‘Dhurandhar’ Quarter for PVR Inox: Should You Buy the Stock Now?
- 6th February 2026
- 07:00 PM
- 3 min read
Summary
PVR Inox delivered a strong December-quarter performance, with consolidated net profit jumping 167% year-on-year to ₹96 crore on higher footfalls, better pricing and cost discipline. Revenue rose 9% YoY, while net debt declined to its lowest level since the merger.Mumbai | February 6
PVR Inox posted a strong set of numbers for the December quarter, led by blockbuster releases such as Dhurandhar and improved operating efficiency.
The multiplex chain reported a 167% year-on-year jump in consolidated net profit to ₹95.7 crore in Q3 FY26, compared with ₹35.9 crore a year ago, according to a regulatory filing. On a sequential basis, profit declined 9.4% from ₹105.7 crore in the September quarter.
Revenue from operations rose 9.5% year-on-year to ₹1,879.8 crore, supported by higher footfalls and improved realisations. Sequentially, revenue was up about 3%.
At an operating level, EBITDA stood at ₹662.1 crore, up 16.3% year-on-year, while margins improved to 34.5% from 32.4% in the year-ago period.
Footfalls and pricing improve
PVR’s footfalls increased 8.6% year-on-year to 4.05 crore during the quarter, while occupancy stood at 28.5%.
Average ticket price rose 4.1% to ₹293, and food-and-beverage spend per head increased 4.2% to ₹146.
Performance was driven by a healthier genre mix and a more consistent release slate, led by Dhurandhar, which crossed ₹1,000 crore at the box office.
Debt reduction strengthens balance sheet
A key positive of December quarter was improvement in balance sheet. Net debt declined to ₹365 crore, the lowest level since the PVR–Inox merger, supported by strong operating cash flows.
The recent divestment of the 4700BC gourmet popcorn brand to Marico for ₹226.8 crore is expected to further strengthen the balance sheet, with limited impact on margins.
PL Capital view
Following the results, PL Capital reiterated a BUY rating on PVR Inox with a target price of ₹1,274, implying an upside of about 29% from current levels.
Sustained margin delivery despite sub-30% occupancy, falling leverage and the company’s shift towards a capital-light expansion model as key positives.
Capex is also pegged at Rs350 -400 Crore for FY27E.
PVR Inox plans to add around 150 gross screens in FY27, largely under FOCO and asset-light formats, helping preserve capital while expanding its footprint.
PVR Inox is trading at 7–9 times its est EBITDA over FY27–FY28, which leaves room for re-rating as earnings improve. Based on rolling valuations to FY28, the target price stands at ₹1,274, keeping the buy view intact.
For detailed Report on PVR click here.
Stock reaction
The shares of PVR inox closed 1.4% higher at ₹1,000.90.
The stock experienced an intraday high of ₹1,013.00 and a low of ₹959.00.
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