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PVR Inox Ltd

PVRINOX

NSE

₹1,402.10+0.08%19 Oct 2026

Reports

Entertainment and Media

PVR Inox Ltd

PVRINOX

NSE

₹1,402.10

+0.08%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Entertainment and Media

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

PVR Inox is the company that turned watching a movie in India into a night out at a shopping mall - it pioneered the multiplex format in 1997 and, after merging with its biggest rival in 2023, now runs the country’s largest cinema chain by a wide margin. The business rests on a simple idea: India has remarkably few screens for its population - just 7 per million people, against over 60 in China - so every new screen in a well-chosen location can draw crowds that global chains would envy, with admissions per screen running two to four times higher than large international peers. The recurring approach that explains everything else is a shift to a “capital-light” model where mall developers pay for most of the screen, while PVR Inox brings the brand, the operations and the pricing power - so it can grow without tying up its own cash.

Business segments

Two engines that feed each other - a dominant cinema-exhibition network that fills seats and sells popcorn, and a film-distribution arm that supplies the screens with Hollywood and independent titles.

1. Cinema exhibition: the main engine, built on scarce real estate and a brand that fills seats

It runs 1,798 screens across 113 cities, sells tickets and food to 150 million guests a year, and earns more per ticket and per snack than any other chain in the country.

Food is the second ticket - a customer must buy a movie ticket before they can buy food, and spend per head on food and drink reached ₹147 in FY26, up 10% year-on-year, again the highest in the domestic industry. The company has launched its own hot-dog brand, rolled out non-vegetarian menus across 116 former INOX cinemas, and started home delivery and outdoor catering.
Demand is engineered, not just waited for - self-driven initiatives like Cinema Lover’s Day, Blockbuster Tuesdays, and over 250 re-releases of iconic titles together pulled in more than 10 million incremental visits during quiet periods, generating over ₹168 crore at the box office. A subscription pass (₹349 for 4 tickets a month) locks in repeat visits and is applicable across all regions, with premium formats available for an upgrade fee, though not applicable on national holidays and weekday releases.

2. Film distribution: the pipeline that feeds the screens with foreign and independent films

PVR Inox Pictures is the largest independent distributor of English and foreign-language films in India, supplying more than 85% of the theatrical revenue of independent foreign films in the country.

A library of 600 titles - the catalogue includes over 500 Hollywood films, more than 20 of which have won or been nominated for Oscars, and the business is the largest distributor of Japanese anime in India, with 23 anime films released to date.
It picks winners, not everything - for over 20 years the business has worked only with big production houses that have a credible track record, so it avoids the risk of backing films that do not draw a crowd.
Small but fast-growing - revenue jumped 72% from FY24 to FY25, reaching ₹3,853 million, and profit before tax more than doubled over the same period, helped by an equity infusion of ₹500 million in FY24 to scale operations.

Group structure and partners

A listed parent with a film-distribution subsidiary, an overseas cinema in Sri Lanka, a food-court joint venture, and a recently sold snacks brand - all controlled by the founders of PVR and INOX.

The listed entity, PVR Inox Limited, was formed through the all-stock merger of PVR Limited and Inox Leisure Limited in February 2023 and is promoted by Pavan Kumar Jain (Chairman, founder of the Inox Group), Ajay Bijli (Managing Director), Sanjeev Kumar (Executive Director), and Siddharth Jain.
Wholly-owned subsidiaries include PVR Inox Pictures Limited (film distribution) and PVR Inox Lanka Limited, which operates one cinema in Colombo, Sri Lanka.
A 49% stake in Devyani PVR Inox Private Limited, a joint venture with Devyani International Limited, was formed in July 2024 to build and operate food courts in shopping malls; the first opened in Kota, Rajasthan, with another 7-9 planned.
The premium snacking brand ‘4700 BC’, held through subsidiary Zea Maize Private Limited, was sold to Marico Limited for ₹226.8 crore in January 2026, following a decision to focus on the core cinema business.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹13,764Cr

Close Price

₹1,401.60

Industry

Entertainment and Media

Price To Earnings

30.95

Price To Sales

2.01

Revenue

₹6,842Cr

Rev Gr TTM

Revenue Growth TTM

13.68%

PAT Gr TTM

PAT Growth TTM

383.76%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,000	1,546	1,256	1,191	1,622	1,717	1,230	1,450	1,823	1,850	1,547	1,622
Growth YoY Revenue Growth YoY%	191.5	64.5	9.9	-8.8	-18.9	11.1	-2.1	21.7	12.4	7.7	25.8	11.9
Expenses ExpensesCr	1,293	1,074	978	939	1,143	1,190	941	1,046	1,211	1,225	1,096	1,094
Operating Profit Operating ProfitCr	707	472	278	252	479	528	289	404	612	625	452	529
OPM OPM%	35.3	30.6	22.2	21.1	29.6	30.7	23.5	27.9	33.5	33.8	29.2	32.6
Other Income Other IncomeCr	24	59	49	29	42	42	58	32	36	-4	73	26
Interest Expense Interest ExpenseCr	200	197	200	204	206	203	196	191	188	181	173	165
Depreciation DepreciationCr	309	317	303	314	329	320	316	308	317	316	331	315
PBT PBTCr	222	18	-175	-238	-15	46	-163	-63	142	124	21	76
Tax TaxCr	56	5	-46	-59	-3	11	-42	-16	37	24	6	19
PAT PATCr	166	13	-130	-179	-12	36	-125	-55	106	95	186	57
Growth YoY PAT Growth YoY%	332.4	-19.5	61.2	-118.3	-107.3	177.3	3.4	69.5	971.9	168.7	248.8	203.7
NPM NPM%	8.3	0.8	-10.3	-15.0	-0.8	2.1	-10.2	-3.8	5.8	5.2	12.1	3.5
EPS EPS₹	17.0	1.3	-13.2	-18.2	-1.2	3.7	-12.7	-5.5	10.8	9.8	19.0	5.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,000	1,546	1,256	1,191	1,622	1,717	1,230	1,450	1,823	1,850	1,547	1,622
Growth YoY Revenue Growth YoY%	191.5	64.5	9.9	-8.8	-18.9	11.1	-2.1	21.7	12.4	7.7	25.8	11.9
Expenses ExpensesCr	1,293	1,074	978	939	1,143	1,190	941	1,046	1,211	1,225	1,096	1,094
Operating Profit Operating ProfitCr	707	472	278	252	479	528	289	404	612	625	452	529
OPM OPM%	35.3	30.6	22.2	21.1	29.6	30.7	23.5	27.9	33.5	33.8	29.2	32.6
Other Income Other IncomeCr	24	59	49	29	42	42	58	32	36	-4	73	26
Interest Expense Interest ExpenseCr	200	197	200	204	206	203	196	191	188	181	173	165
Depreciation DepreciationCr	309	317	303	314	329	320	316	308	317	316	331	315
PBT PBTCr	222	18	-175	-238	-15	46	-163	-63	142	124	21	76
Tax TaxCr	56	5	-46	-59	-3	11	-42	-16	37	24	6	19
PAT PATCr	166	13	-130	-179	-12	36	-125	-55	106	95	186	57
Growth YoY PAT Growth YoY%	332.4	-19.5	61.2	-118.3	-107.3	177.3	3.4	69.5	971.9	168.7	248.8	203.7
NPM NPM%	8.3	0.8	-10.3	-15.0	-0.8	2.1	-10.2	-3.8	5.8	5.2	12.1	3.5
EPS EPS₹	17.0	1.3	-13.2	-18.2	-1.2	3.7	-12.7	-5.5	10.8	9.8	19.0	5.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,850	2,119	2,334	3,086	3,414	280	1,329	3,751	6,107	5,700	6,646	6,842
Growth Revenue Growth%	25.2	14.6	10.1	32.2	10.7	-91.8	374.8	182.1	62.8	-6.7	16.6	13.7
Expenses ExpensesCr	1,557	1,806	1,932	2,499	2,338	615	1,224	2,703	4,297	4,143	4,551	4,625
Operating Profit Operating ProfitCr	292	314	402	586	1,077	-335	105	1,048	1,810	1,557	2,095	2,217
OPM OPM%	15.8	14.8	17.2	19.0	31.5	-119.6	7.9	27.9	29.6	27.3	31.5	32.4
Other Income Other IncomeCr	52	58	30	32	37	469	326	68	157	171	135	130
Interest Expense Interest ExpenseCr	84	81	84	128	482	498	498	572	791	809	733	706
Depreciation DepreciationCr	115	138	154	191	542	575	614	753	1,219	1,277	1,270	1,278
PBT PBTCr	145	153	194	299	90	-939	-681	-209	-44	-358	227	363
Tax TaxCr	47	57	70	110	63	-191	-192	127	-11	-93	51	86
PAT PATCr	99	96	124	189	27	-748	-489	-336	-33	-265	176	444
Growth PAT Growth%	747.3	-2.8	29.4	52.7	-85.8	-2,886.6	34.7	31.1	90.3	-709.8	166.5	383.8
NPM NPM%	5.3	4.5	5.3	6.1	0.8	-267.2	-36.8	-9.0	-0.5	-4.7	2.6	6.5
EPS EPS₹	20.7	20.1	26.2	38.6	5.4	-135.6	-80.2	-51.6	-3.3	-28.5	34.0	45.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,850	2,119	2,334	3,086	3,414	280	1,329	3,751	6,107	5,700	6,646	6,842
Growth Revenue Growth%	25.2	14.6	10.1	32.2	10.7	-91.8	374.8	182.1	62.8	-6.7	16.6	13.7
Expenses ExpensesCr	1,557	1,806	1,932	2,499	2,338	615	1,224	2,703	4,297	4,143	4,551	4,625
Operating Profit Operating ProfitCr	292	314	402	586	1,077	-335	105	1,048	1,810	1,557	2,095	2,217
OPM OPM%	15.8	14.8	17.2	19.0	31.5	-119.6	7.9	27.9	29.6	27.3	31.5	32.4
Other Income Other IncomeCr	52	58	30	32	37	469	326	68	157	171	135	130
Interest Expense Interest ExpenseCr	84	81	84	128	482	498	498	572	791	809	733	706
Depreciation DepreciationCr	115	138	154	191	542	575	614	753	1,219	1,277	1,270	1,278
PBT PBTCr	145	153	194	299	90	-939	-681	-209	-44	-358	227	363
Tax TaxCr	47	57	70	110	63	-191	-192	127	-11	-93	51	86
PAT PATCr	99	96	124	189	27	-748	-489	-336	-33	-265	176	444
Growth PAT Growth%	747.3	-2.8	29.4	52.7	-85.8	-2,886.6	34.7	31.1	90.3	-709.8	166.5	383.8
NPM NPM%	5.3	4.5	5.3	6.1	0.8	-267.2	-36.8	-9.0	-0.5	-4.7	2.6	6.5
EPS EPS₹	20.7	20.1	26.2	38.6	5.4	-135.6	-80.2	-51.6	-3.3	-28.5	34.0	45.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	47	47	47	47	51	61	61	98	98	98	98
Reserves ReservesCr	835	918	1,029	1,449	1,429	1,773	1,309	7,232	7,225	6,953	7,281
Current Liabilities Current LiabilitiesCr	397	607	701	1,053	1,290	1,131	1,434	2,051	2,350	2,498	2,352
Non Current Liabilities Non Current LiabilitiesCr	579	613	572	1,301	4,658	4,539	4,521	7,096	7,147	6,711	5,882
Total Liabilities Total LiabilitiesCr	1,897	2,226	2,349	3,851	7,429	7,503	7,326	16,477	16,820	16,262	15,612
Current Assets Current AssetsCr	456	280	298	393	754	1,002	866	850	994	1,081	1,112
Non Current Assets Non Current AssetsCr	1,441	1,945	2,051	3,458	6,676	6,500	6,460	15,627	15,827	15,181	14,500
Total Assets Total AssetsCr	1,897	2,226	2,349	3,851	7,429	7,503	7,326	16,477	16,820	16,262	15,612

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	47	47	47	47	51	61	61	98	98	98	98
Reserves ReservesCr	835	918	1,029	1,449	1,429	1,773	1,309	7,232	7,225	6,953	7,281
Current Liabilities Current LiabilitiesCr	397	607	701	1,053	1,290	1,131	1,434	2,051	2,350	2,498	2,352
Non Current Liabilities Non Current LiabilitiesCr	579	613	572	1,301	4,658	4,539	4,521	7,096	7,147	6,711	5,882
Total Liabilities Total LiabilitiesCr	1,897	2,226	2,349	3,851	7,429	7,503	7,326	16,477	16,820	16,262	15,612
Current Assets Current AssetsCr	456	280	298	393	754	1,002	866	850	994	1,081	1,112
Non Current Assets Non Current AssetsCr	1,441	1,945	2,051	3,458	6,676	6,500	6,460	15,627	15,827	15,181	14,500
Total Assets Total AssetsCr	1,897	2,226	2,349	3,851	7,429	7,503	7,326	16,477	16,820	16,262	15,612

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	354	320	446	830	787	-413	167	864	1,979	1,968	2,160
Investing Cash Flow Investing Cash FlowCr	-299	-632	-405	-1,015	-390	-289	-3	-576	-627	-303	-29
Financing Cash Flow Financing Cash FlowCr	217	60	-66	142	-211	1,075	-217	-694	-1,293	-1,535	-2,065
Net Cash Flow Net Cash FlowCr	272	-252	-25	-43	186	374	-53	-406	60	130	66
Free Cash Flow Free Cash FlowCr	120	-313	108	395	403	-529	42	230	1,352	1,646	1,906
CFO To PAT CFO To PAT%	359.3	333.5	359.8	438.0	2,931.3	55.2	-34.1	-256.8	-6,052.0	-743.0	1,226.8
CFO To EBITDA CFO To EBITDA%	121.2	101.9	111.0	141.5	73.1	123.2	158.2	82.5	109.3	126.3	103.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	354	320	446	830	787	-413	167	864	1,979	1,968	2,160
Investing Cash Flow Investing Cash FlowCr	-299	-632	-405	-1,015	-390	-289	-3	-576	-627	-303	-29
Financing Cash Flow Financing Cash FlowCr	217	60	-66	142	-211	1,075	-217	-694	-1,293	-1,535	-2,065
Net Cash Flow Net Cash FlowCr	272	-252	-25	-43	186	374	-53	-406	60	130	66
Free Cash Flow Free Cash FlowCr	120	-313	108	395	403	-529	42	230	1,352	1,646	1,906
CFO To PAT CFO To PAT%	359.3	333.5	359.8	438.0	2,931.3	55.2	-34.1	-256.8	-6,052.0	-743.0	1,226.8
CFO To EBITDA CFO To EBITDA%	121.2	101.9	111.0	141.5	73.1	123.2	158.2	82.5	109.3	126.3	103.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	3,409	6,696	5,684	7,685	6,079	7,437	11,717	15,033	13,015	8,971	9,022	13,764
Price To Earnings Price To Earnings	34.8	70.0	45.6	40.5	222.5						27.0	30.9
Price To Sales Price To Sales	1.8	3.2	2.4	2.5	1.8	26.6	8.8	4.0	2.1	1.6	1.4	2.0
Price To Book Price To Book	3.9	6.9	5.3	5.1	4.1	4.1	8.6	2.0	1.8	1.3	1.2	1.9
EV To EBITDA EV To EBITDA	12.7	23.6	15.7	14.9	9.9	-34.2	155.0	21.7	11.6	10.4	7.3	9.0
Profitability Ratios Profitability Ratios
GPM GPM%	56.0	56.6	56.8	58.0	55.2	7.3	44.1	52.4	52.2	64.0	64.5	64.5
OPM OPM%	15.8	14.8	17.2	19.0	31.5	-119.6	7.9	27.9	29.6	27.3	31.5	32.4
NPM NPM%	5.3	4.5	5.3	6.1	0.8	-267.2	-36.8	-9.0	-0.5	-4.7	2.6	6.5
ROCE ROCE%	15.8	13.8	16.0	16.4	9.0	-6.7	-2.8	2.4	4.8	3.0	6.8	6.8
ROE ROE%	11.2	9.9	11.5	12.7	1.8	-40.8	-35.7	-4.6	-0.5	-3.8	2.4	2.4
ROA ROA%	5.2	4.3	5.3	4.9	0.4	-10.0	-6.7	-2.0	-0.2	-1.6	1.1	1.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	3,409	6,696	5,684	7,685	6,079	7,437	11,717	15,033	13,015	8,971	9,022	13,764
Price To Earnings Price To Earnings	34.8	70.0	45.6	40.5	222.5						27.0	30.9
Price To Sales Price To Sales	1.8	3.2	2.4	2.5	1.8	26.6	8.8	4.0	2.1	1.6	1.4	2.0
Price To Book Price To Book	3.9	6.9	5.3	5.1	4.1	4.1	8.6	2.0	1.8	1.3	1.2	1.9
EV To EBITDA EV To EBITDA	12.7	23.6	15.7	14.9	9.9	-34.2	155.0	21.7	11.6	10.4	7.3	9.0
Profitability Ratios Profitability Ratios
GPM GPM%	56.0	56.6	56.8	58.0	55.2	7.3	44.1	52.4	52.2	64.0	64.5	64.5
OPM OPM%	15.8	14.8	17.2	19.0	31.5	-119.6	7.9	27.9	29.6	27.3	31.5	32.4
NPM NPM%	5.3	4.5	5.3	6.1	0.8	-267.2	-36.8	-9.0	-0.5	-4.7	2.6	6.5
ROCE ROCE%	15.8	13.8	16.0	16.4	9.0	-6.7	-2.8	2.4	4.8	3.0	6.8	6.8
ROE ROE%	11.2	9.9	11.5	12.7	1.8	-40.8	-35.7	-4.6	-0.5	-3.8	2.4	2.4
ROA ROA%	5.2	4.3	5.3	4.9	0.4	-10.0	-6.7	-2.0	-0.2	-1.6	1.1	1.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SUNTV	PFOCUS	NAZARA	PVRINOX	ZEEL	NETWORK18	HATHWAY
Market CapitalizationMkt CapCr	25,221	22,070	16,458	13,764	7,022	3,937	1,717
Close PriceClose₹	640.00	283.40	402.80	1,401.60	73.11	25.53	9.70
IndustryIndustry	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media
Price To EarningsPE	16.48	184.03		30.95	34.49		25.53
Price To SalesPS	5.60	4.49	9.36	2.01	0.86	1.81	0.78
RevenueRevenueCr	4,502	4,919	1,759	6,842	8,181	2,169	2,215
Revenue Growth TTMRev Gr TTM%	12.7%	29.2%	-6.1%	13.7%	2.4%	-48.5%	5.9%
PAT Growth TTMPAT Gr TTM%	-8.5%	176.5%	-160.8%	383.8%	-71.4%	97.8%	-30.7%

	SUNTV	PFOCUS	NAZARA	PVRINOX	ZEEL	NETWORK18	HATHWAY
Market CapitalizationMkt CapCr	25,221	22,070	16,458	13,764	7,022	3,937	1,717
Close PriceClose₹	640.00	283.40	402.80	1,401.60	73.11	25.53	9.70
IndustryIndustry	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media
Price To EarningsPE	16.48	184.03		30.95	34.49		25.53
Price To SalesPS	5.60	4.49	9.36	2.01	0.86	1.81	0.78
RevenueRevenueCr	4,502	4,919	1,759	6,842	8,181	2,169	2,215
Revenue Growth TTMRev Gr TTM%	12.7%	29.2%	-6.1%	13.7%	2.4%	-48.5%	5.9%
PAT Growth TTMPAT Gr TTM%	-8.5%	176.5%	-160.8%	383.8%	-71.4%	97.8%	-30.7%

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