PVR INOX Limited (PVRINOX)
₹1,395.70 -1.70% last close, 23 Oct
Q2 FY27 results
📅 Next results: 28 Oct 2026 (board meeting)PVR INOX Limited's board meets on 28 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, PVR INOX's revenue was ₹1,622 Cr (+10.4% year on year, +4.8% on the previous quarter), and net profit ₹56.5 Cr (against a loss a year earlier); the operating margin was 32.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,622 | +10.4% | +4.8% |
| Operating profit | ₹528 | +33.0% | +17.0% |
| Net profit | ₹56.5 | from loss | -69.7% |
| EPS (₹) | 5.75 | from loss | -69.8% |
| Operating margin | 32.6% | — | — |
PVRINOX delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 45.2% of the PVRINOX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.79%. That is close to its usual level.
Delivery in the last 5 sessions: 51.3% · 46.3% · 55.7% · 44.2% · 45.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
PVR INOX Limited has completed the extinguishment of 20,68,965 equity shares pursuant to its tender offer buyback, following approval on September 25, 2026, and demat debit on October 01, 2026. This extinguishment reduces the total issued share capital from 9,81,99,962 shares to 9,61,30,997 shares, representing a 2.11% reduction in total equity base. Post-buyback, promoter shareholding marginally ticked up from 27.53% to 27.60%. The transaction formally concludes the buyback tendering process that occurred between September 10 and September 17, 2026.
- Extinguished 20,68,965 equity shares of face value ₹10 each
- Issued share capital decreased from ₹98,19,99,620 to ₹96,13,09,970
- Total share count reduced by 2.11% to 9,61,30,997 shares
- Promoter holding marginally increased from 27.53% to 27.60%
PVR INOX Limited has concluded its tender offer buyback of 20,68,965 equity shares at ₹1,450 per share, totaling ₹299.99 crore. The buyback saw massive demand, subscribed approximately 18.42 times with 41,274 valid applications for 3.39 crore shares. Settlement of funds and unblocking of shares were completed on September 24, 2026. Post completion, total equity shares reduce from 9,81,99,962 to 9,61,30,997, marginally raising promoter shareholding from 27.53% to 27.60%.
- Bought back 20,68,965 equity shares at ₹1,450 per share for a total value of ₹299,99,99,250
- Offer heavily oversubscribed by 18.42 times, receiving valid bids for 3,39,75,734 shares against 20,68,965 offered
- Total paid-up equity shares reduced by 2.11% from 9,81,99,962 to 9,61,30,997
- Settlement of bids and unblocking of demat shares completed on September 24, 2026
- Promoter holding marginally increased from 27.53% to 27.60% post buyback
PVR INOX has launched a new 5-screen multiplex at MyMoon, Kochi, Kerala, adding 814 seats to its network. With this addition, the company now operates 1,797 screens across 358 properties in 114 cities in India and Sri Lanka. The opening represents an incremental screen addition of under 0.3% to its total network, aligning with its target of adding 100-120 screens annually. Financial outlay and capex details for this property were not disclosed.
- Launched 5 new screens with an 814-seat capacity at MyMoon, Kochi
- Expands total operational network to 1,797 screens across 358 properties in 114 cities
- Screen addition accounts for less than 0.3% of the total operating screen base
PVR INOX has launched a new 3-screen multiplex featuring 352 seats at DLF Summit Plaza, Gurugram. With this addition, the company's operational footprint expands to 1,792 screens across 357 properties in 114 cities across India and Sri Lanka. The new location is equipped with 4K digital laser projection, Dolby 7.1 surround sound, and premium Sapphire seating. While strategically targeting premium affluent audiences, the addition represents less than 0.2% of the company's total screen network.
- Launched a new 3-screen multiplex with 352 premium seats at DLF Summit Plaza, Gurugram
- Expands total network footprint to 1,792 screens across 357 properties in 114 cities
- Screen addition accounts for ~0.17% increase to the existing 1,789-screen base
- Auditoriums feature 4K digital laser projection, Next-Gen 3D, and Dolby 7.1 surround sound
PVR INOX Limited announced the voting results of its 31st Annual General Meeting held on September 11, 2026. All eight resolutions, including the adoption of FY26 financial statements, director re-appointments, and remuneration approvals, were passed with requisite majority. The appointment of Mr. Shuva Mandal as an Independent Director via a Special Resolution was approved with 99.85% votes in favor. Overall voter participation stood at approximately 70.9% of outstanding shares.
- All 8 resolutions passed with overwhelming support (>99% assent across resolutions)
- Adoption of FY26 Standalone and Consolidated Financial Statements approved with 99.99% votes in favor
- Appointment of Mr. Shuva Mandal as Independent Director approved with 99.85% votes in favor
- Total voter turnout represented 6,96,38,898 votes or 70.92% of outstanding shares for Item No. 1
- Total shareholders on the September 04, 2026 record date stood at 2,52,376
PVR INOX Limited concluded its 31st Annual General Meeting held on September 11, 2026, via video conferencing. The meeting covered 8 agenda items, including adoption of FY26 financial statements, re-appointment of directors (Ms. Renuka Ramnath and Mr. Ajay Kumar Bijli), and remuneration for independent directors. The company confirmed that the statutory and secretarial audit reports for FY26 contained no qualifications or adverse remarks. Final scrutinizer voting results are expected within two working days.
- 31st AGM held on September 11, 2026, commenced at 11:00 AM and concluded at 12:11 PM IST
- Total of 8 resolutions tabled, comprising 7 ordinary resolutions and 1 special resolution
- Auditors' report on FY26 standalone and consolidated statements contained zero qualifications or adverse remarks
- Scrutinizer's consolidated voting report to be submitted within 2 working days
PVR INOX has expanded its presence at Soul Space Spirit in Bellandur, Bengaluru, adding 3 new auditoriums (including one 4DX screen). This brings the property's screen count to 7 with a total seating capacity of 1,143. Following this launch, PVR INOX operates 1,789 screens across 356 properties in 114 cities across India and Sri Lanka. The addition of 3 screens is incremental, representing an increase of less than 0.2% to its existing network.
- Added 3 new auditoriums comprising one 4DX screen and two mainstream screens at Bellandur, Bengaluru
- Expanded the property to a total of 7 screens with 1,143 seats
- Overall operational network now reaches 1,789 screens across 356 properties in 114 cities in India and Sri Lanka
- Marks Bengaluru's eighth 4DX auditorium
PVR INOX Limited has released its Letter of Offer for a share buyback of up to 20,68,965 equity shares at ₹1,450 per share via the tender offer route. The total buyback size aggregates to ₹300 crore, which represents 2.11% of the total paid-up equity capital and ~2.6% of its current market cap of ₹11,333 crore. The offer opens on September 10, 2026, and closes on September 17, 2026, following the record date of September 4, 2026. For small shareholders, the entitlement ratio is set at 9 shares for every 157 shares held (approx. 5.73%), while for the general category, it is 21 shares for every 1,108 shares (approx. 1.90%).
- Buyback of up to 20,68,965 shares at ₹1,450 each, totaling ₹300,00,00,000
- Represents 2.11% of total paid-up equity share capital as of March 31, 2026
- Offer window runs from Thursday, September 10, 2026, to Thursday, September 17, 2026
- Entitlement ratio of 9:157 (~5.73%) for Small Shareholders and 21:1,108 (~1.90%) for General Category
PVR INOX has issued a clarification to stock exchanges regarding media reports alleging an internal probe into ₹200-crore kickbacks. The company clarified that promoters received anonymous, non-specific communications in early April 2026, following which external third-party experts were appointed for a preliminary review. The preliminary examination showed no evidence of kickbacks. The company also clarified that former executive Mr. Pramod Arora resigned on May 4, 2026 for personal reasons and was not asked to leave.
- Responded to media reports alleging an internal investigation into ₹200-crore kickbacks causing an 8% share price drop
- Anonymous complaints were received in early April 2026 without specific dates, developer names, or actionable details
- Preliminary assessment by external third-party experts found no evidence of kickbacks
- Confirmed that Mr. Pramod Arora resigned on May 4, 2026 for personal reasons and was duly disclosed on May 25, 2026
PVR INOX Limited has issued a corrigendum to its Public Announcement dated September 01, 2026, regarding its proposed equity share buyback. The company plans to buy back up to 20,68,965 fully paid-up equity shares (face value ₹10) through a proportionate tender offer process. The buyback price is set at ₹1,450 per share, representing a total outlay of approximately ₹300 crore (~2.5% of total market cap). The corrigendum was published on September 04, 2026, across Business Standard and Navshakti.
- Proposed buyback of up to 20,68,965 equity shares of face value ₹10 each
- Buyback price fixed at ₹1,450 per share via tender offer process
- Total buyback consideration aggregates to approximately ₹300 crore
- Corrigendum published on September 04, 2026, in English, Hindi, and Marathi daily newspapers
PVR INOX has opened a 4-screen SMART Cinema at ICON Plaza Mall in Muzaffarpur, Bihar, featuring 644 seats. This addition expands the company's footprint in Bihar to 11 screens and takes its overall network to 1,785 screens across 356 properties in 114 cities. The launch marks the rollout of PVR INOX's capital-efficient, asset-light 'SMART Cinemas' format targeted specifically at Tier III growth markets.
- Opened a 4-screen property with 644 seats at ICON Plaza Mall, Muzaffarpur, Bihar
- Expands state footprint in Bihar to 11 screens
- Brings total company network to 1,785 screens across 356 properties in 114 cities
- Introduces capital-efficient SMART Cinemas format designed for Tier III cities
PVR INOX Limited informed the exchanges that company representatives attended the Ashwamedh Elara India Dialogue 2026, organized by Elara Capital, on September 2, 2026, in Mumbai. The interaction included both one-to-one and group meetings held in person. The company confirmed that no unpublished price sensitive information (UPSI) was shared during these sessions.
- Participated in Ashwamedh Elara India Dialogue 2026 on September 2, 2026, at 11:00 AM IST
- In-person investor conference held in Mumbai, India
- Meetings conducted in both one-to-one and group formats
- No unpublished price sensitive information (UPSI) was shared
PVR INOX has released the formal Public Announcement for its proposed share buyback via the tender offer route. The company will repurchase up to 20,68,965 equity shares (face value ₹10) at a price of ₹1,450 per share, involving an aggregate outlay of ~₹300 crore. The offer price of ₹1,450 represents an approximate 19.8% premium over the current market price of ₹1,210. The total buyback size represents approximately 2.53% of the company's current market capitalization of ₹11,857 crore.
- Buyback of up to 20,68,965 fully paid-up equity shares of face value ₹10 each
- Offer price set at ₹1,450 per share, representing a ~19.8% premium to the CMP of ₹1,210
- Total capital outlay of ~₹300 crore through a proportionate Tender Offer route
- Public announcement published across English, Hindi, and Marathi daily newspapers on September 02, 2026
PVR INOX Limited's Board of Directors has approved a share buyback of up to 20,68,965 equity shares at ₹1,450 per share for a total outlay not exceeding ₹300 Crore via the tender offer route. The buyback price of ₹1,450 represents an ~18.2% premium over the current market price of ₹1,226.90. The buyback represents 2.11% of the total equity capital and ~4.07% of consolidated net worth/reserves as of March 31, 2026. The record date for determining eligible shareholders is set for Friday, September 4, 2026.
- Buyback size of up to ₹300 Crore at a price of ₹1,450 per equity share via tender offer
- Up to 20,68,965 shares to be bought back, representing 2.11% of total paid-up equity capital
- Record date fixed as Friday, September 4, 2026 for eligibility
- 15% reservation of the buyback allocated for small retail shareholders
- Promoters and promoter group have confirmed their intention to participate in the buyback
PVR INOX has approved a share buyback of up to 20,68,965 equity shares at ₹1,450 per share for an aggregate consideration of up to ₹300 crore via the tender offer route. The buyback price represents an approximate 19.9% premium over the current market price of ₹1,209.10 and encompasses 2.11% of the company's total paid-up equity capital. The aggregate outlay represents 4.07% of consolidated net worth/reserves as of March 31, 2026, and ~2.53% of its market capitalization. The record date to determine eligible shareholders is fixed for September 4, 2026, with promoter group members expressing intention to participate.
- Buyback of up to 20,68,965 equity shares (2.11% of paid-up equity) at ₹1,450 per share
- Total buyback outlay of up to INR 300,00,00,000 (INR 300 crore) via tender offer
- Represents 4.07% of consolidated paid-up equity capital and free reserves as of March 31, 2026
- Record date set for September 4, 2026, to determine eligible shareholder entitlement
Financial Performance
Revenue Growth by Segment
Total Revenue decreased by 8% (INR 4,622 Mn) in FY25. Segment performance: Movie ticket sales fell 10% to INR 29,424 Mn; Food and Beverages (F&B) declined 8% to INR 17,335 Mn; Advertising revenue dipped 1% to INR 3,365 Mn; and Convenience fees decreased 3% to INR 2,214 Mn. However, Q2 FY26 showed a recovery with total income rising 12% YoY to INR 1,641.9 Cr.
Geographic Revenue Split
Not specifically disclosed by region in the provided documents, though the company operates across India and has a presence in Sri Lanka via PVR Lanka Ltd.
Profitability Margins
FY25 Standalone PAT margin was -3% (loss of INR 1,491 Mn) compared to -1% in FY24. H1 FY26 consolidated PAT margin improved to 1.5% (INR 51 Cr) from a negative margin of -6.6% in H1 FY25, driven by better content performance.
EBITDA Margin
Adjusted EBITDA margin for H1 FY26 stood at 13.3% (INR 441.4 Cr) compared to 6.6% (INR 187 Cr) in H1 FY25, representing a 670 bps improvement. FY25 full-year EBITDA margin was impacted by a 10% drop in admissions.
Capital Expenditure
Planned capex for FY26 is estimated between INR 400 Cr and INR 500 Cr. This will fund the addition of 100-120 new screens, maintenance of existing properties, and IT initiatives.
Credit Rating & Borrowing
Maintains a 'Stable' outlook from CRISIL and India Ratings. Net debt was reduced from INR 1,294 Cr in March 2024 to INR 952.2 Cr by March 2025. The company aims to reduce net debt to below INR 800 Cr by FY26.
Operational Drivers
Raw Materials
Food and beverage supplies (corn, oil, seasonings, syrups) represent the primary raw material costs, though specific % of total cost per item is not disclosed.
Import Sources
Sourced primarily within India; F&B supplies are managed through subsidiaries like Zea Maize Pvt Ltd.
Key Suppliers
Zea Maize Pvt Ltd (subsidiary) for gourmet popcorn; various third-party vendors for F&B and IT support.
Capacity Expansion
Current capacity is 1,714 screens across 348 locations as of March 2025. Planned expansion of 100-120 screens annually, primarily through asset-light models.
Raw Material Costs
F&B costs are a major component; the company achieved a 1% increase in Spend Per Head (SPH) to INR 134 in FY25 despite lower admissions, helping offset procurement cost volatility.
Manufacturing Efficiency
Occupancy levels were 23.0% in FY25, down 260 bps from 25.6% in FY24. Efficiency is being targeted through the closure of 72 underperforming screens which saved ~INR 80 Mn in EBITDA.
Strategic Growth
Expected Growth Rate
12%
Growth Strategy
Pivoting to an asset-light model (FOCO) to add 100-120 screens annually with minimal upfront capex. Growth is also driven by 'PVR INOX Pictures' for film distribution (INR 500 Mn equity invested) and premiumization through increased SPH and ATP.
Products & Services
Movie tickets, food and beverages (popcorn, snacks), in-cinema advertising, movie distribution services, and convenience fees for online booking.
Brand Portfolio
PVR, INOX, PVR INOX Pictures, 4700BC (Zea Maize), PVR Luxe, PVR P[XL], PVR Director's Cut.
New Products/Services
Expansion of the 'Passport' subscription program and alternate content screenings (live sports, concerts) to improve mid-week occupancy.
Market Expansion
Focusing on under-penetrated markets in India and optimizing the existing circuit by exiting loss-making malls (72 screens exited in FY25).
Market Share & Ranking
Largest multiplex operator in India with 1,700+ screens.
Strategic Alliances
Joint ventures include PVR Lanka Ltd and partnerships with mall developers for FOCO model cinemas.
External Factors
Industry Trends
The industry is shifting toward premiumization and 'cinema as an experience' to compete with OTT. PVR is positioning itself by adding IMAX and 4DX screens while reducing fixed costs through developer-funded capex.
Competitive Landscape
Primary competition from OTT platforms (Netflix, Amazon Prime) and other alternate media/broadcasting mediums.
Competitive Moat
Strong brand equity and market leadership (scale) allow for better rental negotiations and higher advertising rates. The moat is sustainable due to the exclusive theatrical window for major blockbusters.
Macro Economic Sensitivity
Highly sensitive to discretionary consumer spending and inflation in F&B input costs.
Consumer Behavior
Shift toward consuming long-form content on OTT, especially for small and medium-budget movies, challenging traditional multiplex growth.
Geopolitical Risks
Hollywood strikes (2023) significantly delayed the content pipeline for FY25, leading to lower occupancy and revenue.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (LODR) Regulations and Section 177 of the Companies Act for internal financial controls. Cinema operations are subject to local licensing and entertainment tax norms.
Environmental Compliance
Investing in rooftop solar and energy-efficient equipment; ESG profile supports credit risk profile with low greenhouse gas emissions.
Taxation Policy Impact
Effective tax rate resulted in a tax credit/expense of INR 381 Mn in FY24 and a credit of INR 541 Mn in FY25 due to losses.
Legal Contingencies
Not disclosed in specific INR values; however, the company maintains a robust risk management framework to handle legal and ethical responsibilities.
Risk Analysis
Key Uncertainties
Content risk (quality of movies) and competition from OTT platforms could lead to sustained lower occupancy (<23%), impacting ROCE targets (currently 16%, target >12%).
Geographic Concentration Risk
High concentration in India; specific regional % not provided but the company is exiting underperforming screens in specific aging malls.
Third Party Dependencies
Dependence on film producers for content and mall developers for site availability.
Technology Obsolescence Risk
Risk of digital disruption; mitigated by investing in high-end projection technology (IMAX, 4DX) and digital ticketing.
Credit & Counterparty Risk
Managed through Expected Credit Loss (ECL) models; liquidity remains strong with INR 664 Cr in cash.
