of record bookings, a trend executives described as reflecting sustained business momentum and effective execution of the company’s go-to-market strategy.

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Company leadership highlighted the growing role of artificial intelligence capabilities in driving the quarter’s results. Manhattan Associates said the introduction of AI-related features across its supply chain and omnichannel commerce platforms has become a meaningful differentiator in customer conversations, contributing directly to both deal activity and the company’s broader sales pipeline growth.

The company maintained an active share buyback program during the quarter, repurchasing 874,029 shares for a total of $125.0 million. Manhattan Associates ended the quarter with $186.1 million in cash and generated $90.7 million in cash flow from operations during the three-month period, according to its financial disclosures.

Manhattan Associates’ stock had already shown strength heading into the earnings report, rising 9.8% over the month prior to the release, alongside an average analyst price target of $185.45 compared with the stock’s pre-earnings price of $151.67. The magnitude of Wednesday’s rally, however, significantly exceeded the roughly 10% to 11% gains the stock initially posted in after-hours trading following the results, suggesting that additional buying interest developed as investors had more time to digest the details of the report and the strength of the underlying cloud growth trends.

Wednesday’s surge continues a broader pattern for Manhattan Associates, whose stock has repeatedly posted double-digit single-session gains following past quarterly reports when cloud revenue growth has exceeded expectations. The company posted a similar roughly 10% jump following its first-quarter 2025 results, when cloud revenue grew 21% year over year and the company subsequently raised its full-year guidance for that fiscal year.

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The company’s five-year historical sales growth rate stands at approximately 12.7% annually, according to recent analysis, though some market observers have noted that growth has moderated somewhat in more recent periods, with annualized revenue growth of roughly 6.3% over the trailing two years running below the longer five-year trend. Analysts have said that pattern reflects a broader dynamic within the enterprise software sector, where growth rates for even strong-performing companies have generally cooled from the elevated pace seen during and immediately following the pandemic-era surge in cloud software adoption.

Manhattan Associates provides supply chain management and omnichannel commerce software used by large retailers, logistics companies and other enterprises to manage complex inventory, fulfillment and distribution operations. The company has positioned its ongoing shift toward cloud-based subscription offerings as central to its long-term growth strategy, arguing that the recurring revenue model provides greater predictability and higher long-term customer value compared with the company’s legacy on-premises software licensing business.

Despite Wednesday’s sharp gain, the stock remains well below its most recent highs reached earlier in the year, having traded as much as 34% below those peak levels amid a period of broader volatility across software and technology stocks tied to shifting investor sentiment around enterprise software valuations and growth expectations more broadly.

Investors are likely to continue monitoring Manhattan Associates’ cloud revenue growth trajectory and the pace of its remaining performance obligations expansion in the coming quarters as key indicators of whether the company can sustain the kind of momentum reflected in Wednesday’s results, particularly as the broader enterprise software sector continues to navigate questions about the durability of growth rates following the initial post-pandemic acceleration in cloud adoption across the industry.

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