Annual reportSep 2026
Sep 2026 · Updates 21 Aug - Connplex Cinemas will hold its 11th AGM on September 21, 2026; annual report sent to shareholders.
Source: Nse
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.
₹248
+1.30 · +0.53%
Market cap ₹471 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals18 Oct 2026 · screener
Latest result13 May, 04:18 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Media P/E 15.0 (n=57)
Technical timing lens
Trend score and candlestick chart
78BullishSMA20 +5.3% / mo · MACD − · sector +12.7pp vs Nifty 500 (3M)
Stock trend: 63
Sector RS: 100
Sector 3M: +7.1% vs Nifty 500 -5.6%
Media FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
CONNPLEXD candles · FIT view-5.5%Latest close ₹248.00 on 2026-10-19
Bar
-0.8%
RSI
53
MACD hist
-1.49
52W pos
48%
2026-10-19O ₹250.00H ₹254.00L ₹245.65C ₹248.00Vol 23,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CONNPLEXNifty MediaNifty 500
- CONNPLEX
- +24.6%
- Nifty 500
- -5.6%
- Nifty Media
- +7.0%
- Vs Nifty 500
- +30.2 pp
Chart stats
19 Oct 2026- From 52W high
- -20.5%
- 52W range position
- 48%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.61x
- Avg traded value
- ₹0.9 Cr
- 20D price channel
- ₹231 - ₹269
₹311.9
₹188.4 - ₹311.9
₹10.2
Latest completed session
20-session average
30.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish78
Price trend and sector-relative-strength timing.
Valuation
Legacy model+19.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹83 Cr | NDF | +29.7% |
| EBITDA | ₹17 Cr | NDF | -5.6% |
| Operating margin | 20.0% | NDF | -800 bps |
| PAT | ₹13 Cr | NDF | +0.0% |
| PAT margin | 15.7% | NDF | -465 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.20
- P/B
- 3.51
- EV/EBITDA
- 12.78
- Market Cap
- 471.00Cr
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
- 90.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 48%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 83.0+29.7% vs prev
Net Profit
₹ CrLatest: 13.0+0.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 53.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.1% over last month) — short-term momentum positive.
- RSI(14) at 53 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 32% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
73
RS percentile
Stage 2 UptrendRecent S2
1M return
-1.2%
3M return
+24.6%
6M return
-6.0%
1Y return
+11.4%
RS 1D
-1
RS 20D
+3
Sector rank
#15
Industry rank
#64
Stage evidence
- Price is 6.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.0%.
50-DMA
price above
200-DMA
price above
S2 entered
12 Oct 2026
S2 age
6 trading sessions
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 125.05+1.57%
RS vs Nifty 500125
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth25/25
Quality17/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-3
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 19.2%.
- 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.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
18.2
PB
3.5
EV/EBITDA
12.8
ROE
32.6%
ROCE
43.6%
FCF Yield
—
Debt/Equity
0.0
MoS
+19.2%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+19.2%
Previous: +19.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
58
58
60
61
60
60
58
58
59
59
59
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹146.94
-68.8% MoS
Growth-justified P/E
22.5
Growth-justified Value
₹307.13
+19.2% MoS
PEG
0.13
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BASILIC
SME
Basilic Fly Studio Ltd.
Media & Entertainment
match 64
66
10.8
19.1%
+50%
UNDERVALUED
PELATRO
SME
Pelatro Ltd.
Media & Entertainment
match 64
45
19.5
21.4%
+7%
WATCHLIST
GRETEX
SME
Gretex Industries Ltd.
Media & Entertainment
match 60
24
226.0
3.7%
-3328%
OVERVALUED
HTMEDIA
Small
HT Media Limited
Media & Entertainment
match 59
56
4.2
0.9%
+81%
FAIR VALUE
CUDML
SME
Cash Ur Drive Marketing Ltd.
Media & Entertainment
match 58
42
6.0
19.7%
+25%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T07:54:04.932Z
Management commentary snapshot
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.
Current business mix
FY26 Revenue by Vertical
Latest issuer-disclosed distribution across 7 reported categories.
Movie Exhibition45.3%
Food and Beverages (F&B)43.5%
Franchise Fees/ Cinema Making5.5%
VPF Share2.2%
Advertising2.0%
Private Events1.4%
Convenience Fees0.1%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Media: 67th pctile, median 63 · SME: 60th pctile, median 64
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Connplex Cinemas Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.