Q3 2026 PVR INOX Ltd Earnings Call Transcript
Key Points
- PVR INOX Ltd (BOM:532689) reported a strong year for the Indian theatrical business, with the highest ever All India gross box office collections of INR13,400 crore, up 13% year-on-year.
- The company welcomed 40.5 million guests to its cinemas during the quarter, representing a growth of 9% year-on-year, with occupancy improving to 28.5%.
- PVR INOX Ltd (BOM:532689) achieved an 18% EBITDA margin at an occupancy of around 28%, highlighting the benefits of merger synergies and structural cost optimization.
- Net debt reduced to INR365 crores, representing more than INR1,000 crores reduction since the merger, driven by strong free cash flows and disciplined capital allocation strategy.
- The company is on track to add nearly 100 new screens in FY 2026, staying true to its capital light and scalable growth strategy.
- Advertising revenue was slow this quarter due to fewer marketable films, impacting overall revenue growth.
- A one-time provision of INR44.6 crores related to the adoption of new labor codes impacted reported PAT for the quarter.
- Despite strong box office performance, the company has not yet reached pre-COVID levels of occupancy and advertising income.
- Employee costs increased by 10% year-on-year, partly due to one-time non-recurring team incentives.
- The company faces ongoing challenges with regulatory issues, such as the CCI investigation and Karnataka ticket price cap, which remain unresolved.
Ladies and gentlemen, good day, and welcome to PVR INOX Q3 FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Abhishek Banerjee from ICICI Securities. Thank you, and over to you.
Good afternoon, everyone. On behalf of ICICI Securities, I welcome you to the Q3 and nine-month FY26 post-results earnings call for PVR INOX Limited. The call will begin with brief management remarks on the earnings performance, followed by an interactive Q&A session.
PVR INOX management will be represented by Mr. Ajay Bijli, Managing Director, Mr. Sanjeev Kumar, Executive Director, Mr. Gaurav Sharma, Chief Financial Officer, and other senior management personnel.
Over to you, over to you, Mr. Ajay Bijli, for your opening comments. Thank you, sir.
Thank you. Good afternoon, everyone. I'd like to welcome
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