PVR INOX (PVRINOX) Q4 25/26 earnings summary

Executive summary

• Achieved record financial performance in FY 2026, with best-ever revenue, EBITDA, and PAT, and reduced net debt to negligible levels.

• Free cash flow more than doubled year-over-year, driven by robust operating performance and lower capex intensity.

• Operates nearly 40% of India's multiplex screens, capturing 31% of the box office, with strong brand leadership and premium locations.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 were approved, with unmodified opinions from statutory auditors.

• The company disposed of its entire stake in Zea Maize Private Limited, which ceased to be a subsidiary as of January 29, 2026.

Financial highlights

• FY 2026 consolidated revenue reached INR 67,426 million, up 16% year-over-year; Q4 revenue up 25% to INR 15,778 million.

• EBITDA before exceptional items doubled to INR 9,680 million (14.4% margin); PAT for FY 2026 was INR 3,868 million, reversing a loss in FY 2025.

• Free cash flow hit an all-time high of INR 7,901 million.

• Basic EPS (consolidated) for FY26 was ₹34.01, compared to a loss per share of ₹(28.48) in FY25.

• Sale of Zea Maize Private Limited resulted in an exceptional gain of ₹1,952 million in consolidated results.

Outlook and guidance

• FY 2027 content pipeline is robust across Hindi, English, and regional cinema, with major releases anticipated.

• Plans to open about 120 new screens in FY 2027, with 55%-60% under capital-light models.

• CapEx for FY 2027 projected at INR 375-400 crores, including new projects and renovations.

• Industry expects continued long-term growth, with box office CAGR of 7-8% and increasing share of mid-budget and regional films.

• The company continues to monitor the impact of new Labour Codes and will adjust accounting as further clarifications are issued.