PVR INOX Limited (PVRINOX)
Large CapMedia stocks · Large cap · NSE
PVR INOX Limited operates a diversified network of 1,779 multiplex screens across 113 cities in India. The company focuses on providing a premium cinema experience while expanding its reach to various city tiers, aiming to be both aspirational and affordable for its audience.
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.
Weak 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 30 Jun 2026
Average · 35/100Rev +12% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,622 Cr | +11.9% | +4.8% |
| EBITDA | ₹528 Cr | +30.7% | +16.8% |
| Operating margin | 33.0% | +500 bps | +400 bps |
| PAT | ₹56 Cr | NDF | -69.9% |
| PAT margin | 3.5% | +717 bps | -857 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
PVR INOX reports strong Q1 FY'27 with 12% YoY revenue growth, 90% EBITDA surge, and positive PAT, driven by robust admissions and higher ATP/SPH. Company achieved net cash positive status.
Strong Q1 FY'27 results with significant YoY growth in revenue, EBITDA, and PAT, supported by healthy operating metrics. India's box office outpaced global growth, driven by diverse content. The company achieved a net cash positive position and is on track for screen expansion, reinforcing its market position.
Revenue by Source (Q1 FY'27)
Latest issuer-disclosed distribution across 6 reported categories.
Regional Box Office
Regional Box Office is driving majority of growth in India, followed by strong performance of English movies. Regional India GBOC up 29% over two years.
English Movies (Non-Franchise)
Hollywood delivers growth beyond franchise titles; audiences are showing up for new stories, turning original content into a growth lever.
Alternate Programming
Contributed to 1% GBOC with 2.5 Lakh admits and ATP of INR 409 in Q1 FY’27, unlocking a new digital revenue stream.
Online Penetration
Convenience Fee witnessed higher growth due to increased online penetration from 63.4% in Q1 FY’26 to 68.8% in Q1 FY’27.
New Screen Outlook FY'27
On track to open 90-100 new screens in FY’27. Current screen count is 1,779.
Strong India Box Office Growth
India Box Office grew 20% YoY (Jan-June'26), outpacing global growth and remaining a standout market.
Broad-based Content Performance
India Box Office Q1 FY’27 shows broader and more balanced growth, with Hindi, English, and Regional languages gaining share.
Audience Engagement for New Stories
Audiences are showing up for new stories, not just sequels, turning original content into a growth lever for Hollywood movies.
Advertisement Income Decline
Advertisement Income decreased by 2.1% YoY in Q1 FY'27.
Decrease in Movie Distribution Income
Other Operating Income dropped 36.5% YoY, mainly due to a decrease in movie distribution income.
Increased Personnel Expenses
Personnel expenses increased YoY, driven by annual increments and minimum wage revisions, notably in Haryana (35%), UP (~24%), and Punjab (15%).
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 cinema exhibition business is highly seasonal, influenced by content release schedules and holiday periods. Comparing Q1 FY'27 to Q1 FY'26 provides a more accurate picture of underlying business health and growth trends, normalizing for these seasonal variations.
Admissions
36.6 Mn in Q1 FY'27, up 8% Vs Q1 FY'26.
Average Ticket Price (ATP)
INR 273 in Q1 FY'27, up 8% Vs Q1 FY'26.
Spend Per Head (SPH)
INR 161 in Q1 FY'27, up 9% Vs Q1 FY'26.
Occupancy
25.3% in Q1 FY'27, up from 22.0% in Q1 FY'26.
Screen Expansion Target
Management is on track to open 90-100 new screens in FY’27.
Revenue Initiatives
Focus on alternate programming, F&B initiatives, and app & web monetization to unlock new digital revenue streams.
Brand Strategy
Aiming to make the brand 'aspirational' and 'affordable' through a diversified network across various city tiers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Screen Additions | 1,779 screens (end Q1 FY'27) | Progress towards the target of 90-100 new screens in FY'27. |
| Box Office Performance | India GBOC +20% YoY (Jan-June'26) | Continued broad-based growth across Hindi, English, and Regional content, and sustained audience engagement. |
| Operating Metrics (ATP, SPH, Occupancy) | ATP INR 273, SPH INR 161, Occupancy 25.3% | Sustained growth in these metrics, indicating pricing power and effective F&B uptake. |
| Net Cash Position | Net Cash Positive (INR -807 Mn Net Debt) | Maintenance or improvement of the net cash position, indicating financial strength. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
63Bullishfull bull SMA stack · SMA20 +12.0% / mo · MACD − · near 52W high
Technical chart
PVRINOXdaily · 1Y · AUTO+19.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 60. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~10.7% over last month) — short-term momentum positive.
- RSI(14) at 60 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 4% off 52W high · 35% 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.
Relative Strength & Trend Stage
- Price is 18.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 12.7%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -27.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; 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: +2 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 59th percentile of the scored universe and 77th percentile within Media. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE is low at 6.8%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 77th pctile, median 62 · Large: 35th pctile, median 73
127 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 pledge is zero.
- ▸FCF yield is 12.7%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 6.8%.
- ▸ROE is low at 4.9%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
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
- 38.00
- P/B
- 1.63
- EV/EBITDA
- 5.39
- Market Cap
- 12051.00Cr
Profitability
- ROE
- 4.92%
- ROCE
- 6.79%
- ROA
- 2.84%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 88.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 45.00%
Balance Sheet
- Debt/Equity
- 0.92
- Interest Coverage
- 3.14×
- Altman Z
- 2.61
- Book Value
- 751.00
Cash Flow
- FCF Yield
- 12.72%
- FCF Positive Y
- 6/5
- OCF
- 2160.00 Cr
- EPS TTM
- 45.27
Shareholding
- Promoter Hold
- 27.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
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.