PVR INOX (PVRINOX) Q4 24/25 earnings summary

Executive summary

• FY25 saw a 9% drop in gross box office collections due to underperforming Bollywood and Hollywood releases, while Hindi dubbed films surged over 150% and regional content grew, partially offsetting declines.

• 30.5 million guests attended in Q4, totaling 136.9 million for FY25, with strategic focus on re-releases and value promotions driving incremental footfalls.

• Audited standalone and consolidated financial results for Q4 and FY25 were approved, with statutory auditors issuing unmodified opinions.

• The company reported a net loss for both the quarter and full year on both standalone and consolidated bases.

• Board approved the appointment of DPV & Associates LLP as Secretarial Auditors and re-appointment of KPMG Assurance and Consulting Services LLP as Internal Auditors.

Financial highlights

• Q4 revenue was INR 1,285 crore; EBITDA INR 25 crore; PAC loss INR 106 crore, with FY25 standalone revenue at Rs 54,424 million and consolidated revenue at Rs 57,799 million, both down year-over-year.

• Standalone net loss after tax for FY25 was Rs (2,769) million, consolidated net loss after tax was Rs (2,796) million; consolidated EPS was Rs (28.48).

• EBITDA margin dropped to 8.0% for FY25 from 13.0% in FY24; operating margin (consolidated) for FY25 was 26.67%, down from 29.64%.

• Net debt reduced from INR 1,430 crore (March 2023) to INR 952 crore (March 2025), a reduction of INR 478 crore since the merger.

• Average ticket price (ATP) held steady at INR 259 year-over-year; F&B spend per head increased 1.5% to INR 134.

Outlook and guidance

• FY26 plans to open 100-110 new screens, with the majority under asset-light and FOCO/capital-light models.

• Robust upcoming film pipeline across Bollywood, regional, and Hollywood, with optimism for improved box office 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.

• The company will convene its 30th AGM via video conferencing, with the date to be announced.

• Trading window to reopen from May 15, 2025.