Media – Apr-Jun’26 Earnings Preview – El Nino aids IMAGICAA IN, but ME crisis dents Z IN
Published on 07 Jul 2026
Media: Industry-wide BO collections increased 12.1% YoY to ~INR27.6bn in 1QFY27E. Titles like Peddi, Karuppu, Bhooth Bangla, Vaazha 2, and Drishyam 3 aided overall collections for the quarter. In 1QFY27E, we expect PVRINOX IN to report 7.0% YoY growth in footfalls to 36.4mn with a pre-IND AS EBITDA margin of 11.3% (best-ever 1Q performance since 1QFY23) aided by 1) steady pricing power, 2) spill-over in collections from Dhurandhar 2: The Revenge, and 3) healthy flow of content. As for broadcasting, Z IN’s ad revenue is likely to witness a de-growth of 15.5% YoY on account of the geopolitical crisis (discretionary spends were trimmed by advertisers), but the decline is likely to be offset by a healthy 17.1% YoY growth in subscription revenue aided by the acquisition of FIFA rights. Amid weakness in ad revenue, we expect EBITDA margin to compress to 2.2% for the quarter.
