Inox Leisure (INOX) is part of the Inox Group and operates as a subsidiary of Gujarat Fluorochemicals Ltd. Starting its journey with a 4-screen multiplex in Pune, it has become the second largest player in the multiplex space with a presence at 96 loactions and 372 screens at the end of FY15. It has acquired 89 Cinemas, Fame Cinemas and Satyam Cineplexes over the period. After a subdued FY15 we expect revenues/PAT of the company to grow at CAGR of 17%/115% respectively over FY15-FY17 driven by higher footfalls, increased F&B; spend and greater focus on in-cinema ad revenues. Given the potential growth in terms of screen additions, ad revenues, ATP and SPH, we assign a BUY rating for...