Bharti Airtel Ltd.
NSE: BHARTIARTL
Communication Services · Telecom Services
Research updated
NSE: PVRINOXCommunication ServicesEntertainment
PVR Inox Ltd. is a prominent player in the entertainment industry, primarily engaged in the cinema exhibition business. As one of India's leading multiplex chains, it operates a vast network of screens across multiple cities, providing consumers with a premier movie-going experience. This company focuses on delivering high-quality cinematic entertainment, featuring state-of-the-art audio-visual technologies, comfortable seating, and varied food and beverage offerings, enhancing the overall customer experience. PVR Inox Ltd. has significantly impacted the film exhibition market, playing a critical role in how movies are distributed and consumed in India. Besides traditional cinema, the company also hosts special screenings, festivals, and private events, catering to diverse audience preferences. Its continuous expansion and innovation in service offerings underscore its importance to the entertainment and leisure sectors, contributing to the industry's growth and transformation. With its strategic partnerships and commitment to sustainability, PVR Inox Ltd. continues to maintain its competitive edge and strengthen its market position as a leader in the dynamic field of cinematic entertainment.
Public research · Report of
PVR INOX (NSE: PVRINOX), Cinema exhibition and film distribution: revenue of ₹6,646 crore in FY26 (+16.6% on FY25), an EBITDA margin of 31.5%, net profit of ₹334.1 crore and net debt of ₹161.9 crore.
PVR INOX sells cinema admissions, food and beverages, advertising and convenience services, with a small film-distribution business. Content-driven admissions and per-guest monetisation determine revenue while fixed occupancy and staff costs create operating leverage. Developer-funded and management-fee cinemas reduce capital intensity but do not eliminate commitments at the existing leased estate.
| Item | Value |
|---|---|
| Legal name | PVR INOX Limited (formerly PVR Limited) |
| Exchange and ticker | NSE: PVRINOX; BSE: 532689 |
| ISIN | INE191H01014 |
| CIN | L74899MH1995PLC387971 |
| Sector | Communication Services |
| Industry | Cinema exhibition and film distribution |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP |
| Market capitalisation | ₹12,320 crore (17 Oct 2026) |
| Shares outstanding | 9.82 crore shares (FY26) |
| Price | ₹1,401 (close, 17 Oct 2026) |
| 52-week range | ₹907.4 - ₹1,426 (to 17 Oct 2026) |
| Website | https://www.pvrcinemas.com |
| Entity | Holding | Business |
|---|---|---|
| PVR INOX Pictures Limited | 100% | Film distribution |
| PVR INOX Lanka Limited | 100% | Cinema exhibition in Sri Lanka |
| Devyani PVR INOX Private Limited | 49% | Equity-accounted food-court joint venture; not a consolidated subsidiary |
Zea Maize disposed 29 January 2026; FY25 comparative continuing accounts re-presented.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 27.53% | 27.53% | 27.53% | 27.02% |
| Promoter holding pledged | 3.00% | 3.00% | 3.00% | 3.00% |
| Foreign institutions | 21.16% | 17.86% | 18.08% | 19.12% |
| Domestic institutions | 34.52% | 36.44% | 35.72% | 33.56% |
| of which mutual funds | 29.64% | 31.16% | 30.47% | 28.21% |
| Retail | 14.36% | 15.23% | 15.36% | 14.79% |
| Other | 2.42% | 2.94% | 3.31% | 5.51% |
The promoter holding pledged is a share of the promoter's own holding.
| Segment | revenue, FY26 (₹ crore) | Share | result pbt pre exceptional, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Movie exhibition (segment revenue includes other income) | 6,608 | 96.8% | 253.6 | 92.2% | 14,732 | 94.4% |
| Movie production and distribution | 371.4 | 5.4% | 21.6 | 7.8% | 271.0 | 1.7% |
| Intersegment eliminations (reconciliation, not business) | -149.6 | -2.2% | 0.00 | 0.0% | ||
| Unallocable assets/liabilities, reconciliation not business | 609.2 | 3.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Cineline India (CINELINE) | Indian cinema operator; smaller scale and different property economics. |
| Mukta Arts (MUKTAARTS) | Indian exhibition and film-content mix; not a pure-play comparable. |
| Cinemark Holdings | International listed exhibition operator; structurally comparable admissions economics. |
| AMC Entertainment | |
| The Marcus Corporation | Cinema plus hotels; segment economics require separation. |
| Kinepolis Group | International exhibition peer; premium mix and owned-property exposure differ. |
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (continuing ops) | 1,321 | 3,737 | 6,107 | 5,700 | 6,646 |
| Cost of revenue (vendor classification) * | 489.6 | 1,285 | 2,095 | 1,941 | 2,246 |
| Other operating costs (vendor classification) * | 456.6 | 950.3 | 1,441 | 1,710 | 1,501 |
| EBITDA (vendor classification) * | 142.3 | 1,073 | 1,922 | 1,726 | 2,247 |
| EBIT excl. other income (EBITDA less D&A) | -209.6 | 332.6 | 590.8 | 279.9 | 825.0 |
| Finance costs (incl. lease interest) | 471.2 | 541.6 | 791.3 | 808.7 | 732.8 |
| Profit before tax (continuing ops) | -680.7 | -209.0 | -43.9 | -358.2 | 226.9 |
| Tax expense (continuing ops) | -192.2 | 127.4 | -11.2 | -93.4 | 50.8 |
| Profit after tax incl. discontinued ops, before NCI | -488.5 | -336.4 | -32.7 | -280.9 | 332.8 |
| Diluted EPS, total ops (₹) | -80.23 | -51.60 | -3.30 | -28.48 | 33.87 |
| COGS: exhibition, food, film production/distribution | 2,099 | 1,941 | 2,246 | ||
| Movie exhibition cost (distributor share) | 1,411 | 1,178 | 1,460 | ||
| Consumption of food and beverages | 499.4 | 434.9 | 469.5 | ||
| Movie production and distribution cost | 188.3 | 328.1 | 316.0 | ||
| Employee benefits expense | 657.3 | 654.0 | 706.3 | ||
| Other operating expenses (incl. short-term/variable rent, CAM, power) | 1,541 | 1,548 | 1,599 | ||
| Cost-stack EBITDA excl. other income, post Ind AS116 | 1,810 | 1,557 | 2,095 | ||
| Other income | 156.6 | 170.9 | 183.5 | ||
| Depreciation and amortisation (incl. ROU) | 1,219 | 1,277 | 1,270 | ||
| Share of JV profit/(loss) (Devyani PVR INOX) | 0.00 | -0.30 | -0.50 | ||
| Exceptional items, continuing ops (signed; loss negative) | 0.00 | 0.00 | -48.3 | ||
| Profit/(loss) after tax from discontinued ops (Zea Maize), signed | n.a. | -16.1 | 156.7 | ||
| Profit attributable to non-controlling interests (signed) | -0.70 | -1.30 | -1.30 | ||
| PAT attributable to owners | -32.0 | -279.6 | 334.1 | ||
| Basic EPS, total ops (₹) | -3.30 | -28.48 | 34.01 | ||
| Diluted EPS, continuing ops (₹) | -26.97 | 17.86 | |||
| Rent (short term / variable) | 94.8 | 71.4 | 81.7 | ||
| Electricity and water (net recovery) | 385.3 | 393.8 | 380.9 | ||
| Common area maintenance (net recovery) | 329.6 | 363.2 | 377.3 | ||
| Repairs and maintenance | 173.2 | 177.5 | 177.5 | ||
| Marketing expenses | 54.3 | 44.8 | 42.5 | ||
| Rates and taxes | 29.4 | 26.1 | 39.7 | ||
| Housekeeping charges | 108.0 | 109.3 | 110.7 | ||
| Security service charges | 58.4 | 62.6 | 61.9 | ||
| Travelling and conveyance | 31.4 | 27.4 | 28.7 | ||
| Legal and professional fees | 66.6 | 64.7 | 70.2 | ||
| Communication costs | 22.7 | 21.0 | 23.9 | ||
| Net loss on disposal of PPE | 0.00 | 0.60 | 0.30 | ||
| Printing and stationery | 4.70 | 4.70 | 4.80 | ||
| Insurance | 15.9 | 15.1 | 12.5 | ||
| CSR expenditure | 0.90 | 1.30 | 1.50 | ||
| Impairment allowance for receivables/other assets (net reversals) | 4.70 | 6.60 | 10.8 | ||
| Bad debts/advances net of utilisation from impairment allowance | 4.80 | 1.00 | 3.10 | ||
| Directors sitting fees | 0.30 | 0.30 | 0.20 | ||
| Miscellaneous expenses (includes reversal of ineligible GST credit) | 155.7 | 156.2 | 170.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,370 | 7,330 | 7,323 | 7,053 | 7,379 |
| Financial borrowings excluding leases (NC + current) | 5,196 | 8,052 | 1,718 | 1,491 | 758.6 |
| Cash and cash equivalents | 500.8 | 333.1 | 393.0 | 522.5 | 588.3 |
| Trade receivables | 81.8 | 182.5 | 234.6 | 243.0 | 267.2 |
| Inventories | 34.2 | 66.4 | 72.5 | 80.2 | 73.2 |
| Trade payables | 300.1 | 514.3 | 651.1 | 606.2 | 594.8 |
| Property, plant and equipment (net) | 4,196 | 8,318 | 3,106 | 3,031 | 2,873 |
| Capital work in progress | 64.5 | 345.5 | 246.4 | 95.7 | 31.5 |
| Total assets | 7,326 | 16,477 | 16,820 | 16,262 | 15,612 |
| Lease liabilities (NC + current) | 6,586 | 6,284 | 6,021 | ||
| Other bank balances/deposits/current investments | 30.7 | 16.1 | 8.40 | ||
| Net debt excl. leases (company definition) | 1,294 | 952.2 | 161.9 | ||
| Right-of-use assets | 5,492 | 4,992 | 4,633 | ||
| Goodwill | 5,743 | 5,743 | 5,737 | ||
| Non-current financial borrowings (ex leases) | 1,047 | 919.8 | 459.2 | ||
| Current financial borrowings (ex leases) | 670.3 | 571.0 | 299.4 | ||
| Non-current lease liabilities | 6,007 | 5,634 | 5,263 | ||
| Current lease liabilities | 579.3 | 649.9 | 757.1 | ||
| Current liquid investments (excluding cash-equivalent mutual funds) | 16.1 | 0.00 | 0.00 | ||
| Other bank balances (balance-sheet current line) | 10.8 | 6.40 | 3.30 | ||
| Deposits reported in other financial assets | 3.80 | 9.70 | 5.10 | ||
| Equity attributable to owners | 7,324 | 7,052 | 7,379 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities (total, pre lease payments) | -531.6 | 127.2 | 1,979 | 1,968 | 2,160 |
| Free cash flow (vendor definition) * | 41.9 | 227.9 | 1,345 | 1,637 | 1,902 |
| Cash capex: PPE/intangibles/CWIP, deposits, advances (outflow -) | -124.5 | -634.0 | -634.4 | -330.7 | -258.7 |
| Lease payments incl. interest (outflow negative) | -1,059 | -1,124 | -1,185 | ||
| Dividends paid | 0.00 | 0.00 | 0.00 | ||
| Net borrowings flow (proceeds less repayments) | -73.2 | -228.1 | -732.0 | ||
| Interest paid on borrowings (outflow negative) | -179.2 | -183.7 | -145.6 | ||
| Proceeds from sale of subsidiary (Zea Maize) | 222.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding at year end | 6.09 | 6.50 | 9.81 | 9.82 | 9.82 |
| Weighted diluted shares | 9.87 | 9.86 | 9.86 | ||
| Weighted basic shares | 9.81 | 9.82 | 9.82 | ||
| Company EBITDA ex Ind AS 116, pre-exceptional | 808.7 | 484.8 | 968.0 | ||
| Company total revenue ex Ind AS 116 (incl. other income) | 6,204 | 5,792 | 6,743 | ||
| Company PAT ex Ind AS 116 | 114.3 | -152.3 | 386.8 | ||
| Supplier finance outstanding (other financial liabilities) | n.d. | 163.5 | 125.1 | ||
| Interest on lease liabilities | 606.0 | 620.7 | 582.1 | ||
| Depreciation on right-of-use assets | 766.9 | 812.2 | 819.7 | ||
| Liabilities written back incl. lease terminations/rent concessions | 63.2 | 83.7 | 97.6 | ||
| Finance cost capitalised in CWIP | 9.10 | 4.20 | 1.90 | ||
| Company profit before D&A, finance, exceptional and tax (incl OI) | 1,967 | 1,728 | 2,279 | ||
| Capital commitments (net capital advances) | 109.2 | 90.6 | 90.6 | ||
| Cash lease principal payments (positive outflow) | 452.9 | 503.6 | 602.6 | ||
| Financial net debt incl. supplier financing, excl. leases | n.d. | 1,116 | 287.0 | ||
| Exact share denominator used by reported diluted EPS (crore shares) | 9.81 | 9.82 | 9.86 | ||
| CFO after lease principal and interest | 920.1 | 843.2 | 975.6 | ||
| Cash surplus after leases, cash capex and borrowing interest | 106.5 | 328.8 | 571.3 | ||
| Trade receivable growth year on year (%) | n.r. | 3.6% | 10.0% | ||
| Statutory operating revenue growth year on year (%) | n.r. | -6.7% | 16.6% | ||
| Receivable growth less revenue growth (pp) | n.r. | 10.25 | -6.64 | ||
| Goodwill as percentage of total equity (%) | 78.4% | 81.4% | 77.7% | ||
| Quantified contingent liabilities as percentage of total equity (%) | 4.6% | 3.5% | 3.5% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (excluding other income) | 1,622 | 1,717 | 1,230 | 1,450 | 1,800 | 1,850 | 1,547 | 1,622 |
| Cost of revenue (vendor classification) * | 556.4 | 618.8 | 401.4 | 501.6 | 645.2 | 521.2 | 508.5 | |
| Other operating costs (vendor classification) * | 409.1 | 396.8 | 377.6 | 381.7 | 420.1 | 396.5 | 408.3 | |
| EBITDA (vendor classification) * | 521.1 | 569.4 | 347.8 | 435.7 | 662.0 | 528.3 | 554.7 | |
| EBIT: operations EBITDA less D&A (excluding other income) | 149.9 | 207.6 | -26.1 | 96.0 | 298.6 | 309.1 | 121.3 | 214.0 |
| Finance costs (including lease interest) | 206.4 | 203.1 | 195.5 | 191.2 | 188.1 | 180.5 | 173.0 | 164.5 |
| Profit before tax (continuing ops where presented) | -14.7 | 46.2 | -163.2 | -63.2 | 145.1 | 124.2 | 20.8 | 75.7 |
| Tax expense (continuing ops where presented) | -2.60 | 10.7 | -42.4 | -15.8 | 36.9 | 23.9 | 5.80 | 19.2 |
| Profit after tax (total, including discontinued; before NCI) | -12.1 | 35.5 | -125.3 | -54.5 | 105.5 | 95.4 | 186.4 | 56.5 |
| Diluted EPS (total operations) (₹) | -1.20 | 3.66 | -12.73 | -5.51 | 10.73 | 9.70 | 18.95 | 5.73 |
| COGS: exhibition, F&B and production/distribution | 556.4 | 618.8 | 401.4 | 501.6 | 590.1 | 632.8 | 521.2 | 508.5 |
| Movie exhibition cost | 325.7 | 354.9 | 252.3 | 280.4 | 424.7 | 404.4 | 350.7 | 345.9 |
| Consumption of food and beverages | 133.0 | 134.0 | 90.7 | 111.8 | 122.5 | 127.1 | 108.1 | 118.0 |
| Movie production and distribution cost | 97.7 | 129.9 | 58.4 | 109.4 | 42.9 | 101.3 | 62.4 | 44.6 |
| Employee benefits expense | 177.3 | 174.0 | 161.5 | 162.6 | 183.3 | 182.6 | 177.8 | 176.9 |
| Other expenses (including residual Ind AS rent, CAM, utilities) | 409.1 | 396.8 | 377.6 | 381.7 | 411.5 | 409.1 | 396.5 | 408.3 |
| EBITDA: operations-only, post Ind AS 116 | 479.3 | 527.7 | 289.4 | 403.7 | 614.7 | 625.2 | 451.8 | 528.5 |
| Other income | 41.8 | 41.8 | 58.6 | 32.1 | 34.8 | 40.0 | 76.6 | 26.1 |
| Depreciation and amortisation (including ROU assets) | 329.4 | 320.1 | 315.5 | 307.7 | 316.1 | 316.1 | 330.5 | 314.5 |
| Share in net profit/(loss) of JV | 0.00 | -0.10 | -0.20 | -0.10 | -0.20 | -0.10 | -0.10 | 0.10 |
| Profit from discontinued operations (after tax) | n.r. | n.r. | -4.50 | -7.10 | -2.70 | -4.90 | 171.4 | 0.00 |
| Exceptional items (signed: gain +; loss -) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -44.3 | -4.00 | 0.00 |
| Non-controlling interests share of profit (signed) | -0.30 | -0.40 | -0.30 | -0.50 | -0.20 | -0.30 | -0.30 | 0.00 |
| Profit attributable to owners | -11.8 | 35.9 | -125.0 | -54.0 | 105.7 | 95.7 | 186.7 | 56.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 381.6% | 183.0% | 63.4% | -6.7% | 16.6% |
| EBITDA margin | 29.6% | 27.3% | 31.5% | ||
| Net margin | -0.5% | -4.9% | 5.0% | ||
| Return on equity | -0.4% | -3.9% | 4.6% | ||
| Return on capital employed | -3.1% | 3.0% | 4.8% | 3.2% | 9.9% |
| Return on assets | -0.2% | -1.7% | 2.1% | ||
| Net debt (₹ crore) | 1,294 | 952.2 | 161.9 | ||
| Net debt / EBITDA | 0.71x | 0.61x | 0.08x | ||
| Interest cover | -0.44x | 0.61x | 0.75x | 0.35x | 1.13x |
| Asset turnover | 0.18x | 0.31x | 0.37x | 0.34x | 0.42x |
| Receivable days | 23 | 18 | 14 | 16 | 15 |
| Inventory days (on revenue) | 9 | 6 | 4 | 5 | 4 |
| Payable days (on revenue) | 83 | 50 | 39 | 39 | 33 |
| Cash conversion | -61.8x | -7.04x | 6.47x | ||
| Capex intensity | 9.4% | 17.0% | 10.4% | 5.8% | 3.9% |
| Free cash flow (₹ crore) | -656.0 | -506.8 | 1,345 | 1,637 | 1,902 |
| Dividend payout | -0.0% | -0.0% | 0.0% | ||
| EPS, diluted (₹) | -80.23 | -51.60 | -3.30 | -28.48 | 33.87 |
| Book value per share (₹) | 225.1 | 1,128 | 746.2 | 718.3 | 751.4 |
Computed from the statements above:
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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