PVR INOX (PVRINOX) Q2 25/26 earnings summary

Executive summary

• Q2 and H1 FY26 delivered the highest revenue, EBITDA, and PAT in two years, with strong growth in admissions and box office performance across Hindi, Hollywood, and regional films.

• 44.5 million guests visited cinemas in Q2, the highest in eight quarters, with a 15% year-on-year and 31% sequential growth in footfalls.

• 22 films crossed INR 100 crore in H1, the highest post-COVID, indicating strong structural demand beyond mega blockbusters.

• Un-audited standalone and consolidated financial results for Q2 and H1 FY26 were approved and reviewed by the Board and Audit Committee on October 17, 2025.

• Statutory auditors issued unmodified limited review reports for both standalone and consolidated results, indicating no material misstatements.

Financial highlights

• Q2 FY26 revenue was INR 1,843 crore (₹18,432 Mn), EBITDA INR 327 crore (₹3,273 Mn), and PAT INR 127 crore (₹1,265 Mn), all the highest in the last two years.

• H1 FY26 revenue increased 17% year-on-year to ₹33,311 Mn; EBITDA up 136% to ₹4,414 Mn; PAT at ₹929 Mn.

• Standalone revenue from operations for Q2 FY26 was ₹17,577 million, up from ₹15,327 million in Q2 FY25; H1 FY26 revenue was ₹31,306 million.

• Advertisement income reached the highest post-pandemic levels, up 16% year-on-year in Q2.

• Net debt reduced to INR 619 crore (₹6,188 Mn) as of Sep 30, 2025, the lowest since the merger, down INR 333 crore since March 2025.

Outlook and guidance

• The upcoming quarters are expected to be strong, supported by a diverse multi-language release slate with marquee titles.

• Q3 and Q4 are projected to perform at least as well as H1, with festive seasons and a robust film pipeline.

• On track to open ~100 new screens in FY26, focusing on capital-light models.

• The company is optimistic about sustaining robust audience traction and footfalls.

• Trading window to reopen from October 20, 2025, following the results announcement.