PVR INOX Q3 FY26 Results: Reports Net Profit of ₹96 Crore; Revenue Jumps 9.7% YoY to ₹1,908 Crore

PVR INOX Ltd, India’s largest multiplex operator, reported a strong turnaround in Q3 FY26, posting a net profit of ₹96 crore, compared to a loss in the same quarter last year. The performance was driven by a solid festive-season content slate, higher admissions, and improved operating leverage, reaffirming the gradual recovery of the theatrical exhibition business

Revenue Performance

Revenue from operations rose 9.7% year-on-year to ₹1,908 crore, up from around ₹1,739 crore in Q3 FY25. Growth was supported by:

• Higher footfalls and improved occupancy levels

• Stable average ticket prices (ATP)

• Consistent food & beverage (F&B) spends per patron

Strong theatrical releases during the quarter, including Dhurandhar, helped sustain audience traction and premium format demand.

EBITDA & Margin Expansion

PVR INOX reported EBITDA of ₹343.5 crore for the quarter.

• EBITDA margin stood at ~18%, excluding one-time labour code implementation costs

• Margin expansion reflected operating leverage, cost rationalisation, and merger-related synergies

The company benefited from better screen utilisation and tighter cost controls, particularly across employee and operating expenses

Key Performance Drivers

The quarter’s profitability was driven by:

• A strong and diverse film slate during the festive period

• Improved occupancy across metro and Tier-1 markets

• Continued traction in premium formats (IMAX, luxury screens)

• Cost synergies and efficiency gains from the PVR-INOX merger

Operational Metrics

Operational indicators reflected a broad-based recovery in theatre economics:

• Total Screens:
  PVR INOX operated over 1,700 screens across ~110 cities, retaining its position as India’s largest multiplex operator. Screen additions remained calibrated, with a focus on premium and high-yield locations rather than aggressive expansion.

• Admissions:
  Quarterly admissions improved on a year-on-year basis, marking one of the strongest quarters since the post-pandemic recovery phase. Festive-season releases and sustained weekend footfalls supported volume growth.

• Occupancy Rate:
  Average occupancy levels improved to the mid-to-high 30% range, compared to low-30% levels in the year-ago quarter, driven by better content performance and longer theatrical runs for key films.

• Average Ticket Price (ATP):
  ATP for the quarter stood at approximately ₹260–₹270, reflecting:

  • Higher mix of premium formats such as IMAX, 4DX, and Luxe screens

  • Selective pricing actions in metro markets
    Pricing discipline helped sustain volumes while supporting margins.

• Spend Per Head (SPH – F&B):
  F&B SPH remained healthy at around ₹135–₹140 per patron, supported by:

  • Improved combo penetration

  • Premium food offerings
    F&B continued to be a key margin contributor due to its high profitability.

Dividend & Balance Sheet

No dividend was announced for Q3 FY26, as management continues to prioritise:

• Balance-sheet strengthening

• Debt optimisation

• Reinvestment into core operations and premium formats

Industry Context

India’s cinema exhibition industry has been on a steady recovery path, aided by:

• A stronger theatrical content pipeline

• Normalising consumer behaviour post-pandemic

• Stabilising operating and financing costs

While competition from OTT platforms remains, the quarter reaffirmed cinema’s position as a preferred out-of-home entertainment option during major releases.

Management Outlook

Management expressed confidence in sustaining momentum, citing:

• A healthy upcoming film pipeline across Hindi and regional cinema

• Disciplined screen expansion strategy

• Continued focus on premiumisation and cost efficiency

With YTD FY26 metrics at post-pandemic highs, PVR INOX expects operating performance to remain resilient over the coming quarters, supported by a balanced mix of content and steady consumer demand.