PVR LTD. Q4 FY26 Results

Summary

PVR INOX Limited announced a defining FY26, achieving its best-ever financial performance with annual revenue of ₹67,426 mn, EBITDA of ₹9,680 mn, and PAT of ₹3,868 mn, all excluding Ind AS 116 impact. This performance was driven by a 10% year-on-year increase in patrons to 150 mn and record-high Average Ticket Price (₹280, up 8.0% YoY) and Spend per Head (₹147, up 9.5% YoY). The company also reported a strong Q4 FY26 with revenues of ₹15,778 mn and a significant turnaround in PAT to ₹1,788 mn from a prior year loss. PVR INOX pivoted to a capital-light growth model, substantially reducing its net debt to a negligible ₹1,619 mn, and strategically divested Zea Maize to focus on its core cinema exhibition business amidst a thriving Indian box office.

Key Highlights

1. 1

   PVR INOX reported its highest-ever annual Revenue, EBITDA, and PAT for FY26, reaching ₹67,426 mn, ₹9,680 mn, and ₹3,868 mn respectively (excluding Ind AS 116 impact).

2. 2

   For Q4 FY26, revenue stood at ₹15,778 mn, EBITDA at ₹1,696 mn, and PAT turned profitable at ₹1,788 mn from a loss of ₹1,060 mn in the prior year, all excluding the impact of Ind AS 116.

3. 3

   The company recorded 150 mn patrons for FY26, a 10% increase year-on-year, alongside highest-ever Average Ticket Price (ATP) of ₹280 (up 8.0% YoY) and Spend per Head (SPH) of ₹147 (up 9.5% YoY).

4. 4

   PVR INOX significantly reduced its Net Debt to a negligible ₹1,619 mn as of March 31, 2026, and generated robust Free Cash Flow of ₹7,901 mn for FY26.

5. 5

   A total of 93 new screens were opened across 17 cinemas during FY26, including 22 screens under the FOCO model and 29 screens under the Asset Light model, reflecting a pivot to a capital-light growth model.

6. 6

   The company strategically divested its subsidiary Zea Maize (4700BC) to Marico Limited for ₹2,268 mn, reinforcing its focus on the core cinema exhibition business.