In a remarkable display of post-pandemic resilience, India’s largest multiplex chain, PVR INOX, reported a stellar 166.5% year-on-year (YoY) jump in its consolidated net profit for the third quarter of FY26.
Announced on February 5, 2026, the company’s profit reached ₹95.7 crore (rounded to ₹96 crore), primarily driven by the record-breaking success of the Bollywood blockbuster Dhurandhar and a significant reduction in corporate debt
1. Q4 2026: Financial Snapshot
The December quarter (Q3 FY26) saw PVR INOX benefit from a “more resilient and efficient operating model” following its 2023 merger.
| Metric | Q3 FY26 (Current) | Q3 FY25 (Previous) | Change (YoY) |
| Consolidated Net Profit | ₹95.7 Crore | ₹35.9 Crore | ↑ 166.5% |
| Revenue from Operations | ₹1,880 Crore | ₹1,717 Crore | ↑ 9.5% |
| EBITDA | ₹622 Crore | ₹528 Crore | ↑ 17.9% |
| EBITDA Margin | 33.1% | 30.7% | ↑ 240 bps |
- Note: While YoY growth was massive, consolidated net profit saw a slight 9.4% decline on a quarter-on-quarter (QoQ) basis compared to the ₹105.7 crore earned in Q2 FY26.
2. The “Dhurandhar” Wave: Box Office Highlights
The quarter’s performance was headlined by the unprecedented success of “Dhurandhar”, which became the highest-grossing Hindi film of all time.
- Dhurandhar Impact: The film grossed ₹1,000 crore at the box office, restoring industry confidence and driving mass admissions.
- Industry Growth: Total Indian box office collections for the 2025 calendar year reached ₹13,395 crore, a 32% increase over pre-pandemic levels.
- Premium Screens: PVR INOX noted that its premium recliner-led formats are significantly outperforming, maintaining 35–40% occupancy compared to the overall average of 28%.
3. Operational Metrics: Spending Rises
Even with ticket prices rising conservatively, Indian moviegoers are spending more on the “total experience,” particularly in Food & Beverages (F&B).
- Admissions: Reached 40.5 million patrons in Q3, up 8.6% YoY.
- Average Ticket Price (ATP): Rose to ₹293, a 4.1% increase.
- Spend Per Head (SPH): F&B spending grew to ₹146, a 4.2% improvement.
- Strategy: The company’s ₹99 Tuesday offer continues to be a major success, with Tuesday admissions frequently matching weekend levels.
4. Strategic Deleveraging: Debt Slashed 74%
Perhaps the most significant achievement for shareholders was the company’s aggressive balance sheet cleanup.
- Net Debt Reduction: PVR INOX’s net debt dropped to ₹365.2 crore—the lowest since the merger—marking a 74% reduction from the previous year.
- Divestments: The company completed the sale of its subsidiary Zea Maize (4700BC popcorn) to Marico for ₹226.8 crore, further boosting its cash reserves.
- Expansion: PVR INOX added 20 new screens in Q3 and is on track to open 90–100 new screens for the full fiscal year under a “capital-light” model.
Conclusion: A Strong 2026 Outlook
PVR INOX enters 2026 with its strongest post-merger balance sheet and a promising film pipeline, including Border 2, Toxic, and Ramayana. By shifting toward a capital-light expansion and focusing on high-margin premium formats, the multiplex leader has proven it can deliver superior profits even at moderate occupancy levels.
