Earnings Outlook
PVR Inox Q2 PAT seen up on higher avg ticket price, spends
This story was originally published at 18:54 IST on 26 October 2026
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By Shakshi Jain
NEW DELHI – Multiplex chain PVR Inox Ltd. is expected to post a handsome year-on-year as well as sequential growth in consolidated net profit for the September quarter, helped by higher average ticket prices and spend per head. Analysts peg healthy revenue growth for the quarter on the back of higher footfall and better box office collections.
PVR Inox's consolidated net profit for the September quarter is expected to rise 88% on year and 252% sequentially to INR 1.99 billion, according to the average of estimates from nine brokerages. The highest estimate for the bottom line is INR 2.43 billion from Motilal Oswal Financial Services Ltd. and the lowest is INR 1.37 billion from Elara Securities (India) Pvt. Ltd.
The film exhibition company's consolidated revenues are expected to grow almost 12% on year and over 25% sequentially to INR 20.35 billion, as per the estimates. The highest estimate for top line is INR 20.77 billion from Kotak Securities Ltd. and the lowest is INR 19.16 billion from Elara Securities. PVR Inox had reported consolidated net profit of INR 1.06 billion on revenues of INR 18.23 billion for the year-ago September quarter.
The September quarter saw multiple strong performers across Hollywood, Bollywood, and regional categories, brokerages said. Kotak Securities said box office collections in the reporting quarter were strong, with over 10 movies collecting more than INR 1 billion. "We expect Q2 (July-Sept) to be one of the best quarters in four years for the company, with 13-15% YoY (year-on-year) revenue growth despite a high base," Anand Rathi Share and Stock Brokers Ltd. said. It expects 3-5% year-on-year growth in admissions for the reporting quarter. PVR Inox had recorded 44.5 million in admissions in the year-ago quarter.
Nuvama Wealth Management Ltd. said Hollywood content was strong with Spider-Man and Odyssey. "Hanuman Ansh emerged a sleeper hit with bulk of revenue generated week four onwards, where share of producer is lower, leading to better profitability for PVR," it added. The brokerage estimates around 2% year-on-year growth in advertisement revenues for the reporting quarter. PVR Inox had clocked ad revenues worth INR 1.26 billion in the year-ago quarter.
The average ticket price for the reporting quarter is expected to increase 10-13% on year over INR 262 in the year-ago quarter. Spending per head is expected to rise 10-17.4% from INR 134 in the corresponding period last year. Occupancy for Jul-Sept is seen in the range of 29.5-31%, up from 28.7% in the year-ago quarter.
In the September quarter, PVR Inox opened three-screen multiplexes in Madhya Pradesh and Haryana, a four-screen SMART cinema in Bihar, a five-screen multiplex in Kerala, and a six-screen cinema in Karnataka. It also added three auditoriums in Karnataka during the quarter.
MARGIN MOVEMENT
On pre-Ind AS 116 basis, Nuvama has pegged the company's earnings before interest, tax, depreciation, and amortisation at INR 4.1 billion for the September quarter alongside a 16% on-year rise in reported EBITDA. Kotak Securities estimates the pre-Ind AS 116 EBITDA at INR 4 billion.
For the year-ago quarter, the company's reported EBITDA was INR 6.48 billion, which, after adjusting for the impact of Ind-AS 116, fell to INR 3.27 billion. Most brokerages also expect on-year expansion in EBITDA margin for Jul-Sept. Ind AS 116 is the Indian Accounting Standard for leases, which became effective Apr. 1, 2019, replacing the older standard Ind AS 17.
PVR Inox is India's largest multiplex chain, operating 1,779 screens across 111 cities in India and Sri Lanka as of Jun. 30. The company will detail its September-quarter earnings Wednesday. Monday, its shares closed 0.6% higher at INR 1,404.70 on the National Stock Exchange.
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 1,390, marginally lower than the current market price. The remaining two brokerages have a "hold" or equivalent recommendation on the stock.
The following are the Jul-Sept earnings estimates for PVR Inox from nine brokerages in descending order of the estimate for net profit in INR billion:
| Broking Firm | Net Sales | Net Profit |
| Motilal Oswal Financial Services Ltd. | 20.52 | 2.43 |
| ICICI Securities Ltd. | 19.55 | 2.26 |
| 360 ONE Capital Market Pvt. Ltd. | 20.71 | 2.17 |
| Kotak Securities Ltd. | 20.77 | 2.13 |
| Prabhudas Lilladher Pvt. Ltd. | 20.69 | 2.09 |
| Nuvama Wealth Management Ltd. | 20.69 | 2.04 |
| Nirmal Bang Equities Pvt. Ltd. | 20,43 | 1.93 |
| JM Financial Institutional Securities Pvt. Ltd. | 20.65 | 1.47 |
| Elara Securities (India) Pvt. Ltd. | 19.16 | 1.37 |
| Average | 20.35 | 1.99 |
End
Edited by Shubhayan Bhattacharya
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