PVR Inox logo

PVR Inox

PVRINOX NSE

Key Fundamentals

MicrocapFilm Production DistributionMedia
Market Cap
₹12,019 Cr
Volatility
Moderate
P/E Ratio
27.33
EBITDA
₹2,279 Cr
Return on Equity
2.39%
Debt to Equity
0.92
Book Value
₹751.4
EPS
₹0
52W High
₹1,284.5
52W Low
₹907.4

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 19.8% CAGR over last 5 years

Weaknesses

2
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 0.01% over last 3 years.

Growth Rate

Revenue Growth
16.33% lower than 3Y
Net Income Growth
-166% lower than 3Y
Cash Flow Change
9.8% higher than 3Y
ROE
-164% lower than 3Y
ROCE
121% higher than 3Y
EBITDA Margin (Avg.)
13.35% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

PVR Inox Ltd operates 1,791 screens across 112 cities making it India's largest multiplex chain. The company posted a net loss of Rs 281 crore in FY25 but swung to a net profit of Rs 333 crore in FY26, while reducing net debt from Rs 1,430 crore at merger (March 2023) to Rs 952 crore by March 2025 and achieving a net cash position of Rs 80 crore by June 2026.

Bull Case 8
  • TTM revenue growth of 14% with 3-year compounded sales CAGR of 21%, indicating strong post-pandemic recovery momentum
  • Profit turned around sharply from Rs 281 crore net loss in FY25 to Rs 333 crore net profit in FY26, with TTM profit growth of 321%
  • Net debt reduced from Rs 1,430 crore at merger (March 2023) to net cash position of Rs 80 crore by June 2026, demonstrating aggressive deleveraging
  • EBITDA margin expanded from 8.0% in FY25 to 33.4% in FY26 (including IndAS 116), with Q1 FY27 EBITDA nearly doubling YoY to Rs 230 crore at 14% cash margin
  • Capital-light FOCO expansion model with 55% of new screens under asset-light arrangements, targeting 90-100 net screen additions annually with only Rs 400 crore investment for 200 screens over two years
  • Q1 FY27 footfalls grew 8% YoY to 36.6 million guests with ATP up 8% to Rs 273 and spend-per-head up 9% to Rs 161, showing improving unit economics
  • India box office rebounded to over Rs 13,300 crore in 2025 with 20% YoY growth in Q1 FY27, providing strong content tailwinds
  • 5-year compounded profit CAGR of 18.3% and long-term screen expansion target to 2,000 screens under FOCO model provides multi-year growth runway
Bear Case 8
  • 3-year average ROE of -0.53% and negative 3-year/5-year/10-year ROE averages (-1%, -3%, -4%) indicate poor capital efficiency historically
  • Low interest coverage ratio flagged as a structural concern, reflecting high fixed costs from lease obligations on 1,791 screens
  • FY25 was a loss year with net loss of Rs 281 crore and EPS of Rs -28.48, showing vulnerability to content cycles and uneven release calendars
  • Occupancy rate dropped to 20.5% in Q4 FY25, down 210 bps YoY, highlighting underutilization of existing screen capacity
  • Stock CAGR of -10% over 3 years and -4% over 5 years despite business recovery, indicating market skepticism on consistent returns
  • Zero dividend yield with no payout history, offering no income cushion during periods of content drought or operational weakness
  • Heavy dependence on Hindi film content pipeline — Q2 FY25 revenue dropped 19% YoY and loss widened to Rs 12 crore due to weak release slate
  • PE ratio of 25x on still-recovering earnings, with price-to-book of 1.51x on a balance sheet that carried cumulative losses through FY25

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Headwinds 2
  • Screen openings delayed by licensing Jul 27

    Q2 and Q3 new screen openings may be delayed due to licensing issues, potentially slowing the planned 90-100 new screen additions in FY27.

  • Convenience fee growth slowing Jul 27

    Online convenience fee growth is expected to continue at a slower pace due to already high existing usage levels.

Positives 4
  • Strong Q1 turnaround, net cash Jul 31

    PVR Inox posted Q1FY27 net profit of ₹71 crore and achieved a net cash balance of ₹80 crore, with revenue growing 12% to ₹1,642 crore.

  • Jabalpur expansion, 1,782 screens Jul 30

    Opened a premium 3-screen multiplex in Jabalpur, bringing total screen count to 1,782 and strengthening Tier II market presence.

  • F&B cost decline expected Jul 27

    F&B COGS is expected to decline on the back of cost control initiatives, supporting margin improvement.

  • High ad revenue in H2 Jul 27

    Company expects elevated advertising earnings in Q3 and Q4 FY27 driven by major film releases.

Neutral 4
  • FY27 capex cut to ₹350 crore Jul 31

    PVR Inox lowered FY27 capex guidance to ₹350 crore (INR 3.5 billion) due to increased use of asset-light models, signaling capital discipline.

  • Film hire costs guided 45-45.5% Jul 27

    Film hire costs are estimated at 45% to 45.5% for FY27, largely in line with industry norms.

  • Promoters report zero encumbrance Jul 7

    Promoters declared no encumbrance on shares for FY26, complying with SEBI takeover regulations.

  • Q1FY27 earnings call held Jul 24 Jul 18

    PVR Inox hosted a conference call on July 24 at 3:00 PM IST with MD and CFO to discuss Q1FY27 results.

TL;DR: PVR Inox is demonstrating a clear financial turnaround with Q1FY27 profitability, 12% revenue growth, and a move to net cash position of ₹80 crore. The shift to asset-light expansion and cost discipline on F&B are positives for margins. Key risks include licensing delays on new screen openings and slowing convenience fee growth. The trend is improving, with H2 FY27 expected to benefit from a strong film slate driving ad revenue and footfalls.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,305
2,000
1,546
1,256
1,191
1,622
1,717
1,230
1,450
1,823
1,850
1,547
1,622
Expenses
952
1,293
1,074
978
939
1,143
1,190
941
1,046
1,212
1,225
1,096
1,094
Operating Profit
352
707
472
278
252
479
528
289
404
612
625
452
528
OPM %
27%
35%
31%
22%
21%
30%
31%
24%
28%
34%
34%
29%
33%
Other Income
25
24
59
49
29
42
42
54
25
36
-9
244
26
Interest
194
200
197
200
204
206
203
196
191
188
180
173
164
Depreciation
291
309
317
303
314
329
320
316
308
317
316
330
314
PBT
-108
222
18
-175
-238
-15
46
-168
-70
142
119
192
76
Tax %
-24%
25%
27%
-26%
-25%
-18%
23%
-25%
-22%
26%
20%
3%
25%
Net Profit
-82
166
13
-130
-179
-12
36
-125
-54
106
95
186
56
EPS in Rs
-8.33
16.95
1.3
-13.2
-18.21
-1.2
3.66
-12.73
-5.5
10.76
9.75
19.01
5.75
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,477
1,850
2,119
2,334
3,086
3,414
280
1,329
3,751
6,107
5,700
6,646
6,842
Expenses
1,271
1,551
1,799
1,933
2,499
2,338
616
1,224
2,703
4,297
4,142
4,551
4,625
Operating Profit
206
299
320
401
587
1,076
-336
105
1,048
1,810
1,558
2,095
2,217
OPM %
14%
16%
15%
17%
19%
32%
-120%
8%
28%
30%
27%
32%
32%
Other Income
2
45
52
30
32
38
469
326
68
157
154
292
297
Interest
78
84
81
84
128
482
498
498
572
791
809
733
706
Depreciation
117
115
138
154
191
542
575
614
753
1,219
1,277
1,270
1,278
PBT
12
145
153
194
299
90
-939
-681
-209
-44
-374
384
530
Tax %
7%
32%
37%
36%
37%
70%
-20%
-28%
61%
-26%
-25%
13%
—
Net Profit
12
99
96
124
189
27
-748
-489
-336
-33
-281
333
444
EPS in Rs
2.86
19.58
19.08
24.84
37.81
4.95
-123
-80.04
-34.21
-3.26
-28.47
34.02
45.27
Div. Payout %
33%
10%
10%
8%
5%
75%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
42
47
47
47
47
51
61
61
98
98
98
98
Reserves
368
835
918
1,029
1,449
1,429
1,773
1,309
7,232
7,225
6,953
7,280
Borrowings
747
660
820
831
1,282
1,295
5,003
5,196
8,052
8,304
7,775
6,779
Other Liabilities
273
356
440
442
1,062
4,653
665
757
1,091
1,191
1,435
1,454
Total Liabilities
1,429
1,897
2,225
2,348
3,840
7,428
7,502
7,323
16,474
16,818
16,261
15,612
Fixed Assets
860
1,000
1,509
1,590
2,742
5,886
5,475
5,407
14,209
14,478
13,906
13,373
CWIP
80
76
106
102
221
155
217
64
247
246
96
32
Investments
2
2
2
21
11
2
1
0
0
16
1
2
Other Assets
486
820
609
636
866
1,385
1,808
1,851
2,017
2,077
2,258
2,205
Total Assets
1,429
1,897
2,225
2,348
3,840
7,428
7,502
7,323
16,474
16,818
16,261
15,612
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
155
354
320
446
830
787
-413
167
864
1,979
1,968
2,160
Investing
-205
-331
-632
-363
-1,006
-390
-289
-3
-339
-627
-303
-29
Financing
49
217
60
-66
142
-211
1,075
-217
-694
-1,292
-1,535
-2,065
Net Cash Flow
-1
240
-252
18
-34
186
374
-53
-169
60
130
66
Free Cash Flow
-14
120
-313
108
395
403
-529
42
230
1,352
1,646
1,906
CFO/OP
79
125
110
122
156
76
125
149
82
108
123
103
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
19
18
18
24
22
20
40
22
18
14
16
15
Inventory Days
43
60
50
45
46
42
354
—
—
—
—
—
Days Payable
520
502
515
576
562
432
2,879
—
—
—
—
—
Cash Conversion Cycle
-458
-424
-448
-506
-494
-370
-2,485
22
18
14
16
15
Working Capital Days
-51
-41
-62
-68
-82
-92
-1,122
-315
-152
-106
-125
-101
ROCE %
8%
17%
14%
15%
18%
20%
-9%
-3%
3%
5%
3%
7%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs35.72%Promot.27.53%Others3.31%Public15.36%FIIs18.08%As ofJun 2026
10.89% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about PVR Inox

What does PVR Inox Ltd do?
PVR Limited (PVR) is India’s largest and most premium film exhibition company. It pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at New Delhi and continues to lead the market with relentless focus on innovation and operational excellence to democrat...
Where is PVR Inox Ltd (PVRINOX) listed?
PVR Inox Ltd trades as PVRINOX on the NSE and under code 532689 on the BSE.
Which sector does PVR Inox Ltd belong to?
PVR Inox Ltd is classified under the Media sector, in the Film Production Distribution industry.
What is the market capitalisation of PVR Inox Ltd?
PVR Inox Ltd has a market capitalisation of ₹12,019 Cr, which places it in the Mid Cap band.
What is the PE ratio of PVR Inox Ltd?
PVR Inox Ltd trades at a PE ratio of 27.33, on earnings per share of ₹0, against a book value of ₹751.4 per share.
What is the 52-week high and low of PVR Inox Ltd?
Over the last 52 weeks PVR Inox Ltd has traded between ₹907.4 and ₹1,284.5.
What is the Return on Equity (ROE) of PVR Inox Ltd?
PVR Inox Ltd reported a return on equity of 2.39%. Its debt-to-equity ratio is 0.92.

Company Information

PVR Limited (PVR) is India’s largest and most premium film exhibition company. It pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at New Delhi and continues to lead the market with relentless focus on innovation and operational excellence to democratise big‑screen movie experience. It currently operates a cinema network of 1763 screens across 111 cities and 355 cinemas with ~1.8 lakh seats. [1]

Website pvrcinemas.com
CEO Mr. Ajay Kumar Bijli B.Com, OPMP
Listed 2006-01-04
Face Value ₹ 10
Issued Size 9,81,99,962

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