PVR Inox delivered exceptional financial results for Q4FY26, swinging to a consolidated net profit of ₹187 crore compared to a loss of ₹125 crore in the year-ago period. The multiplex chain's revenue from operations surged 26% year-on-year to ₹1,547 crore versus ₹1,230 crore reported in Q4FY25. According to the company's latest filing, profit after tax (PAT) jumped 95% sequentially from ₹96 crore in Q3FY26, despite topline taking a 16% quarter-on-quarter hit. The EBITDA stood at ₹528 crore in Q4FY26 versus ₹348 crore in Q4FY25, with full-year FY26 margin reaching 32% compared to 27% in FY25.
The multiplex chain's revenue growth was primarily driven by strategic pricing initiatives rather than increased footfall. Average ticket prices jumped 22% year-on-year to ₹315, while spending per head on food and beverages rose 32% to ₹165. As reported by ETMarkets, the company attributed higher admissions to a 27% increase in ticket sales, 33% rise in Food & Beverage sales, and 15% increase in Advertisement income compared to the same period last year. Footfalls remained relatively weak at 31 million, up just 2% in Q4FY26, highlighting the importance of pricing power in driving revenue growth.
PVR Inox completed a significant strategic divestment during the quarter, disposing of its entire 93.27% shareholding in subsidiary Zea Maize Private Limited for ₹222 crore. According to the company's filing, the carrying value of net assets of the subsidiary was ₹27 crore, resulting in an exceptional gain of ₹195 crore in the consolidated financial results. The company expanded its footprint with 93 new screen openings across 17 cinemas, including 22 screens under the FOCO model and 29 screens under the asset-light model. During FY26, the company attracted 150 million patrons and generated free cash flow of ₹7,901 million.
The company benefited from a broad-based recovery in Bollywood content, with films like Dhurandhar – The Revenge, Border 2, and Project Hail Mary helping revive Hindi box office collections. As reported by ETMarkets, the company recorded 31 million admissions with an average ticket price (ATP) of ₹315, up 22% year-on-year, while spend per head (SPH) of ₹165 showed 32% growth. Nuvama Research expects PVR's revenue to grow 18% annually to ₹9,287 crore by FY28 from ₹6,646 crore in FY26, driven by steady spending per head growth and average ticket price increases. The company's FY26 occupancy rate was 26%, with management targeting 28-30% occupancy levels to sustain healthy profitability.
Despite the strong financial performance, PVR's shares have remained relatively flat after the recent decline, with little change so far in 2026. According to ETMarkets, the company is in a better position today given its lower debt, better pricing power, premium formats, and disciplined expansion strategy. However, the long-term fortunes remain tied to movie performance, making content selection and box office recovery crucial factors for sustained growth and investor confidence. The company's strategic focus on asset-light and franchise-owned models, combined with its strong cash generation capabilities, positions it well for future expansion while maintaining financial discipline.
