Gurugram, October 28, 2026: PVR INOX Limited today announced its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
Q2 FY'27 was a record quarter for Indian cinema. Based on Ormax Media and Company estimates, gross box office collections reached INR 4,443 crores, up 23% year on year and crossing INR 4,000 crores in a single quarter for the first time. Following 20% growth in Q1, H1 FY'27 industry box office rose 22% to INR 7,618 crores, building on a record FY'26.
English-language films’ collections rose 87% to INR 1,024 crores, crossing INR 1,000 crores in a quarter for the first time. Spider-Man: Brand New Day became India's highest-grossing English film ever at INR 608 crores, while Christopher Nolan's The Odyssey grossed INR 233 crores, supported by demand for premium IMAX formats. Together, they demonstrate the appeal of both franchise and non-franchise Hollywood content. The re-release Avengers: Endgame Encore earned INR 45 crores in four weeks, demonstrating demand for premium cinema experiences.
Hindi box office, including dubbed films, grew 12% year on year. Hanuman Ansh grossed INR 351 crores and Mirzapur: The Movie, adapted from a hit streaming series, collected INR 267 crores, highlighting how streaming can expand theatrical audiences. Awarapan 2 and Dhamaal 4 were also successful. Regional collections grew 12%, led by Jana Nayagan (Tamil) and Toxic (Kannada), at INR 199 crores and INR 296 crores, respectively, alongside Irumudi (Telugu) and Bethlehem Kudumba Unit (Malayalam). The diversity of content supported theatrical momentum.
PVR INOX recorded its highest-ever quarterly box office, welcoming 46.3 mn patrons (up 4% year on year), with occupancy improving to 30.4% from 28.7%. ATP and SPH each rose 14% to INR 298 and INR 153 respectively; ticketing and F&B revenues grew 18% each. On an Ind AS 116- adjusted basis, total revenue grew 17% to INR 21,327 mn, EBITDA rose 44% to INR 4,752 mn and margin expanded by around 420 basis points from 18.1% to 22.3%, reflecting strong operating leverage. PAT increased 111% to INR 2,733 mn, delivering record quarterly revenue, EBITDA and PAT and a sixth consecutive quarter of year-on-year revenue growth.
H1 FY'27 achieved record first-half revenue, EBITDA and PAT. Adjusted total income rose 15% to INR 37,750 mn, EBITDA was up 56% to INR 7,048 mn and PAT was up 233% to INR 3,438 mn. Adjusted EBITDA margins reached 18.7% in H1 FY’27, versus 17-18% pre-COVID at higher occupancy. Merger synergies, cost discipline and capital efficiency have structurally strengthened the business. Return on capital employed improved to 16.5% on a trailing twelvemonth basis from 10.2% in FY'26, above the pre-COVID FY’20 level of around 13%.
The Company generated INR 6,035 mn of H1 free cash flow and repaid INR 2,586 mn of debt. It completed its maiden INR 3,000 mn share buyback in September. Net cash increased to INR 1,407 mn at September-end, from INR 807 mn in June, even after the buyback.
With PVR INOX turning net-cash positive, the Board today approved a Capital Allocation and Dividend Distribution Policy, broadening the earlier dividend-only policy. It prioritises growth investment in screens, premium formats and technology; net debt to LTM EBITDA within 0.5 times after any distribution; and returning around 30% of annual surplus cash flow through dividends and/or buybacks, at the Board's discretion. The policy is available on the Company's website.
PVR INOX opened 24 screens across six cinemas in H1 FY'27, mainly asset-light, taking the network to 1,797 screens across 114 cities in India and Sri Lanka. It exited 25 screens, mostly lossmaking. Of the 90-100 new screens planned for FY'27, most are expected in H2 under capital-light
models. The first SMART Cinema opened in Muzaffarpur, Bihar, in September, offering an affordable capital-light format for Tier III and IV markets; two to three more are planned this fiscal.
Looking ahead, the film slate spans languages. Hindi releases include Ramayana: Part One in November, Shah Rukh Khan's King in December, and Love & War and Golmaal 5 in Q4. Regional and pan-India titles include Chiranjeevi's Kaaka and Prabhas' Spirit. Hollywood's lineup includes The Hunger Games: Sunrise on the Reaping, Avengers: Doomsday, Dune: Part Three and Jumanji: Open World, supporting a positive theatrical outlook.
PVR INOX continues to drive footfalls and broaden engagement. Value offers include weekday morning shows at INR 99, Friday first shows at INR 149 and front-row seats from INR 79. It is extending F&B through home delivery, Grab & Go counters, outdoor catering and its in-house food brand, while live events and sporting telecasts utilise screens outside peak film hours.
Commenting on the results and performance, Mr. Ajay Bijli, Managing Director, PVR INOX Ltd., said, "Q2 FY'27 has been a landmark quarter for Indian cinema and PVR INOX. We achieved record quarterly and half-yearly revenue, EBITDA and PAT, supported by strong content, higher consumer spends and disciplined costs. Our margins are now well above pre-COVID levels, a clear sign of a structurally stronger business. We generated significant free cash flow, completed our maiden share buyback and carry a strong balance sheet. We remain firmly focused on growth, expanding our network through capital-light formats and taking cinema deeper into under-screened India with our new SMART Cinemas. With an exciting content pipeline, we are committed to delivering a compelling cinema experience and long-term shareholder value."