PVR INOX Q2 FY27 Earnings Call: Industry Box Office Hits Record ₹4,433 Crore
PVR INOX reported record Q2 FY27 results with total income at ₹2,133 crore and EBITDA at ₹475 crore, up 17% and 44% YoY, respectively. PAT doubled to ₹273 crore. The company welcomed 46.3 million guests, with ATP and F&B spend per head increasing by 14%. PVR INOX generated ₹604 crore free cash flow in H1 and plans to open 90-100 screens in FY27, including new SMART Cinemas.
The announcement details record financial performance, strategic capital allocation policies, and aggressive expansion plans, including a new affordable cinema format. These factors are likely to have a substantial positive impact on investor perception and future company growth.
The company reported record financial results for Q2 FY27, with significant year-on-year growth in revenue, EBITDA, and PAT. Positive commentary on industry performance, content pipeline, expansion plans, and balance sheet strength indicate a favorable outlook.
PVR INOX Limited hosted its Q2 FY27 earnings conference call on October 28, 2026, discussing a landmark quarter for Indian cinema. The industry achieved record gross box office collections of ₹4,433 crore, surpassing ₹4,000 crore for the first time and marking a 23% year-on-year growth. This momentum was driven by a diverse range of content, including a standout performance from English films, which grew 87% to ₹1,024 crore, with "Spider-Man: Brand New Day" becoming the highest-grossing English movie in India at ₹608 crore. Hindi cinema saw strong performances from "Hanuman Ansh" (₹351 crore) and "Mirzapur: The Movie" (₹267 crore), indicating a potential new trend of adapting successful streaming series for the big screen. Regional cinema also contributed significantly with hits like "Jana Nayagan" (Tamil) and "Toxic" (Kannada).
PVR INOX welcomed 46.3 million guests, a 4% year-on-year increase, with occupancy rising to 30.4%. The average ticket price (ATP) and food and beverage (F&B) spend per head grew by 14% year-on-year to ₹298 and ₹153, respectively. Financially, the company reported its best-ever quarter for revenue, EBITDA, and PAT. On an Ind AS 116 adjusted basis, total income grew 17% to ₹2,133 crore, EBITDA rose 44% to ₹475 crore with a margin expansion of 420 basis points to 22.3%, and PAT more than doubled to ₹273 crore. For the first half of FY27, total income was ₹3,775 crore (up 15% YoY), EBITDA was ₹705 crore (up 56% YoY), and PAT was ₹344 crore (up 233% YoY). Merger synergies, cost discipline, and capital efficiencies have structurally strengthened the business, leading to an improved return on capital employed of 16.5%.
The company generated ₹604 crore of free cash flow in H1 and repaid ₹259 crore of debt. Following a maiden share buyback of ₹300 crore in September, PVR INOX ended September with net cash of ₹141 crore. A new capital allocation and dividend distribution policy has been approved, prioritizing investments for growth, maintaining a strong balance sheet (net debt-to-EBITDA within 0.5x), and returning approximately 30% of surplus cash flow to shareholders.
Expansion plans include opening 90 to 100 new screens in FY27, with a focus on capital-light formats. The first SMART Cinema, an affordable format for Tier 3 and Tier 4 markets, opened in Muzaffarpur, with two more expected this fiscal. The company has a pipeline of approximately 100 SMART Cinemas signed for the next 12-18 months. PVR INOX also highlighted innovations in F&B, home delivery, and the upcoming digital platform for advertising sales, aiming to monetize content effectively. The company anticipates a strong second half of FY27, supported by a promising film slate across languages and continued consumer demand.
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