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PVR Inox Ltd.

NSE: PVRINOXCommunication ServicesEntertainment

Last close
₹1,401.00
Day change
+₹19.10 (+1.38%)vs
Market cap
₹13,468 crIndian rupees
Research updated
1 report

About PVR Inox

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.

Sector
Communication Services
Industry
Entertainment
Listing
NSE: PVRINOX
Chief executive
Mr. Pramod Arora B.E., M.B.A.
Employees
4,331
Headquarters
Gurugram, India
ISIN
INE191H01014

Public research · Report of

Business model & financial foundation

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.

Key figures
Revenue, FY26 (₹ crore)
6,646
consolidated
Revenue growth, FY26
+16.6%
on FY25
EBITDA margin, FY26
31.5%
EBITDA (Cost-stack EBITDA excl. other income, post Ind AS116) / revenue
Net profit, FY26 (₹ crore)
334.1
to owners
Return on equity, FY26
4.6%
on average equity
Net debt, FY26 (₹ crore)
161.9
Net debt excl. leases (company definition)
Market capitalisation (₹ crore)
12,320
at the close of 17 Oct 2026

Company profile

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
ItemValue
Legal namePVR INOX Limited (formerly PVR Limited)
Exchange and tickerNSE: PVRINOX; BSE: 532689
ISININE191H01014
CINL74899MH1995PLC387971
SectorCommunication Services
IndustryCinema exhibition and film distribution
HeadquartersGurugram, India
Fiscal year endMarch
Reporting basis and unitconsolidated, in ₹ crore
AuditorS.R. Batliboi & Co. LLP
Market capitalisation₹12,320 crore (17 Oct 2026)
Shares outstanding9.82 crore shares (FY26)
Price₹1,401 (close, 17 Oct 2026)
52-week range₹907.4 - ₹1,426 (to 17 Oct 2026)
Websitehttps://www.pvrcinemas.com

Corporate structure and shareholding

Entity, Holding, Business
EntityHoldingBusiness
PVR INOX Pictures Limited100%Film distribution
PVR INOX Lanka Limited100%Cinema exhibition in Sri Lanka
Devyani PVR INOX Private Limited49%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)
Shareholding (% of shares)Q3FY26Q4FY26Q1FY27Q2FY27
Promoter27.53%27.53%27.53%27.02%
Promoter holding pledged3.00%3.00%3.00%3.00%
Foreign institutions21.16%17.86%18.08%19.12%
Domestic institutions34.52%36.44%35.72%33.56%
of which mutual funds29.64%31.16%30.47%28.21%
Retail14.36%15.23%15.36%14.79%
Other2.42%2.94%3.31%5.51%

The promoter holding pledged is a share of the promoter's own holding.

Business model

Segment, revenue, FY26 (₹ crore), Share, result pbt pre exceptional, FY26 (₹ crore)
Segmentrevenue, FY26 (₹ crore)Shareresult pbt pre exceptional, FY26 (₹ crore)Shareassets, FY26 (₹ crore)Share
Movie exhibition (segment revenue includes other income)6,60896.8%253.692.2%14,73294.4%
Movie production and distribution371.45.4%21.67.8%271.01.7%
Intersegment eliminations (reconciliation, not business)-149.6-2.2%0.000.0%
Unallocable assets/liabilities, reconciliation not business609.23.9%

Segments as the company reports them (consolidated); each share is of the segments' sum.

Peer, Why the dossier compares them
PeerWhy 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 HoldingsInternational listed exhibition operator; structurally comparable admissions economics.
AMC Entertainment
The Marcus CorporationCinema plus hotels; segment economics require separation.
Kinepolis GroupInternational exhibition peer; premium mix and owned-property exposure differ.

Financial databook

Profit and loss (₹ crore)
Profit and loss (₹ crore)FY22FY23FY24FY25FY26
Revenue from operations (continuing ops)1,3213,7376,1075,7006,646
Cost of revenue (vendor classification) *489.61,2852,0951,9412,246
Other operating costs (vendor classification) *456.6950.31,4411,7101,501
EBITDA (vendor classification) *142.31,0731,9221,7262,247
EBIT excl. other income (EBITDA less D&A)-209.6332.6590.8279.9825.0
Finance costs (incl. lease interest)471.2541.6791.3808.7732.8
Profit before tax (continuing ops)-680.7-209.0-43.9-358.2226.9
Tax expense (continuing ops)-192.2127.4-11.2-93.450.8
Profit after tax incl. discontinued ops, before NCI-488.5-336.4-32.7-280.9332.8
Diluted EPS, total ops (₹)-80.23-51.60-3.30-28.4833.87
COGS: exhibition, food, film production/distribution2,0991,9412,246
Movie exhibition cost (distributor share)1,4111,1781,460
Consumption of food and beverages499.4434.9469.5
Movie production and distribution cost188.3328.1316.0
Employee benefits expense657.3654.0706.3
Other operating expenses (incl. short-term/variable rent, CAM, power)1,5411,5481,599
Cost-stack EBITDA excl. other income, post Ind AS1161,8101,5572,095
Other income156.6170.9183.5
Depreciation and amortisation (incl. ROU)1,2191,2771,270
Share of JV profit/(loss) (Devyani PVR INOX)0.00-0.30-0.50
Exceptional items, continuing ops (signed; loss negative)0.000.00-48.3
Profit/(loss) after tax from discontinued ops (Zea Maize), signedn.a.-16.1156.7
Profit attributable to non-controlling interests (signed)-0.70-1.30-1.30
PAT attributable to owners-32.0-279.6334.1
Basic EPS, total ops (₹)-3.30-28.4834.01
Diluted EPS, continuing ops (₹)-26.9717.86
Rent (short term / variable)94.871.481.7
Electricity and water (net recovery)385.3393.8380.9
Common area maintenance (net recovery)329.6363.2377.3
Repairs and maintenance173.2177.5177.5
Marketing expenses54.344.842.5
Rates and taxes29.426.139.7
Housekeeping charges108.0109.3110.7
Security service charges58.462.661.9
Travelling and conveyance31.427.428.7
Legal and professional fees66.664.770.2
Communication costs22.721.023.9
Net loss on disposal of PPE0.000.600.30
Printing and stationery4.704.704.80
Insurance15.915.112.5
CSR expenditure0.901.301.50
Impairment allowance for receivables/other assets (net reversals)4.706.6010.8
Bad debts/advances net of utilisation from impairment allowance4.801.003.10
Directors sitting fees0.300.300.20
Miscellaneous expenses (includes reversal of ineligible GST credit)155.7156.2170.6
Balance sheet (₹ crore)
Balance sheet (₹ crore)FY22FY23FY24FY25FY26
Total equity1,3707,3307,3237,0537,379
Financial borrowings excluding leases (NC + current)5,1968,0521,7181,491758.6
Cash and cash equivalents500.8333.1393.0522.5588.3
Trade receivables81.8182.5234.6243.0267.2
Inventories34.266.472.580.273.2
Trade payables300.1514.3651.1606.2594.8
Property, plant and equipment (net)4,1968,3183,1063,0312,873
Capital work in progress64.5345.5246.495.731.5
Total assets7,32616,47716,82016,26215,612
Lease liabilities (NC + current)6,5866,2846,021
Other bank balances/deposits/current investments30.716.18.40
Net debt excl. leases (company definition)1,294952.2161.9
Right-of-use assets5,4924,9924,633
Goodwill5,7435,7435,737
Non-current financial borrowings (ex leases)1,047919.8459.2
Current financial borrowings (ex leases)670.3571.0299.4
Non-current lease liabilities6,0075,6345,263
Current lease liabilities579.3649.9757.1
Current liquid investments (excluding cash-equivalent mutual funds)16.10.000.00
Other bank balances (balance-sheet current line)10.86.403.30
Deposits reported in other financial assets3.809.705.10
Equity attributable to owners7,3247,0527,379
Cash flow (₹ crore)
Cash flow (₹ crore)FY22FY23FY24FY25FY26
Net cash from operating activities (total, pre lease payments)-531.6127.21,9791,9682,160
Free cash flow (vendor definition) *41.9227.91,3451,6371,902
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 paid0.000.000.00
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)
Other reported lines (₹ crore)FY22FY23FY24FY25FY26
Equity shares outstanding at year end6.096.509.819.829.82
Weighted diluted shares9.879.869.86
Weighted basic shares9.819.829.82
Company EBITDA ex Ind AS 116, pre-exceptional808.7484.8968.0
Company total revenue ex Ind AS 116 (incl. other income)6,2045,7926,743
Company PAT ex Ind AS 116114.3-152.3386.8
Supplier finance outstanding (other financial liabilities)n.d.163.5125.1
Interest on lease liabilities606.0620.7582.1
Depreciation on right-of-use assets766.9812.2819.7
Liabilities written back incl. lease terminations/rent concessions63.283.797.6
Finance cost capitalised in CWIP9.104.201.90
Company profit before D&A, finance, exceptional and tax (incl OI)1,9671,7282,279
Capital commitments (net capital advances)109.290.690.6
Cash lease principal payments (positive outflow)452.9503.6602.6
Financial net debt incl. supplier financing, excl. leasesn.d.1,116287.0
Exact share denominator used by reported diluted EPS (crore shares)9.819.829.86
CFO after lease principal and interest920.1843.2975.6
Cash surplus after leases, cash capex and borrowing interest106.5328.8571.3
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)
Quarterly profit and loss (₹ crore)Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27
Revenue from operations (excluding other income)1,6221,7171,2301,4501,8001,8501,5471,622
Cost of revenue (vendor classification) *556.4618.8401.4501.6645.2521.2508.5
Other operating costs (vendor classification) *409.1396.8377.6381.7420.1396.5408.3
EBITDA (vendor classification) *521.1569.4347.8435.7662.0528.3554.7
EBIT: operations EBITDA less D&A (excluding other income)149.9207.6-26.196.0298.6309.1121.3214.0
Finance costs (including lease interest)206.4203.1195.5191.2188.1180.5173.0164.5
Profit before tax (continuing ops where presented)-14.746.2-163.2-63.2145.1124.220.875.7
Tax expense (continuing ops where presented)-2.6010.7-42.4-15.836.923.95.8019.2
Profit after tax (total, including discontinued; before NCI)-12.135.5-125.3-54.5105.595.4186.456.5
Diluted EPS (total operations) (₹)-1.203.66-12.73-5.5110.739.7018.955.73
COGS: exhibition, F&B and production/distribution556.4618.8401.4501.6590.1632.8521.2508.5
Movie exhibition cost325.7354.9252.3280.4424.7404.4350.7345.9
Consumption of food and beverages133.0134.090.7111.8122.5127.1108.1118.0
Movie production and distribution cost97.7129.958.4109.442.9101.362.444.6
Employee benefits expense177.3174.0161.5162.6183.3182.6177.8176.9
Other expenses (including residual Ind AS rent, CAM, utilities)409.1396.8377.6381.7411.5409.1396.5408.3
EBITDA: operations-only, post Ind AS 116479.3527.7289.4403.7614.7625.2451.8528.5
Other income41.841.858.632.134.840.076.626.1
Depreciation and amortisation (including ROU assets)329.4320.1315.5307.7316.1316.1330.5314.5
Share in net profit/(loss) of JV0.00-0.10-0.20-0.10-0.20-0.10-0.100.10
Profit from discontinued operations (after tax)n.r.n.r.-4.50-7.10-2.70-4.90171.40.00
Exceptional items (signed: gain +; loss -)0.000.000.000.000.00-44.3-4.000.00
Non-controlling interests share of profit (signed)-0.30-0.40-0.30-0.50-0.20-0.30-0.300.00
Profit attributable to owners-11.835.9-125.0-54.0105.795.7186.756.5

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.

Metrics dashboard

Metric, FY22, FY23, FY24
MetricFY22FY23FY24FY25FY26
Revenue growth381.6%183.0%63.4%-6.7%16.6%
EBITDA margin29.6%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)1,294952.2161.9
Net debt / EBITDA0.71x0.61x0.08x
Interest cover-0.44x0.61x0.75x0.35x1.13x
Asset turnover0.18x0.31x0.37x0.34x0.42x
Receivable days2318141615
Inventory days (on revenue)96454
Payable days (on revenue)8350393933
Cash conversion-61.8x-7.04x6.47x
Capex intensity9.4%17.0%10.4%5.8%3.9%
Free cash flow (₹ crore)-656.0-506.81,3451,6371,902
Dividend payout-0.0%-0.0%0.0%
EPS, diluted (₹)-80.23-51.60-3.30-28.4833.87
Book value per share (₹)225.11,128746.2718.3751.4

Computed from the statements above:

  • Revenue growth: revenue over the previous year's, less one.
  • EBITDA margin: EBITDA (Cost-stack EBITDA excl. other income, post Ind AS116) / revenue.
  • Net margin: net profit to owners / revenue.
  • Return on equity: net profit to owners / average equity.
  • Return on capital employed: EBIT / average equity plus borrowings.
  • Return on assets: net profit to owners / average total assets.
  • Net debt (₹ crore): Net debt excl. leases (company definition); negative is net cash.
  • Net debt / EBITDA: net debt / EBITDA (Cost-stack EBITDA excl. other income, post Ind AS116).
  • Interest cover: EBIT / finance cost.
  • Asset turnover: revenue / average total assets.
  • Receivable days: receivables / revenue x 365.
  • Inventory days (on revenue): inventory / revenue x 365.
  • Payable days (on revenue): payables / revenue x 365.
  • Cash conversion: cash from operations / net profit to owners.
  • Capex intensity: capital expenditure / revenue.
  • Free cash flow (₹ crore): cash from operations less capital expenditure.
  • Dividend payout: dividends paid / net profit to owners.
  • EPS, diluted (₹): as reported (Diluted EPS, total ops).
  • Book value per share (₹): equity / shares outstanding.

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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Report history

Reports on PVR Inox

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