Connplex Cinemas Ltd. (CONNPLEX)
SME CapMedia stocks · SME cap · NSE
Connplex Cinemas, founded in 2015, operates 41 cinemas with 113 screens and 9,797 seats across 9 states. It specializes in developing and managing high-grade cinemas, utilizing an asset-light franchise model for rapid expansion, and diversifying revenue through F&B, advertising, and film distribution.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹83 Cr | NDF | +29.7% |
| EBITDA | ₹17 Cr | +30.8% | -5.6% |
| Operating margin | 20.0% | -400 bps | -800 bps |
| PAT | ₹13 Cr | NDF | +0.0% |
| PAT margin | 15.7% | -70 bps | -465 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Connplex Cinemas reported robust H2FY26 and FY26 results, with H2 revenue up 52% YoY and full-year revenue up 54% YoY. PAT expanded by 39% YoY in H2 and 37% YoY for the full year, driven by increased ticket sales, F&B, and advertising revenue.
The company demonstrates strong top-line and bottom-line growth, supported by its asset-light franchise model and expansion into underserved markets. However, the decline in Spend Per Head (SPH) warrants close monitoring, as it could indicate pressure on ancillary revenues despite overall growth in footfalls.
FY26 Revenue by Vertical
Latest issuer-disclosed distribution across 7 reported categories.
Asset-Light Franchise Model
Enables rapid market expansion with minimal capital expenditure through franchise partnerships and diversified revenue streams.
Focus on Underserved Markets
Strategic expansion into Tier 2 and Tier 3 cities with growing disposable income, tapping into regional content trends and localized demand.
Diversified Revenue Streams
Beyond ticket sales, significant revenue from Food & Beverages, advertising, private events, and convenience fees.
Premium Experience
Delivering quality movie-going experience with high-grade recliner seating, latest sound systems, and high-definition projection technology.
New Screens Added
30 new screens added in H2FY26, contributing to a total of 113 operational screens.
Upcoming Screens
230+ new upcoming screens planned for FY27 & FY28 across various states.
Growing Disposable Income
Strategic expansion into Tier 2 and Tier 3 cities benefits from increasing disposable income in these regions.
Regional Content Trends
Tapping into regional content trends and localized demand in underserved markets.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation primarily highlights H2FY26 versus H2FY25 and FY26 versus FY25 performance, indicating a focus on annual and half-yearly growth trends rather than sequential quarterly momentum.
Admits (Footfalls)
FY26: 27.63 Lacs, FY25: 16.96 Lacs (63% growth YoY)
Average Ticket Price (ATP)
FY26: Rs. 264, FY25: Rs. 250 (6% growth YoY)
Spend Per Head (SPH)
UNDER_STRESSFY26: Rs. 83, FY25: Rs. 95 (14% decline YoY)
Strategic Expansion & Technology
Management is driving growth through strategic expansion, technology integration, and leveraging the franchise model.
Differentiated Customer Experience
The company aims to deliver a differentiated, high-quality movie-viewing experience appealing to discerning audiences.
Sustainable Growth
Focus on scalable business model with optimized operational costs and quicker break-even points to ensure sustainable growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Spend Per Head (SPH) | Rs. 83 (FY26) | Reversal of the declining trend and growth in ancillary revenues. |
| Screen Additions & Commissioning | 30 screens added in H2FY26; 230+ upcoming screens for FY27 & FY28. | Timely commissioning and ramp-up of utilization for upcoming screens. |
| PAT Margin | 17.68% (FY26) | Maintenance or improvement of profitability margins amidst expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +7.0% / mo · RSI overbought · MACD +
Technical chart
CONNPLEXdaily · 1Y · AUTO+0.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 71. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.5% over last month) — short-term momentum positive.
- RSI(14) at 71 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 22% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 58 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 58 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 15.9%.
- Growth contributes 25/25 to the score.
- Quality contributes 17/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 67th percentile within Media. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 70.1%. Key concern: Operating cash flow is negative at ₹-60 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 67th pctile, median 62 · SME: 60th pctile, median 64
4 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 70.1%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.01.
- ▸ROCE is 43.6%.
Trust risks
- ▸Operating cash flow is negative at ₹-60 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -75.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.00
- P/B
- 3.47
- EV/EBITDA
- 12.68
- Market Cap
- 467.00Cr
Profitability
- ROE
- 32.60%
- ROCE
- 43.60%
- ROA
- 14.94%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 114.43%
- EPS 5Y
- 125.81%
- Revenue 3Y
- 80.00%
- EPS 3Y
- 150.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- —
- Altman Z
- 8.72
- Book Value
- 70.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -67.00 Cr
- EPS TTM
- 13.65
Shareholding
- Promoter Hold
- 70.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 49%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Media, ranked by similarity
Peers
Business-comparable names in Media, ranked by similarity
Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.