PVR INOX Q3 FY26 Revenue at ₹19,077 mn, PAT ₹1,149 mn; Net Debt Lowest Post-Merger
PVR INOX reported Q3 FY26 revenue of ₹19,077 million and PAT of ₹1,149 million. Net debt reduced to ₹3,652 million, the lowest since the merger. The company opened 20 new screens in the quarter. For 9M FY26, revenue reached ₹52,388 million. Calendar year 2025 saw record box office collections of ₹13,395 crore.
The announcement details significant financial performance improvements, including record revenue and lowest net debt, which are material for investors and the company's future prospects. The industry-wide box office performance also highlights a strong recovery.
The results show strong revenue growth, improved profitability, significant debt reduction, and expansion in screen count. Positive commentary on the industry outlook and company strategy further supports a positive sentiment.
PVR INOX Limited announced its unaudited standalone and consolidated financial results for the quarter and the 9-month period ended December 31, 2025. For the quarter ended December 31, 2025, the company reported revenue of ₹19,077 million (mn), EBITDA of ₹3,435 mn, and PAT of ₹1,149 mn. The number of patrons visiting cinemas grew by 8.6% year-on-year to 40.5 million. The Average Ticket Price (ATP) increased by 4.1% to ₹293, and the Average F&B Spend per Head (SPH) grew by 4.2% to ₹146.
The company achieved its lowest Net Debt since the merger, standing at ₹3,652 mn, marking a reduction of ₹10,652 mn or 74%. PVR INOX also opened 20 new screens across 5 cinemas during the quarter, with 9 screens under the FOCO model and 6 screens under the Asset Light model. As of December 31, 2025, PVR INOX operates 358 cinemas with 1,791 screens across 112 cities.
For the 9-month period ended December 31, 2025, the company reported its highest post-pandemic revenue, EBITDA, and PAT at ₹52,388 mn, ₹7,849 mn, and ₹2,078 mn, respectively. Admits reached 119 million, with a YoY growth of 11.8%. The ATP was ₹271 and the average F&B SPH was ₹143.
Calendar year 2025 was a historic milestone for the Indian theatrical industry, achieving ₹13,395 crore in box office collections, a 32% increase over pre-pandemic levels and a 13% year-on-year growth. The year saw 37 movies cross the ₹100 crore mark. Original Hindi films contributed significantly, with collections over ₹5,500 crore. Hollywood also showed a strong recovery with 49% YoY growth. Regional cinema's contribution grew 4% YoY to ₹6,488 crore.
Structural margin expansion was achieved through cost optimization and merger synergies, resulting in EBITDA margins of approximately 18% at 28%+ occupancies, comparable to pre-COVID margins achieved at higher occupancies. The company added 62 screens in the 9-month period and remains on track to add 90-100 new screens in FY’26. Free cash generation of ₹5,870 mn in the 9-month period contributed to debt reduction.
Further strengthening the balance sheet, PVR INOX concluded the divestment of its stake in the 4700BC premium snacking brand to Marico for ₹226.8 crore. Looking ahead to calendar year 2026, the outlook for the theatrical industry remains strong with a robust content pipeline across Hindi, regional, and Hollywood films.
Mr. Ajay Bijli, Managing Director, PVR INOX Ltd., commented, “With a strong content slate ahead, a capital-light expansion strategy, and a significantly strengthened balance sheet, we believe PVR INOX is entering its next phase of sustainable growth. Our focus remains on delighting consumers, driving footfalls through innovation, and creating enduring value for our shareholders.”
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