PVR INOX LimitedQ1 FY27 Results & Financial Update
PVR INOX Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,648.30 Cr, PAT ₹56.50 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 Q1 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 resilient operational and financial performance during the first quarter of fiscal 2026-27, underpinned by robust industry-wide box office collections and steady growth in key operating metrics. Total consolidated income for the quarter stood at INR 1648.3 crore (INR 16,423 million on an Ind AS 116 adjusted basis), reflecting a 11.9% year-on-year increase from INR 14,682 million in Q1 FY26.
Box office momentum across India remained robust during the quarter, with the domestic industry gross box office collection (GBOC) rising 20% year-on-year to INR 3,175 crore. PVR INOX capitalized on this macro tailwind by drawing 36.6 million admissions, marking an 8% growth compared to 34.0 million admits in the corresponding quarter of the previous year.
Occupancy levels expanded by 330 basis points year-on-year to reach 25.3%, up from 22.0% in Q1 FY26. Average ticket pricing (ATP) grew by 8% year-on-year to reach INR 273, while spend per head (SPH) on food and beverages rose by 9% year-on-year to INR 161, demonstrating strengthening consumer willingness to spend on premium cinematic experiences.
Segmentally, ticket sales grew by 15.9% year-on-year to INR 8,372 million, while food and beverage revenue advanced by 16.7% to INR 5,578 million. Convenience fees surged 28.7% to INR 619 million, aided by an increase in online ticketing penetration from 63.4% to 68.8% alongside higher admits and ATP. Conversely, advertisement income dipped slightly by 2.1% to INR 1,073 million, and other operating income decreased 36.5% to INR 580 million due to lower movie distribution income compared to an exceptionally heavy distribution slate in Q1 FY26.
On the profitability front, the company posted a profit after tax (PAT) of INR 56.5 crore (INR 705 million on an Ind AS 116 adjusted basis), marking a sharp turnaround from a net loss of INR 335 million on an adjusted basis in Q1 FY26. Adjusted EBITDA climbed 90% year-on-year to INR 2,296 million, with the adjusted EBITDA margin expanding significantly by 580 basis points to 14.0% from 8.2%. Profit before tax (PBT) came in at INR 75.7 crore (INR 944 million adjusted).
A major financial milestone achieved during the quarter was the transition to a net cash positive position. Gross debt reduced to INR 5,509 million as of June 30, 2026, down from INR 7,586 million at the end of March 2026, leaving cash and cash equivalents at INR 6,316 million and resulting in a net debt of negative INR 807 million.
Profit before tax was ₹75.70 Cr for the reported quarter. EPS was ₹5.73 for the reported quarter.
01 · Business model
What does PVR INOX do?
PVR INOX Limited operates as India's largest multiplex chain, engaged in the exhibition of feature films across multiple formats including mainstream auditoriums, premium large-format screens, and specialized cinematic technologies such as 4DX, ICE ScreenX, and MX4D.
The company generates its primary revenue streams from the sale of movie tickets and food and beverages (F&B), complemented by digital convenience fees, screen advertising, movie distribution, and app-based media monetization.
PVR INOX serves moviegoers across diverse geographic tiers and consumer demographics, maintaining a sprawling footprint of 1,779 screens spread across 113 cities in India and Sri Lanka as of June 30, 2026.
The operating model relies on a blend of leased properties, asset-light expansion frameworks, and FOCO (Franchise-Owned Company-Operated) arrangements, allowing the company to scale its national footprint while managing fixed rental commitments.
02 · Historical context
What shaped the business before this quarter
PVR and INOX Leisure completed their merger, creating an integrated exhibition entity that has progressively rationalized operations, divested non-core assets such as Zea Maize Pvt Ltd in January 2026, and focused on deleveraging its balance sheet.
The company steadily pared down its leverage over prior fiscal years, reducing gross debt from INR 17,927 million at March 31, 2023, down to INR 7,586 million by March 31, 2026, ultimately achieving a net cash positive status in Q1 FY27.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,648.30 Cr |
| Total income | ₹1,648.30 Cr |
| Profit before tax | ₹75.70 Cr |
| Profit after tax | ₹56.50 Cr |
| EPS | ₹5.73 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Sale of movie tickets grew 15.9% year-on-year to INR 8,372 million, supported by an 8% increase in admissions to 36.6 million and an 8% rise in average ticket pricing to INR 273.
F&B revenue increased 16.7% year-on-year to INR 5,578 million, propelled by a 9% rise in spend per head to INR 161 and innovative culinary initiatives.
Convenience fees advanced 28.7% year-on-year to INR 619 million, driven by higher online booking penetration of 68.8% compared to 63.4% in Q1 FY26.
What drove margins
Adjusted EBITDA margin expanded by 580 basis points year-on-year to 14.0%, driven by higher occupancy rates and operating leverage across the screen network.
Film hire charges (FHC) as a percentage of revenue improved by 214 basis points to 43.9% from 46.1%, while cost of goods sold (COGS) for F&B improved by 220 basis points to 21.2% from 23.4%.
Total fixed expenses excluding movie distribution grew at a controlled 6.9% year-on-year to INR 9,042 million, reflecting disciplined management of rent, utilities, and common area maintenance (CAM) despite personnel cost headwinds.
05 · Demand, customers & order book
Where demand is coming from
Admissions grew 8% year-on-year to 36.6 million guests during the quarter, accompanied by an occupancy rate increase to 25.3%.
Alternate programming (live screenings, special film festivals) contributed 1% to overall gross box office with 2.5 lakh admits, while digital app and web monetization opened new media sales avenues.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Regional content and English movies drove broader box office participation; regional gross box office continued to capture robust share, with notable surges across Telugu, Malayalam, Marathi, and Kannada releases.
The company's 1,779 screens span metro areas (48%), Tier I cities (30%), Tier II cities (13%), and Tier III cities (9%), maintaining a balanced footprint across urban and emerging markets.
Geography and market mix
Geographic distribution of the 1,779 screens across India and Sri Lanka is led by the South region at 34%, followed by North at 27%, West at 20%, Central at 11%, and East at 8%.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total screen count reached 1,779 screens across 113 cities at the end of Q1 FY27, compared to 1,743 screens a year ago, with weighted average operational screens standing at 1,718.
The network portfolio includes 71 management screens across 19 cinemas.
Projects, capex and execution
The company remains on track to open 90 to 100 new screens during FY27, with expansion planned via lease models (21%), asset-light models (64%), and FOCO models (15%).
New screen additions targeted for FY27 are allocated across South (39%), North (36%), West (13%), and East + Central (12%) regions.
08 · Strategy & new businesses
How the company is trying to change its growth mix
PVR INOX expanded its culinary outreach through delivery partnerships with Swiggy and Zomato ('Blockbusters Home Delivered') and specialty offerings like 'DogFather', contributing 1.2% of overall gross F&B sales.
App and web platforms introduced brand advertising integrations (such as automotive bookings directly within ticketing flows), unlocking digital media revenue streams.
09 · Reported developments
What changed operationally
PVR INOX successfully eliminated net debt, reaching a net cash position of INR -807 million as of June 30, 2026.
Reported PAT recovered to INR 56.5 crore (INR 705 million adjusted) from a net loss position in the comparative prior-year period.
10 · Pressure points & risks
What is not going smoothly
Personnel expenses increased 8.8% year-on-year to INR 1,769 million, driven by annual increments and statutory minimum wage revisions, notably impacting Haryana (35%), Uttar Pradesh (~24%), and Punjab (15%).
Other operating income dropped 36.5% due to lower movie distribution income compared to a heavy distribution lineup in Q1 FY26.
11 · Items worth noticing
The line items that can distort a quick read
Q1 FY26 financials were restated to exclude the operations of Zea Maize Pvt Ltd, which was divested on January 29, 2026.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Gross debt stood at INR 5,509 million as of June 30, 2026, while cash and cash equivalents rose to INR 6,316 million, achieving a net cash positive position of negative INR 807 million.
13 · Management guidance & targets
What management is targeting from here
Management reaffirmed its guidance to open 90 to 100 new screens across India in FY27.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Content Slate Diversity
The box office growth in Q1 FY27 was broad-based, characterized by an increase in the share of films grossing between INR 200–500 crore from 7% to 17% and strong non-franchise Hollywood contributions.
15 · Key Q&A
The quarter, answered directly
What does PVR INOX do?
PVR INOX Limited operates as India's largest multiplex chain, engaged in the exhibition of feature films across multiple formats including mainstream auditoriums, premium large-format screens, and specialized cinematic technologies such as 4DX, ICE ScreenX, and MX4D.
What is the clearest takeaway from Q1 FY27?
PVR INOX delivered a resilient operational and financial performance during the first quarter of fiscal 2026-27, underpinned by robust industry-wide box office collections and steady growth in key operating metrics. Total consolidated income for the quarter stood at INR 1648.3 crore (INR 16,423 million on an Ind AS 116 adjusted basis), reflecting a 11.9% year-on-year increase from INR 14,682 million in Q1 FY26.
What drove revenue or demand?
Sale of movie tickets grew 15.9% year-on-year to INR 8,372 million, supported by an 8% increase in admissions to 36.6 million and an 8% rise in average ticket pricing to INR 273.
What mattered most for margins or profitability?
Adjusted EBITDA margin expanded by 580 basis points year-on-year to 14.0%, driven by higher occupancy rates and operating leverage across the screen network.
What changed operationally beyond the headline numbers?
Total screen count reached 1,779 screens across 113 cities at the end of Q1 FY27, compared to 1,743 screens a year ago, with weighted average operational screens standing at 1,718.
What is management guiding or targeting from here?
Management reaffirmed its guidance to open 90 to 100 new screens across India in FY27.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Screen Rollout Execution: Monitor the commissioning pace of the planned 90-100 new screens through lease, asset-light, and FOCO models during subsequent quarters of FY27.
- 02
Sustained Net Cash Maintenance: Track cash generation and debt service metrics to ensure the newly attained net cash positive balance is sustained across upcoming quarters.
- 03
Content Pipeline Performance: Evaluate box office reception and admissions growth across upcoming major Hindi, Hollywood, and regional content lineups.
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