PVR INOX Posts Record Q2 FY27 Results as Indian Box Office Crosses Rs 4,000 Crore
PVR INOX Limited has reported its strongest-ever quarterly revenue, EBITDA and profit after tax, as a busy film calendar and higher spending by moviegoers helped lift performance in the second quarter of FY27. The results point to renewed momentum for India’s cinema exhibition sector, with box office collections reaching a new quarterly high and the company generating significant cash while reducing debt.
For the quarter ended September 30, 2026, PVR INOX recorded revenue of Rs 21,327 million, or approximately Rs 2,133 crore, on an Ind AS 116-adjusted basis. That represents a 17% increase from Rs 18,187 million in the same period last year.
Adjusted EBITDA rose 44% year on year to Rs 4,752 million. The corresponding margin expanded to 22.3%, compared with 18.1% in Q2 FY26. Profit after tax from continuing operations more than doubled, climbing 111% to Rs 2,733 million from Rs 1,296 million a year earlier.
Strong films and higher spending support cinema growth
PVR INOX attributed the improvement to a strong theatrical slate, increased consumer spending and tighter cost management. A steady flow of popular releases can benefit cinema operators in several ways: it brings more audiences through the doors, supports premium-format screenings and creates opportunities for additional spending on food, beverages and upgraded experiences.
Managing Director Ajay Bijli described the quarter as a landmark for both the company and Indian cinema. He said PVR INOX achieved record quarterly and half-yearly revenue, EBITDA and PAT, adding that margins were now above pre-pandemic levels. The company also reported strong free cash flow, completed its first share buyback and maintained a positive net cash position.
The results arrived during an unusually strong period for the wider theatrical market. Figures from Ormax Media and company estimates cited by PVR INOX put India’s gross box office collections at Rs 4,443 crore in Q2 FY27, up 23% year on year. It was the first time the country’s box office had exceeded Rs 4,000 crore in a single quarter.
For the first half of FY27, gross box office collections reached Rs 7,618 crore, a 22% increase from the year-earlier period. The figures suggest that audiences continued to turn out for event films across languages and genres, reinforcing the role of theatrical releases in India’s entertainment market even as viewers have a growing range of at-home options.
Hollywood, Hindi and regional films draw audiences
English-language films were a standout category, with collections rising 87% to Rs 1,024 crore during the quarter. According to company estimates, Spider-Man: Brand New Day became the highest-grossing English-language film in India, collecting Rs 608 crore. Christopher Nolan’s The Odyssey also delivered a strong performance, earning Rs 233 crore.
Hindi box office collections, including dubbed releases, grew 12% year on year. Hanuman Ansh collected Rs 351 crore, while Mirzapur: The Movie earned Rs 267 crore, according to the figures provided by the company. Regional cinema also recorded 12% growth, with titles including Toxic and Jana Nayagan contributing to the quarter’s overall results.
The breadth of the performance is significant for exhibitors. A mix of Hollywood franchises, Hindi releases, dubbed titles and regional films can help cinemas appeal to different audiences and reduce reliance on any single language or genre. For PVR INOX, a diverse slate also creates more opportunities to programme screens across locations and formats.
Cash generation, debt repayment and shareholder returns
PVR INOX generated Rs 6,035 million in free cash flow during the first half of FY27 and repaid Rs 2,586 million of debt. In September, it completed its maiden share buyback of Rs 3,000 million. Despite returning capital to shareholders, the company reported net cash of Rs 1,407 million as of September 30, compared with Rs 807 million at the end of June.
The board has also approved a new Capital Allocation and Dividend Distribution Policy. The framework prioritises investment in new screens, premium formats and technology, while setting a target to keep net debt at no more than 0.5 times last-twelve-month EBITDA following any capital distribution.
Subject to the board’s decision and the company’s financial position, PVR INOX plans to return around 30% of annual surplus cash flow to shareholders through dividends, buybacks or a combination of the two. The policy is intended to balance expansion with shareholder returns and financial discipline.
Expansion plans target underserved Indian markets
As of September 30, PVR INOX operated 1,797 screens across 114 cities in India and Sri Lanka. The company opened 24 screens across six cinemas in the first half of FY27, while exiting 25 screens, largely at loss-making locations. The closures reflect an effort to focus on the quality and sustainability of the network, rather than expansion for its own sake.
PVR INOX plans to add 90 to 100 screens during FY27, with most of the openings expected in the second half. The company expects to use capital-light models for much of this expansion, which can help it grow its footprint while limiting the upfront investment required for each location.
One part of that strategy is the SMART Cinema format, designed for smaller Tier III and Tier IV markets that have fewer modern cinema options. PVR INOX opened its first SMART Cinema in Muzaffarpur, Bihar, in September and plans to launch two or three more during the current financial year. The format could help bring organised cinema experiences to communities that remain under-screened.
Upcoming releases could sustain momentum
The company is looking to an upcoming mix of regional, pan-India and international releases to support attendance in the coming months. Its anticipated Indian titles include Chiranjeevi’s Kaaka and Prabhas’ Spirit. Hollywood releases listed for the period include The Hunger Games: Sunrise on the Reaping, Avengers: Doomsday, Dune: Part Three and Jumanji: Open World.
Bijli said the company would remain focused on expanding through capital-light formats and taking cinema to under-screened parts of India. With a strong content pipeline, investment in premium experiences and a new approach to smaller markets, PVR INOX is positioning itself to build on the quarter’s results while pursuing long-term shareholder value.
For the Bollywood and cinema exhibition industries, the latest performance offers an encouraging sign: audiences are still willing to return to theatres when the film selection, viewing experience and value proposition come together. Whether the record pace can continue will depend on the consistency of upcoming releases, consumer spending and PVR INOX’s ability to expand profitably.
