PVR INOX LIMITED

Operates one of India's largest cinema exhibition circuits with 1,782 screens across 355 properties in 113 cities in India and Sri Lanka, making up 94.7% of segment revenue at INR 6,607.9 crore in FY26. Ticket sales and food & beverage sales at the cinemas are the main earnings levers — average ticket price INR 273 and F&B spend per head INR 161 in Q1 FY27, with footfalls of 36.6 million in that quarter at 25.3% occupancy. A second, much smaller segment earns INR 371.4 crore (5.3% of segment revenue) from producing and distributing films. The business is pivoting from pure cinema into an out-of-home entertainment destination, hosting FIFA World Cup screenings, IPL matches, concerts and re-releases on its screens, and 16% of its circuit sits in premium formats. Costs are dominated by other operating expenses at 50.8% of revenue and depreciation at 19.1%, reflecting the asset-heavy nature of running multiplexes. Expansion is shifting toward capital-light and FOCO (Franchise-Owned, Company-Operated) models, with 90 to 100 gross screens planned for FY27 against capex guidance of INR 350 crore, and a 5-year target of about 1,000 additional screens including Tier 2/3 markets.