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PVR Inox performance was driven by steady content performance in Hindi content

ICICIdirect Research 24 Jul 2026 DISCLAIMER

News: PVR Inox performance was driven by steady content performance in Hindi content, coupled with healthy growth in English/Regional content. Reported revenue came in at ₹ 1622 crore, (up 10.4% YoY) with box office revenue of ₹ 837 crore (up 15% YoY). The footfalls were up ~7.6% YoY at 36.6 million and (Average Ticket Prices) ATP at ₹ 273 was up 7.5% YoY. Ad revenues were down ~2% YoY at ₹ 107 crore. F&B revenues were up 13.4% YoY at ₹ 594 crore, with Spends per head of ₹ 161, up 8.8% YoY. EBITDA (without impact of Ind AS116) was at ₹ 210 crore, vs. ₹ 95 in base quarter, given the strong operating performance. Margin at 12.9% was up 643 bps YoY. 

View: The sustained content performance has driven the overall growth. Moreover, it has turned net cash from ₹ 952 crore in FY25, is key positive indicator, while sluggish ad revenues remain a key dragger. For the medium to long term, key trigger will be cash flow generation sustenance and rationalising capex (companies trying out capital efficient capex models like Franchise owned, Company Operated and capex sharing). We await management commentary on growth outlook

Impact: Positive

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