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PVR INOX Limited – Investor Presentation Summary

Key Operational Highlights

  • Screen count stood at 1,797 as of 30th September 2026, a YoY growth of 2.3% from 1,757 screens.
  • Weighted Average Screens (Excluding Management/FOCO Screens) were 1,717 in Q2 FY27, a YoY growth of 1.0%.
  • Key drivers of operational performance included value-led ticketing initiatives (weekday shows @ ₹99, Friday first shows @ ₹149, front rows from ₹79), expansion of food beyond cinemas (home delivery, Grab & Go counters, outdoor catering), and events-led monetization (live events, telecast programming, sporting events).

Segment-wise Performance

  • Sale of Movie Tickets: ₹11,604 Mn in Q2 FY27, up 18.0% YoY from ₹9,834 Mn.
  • Sale of Food & Beverages: ₹6,682 Mn in Q2 FY27, up 18.3% YoY from ₹5,648 Mn.
  • Advertisement Income: ₹1,310 Mn in Q2 FY27, up 4.3% YoY from ₹1,256 Mn.
  • Convenience Fees: ₹845 Mn in Q2 FY27, up 25.0% YoY from ₹676 Mn, driven by online penetration increase from 68.6% in Q2 FY26 to 72.0% in Q2 FY27.
  • Other Operating Income: ₹610 Mn in Q2 FY27, up 4.8% YoY from ₹582 Mn; drop in H1FY'27 mainly due to decrease in movie distribution income in Q1FY'27.
  • Other Income: ₹276 Mn in Q2 FY27, up 44.5% YoY from ₹191 Mn, primarily due to reversal of old provisions.

Financial Highlights

Revenue: ₹21,327 Mn (Total Income, Ind AS 116 Adjusted)

EBITDA: ₹4,752 Mn (Ind AS 116 Adjusted)

PAT: ₹2,733 Mn (from Continuing Operations, Ind AS 116 Adjusted)

EPS: ₹27.86 (Basic, Ind AS 116 Adjusted)

Margins: EBITDA Margin of 22.3%; PAT Margin of 12.8% (from Continuing Operations, Ind AS 116 Adjusted)

YoY/QoQ comparison: Q2 FY27 PAT from continuing operations (Ind AS 116 adjusted) grew 110.9% YoY from ₹1,296 Mn.

Drivers of financial performance: Higher revenue growth across tickets, F&B, and convenience fees; cost discipline; merger synergies.

Key Risks: Not explicitly disclosed in the provided data.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Not directly specified, but Net Debt (Ind AS 116 excluded) was ₹5,009 Mn as of Sep 30, 2026, down from ₹7,586 Mn as of Mar 31, 2026.

Reserves: Part of 'Other Equity' which stood at ₹72,938 Mn as of Sep 30, 2026.

Current Assets/Liabilities: Current Assets ₹5,384 Mn; Current Liabilities ₹14,736 Mn; resulting in Net Current Assets of (₹9,352) Mn as of Sep 30, 2026.

Working Capital/Leverage Metrics: Net Debt to LTM EBITDA target within 0.5x post any distribution.

Financial Health Insights: Strong cash flow generation; net debt reduced sequentially.

Capex & Cash Flow Health

Capital Expenditure: Not explicitly specified for the period, but capex intensity is noted to be reduced.

Free Cash Flow: Robust free cash flow generation driven by strong operating cash flows and reduced capex intensity.

Operating Cash Flow: Not explicitly quantified in the provided data.

Net Debt Movement: Net Debt reduced from ₹7,586 Mn (Mar 31, 2026) to ₹5,009 Mn (Sep 30, 2026).

Investment Rationale: Focus on new screens, premium formats, technology, and value-accretive opportunities; maintaining a high-quality circuit.

Strategic & R&D Initiatives

Investments in Innovation: Expansion into affordable smart cinema model for Tier 3 & Tier 4 markets; capital-efficient capex and opex.

Expected impact on growth: Scalable format designed for underpenetrated markets; making the brand 'aspirational' & 'affordable'.

Strategic Rationale: Capturing growth in smaller towns; capital efficiency.

Industry Trends & Business Environment

Macro/Industry Trends: H1 FY'27 Industry Box Office was up 22% on a wider content slate. Franchise and non-franchise films drove strong box office growth. Premium formats are in strong demand. Dubbed versions are taking English films beyond metros (e.g., Spider-Man dubbed version contributed ~36% of its India GBOC).

Impact on Company: Contributed to record quarterly performance.

Management Commentary & Growth Outlook

Strategic Outlook: The company is on track to open 90-100 new screens in FY'27.

FY Guidance: Not explicitly provided beyond screen addition target.

Market Share Targets: Not Specified

Risks and Opportunities: Not explicitly highlighted in the provided data.