Media – Jul-Sep’26 Earnings Preview – Full house in cinemas but broadcaster’s struggle
Published on 08 Oct 2026
Media: Industry-wide BO collections increased 20.0% YoY to ~INR38.0bn in 2QFY27E. Titles like Spider Man-Brand New Day, Hanuman Ansh, Toxic, Mirzapur and The Odyssey aided overall collections for the quarter. In 2QFY27E, we expect PVRINOX IN to report 3.3% YoY growth in footfalls to 46.0mn with a pre-IND AS EBITDA margin of 21.1% (best-ever quarterly performance) led by healthy BO performance as 12 movies crossed Rs1bn mark. As for broadcasting, Z IN’s ad revenue is likely to remain flat on account of geopolitical crisis (advertisers having a cautious outlook on discretionary spending) but the decline is likely to be offset by a healthy 19.7% YoY growth in subscription revenue led by acquisition of FIFA rights. Amid weakness in ad revenue and higher A&P expenses, we expect EBITDA margin to compress to 3.4% for the quarter.
