1. ROCE - return to pre-COVID levels On track - At the Q1 FY27 call, management said the immediate target was to come back to pre-COVID levels of ROCE, having said at the Q4 FY26 call it would continue working to improve ROCE further. FY26 ROCE improved to 10.2%, against pre-COVID FY19 ROCE of 18%; Q1 FY27 ROCE is not disclosed in the record.
2. \~1,000 new screens over next 5 years - Tier 2/3 penetration Pending - At the Q1 FY27 call, Ajay Bijli referenced an interview where he spoke of \~1,000 new screens over the next 5 years, with growth to accelerate from FY28 onwards via Tier 2/Tier 3 penetration (\~300 underserviced cities with 150,000+ population) and the first such opening in Muzaffarpur "very shortly". The 5-year horizon extends to FY32, and the first Tier 2/3 opening in Muzaffarpur is not yet disclosed in the record.
3. ATP and SPH - 3.5-4% annual increase trend Delivered - At the Q3 FY26 call, management said every year the company looks at about 3.5-4% increase in ATP and that would be the trend going forward, and so would be the case with SPH. FY26 ATP grew 8% and SPH grew 10%, and Q1 FY27 ATP grew 8% and SPH grew 9% - the 3.5-4% trend was exceeded in both years.
4. FY27 advertising - marginal growth over FY26 On track - At the Q3 FY26 call, management said FY27 advertising was "on the path of being able to post a marginal growth over last year", reaffirmed at Q4 FY26 with "no deviation" from the projected growth path. Q1 FY27 ad income was ₹1,073 mn, down 2.1% YoY; the record holds no further FY27 advertising actuals, and management said at Q1 FY27 it would take "another maybe a year" to reach post-COVID levels.
5. Net cash position - positive by near term Delivered - At the Q4 FY26 call, management said net debt coming to zero was "definitely on the horizon" in the near term. A net cash position of ₹80 cr was achieved as of June 30, 2026.
6. FY27 capex - ₹350 cr (revised from ₹375-400 cr) Pending - At the Q4 FY26 call, management guided FY27 capex of around ₹375-400 cr; at the Q1 FY27 call this was revised downwards to around ₹350 cr due to strong response to capital-light and FOCO models. No FY27 capex actuals are yet available, with Q1 FY27 the latest reported quarter.
7. FY27 screen additions - 90-100 gross, \~80 net On track - At the Q1 FY27 call, management guided 90-100 gross screens in FY27 with \~80 net additions, documented in the Q1 FY27 PPT; the FY26 Annual Report had documented 100-110 screens for FY27. Q1 FY27 saw no new screens opened due to regulatory license delays, with bunched-up openings expected in Q2 and Q3.
8. FY26 ATP growth - 8% maintained for full year Delivered - At the Q1 FY26 call, management said maintaining 8% ATP growth for the full year was "quite possible". FY26 ATP was ₹280, up 8% YoY, after quarterly prints of ₹254 up 8% (Q1), ₹262 up 2% (Q2), ₹293 up 4% (Q3) and ₹315 up 22.4% (Q4).
9. FY26 footfalls - cross FY24 levels of 15 crore+ Missed - At the Q1 FY26 call, management firmly committed that FY26 footfalls would cross FY24 levels of 15 crore+. FY26 footfalls were 15 crore, a 10% growth over FY25, slightly below FY24's 15.1 crore.
10. Net debt - negligible over 2-3 years Delivered - At the Q4 FY25 call, management aimed to come down to negligible net debt "over the course of next 2 to 3 years", reiterated at Q3 FY26 that debt levels "can come further down to negligible levels". Net debt fell to ₹161.9 cr at Mar 2026, was described as "negligible" in Q4 FY26, and the company turned net cash positive at ₹80 cr in Jun 2026.
11. FY26 capex - ₹400-425 cr Missed - At the Q4 FY25 call, management guided FY26 total capex of roughly ₹400-425 cr, reiterated at Q1 FY26. FY26 capex was ₹254.2 cr, significantly below the guided range.
12. FY25 admissions - similar to FY24 Missed - At the Q1 FY25 call, management expected FY25 admissions to be similar to the last financial year if scheduled films performed per original estimates. FY25 admissions were 13.69 crore, down 9.5% YoY from 15.1 crore in FY24.
13. Devyani JV food courts - 4-5 operational by end of FY25 Partial - At the Q1 FY25 call, management expected at least 2 food courts under the Devyani JV to be fully operational in the next 2-3 months, and about 4-5 food courts operational by the end of FY25. One food court opened in Kota around Q3 FY25; three were operational by Q3 FY26, confirmed in Kota, Prayagraj and Leh in the FY26 Annual Report, with many more in the pipeline per the Q1 FY27 call.
14. Real estate monetization - ₹300-400 cr proceeds for debt reduction Missed - At the Q4 FY24 call, management said real estate monetization could get ₹300-400 cr, with all proceeds used to reduce leverage, documented in the PPT as "Evaluating monetization of owned real estate assets (likely value of INR 3,000 to 400 crore)". No real estate sale is disclosed in the record; at Q3 FY26 Ajay Bijli said the case for selling properties was "now not so much there", and at Q1 FY27 no further monetization was planned - the company instead reached net cash through operating cash flow and the 4700BC divestment of ₹226.8 cr.
15. FOCO model - 15-20 screens in FY25, 20-25% of screens by FY26 Partial - At the Q4 FY24 call, management said about 15-20 screens would open under the FOCO model in FY25, and that by FY26, 20-25% of screens could be under capital-light and FOCO models. FY25 saw 77 new screens opened, of which 21 were premium formats, with no separate FOCO count disclosed; FY26 saw 51 screens added under capital-light models - 29 asset-light and 22 FOCO - 55% of the 93 new screens, but the 20-25% of total screens target was not achieved, with \~138 capital-light screens signed and only a fraction operational.
16. Capital-light model - reduce capex intensity by 30-50% over a couple of years On track - At the Q4 FY24 call, management said the company wanted to reduce capex intensity by 30-50% over a period of time, taking a couple of years to reach that level. FY26 capex intensity was down 24% YoY, with FY26 capex of ₹254.2 cr vs ₹333.5 cr in FY25 and ₹634.4 cr in FY24 and FY27 guidance revised down to \~₹350 cr; the record holds no explicit disclosure of reaching the 30-50% level.
17. FY25 capex - 25% reduction over FY24 Delivered - At the Q4 FY24 call, management guided FY25 capex to be at least 25% lower than FY24's \~₹630 cr, documented in the PPT as "Reduce overall capex in FY'25 by \~25% over FY'24". FY25 capex was ₹324.9 cr, a 47% reduction from ₹626.9 cr in FY24; the FY26 Annual Report confirms ₹333.5 cr vs ₹634.4 cr.
18. FY25 screen additions - 120 new, 70 exits, net 50 Missed - At the Q4 FY24 call, management planned to open about 120 new screens in FY25 and exit about 70, for net addition of 50, reiterated at Q1 FY25, revised to 110-120 at Q2 FY25 and 100-110 at Q3 FY25. FY25 saw 77 new screens opened and 72 exited, for a net addition of \~5 screens.
19. EBITDA breakeven occupancy - reduction to 20-20.5% over 18-24 months Partial - At the Q4 FY23 call, management said with synergies over the next 18-24 months, EBITDA breakeven occupancy of \~22% could come down to "20%, 20.5% kind of a number". Q2 FY24 delivered a 22% EBITDA margin at \~25% occupancy, Q3 FY25 15% margins at 25% occupancy, Q3 and Q4 FY26 18% margins at \~28% occupancy, and Q1 FY27 a 14% margin at 36.6% occupancy; no explicit disclosure of breakeven occupancy reaching 20-20.5%.
20. FY24 capex - ₹700 cr Missed - At the Q4 FY23 call, management guided total capex for FY24 "in the range of about INR700 crores". FY24 total capex outlay was about ₹630 cr, or ₹634.4 cr per the FY26 Annual Report.
21. Screen closures - \~50 underperforming screens over six months Delivered - At the Q4 FY23 call, management committed to shutting down about 50 underperforming, loss-making screens over the next 6 months, revised to 50-60 at Q1 FY24, 60 at Q2 FY24 and 77 at Q3 FY24. FY24 saw 85 underperforming screens exited, confirmed at the Q4 FY24 call.
22. FY24 screen additions - 150-175 gross, 100-125 net Missed - At the Q4 FY23 call, management guided 150-175 new screens in FY24, with net additions of roughly 100-125 after \~50 closures, reiterated as 150-165 at Q1 FY24 and 160-170 at Q3 FY24. FY24 saw 130 new screens opened and 85 exited, for a net addition of 45 screens.
23. Merger synergies - ₹225 cr annual EBITDA synergies over 12-24 months Delivered - At the Q3 FY23 call, management guided ₹225 cr of annual synergies with no front-loading, taking minimum 5-6 months before synergies start reflecting, formally documented as ₹225 cr over 12-24 months from merger consummation. FY24 total EBITDA-level merger synergies of ₹185-208 cr were achieved - ₹127-137 cr from Box Office and F&B revenues and ₹62-71 cr on the cost side, with management confirming a major part of the \~₹225 cr guided was achieved in FY24.
24. Property closures - not more than 1-2% of portfolio annually Missed - At the Q1 FY23 call, management said future shutdowns would be "not more than 1% or 2%" of the portfolio, with one or two properties shut per year. FY24 saw 85 screens exited, \~5% of the \~1,700-screen portfolio, and FY25 saw 72 exited, \~4%; FY26 saw 18 exited, \~1% of the portfolio.
25. SPH growth - 30% growth easily maintained Missed - At the Q1 FY23 call, management said SPH "30% growth can easily be maintained". Q2 FY23 SPH was ₹136 vs ₹133 in Q3 FY23; Q2 FY24 SPH was ₹136, up 15% YoY; FY24 SPH was ₹132, up 11%; FY25 SPH was ₹134, up 1.5%; FY26 SPH was ₹147, up 10%; Q1 FY27 SPH was ₹161, up 9% - growth ranged from 1.5% to 15% in subsequent years.
26. FY23 admissions - better than 2019-20 Missed - At the Q1 FY23 call, management said FY23 could "end up with aggregate admissions which are a lot better than what we did in 2019-20". FY23 combined PVR-INOX welcomed 14 crore guests, below pre-COVID FY20 combined PVR+INOX footfalls of 16.8 crore.
27. Premium screens share - 18-20% over five years On track - At the Q1 FY23 call, management said premium screens share, currently \~12%, could reach 18-20% over the next 5 years; at Q1 FY24 special-format screens stood at 13.5% (229 screens) and should grow to 15-20% over time, and the FY25 Annual Report aimed to increase the share to 20% over the next few years from 15% currently. Q1 FY25 saw almost 15% of screens premium/special format; FY26 had 286 premium screens, 16% of total, and Q1 FY27 16% of the circuit.
28. SPH-to-ATP ratio - 80% in a couple of years Missed - At the Q1 FY23 call, management said the SPH-to-ATP ratio, currently about 50-55%, could reach 80% of ATP "in a couple of years". The ratio was \~54% at Q1 FY23, \~49% at Q2 FY24 (₹136 vs ₹276), \~50% at Q3 FY25 (₹140 vs ₹281), \~52.5% in FY26 (₹147 vs ₹280) and \~59% at Q1 FY27 (₹161 vs ₹273).
29. Leverage - peaked and expected to come down Delivered - At the Q4 FY22 call, management said leverage had "ideally peaked now" and was expected to start coming down as earnings and free cash flow resumed, adding at Q1 FY23 that debt levels "will not rise from here". Net debt fell from ₹1,430 cr at Mar 2023 to ₹952 cr at Mar 2025, to ₹161.9 cr at Mar 2026 and to net cash of ₹80 cr at Jun 2026; gross debt fell from \~₹1,500 cr in FY22 to ₹760 cr at Mar 2026.
30. Same-store headcount - lower than pre-pandemic in FY23 Delivered - At the Q4 FY22 call, management was "reasonably confident" it would operate next year at a same-store level with lower headcount than pre-pandemic. Q4 FY22 people cost run-rate was ₹81 cr vs the FY20 average of \~₹100 cr per quarter, 20% lower; the Q1 FY23 call confirmed reductions sustained with "very limited increases", and FY26 headcount per screen was 12.1 vs 17.7 in FY20, a 32% reduction.
31. ATP - no plans to increase, maintain current levels Missed - At the Q4 FY22 call, management said there were "technically no plans to take the ATP up and it will remain at the same level" to maximize footfalls. ATP was ₹250 in Q1 FY23 and declined to ₹224 in Q2 FY23, ₹244 in Q3 FY23, then rose - Q2 FY24 ATP was ₹276, up 25% YoY; FY24 ATP was ₹259, up 10%; FY25 flat at ₹259; FY26 ₹280, up 8%; Q1 FY27 ₹273, up 8%.
32. FY23 advertising - lower than pre-COVID (FY20) levels Delivered - At the Q4 FY22 call, management expected FY23 advertising revenues to be lower than pre-COVID (FY20) levels. FY23 ad revenue is not separately disclosed, but Q1 FY23 ad revenue was ₹93 cr and Q2 FY23 recovery was at 62% of 2019, with the full year remaining below pre-COVID levels per management commentary.
33. Advertising recovery - pre-COVID levels in 3-4 months Missed - At the Q4 FY22 call, management said advertising revenues were expected to return to pre-COVID numbers in another 3-4 months, guiding at Q1 FY23 to within pre-COVID by Q3 and above by Q4. The timeline was repeatedly pushed - 62-63% of 2019 in Q3 FY23 and upwards of 70-72% by Q4, closer to pre-COVID in FY24, breaching pre-COVID in FY25, back to 2019/20 in a couple more quarters - while actuals stayed short: Q1 FY24 ₹89 cr vs ₹93 cr, Q3 FY25 ₹149 cr, highest since the pandemic, Q1 FY26 ₹110 cr up 17% YoY, Q2 FY26 ₹126 cr, Q3 FY26 dipped, FY26 ad income ₹4,636 mn up only 3.6%, and Q1 FY27 ₹1,073 mn down 2.1% YoY.
34. FY23 capex - ₹350-400 cr Missed - At the Q4 FY22 call, management guided FY23 annual capex of ₹350-400 cr covering new built screens plus maintenance. Combined PVR+INOX capex for FY23 was approximately ₹300 cr, including acquisition of the Jazz cinema property in Chennai.
35. FY23 screen additions - 120-125 screens Delivered - At the Q4 FY22 call, management planned to open 120-125 screens in FY23, with most operational in the latter half, reiterated at Q2 FY23 as 110-125 screens. FY23 combined PVR-INOX screen additions were 168 screens.
36. Merger with INOX - completion by end of December 2022 / Q4 FY23 Delivered - At the Q4 FY22 call, management gave an indicative timeline of \~9 months for the INOX merger process, hoping formalities would be completed by beginning of Q4, i.e., end of December / sometime in Q4, saying at Q1 FY23 the NCLT process "typically takes anywhere between 5 to 7 months, so we seem to be on track" and at Q2 FY23 that the final leg would take around another 3 months. All merger formalities were completed within record timelines; new PVR shares issued to INOX shareholders started trading on March 13, 2023, with the appointed date fixed as 1st January 2023, and Q4 FY23 results were reported on a merged basis.
37. No capital raise needed - ₹850 cr liquidity sufficient Delivered - At the Q1 FY22 call, management stated that with ₹850 cr liquidity as of 30th June, the company did not require any capital raise. No equity capital raise occurred after Q1 FY22; the company funded growth through internal accruals and debt reduction, with liquidity above ₹570-740 cr through FY22-FY23.
38. New screen signings - revenue-share and asset-light model Delivered - At the Q1 FY22 call, management said for new signings they were working towards a more revenue-share arrangement and an asset-light model with some fit-out cost borne by the developer. By Q3 FY25, 100 screens were signed under the capital-light model - 31 under management contract and 69 under asset-light with 40-80% of capex contributed by the developer; by Q4 FY26, 138 screens were signed under capital-light models (52 FOCO, 86 asset-light), and FY26 saw 51 screens added under capital-light models.
39. Rent waivers - no repayment or compensation later Delivered - At the Q1 FY22 call, management committed that rent waivers agreed would remain a waiver - "whatever gets agreed gets finished this financial year, with no repayment/compensation later". The Q2 FY22 call confirmed rental negotiations resulted in permanent rebates, not clawbacks, with rentals reverting to contracted levels once business normalizes, and Q4 FY22 confirmed 97-98% of landlord deals had no rental catch-up going forward.
40. Distributor revenue sharing - reversion to normal within FY22 Delivered - At the Q1 FY22 call, management said distributor revenue sharing would revert to normal within the current financial year, "as early as over the next four to five months", saying at Q3 FY22 the higher film-hire sharing was short-term and would go back to normal "as soon as the next financial year" and at Q4 FY22 that percentages were back to historic levels from March. The Q4 FY22 call confirmed film-hire sharing was back to historic levels from March 2022; Q3 FY24 noted film hire slightly higher due to blockbuster bonus-threshold films with no change in producer sharing arrangements, and FY25 film hire cost was 44.6% vs the normal 45-46% range.
41. Theatrical windows - reversion to 8-week Hindi window by August 2022 Delivered - At the Q1 FY22 call, management said temporarily reduced windows would revert to erstwhile windows - 8 weeks for subscription/broadcasting and 6 weeks for transaction VOD - "fairly quickly in the current financial year but latest by the beginning of the next financial year"; at Q2 FY22 the minimum window for local films was four weeks with big films at six to eight weeks, at Q4 FY22 Hindi films were to return to the 8-week window by end of July, and at Q1 FY23 management confirmed reversion on 1st August 2022. The Q2 FY23 call confirmed "Theatrical exclusivity window vs OTT is back to pre-pandemic levels of 8 weeks", Q3 FY23 confirmed 8 weeks for Hindi and Hollywood with regional films at 4-6 weeks, and Q1 FY27 confirmed 8 weeks for Hindi, English and Punjabi with South India minimum 4 weeks.
42. Single-screen reopenings - roughly 10% may not reopen Delivered - At the Q4 FY21 call, management estimated "roughly 10% single screens may not reopen" out of \~5,500-6,000 single screens, subject to validation. The Q1 FY23 call noted industry exits were "less than 10% of overall screen count, mostly underperforming cinemas"; no specific single-screen reopen count is disclosed in the record.
43. Screen pipeline attrition - not more than 10% drop over three to five years Missed - At the Q4 FY21 call, management estimated that of the screen pipeline, "about 10% may be a possible windfall or the screens which may drop down, not beyond that" over the next three to five years. The company closed 23 screens in FY22, 85 in FY24, 72 in FY25 and 18 in FY26; on a base of \~854 screens at FY22, cumulative closures of \~198 screens over FY22-FY26 represent \~23% of the portfolio.
44. Advertising rates - no discounting, same rates operational Delivered - At the Q4 FY21 call, management committed that advertising would not be discounted: "we will have the same rates operational. We don't want to start a new norm in the market". Advertising revenue recovery was slow - March 2022 ad spend was around 40% of pre-COVID, Q2 FY23 recovery was at about 62% of 2019, and Q1 FY24 ad revenue was ₹89 cr vs ₹93 cr in Q1 FY23 - but no rate discounting is disclosed, with management consistently attributing the shortfall to volume, not yield.
45. ECLGS liquidity - additional ₹200 cr from banking partners Delivered - At the Q4 FY21 call, management said the company could raise "another 200 crores of additional liquidity from banking partners under the ECLGS scheme" and expected to get more liquidity support. Q1 FY22 results confirmed the company "availed additional borrowing of 200 crores under the ECLGS scheme during the current financial year".
46. Tax regime shift - new 25% regime after exhausting MAT credits in two to three years Delivered - At the Q4 FY21 call, management guided the company would shift from the old 35% tax regime to the new 25% regime "as soon as we exhaust our brought forward losses and existing MAT credits which I think will take at least another two to three years". Q4 FY23 results included a one-time deferred tax asset restatement write-off of ₹134 cr "due to the new tax regime effective FY '23"; the Q3 FY26 call noted deferred tax assets expected to be utilized fully over the next three and a half to four years, with enough tax losses to absorb future tax payouts for the next three to four years.
47. Long-term debt repayment - ₹200-300 cr per year over four to five years Delivered - At the Q4 FY21 call, management indicated long-term debt repayments of "200 to 300 crs per year" spread over "the next four to five years," including the current financial year. Gross debt was ₹1,300 cr at Q4 FY21, rose to \~₹1,500 cr by Q4 FY22 and ₹1,430 cr at merger in Mar 2023, then fell to ₹952 cr by Mar 2025, ₹161.9 cr net debt by Mar 2026 and net cash of ₹80 cr by Jun 2026; gross debt was ₹760 cr as of 31 Mar 2026 and ₹550.9 cr as of 30 Jun 2026.
48. Fixed cost reduction - 10%+ long-term savings on people cost and overheads (ex-occupancy) Delivered - At the Q4 FY21 call, management reiterated a long-term reduction of 10-15% in fixed costs excluding occupancy, stating "we do expect more than 10% savings in other fixed costs", reiterated at Q2 FY22 as "at least 10% plus saving on a long-term sustainable basis on our people cost and other overhead costs" and at Q3 FY22 as a 10% savings on all overheads other than occupancy even at normalized operations. FY26 per-screen fixed cost (ex rent & CAM) was ₹10.8 mn vs ₹11.7 mn in FY20 proforma, a 1% CAGR reduction; manpower cost per screen fell from ₹5.5 mn to ₹5.2 mn (-1% CAGR) and headcount per screen fell 32% from 17.7 to 12.1; the FY25 NRC review recorded other overheads (ex Rent & CAM) reduced by 0.4% in FY25 over FY24 against CPI inflation of 3-4%, with fixed cost per screen CAGR over FY20-FY25 of 0.8% vs CPI of 5.3%.