PVR INOX Limited has reported its highest-ever quarterly revenue, EBITDA and profit after tax for the quarter ended September 30, 2026, as strong theatrical performance and higher consumer spending supported the cinema chain's financial results.
For Q2 FY27, PVR INOX recorded revenue of Rs 21,327 million, or around Rs 2,133 crore, on an Ind AS 116-adjusted basis. This marked a 17% increase from Rs 18,187 million in the corresponding quarter last year.
Adjusted EBITDA rose 44% year on year to Rs 4,752 million, with the EBITDA margin improving to 22.3% from 18.1%. Profit after tax from continuing operations increased 111% to Rs 2,733 million, compared with Rs 1,296 million in Q2 FY26.
PVR INOX sees 46.3 million patrons in Q2
The cinema chain welcomed 46.3 million patrons during the quarter, marking a 4% year-on-year increase. Occupancy also improved to 30.4%, compared with 28.7% in the same period last year. Average ticket price rose 14% to Rs 298, while average food and beverage spending per head also increased 14% to Rs 153. Both ticketing and F&B revenues grew 18% during the quarter.
The company said the results were supported by a strong theatrical slate and increased consumer spending.
Commenting on the performance, PVR INOX Managing Director Ajay Bijli said, “Q2 FY'27 has been a landmark quarter for Indian cinema and PVR INOX. We achieved record quarterly and half-yearly revenue, EBITDA and PAT, supported by strong content, higher consumer spends and disciplined costs.”
He added, “Our margins are now well above pre-COVID levels, a clear sign of a structurally stronger business. We generated significant free cash flow, completed our maiden share buyback and carry a strong balance sheet.”
Indian box office crosses Rs 4,000 crore in a quarter
PVR INOX's results come amid a strong quarter for the Indian theatrical market. According to Ormax Media and company estimates cited by PVR INOX, India's gross box office collections reached Rs 4,443 crore in Q2 FY27, representing 23% year-on-year growth.
The quarter marked the first time that the Indian box office crossed Rs 4,000 crore in a single quarter. First-half FY27 box office collections stood at Rs 7,618 crore, up 22% year-on-year.
English-language films recorded particularly strong growth, with collections increasing 87% to Rs 1,024 crore. Spider-Man: Brand New Day became the highest-grossing English film in India with collections of Rs 608 crore, according to the company's estimates. Christopher Nolan's The Odyssey also performed strongly, collecting Rs 233 crore.
Hindi box office collections, including dubbed films, grew 12% year on year. Hanuman Ansh collected Rs 351 crore, while Mirzapur: The Movie earned Rs 267 crore. Regional cinema also recorded 12% growth, with titles including Toxic and Jana Nayagan contributing to the overall performance.
PVR INOX remains net cash positive after share buyback
The company generated Rs 6,035 million in free cash flow during the first half of FY27 and repaid Rs 2,586 million of debt. It also completed its first-ever Rs 3,000 million share buyback in September. Despite the buyback, PVR INOX's net cash position stood at Rs 1,407 million as of September 30, compared with Rs 807 million at the end of June.
The company's board has also approved a new Capital Allocation and Dividend Distribution Policy. The policy focuses on investments in screens, premium formats and technology, while targeting a net debt to LTM EBITDA ratio of no more than 0.5 times after any distribution.
The company said it plans to return around 30% of annual surplus cash flow through dividends and/or buybacks, subject to the board's decision.
PVR INOX expands screen network
As of September 30, PVR INOX operated 1,797 screens across 114 cities in India and Sri Lanka. The company opened 24 screens across six cinemas during the first half of FY27, while exiting 25 screens, largely from loss-making locations.
PVR INOX plans to add 90 to 100 screens during FY27, with most of the expansion expected in the second half of the financial year through capital-light models. The company also opened its first SMART Cinema in Muzaffarpur, Bihar, in September. The format is aimed at smaller Tier III and Tier IV markets, with two to three more SMART Cinemas planned for the current financial year.
Ramayana, King and other major releases expected ahead
PVR INOX expects the upcoming film slate to support theatrical momentum in the second half of the financial year. Major Hindi releases include Ramayana: Part One in November, Shah Rukh Khan's King in December, followed by Love & War and Golmaal 5 in the fourth quarter.
The regional and pan-India lineup includes Chiranjeevi's Kaaka and Prabhas' Spirit. Hollywood releases expected during the period include The Hunger Games: Sunrise on the Reaping, Avengers: Doomsday, Dune: Part Three and Jumanji: Open World.
“Looking ahead, we remain firmly focused on growth, expanding our network through capital-light formats and taking cinema deeper into under-screened India with our new SMART Cinemas. With an exciting content pipeline, we are committed to delivering a compelling cinema experience and long-term shareholder value,” Bijli said.
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