PVR INOX (PVRINOX) Q4 24/25 earnings summary

Executive summary

• FY25 saw a 9% drop in gross box office collections and a 5.3% YoY decline in total income, with Bollywood and Hollywood underperforming, but regional and Hindi dubbed films outperformed, driving total annual admissions to 136.9 million.

• Net loss for FY25 was reported on both standalone and consolidated bases, with standalone net loss after tax at Rs (2,769) million and consolidated at Rs (2,796) million.

• Strategic initiatives included cost control, capital-light growth, debt reduction, and promotional campaigns like Cinema Lovers Days and Blockbuster Tuesdays.

• Board approved new auditor appointments and a joint venture to develop and operate food courts in shopping malls.

Financial highlights

• FY25 revenue was INR 1,285 crore (Rs 54,424 million standalone; Rs 57,799 million consolidated), with EBITDA margin at 8.0% and consolidated operating margin at 26.67%.

• Net debt reduced to INR 952 crore (Rs 9,522 million) as of March 2025, down from INR 1,430 crore (Rs 12,940 million) in March 2024.

• Average ticket price held steady at INR 259; occupancy fell to 23.0% from 25.6% YoY.

• Distribution income rose 70% YoY, and other operating income increased 70.7% YoY.

• Standalone EPS for FY25 was Rs (28.20); consolidated EPS was Rs (28.48).

Outlook and guidance

• FY26 plans to open 100-110 new screens, mostly under asset-light and FOCO models, with a strong upcoming film pipeline across Bollywood, regional, and Hollywood expected to boost performance.

• CapEx for FY26 projected at INR 400-425 crore, with INR 250-300 crore for new projects and the rest for renovations and IT.