PVR Inox Posts Q4FY26 Profit on Box Office Recovery, Net Debt Falls Sharply

Mumbai | 12 May 2026 

PVR Inox returned to profit in the fourth quarter of FY26, reporting PAT of Rs1,864mn against a loss of Rs1,208mn in the same quarter last year. The quarter’s results were lifted by strong content performance and a sharp reduction in net debt. 

How Did PVR Inox Perform in Q4FY26? 

Net sales rose to Rs15,473mn, driven by theatrical releases including Dhurandhar 2 and Border 2. Footfalls increased 1.6% year-on-year to 31.0mn, while occupancy stood at 23.9% for the quarter. 

Key operating metrics for Q4FY26: 

• Gross average ticket price (ATP): Rs315, up 22.1% YoY 

• Gross spend per head (SPH) on F&B: Rs165, up 32.0% YoY 

• EBITDA: Rs4,518mn, up 56.1% YoY 

• EBITDA margin: 29.2%, against 23.5% in Q4FY25 

Pre-IND AS EBITDA margin came in at 9.0%, compared with a loss of Rs43mn in Q4FY25. The reported profit of Rs1,864mn includes an exceptional gain of Rs1,714mn (net of tax) from the sale of Zea Maize Pvt Ltd, the company’s popcorn business. 

Why Did Net Debt Decline So Sharply? 

Net debt fell to Rs1,619mn in FY26 from Rs9,522mn in FY25, a reduction of nearly Rs7,900mn in a single year. The company generated free cash flow to firm (FCFF) of Rs7,901mn during the year. 

The decline reflects a deliberate pivot to a capital-light expansion model. PVR Inox has signed a pipeline of 138 screens under FOCO and asset-light formats, comprising 52 FOCO and 86 asset-light screens, to be executed over the next 18 months. 

What Is the FY26 Performance Snapshot? 

For the full year FY26: 

• Net sales: Rs66,462mn, up 16.6% YoY 

• EBITDA: Rs20,954mn, up 34.6% YoY 

• EBITDA margin: 31.5%, against 27.3% in FY25 

• Reported PAT: Rs1,761mn, against a loss of Rs2,648mn in FY25 

Screen exits fell to 18 in FY26 from 72 in FY25, indicating that post-merger portfolio rationalisation is largely complete. 

What Lies Ahead for PVR Inox? 

The company plans to open 120 gross screens in FY27E, with 55-60% of additions coming through FOCO and asset-light formats. PVR Inox will also pilot “smart screens” targeting tier 2 and tier 3 cities, with two pilot properties expected to open by mid-July 2026 and a target of 28-30 smart screens in FY27E. 

Capex for FY27E is pegged at Rs3,750-4,000mn, of which Rs2,200-2,500mn is earmarked for new screens. Gross debt is expected to decline from Rs7,586mn in FY26 to around Rs5,000mn in the near term. 

PL Capital Research notes that smart screen capex is 30-40% lower than conventional multiplex formats, enabling cost-efficient expansion into smaller cities. 

Read the full PL Capital Research report: PVR Inox Q4FY26 Result Update 

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