Media – Jan-Mar’26 Earnings Preview – Box office surges but broadcast blues continue
Published on 08 Apr 2026
Media: Industry-wide BO collections increased 20.4% YoY to ~Rs26.4bn in 4QFY26E. Titles like Dhurandhar 2: The Revenge, Border 2, Mana ShankaraVaraprasad Garu, The Raja Sahab, Ustaad Bhagat Singh and O Romeo aided overall collections for the quarter. We expect PVRINOX IN to report flattish growth in footfalls to 30.7mn as content pipeline was dry in Feb-26, but ATP/SPH is likely to be at an all-time high level of Rs310/Rs160 (up 20.2%/28.1% YoY) due to blockbuster pricing and higher run-time of Dhurandhar 2: The Revenge. As for broadcasting, Z IN’s ad-revenue is likely to stabilize (flat YoY) after seven consecutive quarters of decline (supported by a favourable base). In addition, recovery in digital business evident in previous quarter is likely to sustain with ZEE5 expected to report positive EBITDA for FY26E.
