PVR INOX Ltd. share price target

Our thesis (link) of PVR turning net cash positive by Q1FY27 has played out (PVR’s net cash stands at ~INR 807mn as of 30th Jun’26). In Q1, revenue grew 10.4% YoY to INR 16.2bn, with admits up 7.6% YoY to 36.6mn and ATP/SPH up 7.5%/8.8% YoY.

PVR INOX delivered a strong beat, with revenue up 12% YoY to INR 1,642cr, EBITDA nearly doubling to INR 230cr (~14% margin), and a return to profit (PAT INR 71cr vs. a loss of INR 34cr in Q1FY26). Footfalls grew 8% to 36.6mn, while ATP (+8%) and SPH (+9%) rose in tandem which is a sign of healthy pricing power alongside volume recovery, aided by premium formats (IMAX/4DX/ScreenX) and dynamic pricing. The standout is balance-sheet repair with a net cash of INR 80cr versus peak debt of INR 1,450cr, achieved via an assetlight/FOCO expansion model. Management trimmed FY27 capex...

included Dhurandhar - The Revenge (residual collections in Q1), Bhoot Bangla, Obsession, Michael etc. Going ahead, FY27 content pipeline remains broad-based across Hindi, regional, and Hollywood cinema with key titles including Drishyam 3, Ramayana Part 1, King, Love and War, Toxic, Jailer 2, Avengers: Doomsday, Spider-Man: Brand New Day, Dune 3. We expect H2FY27 for PVR Inox to be a strong half with blockbuster slate likely to boost...

INR16,523mn) primarily due to strong regional and Hollywood content (with titles such as Project Hail Mary, Michael and Obsession). Footfalls for the quarter increased by 7.6% YoY to 36.6mn (PLe 36.4mn) while occupancy stood at 25.3%. In 1QFY27, Gross ATP...

PVRINOX delivered a strong performance in 1QFY27. Its revenue grew ~10% YoY, driven by an ~8% YoY increase in footfalls and a 330bp YoY improvement in occupancy to 25.3%.

Q4FY26 Performance: PVR Inox performance was driven by content performance (especially Dhurandhar 2) in Q4. Reported revenue came in at 1547 crore, (up 23.8% YoY) with box office revenue of 819 crore (up 27% YoY). The footfalls were up ~2% YoY at 31 million and (Average Ticket Prices) ATP at 315 was up 22% YoY. Ad revenues were up ~14.8% YoY at 110 crore. F&B revenues were up 26.5% YoY at 482 crore. EBITDA (without impact of Ind AS116) was at 142 crore, vs...

In Q4FY26, PVR INOX’s revenue grew 25.8% YoY, driven by an increase in ATP (up 22% YoY) and SPH (up 32% YoY). These figures were supported by a favourable content slate (including Dhurandhar 2, Project Hail Mary and Border 2), despite Q4 being a seasonally weak quarter.

debt declining to Rs1,619mn in FY26. Further, a pivot towards capital light model (138 margin of 9.0% (PLe 8.0%) led by 22.1% YoY growth in ATP to Rs315 and 32.0% YoY After generating FCFF of Rs7,901mn, BS strength has improved considerably with net screens signed under FOCO/asset-light model) will not only enable cash preservation...

PVR INOX delivered a stellar FY26 performance, reporting record revenues of INR 6,742cr and a doubling of EBITDA to INR 968cr. The company successfully pivoted to a capital-light growth model, adding 93 screens with 55% under asset-light or FOCO (Franchisee Owned Company Operated) formats to improve return on capital employed to 10.2%. Operational metrics were exceptionally strong as admissions grew 10% to 150mn, supported by a 55% surge in Hindi cinema collections and a robust Hollywood slate. Both Average Ticket Price (ATP) and Spend Per Head hit record annual highs of INR 280 and INR 147...

*over or under performance to benchmark index PVR Inox is positioned for a recovery-led exit from FY26, with Q4FY26 already witnessing a blockbuster slate led by the second instalment of the Dhurandhar franchise, alongside select Bollywood and regional releases, driving significant box-office momentum. FY27 is expected to outperform FY26, supported by a highly anticipated and diverse content slate across languages, translating into sustained growth in footfalls and revenues. Beyond the near term, record box-office collections in CY25 reinforce a clear consumer preference for theatrical viewing over OTT. Management's focus on capital-light expansion, screen rationalisation and...

Q3FY26 Performance: PVR Inox performance was driven by content performance (especially Dhurandhar) in Q3. Reported revenue came in at 1880 crore, (up 9.5% YoY) with box office revenue of 1006 crore (up 14.4% YoY). The footfalls were up ~8.6% YoY at 40.5 million and (Average Ticket Prices) ATP at 293 was up 4.3% YoY. Ad revenues were down ~21% YoY at 118 crore. F&B revenues were up 14% YoY at 594 crore. EBITDA (without impact of Ind AS116) was at 316 crore, up...

PVR INOX delivered a strong Q3FY26 performance, supported by a sharp recovery in theatrical demand and solid execution benefits from the merger. Industry trends remain favourable, with calendar 2025 being the highest-ever box office year, showing that cinema has structurally recovered. During the quarter, footfalls grew 9% YoY, occupancy improved to 28.5%, and both ticket prices and food spend rose 4%, reflecting healthy consumer demand. Revenue increased to INR 1,908cr, EBITDA rose to INR 344cr, and PAT stood at INR 115cr, driven by operating leverage and cost...

Q2FY26 Performance: Reported revenue came in at 1823 crore, (up 12.4% YoY) with box office revenue of 983 crore (up 17.4% YoY). The footfalls were up ~15% YoY at 44.5 million and (Average Ticket Prices) ATP at 262 was up 1.9% YoY. Ad revenues were up ~15% YoY at 126 crore. F&B revenues were up 12.4% YoY at ...

The quarter was supported by a well-diversified content slate and improved admissions. Near-term risks include external disruptions and regulatory overhangs like Karnataka pricing. However, a strong rebound in Hollywood content, select Bollywood hits and stable regional traction offer comfort. The company is well-positioned to...

In Q1FY26, PVR Inox’s revenue grew 23.4% YoY/ 17.5% QoQ, driven by successful Bollywood and Hollywood releases as well as initiatives like Blockbuster Tuesday and F&B combo offers.

PVR INOX reported strong YoY growth in Q1 FY26, with admissions up 12% to 34 mn, ATP rising 8% to Rs 254, and SPH hitting a record Rs 148 (up 10%). Ad revenue grew 17% to Rs 110cr, while adjusted revenue stood at Rs 1,488cr, EBITDA at Rs 114cr, and net loss narrowed to Rs 34cr. Despite losing 67 lakh admissions, the company saw strong footfalls aided by affordable pricing and weekday value offers. It maintained its Rs 400425cr FY26 capex guidance, including Rs 250260cr for new screens and Rs 7075cr for renovations. Net debt reduced to Rs 892cr. The capitallight strategy continues, with 20 screens added (14 under FOCO/asset-light) and 127 signed. "Blockbuster Tuesday" has driven higher weekday traffic, and...

While our EBITDA estimates are broadly unchanged, our PAT estimates for FY26E/FY27E have undergone a meaningful upward revision as we tweak our depreciation and interest cost assumptions given PVRINOX IN is increasingly adding screens via FOCO and asset light route. In 1QFY26, IND-AS 116 impact on depreciation & interest was lower by 3.7% YoY to Rs3,436mn. PVRINOX IN reported better than expected performance with pre-IND AS EBITDA of Rs950mn (PLe Rs779mn) aided by 10.4% YoY rise in SPH to Rs148 and tight cost...

For FY26, capex is guided at Rs. 400425cr, with Rs. 250300cr for new projects and the rest for renovation, maintenance, and IT. Capex intensity is expected to *over or under performance to benchmark index...

PVRINOX reported better than expected performance with pre-IND AS EBITDA loss of Rs110mn (PLe loss of Rs366mn) led by better cost control (on same-store basis fixed cost was up 0.4% YoY to Rs7,639mn). Given the ongoing challenges surrounding footfall growth, PVRINOX is now in a reset mode where the focus is to 1) rationalize cost, 2) reduce debt and 3) migrate towards an asset light model with an aim to conserve cash. Progress on cost rationalization exercise is noteworthy as fixed cost per screen has remained flat at ~Rs20mn over the...