PVR INOX (PVRINOX) Q3 25/26 earnings summary

Executive summary

• Indian theatrical business achieved record box office collections in 2025, up 13% year-on-year and 32% above pre-pandemic levels, with 37 films crossing the INR 100 crore mark.

• Achieved highest 9M YTD revenue, EBITDA, and PAT post-pandemic, with strong growth in Q3 and 9M FY'26 compared to previous year periods.

• Consolidated revenue from operations for the quarter ended December 31, 2025, was Rs. 18,798 million, up from Rs. 17,173 million in the same quarter last year.

• Hindi box office grew 18% year-on-year, led by major releases, while Hollywood and regional cinema also posted strong recoveries.

• December was the highest post-pandemic month for revenue and EBITDA, driven by blockbuster content.

Financial highlights

• Q3 FY'26 revenue: INR 19,077 mn (+9.7% YoY); EBITDA: INR 3,435 mn (18.0% margin); PAT: INR 1,149 mn (6.0% margin).

• Q3 revenue was INR 1,908 crore, EBITDA INR 344 crore, and PAT INR 115 crore, compared to INR 1,739 crore, INR 258 crore, and INR 68 crore respectively in Q3 last year.

• EBITDA and operating margins improved year-over-year, with an operating margin of 30.73% for the quarter.

• Sale of movie tickets and F&B revenue grew 14–17% YoY in both Q3 and 9M FY'26.

• Advertisement income declined 20.6% YoY in Q3 but was flat for 9M FY'26.

Outlook and guidance

• 2026 expected to surpass 2025 in box office performance, with a robust content pipeline across Bollywood, Hollywood, and regional films.

• Targeting 90–100 new screens in FY'26 and about 150 in FY'27, with CapEx of INR 350–400 crore planned for next year.

• F&B revenue on track to exceed INR 2,000 crore in FY'26.

• Occupancy and unique visitor growth expected to sustain, with best years anticipated ahead.

• The company continues to monitor the finalisation of Central and State Rules regarding the new Labour Codes.