PVR INOX (PVRINOX) Q3 25/26 earnings summary

Executive summary

• Calendar 2025 was the strongest year ever for the Indian theatrical business, with record box office collections and a robust slate of Hindi, Hollywood, and regional films driving growth.

• Q3 FY26 saw 40.5 million guests, a 9% year-on-year increase, with occupancy rising to 28.5% and both average ticket price and F&B spend per head up 4% year-on-year.

• Achieved highest 9M YTD revenue, EBITDA, and PAT post-pandemic, with strong growth in Q3 and 9M FY26 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.

• December was the highest month post-pandemic for revenue and EBITDA, reflecting strong content-led recovery.

Financial highlights

• Q3 FY26 revenue was INR 1,908 crore, EBITDA INR 344 crore, and PAT INR 115 crore, up from INR 1,739 crore, INR 258 crore, and INR 68 crore respectively in Q3 last year.

• Q3 FY26 revenue: INR 19,077 mn (+9.7% YoY); EBITDA: INR 3,435 mn (18.0% margin); PAT: INR 1,149 mn (6.0% margin).

• 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 FY26.

• Advertisement income declined 20.6% YoY in Q3 but was flat for 9M FY26.

Outlook and guidance

• FY26 and FY27 screen additions targeted at 96 and 150 screens respectively, with CapEx for FY27 projected at INR 350-400 crore.

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

• F&B revenue on track to exceed INR 2,000 crore in FY26.

• Occupancy and margins are expected to be sustainable, with further upside from content and operational efficiencies.

• The company continues to monitor the finalisation of Central and State Rules regarding the new Labour Codes and will provide further accounting effects as clarifications are issued.