Footfalls (annual)
150M
+10% YoY
Record annual footfalls, driven by strong content slate across Hindi, English, and regional cinema.
PVRINOX
Other
15 May 2026
PVR INOX Ltd — Q4 FY26
PVR INOX delivered a record FY26 with revenue of ₹6,742 crore (+16% YoY) and EBITDA of ₹968 crore (margin 14.4%, +600bps YoY), driven by strong box office growth (industry collections up 11% to ₹13,519 crore) and cost discipline.
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2-Minute Summary
✦ AI-Generated from Full Transcript
PVR INOX delivered a record FY26 with revenue of ₹6,742 crore (+16% YoY) and EBITDA of ₹968 crore (margin 14.4%, +600bps YoY), driven by strong box office growth (industry collections up 11% to ₹13,519 crore) and cost discipline. PAT swung to ₹386 crore from a loss of ₹152 crore in FY25. Q4 revenue grew 25% to ₹1,577 crore. The company pivoted to a capital-light model, with 55% of 93 new screens added under FOCO/asset-light formats, reducing capex intensity 24% YoY. Net debt fell to ₹161 crore (down 90% from merger levels). Management guided for 100+ screen additions in FY27, with capex of ₹375-400 crore, and expects continued margin expansion. Key risk: macroeconomic headwinds from West Asia crisis could dampen discretionary spending, though management believes cinema is resilient.
Key Numbers
Average Ticket Price (annual)
₹280
+8% YoY
Record ATP, supported by premium formats and pricing power.
Spend Per Head (annual)
₹147
+10% YoY
Record SPH, reflecting higher F&B consumption per guest.
Free Cash Flow (annual)
₹790 crore
+42% YoY
All-time high FCF, driven by strong operating performance and reduced capex.
Management Guidance
Screen additions of 100+ in FY27
Management expects to add over 100 screens in FY27, with 55-60% under capital-light models (FOCO and asset-light).
Management guidance expansionCapex guidance of ₹375-400 crore for FY27
Capex includes ₹225-250 crore for new projects, ₹80-100 crore for renovations, and balance for maintenance and IT.
Management guidance capexGross debt reduction target to ~₹500 crore
Management intends to reduce gross debt from ₹760 crore to around ₹500 crore in the near term.
Management guidance otherSmart screen pilot openings by mid-July 2026
Two smart screen pilots will open by mid-July, with 28-30 screens planned under this model over the next year.
Management guidance expansionKey Risks
Macroeconomic headwinds from West Asia crisis
PM's call for austerity (reduce gold purchases, foreign travel) and potential fuel price hikes could impact discretionary spending, though management believes cinema is resilient.
medium · analyst_questionAdvertising revenue growth dependent on H2 mega titles
Advertising growth is expected to be back-ended in H2 FY27, relying on big releases; any delays could impact full-year ad revenue.
medium · management_commentaryOccupancy levels may have plateaued post-COVID
FY26 occupancy of ~26% is similar to FY24 levels; management is confident of improvement but macro factors could limit upside.
low · analyst_questionNotable Quotes
FY26 was a defining year for PVR INOX. We delivered our best ever financial performance, brought net debt to a negligible level and pivoted decisively to a capital light growth model.
Theater first model is a very clear model for all the producers. This year 470 have come to theatrical and only 30 have gone to OTT.
We are the preferred partner for India's leading mall developers and top food producers.
Frequently Asked Questions
What was PVR INOX's revenue in Q4 FY26?
PVR INOX reported revenue of ₹1,547 Cr in Q4 FY26, representing a +16% change compared to the same quarter last year.
What guidance did PVR INOX management give for FY27?
Screen additions of 100+ in FY27: Management expects to add over 100 screens in FY27, with 55-60% under capital-light models (FOCO and asset-light). Capex guidance of ₹375-400 crore for FY27: Capex includes ₹225-250 crore for new projects, ₹80-100 crore for renovations, and balance for maintenance and IT. Gross debt reduction target to ~₹500 crore: Management intends to reduce gross debt from ₹760 crore to around ₹500 crore in the near term. Smart screen pilot openings by mid-July 2026: Two smart screen pilots will open by mid-July, with 28-30 screens planned under this model over the next year.
What are the key risks for PVR INOX in FY27?
Key risks include Macroeconomic headwinds from West Asia crisis — PM's call for austerity (reduce gold purchases, foreign travel) and potential fuel price hikes could impact discretionary spending, though management believes cinema is resilient.; Advertising revenue growth dependent on H2 mega titles — Advertising growth is expected to be back-ended in H2 FY27, relying on big releases; any delays could impact full-year ad revenue.; Occupancy levels may have plateaued post-COVID — FY26 occupancy of ~26% is similar to FY24 levels; management is confident of improvement but macro factors could limit upside..
Did PVR INOX meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full PVR INOX Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.