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Informist, Tuesday, Jul. 21, 2026

 

By Shruti Nair

 

MUMBAI – Multiplex chain PVR Inox Ltd. is expected to report a consolidated net profit in the June quarter, staging a recovery from the losses incurred in the year-ago period. The company's revenues are expected to grow significantly on year on the back of favourable content trends and box office collections.

 

The multiplex chain is expected to report a consolidated bottom line of INR 399 million for the June quarter against a loss of INR 540 million in the year-ago period, according to the average of estimates from seven brokerages. Sequentially, the company's bottom line is seen doubling on an adjusted basis.

 

The highest bottom-line estimate is INR 638 million by JM Financial Institutional Securities Pvt. Ltd. Meanwhile, Elara Securities (India) Pvt. Ltd. foresees the bottom line at INR 64 million, the lowest estimate.

 

Nirmal Bang Equities Pvt. Ltd. expects the positive momentum seen in Jan-Mar to continue in the seasonally weak June quarter. The brokerage sees a "spillover" effect from "Dhurandhar 2" in March, select strong performers across all genres, and strong Hollywood content traction, to make up for the lack of mega blockbusters in the June quarter. Further, the company has also aggressively reduced the net debt which will become negligible in the June quarter against INR 1.6 billion in the March quarter, the brokerage highlighted.

 

The company's revenues are seen growing over 11% on year to INR 16.33 billion, according to the average of brokerage estimates. The highest estimate is from JM Financial which pegs the top line at INR 16.67 billion, factoring in box office collections, rise in occupancy, and positive content trends. The lowest estimate is INR 15.68 billion from Elara Securities (India) Pvt. Ltd.

 

Nuvama Wealth Management Ltd. sees the company's net box office collections at INR 7.9 billion, up 8% on year, revenue for food and beverage sales growing 9% to INR 5.4 billion, and advertisement revenue rising 5% to INR 1.2 billion. Kotak Securities also bakes in an on-year growth of 15% and 10% in the company's ticket sales and food and beverages revenue, respectively.

 

AVERAGE TICKET PRICES, FOOTFALL

The company's average ticket prices are seen growing 4-8% on year for the June quarter to INR 268-INR 275, while spending per head is expected to rise 8-9% on year, according to brokerages. Occupancy for the quarter is seen in the range of 24.0-27.7%, up from 22% in the year-ago quarter.

 

The multiplex chain's footfall for the June quarter are seen around 36 million, implying an on-year rise of nearly 6%, according to the average of figures provided by four brokerages. For the year-ago quarter, the company had recorded a footfall of around 34 million. Nirmal Bang attributes the on-year footfall growth to availability of good content in the quarter. The brokerage underscored that the multiplex chain opted out of the re-release strategy in Apr-Jun as multiple movies across all genres fared well.

 

EBITDA

Most brokerages see the company's earnings before interest, taxes, depreciation, and amortisation rising on year. For Apr-Jun, brokerages see the company's absolute EBITDA between INR 4.56 billion and INR 4.99 billion. Prabhudas Lilladher has the highest estimate, while Elara Securities has the lowest estimate. The company had reported an EBITDA of INR 4.30 billion for the June quarter of the financial year 2025-26 (Apr-Mar) on a non-adjusted basis.

 

Brokerages also see an expansion in the company's EBITDA margin in the June quarter. JM Financial factors in an expansion of 500 basis points in the company's EBITDA margin on the back of operating leverage, while Nirmal Bang attributes the expansion to resurgence of better Hollywood content where PVR Inox has a larger share of 60-65%.

 

On an adjusted basis the company's EBITDA is seen in the range of INR 1.64 billion-INR 1.99 billion. For the year ago quarter, the company reported an EBITDA of INR 1.14 billion on an Ind-AS adjusted basis. In the March quarter, the company reported an absolute EBITDA of INR 5.28 billion and an Ind AS-adjusted EBITDA of INR 1.70 billion.

 

PVR Inox is India's largest multiplex chain, operating 1,743 screens across 111 cities in India as well as Sri Lanka. The company will detail its June quarter earnings on Thursday. Investors will watch for commentary regarding details on the company's ongoing initiatives to transition into an "asset-light" model and on its joint venture with Devyani International.

 

Tuesday, shares of PVR Inox closed 1.8% lower at INR 1,001.10 on the National Stock Exchange. The stock has shed over 2% since the company declared its March quarter earnings on May 11.

 

Of the 10 brokerage reports available on the company with Informist, eight have a "buy" or equivalent recommendation on the stock with an average target price of INR 1,358, representing an upside of  nearly 36% from the current market price. The two remaining brokerages have a "hold" or equivalent recommendation on the stock with the average share price of INR 1,138.

 

The following are the Apr-Jun earnings estimates for PVR Inox from seven brokerages, in descending order of the estimate of net profit, in INR billion:

 

CONSOLIDATED	Revenues	Net Profit	EBITDA
JM Financial Institutional Securities Pvt. Ltd.	16.67	0.64	1.91
Nirmal Bang Equities Pvt. Ltd.	16.45	0.56	1.99
Nuvama Wealth Management Ltd.	16.35	0.53	4.82
360 ONE Capital Market Pvt. Ltd.	16.29	0.46
Kotak Securities Ltd.	16.37	0.33	1.64
Prabhudas Lilladher Pvt. Ltd.	16.52	0.22	4.99
Elara Securities (India) Pvt. Ltd.	15.68	0.06	4.56
AVERAGE	16.33	0.39	3.32

 

End

 

Edited by Deepshikha Bhardwaj

 

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