PVR INOX LimitedQ2 FY27 Results & Financial Update
PVR INOX Limited: Q2 FY27 consolidated results and company financials – revenue ₹2,139.30 Cr, PAT ₹263.10 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore PVR INOX Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
PVR INOX delivered a record-breaking financial performance in Q2 FY27, driven by robust theatrical box office momentum across Hollywood, Bollywood, and regional film industries.
Reported revenue reached INR 2,139.3 crore, representing a sequential expansion from INR 1,648.3 crore in Q1 FY27, while profit after tax climbed to INR 263.1 crore from INR 56.5 crore in the preceding quarter.
On an Ind AS 116-adjusted basis, the company posted quarterly revenue of INR 2,132.7 crore (up 17% year-on-year) and an EBITDA of INR 475.2 crore with a margin expansion of approximately 420 basis points to 22.3%, benefiting from strong operating leverage.
Cinemas welcomed 46.3 million patrons during the quarter, marking a 4% year-on-year increase in footfalls, while overall occupancy improved to 30.4% compared to 28.7% in the corresponding period last year.
Ticket pricing and food-and-beverage spend per head both demonstrated solid upward momentum, with Average Ticket Price rising 14% year-on-year to INR 298 and Average F&B Spend per Head increasing 14% to INR 153.
First-half FY27 results mirrored this strength, with adjusted total income growing 15% to INR 3,775.0 crore and adjusted PAT surging 233% to INR 343.8 crore, supported by merger synergies, strict cost discipline, and enhanced capital efficiency.
The company's return on capital employed improved significantly to 16.5% on a trailing twelve-month basis, comfortably surpassing pre-COVID FY20 levels of around 13%.
01 · Business model
What does PVR INOX do?
PVR INOX Limited operates as India's largest multiplex cinema exhibition company, managing a sprawling entertainment network across India and Sri Lanka.
The company generates its primary revenue streams from ticket sales for theatrical screenings and the sale of food and beverages (F&B) within its cinema properties.
Additional commercial inflows are derived from advertising services, convenience fees, and alternative content programming such as live events and sporting telecasts during off-peak hours.
PVR INOX caters to diverse consumer demographics through tiered cinema formats, ranging from luxury auditoriums and premium large-format screens like IMAX to value-focused offerings and newly introduced capital-light SMART Cinemas.
02 · Historical context
What shaped the business before this quarter
Adjusted EBITDA margins and return on capital employed in H1 FY27 have structurally surpassed pre-COVID FY20 benchmarks, driven by post-merger integration synergies and sustained cost rationalisation.
Financial comparables exclude the performance of Zea Maize Pvt. Ltd. (4700BC), which was successfully divested on January 29, 2026.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹2,139.30 Cr | ₹1,648.30 Cr |
| Total income | ₹2,139.30 Cr | ₹1,648.30 Cr |
| Profit before tax | ₹350.80 Cr | ₹75.70 Cr |
| Profit after tax | ₹263.10 Cr | ₹56.50 Cr |
| EPS | ₹26.82 | ₹5.73 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Indian cinema gross box office reached an all-time quarterly high of INR 4,443 crore in Q2 FY27, crossing the INR 4,000 crore threshold for the first time, propelled by a 23% year-on-year surge.
Hollywood and English-language collections grew 87% year-on-year to INR 1,024 crore, led by blockbuster releases such as Spider-Man: Brand New Day and Christopher Nolan's The Odyssey, alongside strong demand for premium IMAX formats.
Hindi collections rose 12% year-on-year aided by titles like Hanuman Ansh and Mirzapur: The Movie, while regional films expanded by 12% supported by successful Tamil, Kannada, Telugu, and Malayalam releases.
Both ticketing and F&B revenues grew by 18% year-on-year on an adjusted basis, supported by a 4% increase in footfalls to 46.3 million patrons and higher per-head spending.
What drove margins
Adjusted EBITDA margin expanded by approximately 420 basis points year-on-year to 22.3%, primarily driven by strong top-line growth and disciplined fixed-cost management across the exhibition network.
Average Ticket Price increased by 14% year-on-year to INR 298, while Average F&B Spend per Head rose 14% to INR 153, bolstering per-patron gross contributions.
Ongoing integration synergies from the PVR and INOX merger and structural cost efficiencies contributed to an improved trailing twelve-month ROCE of 16.5%.
05 · Demand, customers & order book
Where demand is coming from
Total patron visits reached 46.3 million in Q2 FY27, reflecting a 4% year-on-year increase and an occupancy rate of 30.4%.
06 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
PVR INOX operated 1,797 screens across 114 cities in India and Sri Lanka as of September 30, 2026.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company opened 24 new screens across six cinemas and exited 25 mostly loss-making screens during H1 FY27, maintaining a net screen count of 1,797.
The first affordable, capital-light SMART Cinema format was launched in Muzaffarpur, Bihar, in September to target under-screened Tier III and IV markets.
Projects, capex and execution
PVR INOX plans to open 90 to 100 new screens during FY27, with the majority slated for commissioning in H2 under asset-light commercial models, including two to three additional SMART Cinemas.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company is expanding its F&B footprint beyond cinema lobbies through home delivery partnerships, Grab & Go counters, outdoor catering, and its proprietary in-house food brand.
Auditoriums are increasingly utilised during off-peak hours for live events, music concerts, and sporting telecasts to maximise asset productivity.
09 · Reported developments
What changed operationally
The company completed its maiden share buyback worth INR 300.0 crore in September 2026.
Following its transition to a net-cash position, the Board approved a broader Capital Allocation and Dividend Distribution Policy targeting reinvestment in growth, maintaining net debt within 0.5x of LTM EBITDA, and returning around 30% of annual surplus cash flow to shareholders.
10 · Pressure points & risks
What is not going smoothly
The company exited 25 underperforming or loss-making screens during H1 FY27 as part of network portfolio rationalisation.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company generated INR 603.5 crore of free cash flow during the first half of FY27.
Capital allocation & funding
PVR INOX repaid INR 258.6 crore of debt during H1 FY27 and transitioned to a net-cash position of INR 140.7 crore as of September 30, 2026, after completing an INR 300.0 crore share buyback.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Upcoming film slate
Management highlighted a diverse upcoming multi-language content pipeline for H2 FY27, including Hindi releases Ramayana: Part One and King, regional titles like Kaaka and Spirit, and Hollywood tentpoles including The Hunger Games: Sunrise on the Reaping and Avengers: Doomsday.
13 · Previous-quarter changes
What changed since the previous quarter
Total revenue expanded from INR 1,648.3 crore in Q1 FY27 to INR 2,139.3 crore in Q2 FY27, while net profit advanced from INR 56.5 crore to INR 263.1 crore over the same period.
Net cash reserves increased from INR 80.7 crore at the end of June 2026 to INR 140.7 crore at September 30, 2026, even after funding the INR 300.0 crore share buyback.
14 · Key Q&A
The quarter, answered directly
What does PVR INOX do?
PVR INOX Limited operates as India's largest multiplex cinema exhibition company, managing a sprawling entertainment network across India and Sri Lanka.
What is the clearest takeaway from Q2 FY27?
PVR INOX delivered a record-breaking financial performance in Q2 FY27, driven by robust theatrical box office momentum across Hollywood, Bollywood, and regional film industries.
What drove revenue or demand?
Indian cinema gross box office reached an all-time quarterly high of INR 4,443 crore in Q2 FY27, crossing the INR 4,000 crore threshold for the first time, propelled by a 23% year-on-year surge.
What mattered most for margins or profitability?
Adjusted EBITDA margin expanded by approximately 420 basis points year-on-year to 22.3%, primarily driven by strong top-line growth and disciplined fixed-cost management across the exhibition network.
What changed operationally beyond the headline numbers?
The company opened 24 new screens across six cinemas and exited 25 mostly loss-making screens during H1 FY27, maintaining a net screen count of 1,797.
What are the main pressure points disclosed for the quarter?
The company exited 25 underperforming or loss-making screens during H1 FY27 as part of network portfolio rationalisation.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
H2 FY27 screen rollout execution: Track the commissioning progress of the planned 90 to 100 new screens for FY27, particularly the capital-light expansion of additional SMART Cinemas in Tier III and IV cities.
- 02
Capital allocation policy deployment: Monitor future dividend distributions and share buyback executions under the newly adopted capital allocation framework.
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