Leading multiplex chain PVR INOX reported a sharp turnaround in profitability during FY26, supported by record box office collections, rising footfalls, higher spending per customer and aggressive debt reduction, as the multiplex operator strengthened its balance sheet and accelerated its shift toward a capital-light growth strategy.
The company posted a profit after tax (PAT) of ₹178 crore in the March quarter of FY26 compared with a net loss of ₹106 crore in the corresponding period last year. Total revenue for the quarter rose to ₹1,577 crore from ₹1,262 crore a year earlier.
For the full financial year, PVR INOX reported PAT of ₹386 crore against a net loss of ₹152 crore in FY25, while total revenue increased to ₹6,742 crore from ₹5,791 crore.
Record box office performance
PVR INOX said FY26 marked its strongest-ever financial performance, with the Indian box office touching all-time highs.
The March quarter recorded the company’s highest-ever fourth-quarter collections, driven by films such as Dhurandhar – The Revenge, Border 2 and Project Hail Mary.
During Q4 FY26, the company reported 31 million admissions, while average ticket price (ATP) rose 22% year-on-year to ₹315 and spend per head (SPH) increased 32% to ₹165.
This resulted in a 27% growth in ticket sales revenue, 33% increase in food and beverage sales and 15 per cent rise in advertising income.
For the full year, admissions stood at 150 million, while ATP touched a record ₹280 and SPH climbed to ₹147.
Balance sheet strengthens
PVR INOX said EBITDA before exceptional items doubled to ₹968 crore during FY26, reflecting both strong operational performance and sustained cost discipline.
The company generated record free cash flow of ₹790 crore during the year, enabling significant deleveraging. Net debt as of March 31, 2026, stood at just ₹161 crore, down nearly 90 per cent since the merger.
PVR INOX Ltd, Managing Director, Ajay Bijli said FY26 represented a “structural inflection” for the company, supported by a strong content slate, a capital-light expansion strategy and a significantly strengthened balance sheet.
Expansion shifts to capital-light model
During FY26, the company added 93 new screens while shutting 18 underperforming screens, taking its total network to 1,798 screens across 359 cinemas in 113 cities in India and Sri Lanka.
Around 45 per cent of the new screens were added in South India, while 55 per cent of the additions came under capital-light formats.
PVR INOX currently has 138 screens in the pipeline, including 52 under the FOCO model and 86 under the asset-light model.
The company also completed the sale of Zea Maize Pvt Ltd, owner of the 4700BC snack brand, to Marico Limited for ₹226 crore in an all-cash deal as part of its strategy to sharpen focus on the core cinema exhibition business.
Looking ahead, the company expects FY27 to remain strong with a robust lineup of Hindi, regional and Hollywood releases expected to drive theatrical demand further.