PVR INOX (PVRINOX) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 was the largest quarter to date and H1 FY27 the biggest half-year, with record adjusted revenue, EBITDA and continuing-operations PAT.

• Merger synergies, cost discipline and capital efficiency supported higher margins and returns; TTM ROCE reached 16.5% at Sep'26.

Financial highlights

• Excluding Ind AS 116 lease impacts, Q2 FY27 revenue was INR 21,327 Mn, up 17% YoY; H1 revenue was INR 37,750 Mn, up 15%.

• Adjusted EBITDA was INR 4,752 Mn in Q2, up 44% at a 22.3% margin; H1 was INR 7,048 Mn, up 56% at an 18.7% margin.

• Adjusted continuing-operations PAT was INR 2,733 Mn in Q2, up 111%; H1 was INR 3,438 Mn, up 233%.

• Reported consolidated revenue and continuing-operations profit were INR 21,051 Mn and INR 2,631 Mn in Q2, and INR 37,273 Mn and INR 3,196 Mn in H1.

Outlook and guidance

• FY27 target remains 90–100 screen openings; management indicated annual openings could reach 150–175 from next fiscal, subject to execution.

• SMART Cinema targets 300 identified cities; two sites are under fit-out, with ~100 signed locations expected to open over 12–18 months.

• FY27 CapEx is guided at INR 300–320 crore, including INR 132 crore spent in H1; next-year CapEx is expected to exceed INR 350 crore, depending on pipeline and execution.

• H2 slate includes Ramayana Part 1, King, Love & War, Golmaal 5, Avengers: Doomsday and Dune: Part Three; management expects H1 performance to continue but cautioned that audience response is difficult to predict.

• SMART Cinema CapEx and operating costs are each 25%–30% below conventional cinemas; new units target a maximum 3–4-year payback.