PVRINOX
Large CapPVR INOX Limited
Media
PVR INOX Limited is India's largest cinema exhibition company, operating a diversified network of 1,798 screens across 113 cities. The company focuses on providing out-of-home entertainment through various formats, including premium and capital-light screens, with a strategic emphasis on growth in underpenetrated markets.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 45/100Rev +26% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,547 Cr | +25.8% | -16.4% |
| EBITDA | ₹452 Cr | +56.4% | -27.7% |
| Operating margin | 29.0% | +500 bps | -500 bps |
| PAT | ₹186 Cr | NDF | +95.8% |
| PAT margin | 12.0% | +2218 bps | +688 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
PVR INOX reports record-breaking FY'26 performance with highest-ever revenue of INR 67,426 Mn, EBITDA of INR 9,680 Mn, and PAT of INR 3,868 Mn. Operating KPIs like ATP (INR 280) and SPH (INR 147) also reached new highs, while net debt became negligible.
The company delivered a strong FY'26, achieving record financial and operating metrics, driven by robust box office performance, increased consumer spending (ATP, SPH), and effective cost management. The strategic shift towards capital-light screen expansion and significant debt reduction further strengthens the investment thesis.
Operating Revenue by Source (FY'26)
Latest issuer-disclosed distribution across 5 reported categories.
Capital-Light Expansion
Majority of new screens to be capital-light, with 55% of new screens in pipeline being capital-light (FOCO and asset-light models).
South-Led Growth
Over 40% of new screen additions are targeted for South Indian markets to accelerate growth in underpenetrated regions.
Tier 2 & Tier 3 City Expansion
Strategy includes expanding presence in tier 2 and tier 3 cities, complementing the existing diversified network.
Premium Formats & Differentiated Experience
Increasing the share of premium formats (16% of total screens) and offering differentiated experiences to drive footfalls.
FY'26 Net Screen Additions
93 new screens opened and 18 screens closed, resulting in a net addition of 75 screens in FY'26.
Capital-Light Pipeline
138 capital-light screens (52 FOCO, 86 asset-light) across 34 cinemas are signed in the pipeline.
Consistent India Box Office Growth
India Box Office has consistently grown at 7-8% CAGR over the long term, with FY'26 showing 11% growth to INR 13,519 Cr.
Cinema Driving Content Value
Box office performance increasingly drives overall content economics, with releases shifting back to theatrical first.
Broader Box Office Growth
FY'26 India Box Office saw broader and more balanced growth, with mid-budget films making a comeback and less reliance on mega blockbusters.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual (FY'26) results highlight record-breaking performance and long-term trends, crucial for assessing overall business health. Quarterly (Q4 FY'26) results provide insight into recent momentum, content impact, and operational efficiency, which are important in the seasonal media sector.
Admissions (FY'26)
Admissions increased by 9.6% YoY to 150.1 Mn in FY'26.
Occupancy (FY'26)
Occupancy improved by 312 bps YoY to 26.2% in FY'26.
Average Ticket Price (ATP) (FY'26)
ATP reached a highest-ever INR 280 in FY'26, up 8.1% YoY.
F&B Spend per Head (SPH) (FY'26)
F&B SPH reached a highest-ever INR 147 in FY'26, up 9.5% YoY.
Focus on Cost Discipline
Management highlights sustained cost discipline, holding fixed costs per screen nearly flat over 6 years despite ~37% CPI rise.
Reduced Capex Intensity
The capital-light growth model led to a 24% YoY drop in capex intensity in FY'26.
Strengthened Balance Sheet
Achieved negligible net debt level of INR 1,619 Mn by March 31, 2026, driven by strong free cash flow generation.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Occupancy % | 26.2% (FY'26) | Sustained improvement, indicating strong content pipeline and demand. |
| Average Ticket Price (ATP) | INR 280 (FY'26) | Continued growth, reflecting pricing power and premiumization strategy success. |
| Capital-Light Screen Additions | 138 screens in pipeline | Execution and ramp-up of new capital-light screens, especially in South and Tier 2/3 markets. |
| Net Debt | INR 1,619 Mn (negligible) | Maintenance of low net debt levels, supporting financial flexibility and ROCE improvement. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -2.5% / mo · near 52W low
Technical chart
PVRINOXweekly · 1Y+1.3%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 44.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 16.2%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 32.3%.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
- Valuation is weaker at 12/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 46th percentile within Media. Main check: promoter alignment is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 24.5%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 46th pctile, median 64 · Large: 19th pctile, median 74
126 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 16.2%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 24.5%.
- ▸Promoter holding is only 3%.
- ▸ROCE is low at 7%.
- ▸ROE is low at 3.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 40.10
- P/B
- 1.29
- EV/EBITDA
- 5.78
- Market Cap
- 9484.00Cr
Profitability
- ROE
- 3.28%
- ROCE
- 6.96%
- ROA
- 2.13%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 88.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.92
- Interest Coverage
- 2.10×
- Altman Z
- 2.27
- Book Value
- 751.00
Cash Flow
- FCF Yield
- 16.16%
- FCF Positive Y
- 6/5
- OCF
- 2160.00 Cr
- EPS TTM
- 34.02
Shareholding
- Promoter Hold
- 3.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.