Pvr Inox Limited · NSE:PVRINOX
Pvr Inox — Q4 FY2026 Earnings Presentation
42 slides from Pvr Inox's earnings presentation, May 11, 2026
Slide 1: Cover letter to stock exchanges
May 11, 2026 The Manager – Listing National Stock Exchange of India Limited (Scrip Symbol: PVRINOX) The Manager – Listing BSE Limited (Scrip Code: 532689) Sub: 4th Quarter & FY 2025-26 - Investor Presentation Dear Sir/Madam, Please find attached presentation on Investor update for the Fourth Quarter
Slide 2: Investor Update: Q4 & 12M FY'26
INVESTOR UPDATE INVESTOR UPDATE : Q4 & 12M FY’26 May 11th,2026 Q4 & 12M FY’26
Slide 3: Disclaimer
DISCLAIMER This presentation has been prepared for general information purposes in respect of PVR INOX Limited (“Company”) together with its subsidiaries and joint venture (together, with the “Company”, the “Group”) only, without regard to any specific objectives, suitability, financial situations a
Slide 4: Disclaimer
DISCLAIMER This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, a
Slide 5: Index
Index 01 INDUSTRY UPDATE 5 02 Q4 & FY’26 RESULTS HIGHLIGHTS 9 03 RESULTS ANALYSIS 14 04 SCREEN GROWTH UPDATE 19 05 CASH FLOW AND BALANCE SHEET 25 06 ANNEXURES 29 07 CONTENT LINEUP 34 INVESTOR UPDATE : Q4 & 12M FY’26
Slide 6: Industry Update
INDUSTRY UPDATE INVESTOR UPDATE : Q4 & 12M FY’26
Slide 7: India Box Office: A Clear Long Term Growth Story
India Box Office: A Clear Long Term Growth Story STRONG STRUCTURAL DEMAND FOR OUT -OF-HOME ENTERTAINMENT IN INDIA CAGR of 7% Pre Covid INDIA GBOC CAGR of 8% Post Covid (in INR Crs) 13,395 12,226 11,833 10,948 Pandemic 10,637 Disruption 9,630 9,810 8,649 8,315 3,772 2,056 CY2015 CY2016 CY2017 CY2018
Slide 8: India Industry Dynamics Favor Theatres
India Industry Dynamics Favor Theatres India Filmed Entertainment Revenue CAGR (2022 - 2025) OTT Evolving Box Office Theatrical Domestic Performance Collections have theatrical 7% From A Increasingly Driving Substitute To A grown Complimentary Overall Content Indian Movies Economics And consistently
Slide 9: India Box Office FY26: Broader & More Balanced Growth
India Box Office FY26: Broader & More Balanced Growth India GBOC Up 11% to INR 13,519 Cr in FY’26 Original Hindi Best Ever Performance Mid Budget Films Make A Comeback 19% 30% +488 46% -1,044 52% 18% -68 13,519 14% 2% 100-200 Cr: 20% 12% 12,182 +1,961 12% 10% +8% 11% GROWTH 7% Hindi 42% 29% +13% FY2
Slide 10: Q4 & FY'26 Results Highlights
Q4 & FY’26 RESULTS HIGHLIGHTS INVESTOR UPDATE : Q4 & 12M FY’26
Slide 11: FY'26: Record Breaking Performance
FY’26: Record Breaking Performance K E Y M I L E S T O N E S ★ ★ ★ ★ ★ HIGHEST HIGHEST HIGHEST HIGHEST NEGLIGIBLE Revenue EBITDA1 PAT2 ATP & SPH Net Debt INR 67,426 Mn INR 9,680 Mn INR 3,868 Mn 280 | 147 INR 1,619 Mn Ever Ever Ever Ever Towards +ve Net Cash BEST EVER OPERATING AND FINANCIAL PERFORMA
Slide 12: Key Financial Highlights
Key Financial Highlights All Figures in INR Mn; Chart Not to Scale Q4 FY’26 Revenue EBITDA & EBITDA Margin%(1) PAT & PAT Margin%(2) 10.7% 11.3% +25% +487% 1,788 15,778 1,696 -1,060 12,626 2.3% -8.4% 289 Q4FY2025 Q4FY2026 Q4FY2025 Q4FY2026 Q4FY2025 Q4FY2026 FY’26 Revenue EBITDA & EBITDA Margin%(1) PA
Slide 13: Key Operating Highlights
Key Operating Highlights Particulars Q4, FY’26 Q4, FY’25 Y-o-Y Growth 12M, FY’26 12M, FY’25 Y-o-Y Growth Cinema Count (at the end of period) (1) 359 349 2.9% 359 349 2.9% Screen Count (at the end of period) (1) 1,798 1,723 4.4% 1,798 1,723 4.4% Admissions Mns 31.0 30.5 1.5% 150.1 136.9 9.6% Occupanc
Slide 14: PVRINOX GBOC: FY'26 Consistent YoY Growth Across Quarters
PVRINOX GBOC: FY’26 Witnessed Consistent YoY Growth Across Quarters All Figures in INR Mn YoY Growth% 21% 17% 13% 23% 11,698 11,920 1,464 9,684 8,633 2,864 878 2,257 7,214 5,757 6,557 3,946 2,429 3,077 3,252 2,249 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Sitaare Zameen Par Saiyaara Dhurandhar Dhurandhar:
Slide 15: Results Analysis
INVESTOR UPDATE : Q4 & 12M FY’26 RESULTS ANALYSIS
Slide 16: Initiatives to Boost Revenue: Driving Footfalls
Initiatives to Boost Revenue: Driving Footfalls through Experience and Occasion Targeted Innovative Movie Film Festivals & Alternate F&B Innovation Promotions Marketing Curated Shows Content & Promotion Weekday deals across Creating Buzz Broaden Offering Use Of Cinema segments Beyond Showcasing INVE
Slide 17: Revenue Analysis
Revenue Analysis Particulars (INR Mn) Q4, FY’26 Q4, FY’25 Y-o-Y Growth 12M, FY’26 12M, FY’25 Y-o-Y Growth Weighted Average Screens (1) 1,721 1,688 2.0% 1,703 1,701 0.1% Sale of Movie Tickets 8,185 6,447 27.0% 35,301 29,549 19.5% Sale of Food & Beverages 4,820 3,612 33.4% 20,884 17,470 19.5% Advertis
Slide 18: Expense Analysis
Expense Analysis Particulars (INR Mn) Q4, FY’26 Q4, FY’25 Y-o-Y Growth 12M, FY’26 12M, FY’25 Y-o-Y Growth Weighted Average Screens 1,721 1,688 2.0% 1,703 1,701 0.1% Variable Cost FHC (%) 45.4% 42.6% 279 bps 45.4% 44.6% 76 bps COGS (%) 22.4% 25.1% -263 bps 22.5% 24.9% -241 bps Fixed Cost Rent(1) 3,28
Slide 19: Relentless Cost Control
Relentless Cost Control FY’20 6 Year CAGR FY’26 PVR + INOX PVR + INOX On per screen basis (INR mn) Proforma Weighted Average Screens 1,371 4% 1,703 Manpower Cost 5.5 - 1% 5.2 Total Headcount 24,285 15% reduction over 6 years 20,659 Fixed Costs Total Headcount per screen 17.7 32% reduction over 6 yea
Slide 20: Screen Growth Update
SCREEN GROWTH UPDATE INVESTOR UPDATE : Q4 & 12M FY’26
Slide 21: Growth Strategy: Capital-Light, South-Led, Tier2/3 Focussed, Premium Tilted
Growth Strategy: Capital-Light, South-Led, Tier2/3 Focussed, Premium Tilted 01 02 03 04 Accelerate Capital light Increase Expand in tier 2 Growth in Expansion - premium GROWTH Underpenetrated & tier 3 cities formats share Asset Light and South Indian FOCO Markets >40% MAJORITY NEW AFFORDABLE DIFFERE
Slide 22: FY'26 Screen Additions: Tilted to South
FY’26 Screen Additions: Tilted to South # CINEMAS OPENED IN Q1 FY’26 OPENING DATE SCREENS 1. 2. PVR ELAN MIRACLE 84, GURGAON PVR ZORA MALL, RAIPUR 25-APR-25 25-APR-25 6 5 NET SCREEN 3. PVR KA MALL, JABALPUR 30-APR-25 4 ADDITION – FY’26 4. PVR DIRECTOR'S CUT, MALL OF INDIA, NOIDA (1) 2-MAY-25 5 NEW S
Slide 23: 'Capital-Light' is Now 55% of New Screens; Capex Intensity Down 24%
‘Capital-Light’ is Now 55% of New Screens; Capex Intensity Down 24% New Screens Addition Mix Capex (INR Mn) New Screens Pipeline 93 FOCO MODEL 52 SCREENS | 14 CINEMAS SIGNED 29 (100% capex by Developer) 22 + ASSET LIGHT MODEL 77 3,335 86 SCREENS | 20 CINEMAS 2,542 SIGNED (40-80% capex by Developer)
Slide 24: Diversified Network of 1,798 Screens
Diversified Network of 1,798 Screens in 113 Cities LADAKH 1CINEMA | 2 SCREENS MAKING THE BRAND ‘ASPIRATIONAL’ & PUNJAB 17 CINEMAS | 90 SCREENS JAMMU & KASHMIR 2 CINEMAS | 5 SCREENS ‘AFFORDABLE’ CHANDIGARH UTTARAKHAND Tier III 3 CINEMAS | 15 SCREENS 3 CINEMAS | 16 SCREENS 9% HARYANA UTTAR PRADESH 21
Slide 25: Growing Presence of Premium Formats
Growing Presence of Premium Formats 286 Screens 159 26 37 4 24 4 2 8 22 • Experience luxury • Immersive movie • Special • 4K projection and • Equipped with • 270-degree, • Offering a • Premium movie • Colorful décor at its best. experience designed superior surround extra - large panoramic projector
Slide 26: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET INVESTOR UPDATE : Q4 & 12M FY’26
Slide 27: Free Cash Flow: Consistently Stronger, Year After Year
Free Cash Flow: Consistently Stronger, Year After Year All Figures in INR Mn FREE CASH FLOW FY’26 FY’26 FCF More Than 2x FY25, ~7x FY24 Capex -2,542 7,901 9,680 EBITDA(1) Interest Expense -1,456 Cash Inflow 11,899 -154 Cash Flow from Free Cash Flow (2) Discontinued 7,901 3,249 Operations(3) 152 Work
Slide 28: Strengthened Balance Sheet Through Debt Reduction
Strengthened Balance Sheet Through Debt Reduction Net Debt (INR Mn) 14,304 1,619 (INR Mn) 31 Mar’23 31 Mar’24 31 Mar’25 31 Mar’26 Gross Debt 17,927 17,177 14,908 7,586 Cash 3,623 4,237 5,386 5,967 Net Debt 14,304 12,940 9,522 1,619 Achieved Negligible Net Debt Level INVESTOR UPDATE : Q4 & 12M FY’26
Slide 29: Return On Capital Employed Break-Out
Return On Capital Employed Break-Out ROCE % Restructuring Recovery Cyclical dip Breakout 10.2% 6.1% 4.1% -0.3% -11.7% FY2022 FY2023 FY2024 FY2025 FY2026 PVRINOX Integration Weak Year - Strong FCF Merger Completed and external, not Generation and Announced Merger Synergies structural Debt Reduction R
Slide 30: Annexures
ANNEXURES 3
Slide 31: Annexure 1: Result Summary (Consol) – Q4 FY'26 vs Q4 FY'25
Annexure 1: Result Summary (Consol) – Q4, FY’26 vs Q4, FY’25 Q4, FY’26 Q4, FY’25 Particulars (INR Mn) Ind-AS 116 Ind-AS 116 Reported Ind-AS 116 Impact Reported Ind-AS 116 Impact Adjusted Adjusted Total Income 16,239 461 15,778 12,885 259 12,626 Expenses 10,955 -3,127 14,082 9,405 -2,932 12,337 EBITD
Slide 32: Annexure 2: Result Summary (Consol) – 12M FY'26 vs 12M FY'25
Annexure 2: Result Summary (Consol) – 12M, FY’26 vs 12M, FY’25 12M, FY’26 12M, FY’25 Particulars (INR Mn) Ind-AS 116 Ind-AS 116 Reported Ind-AS 116 Impact Reported Ind-AS 116 Impact Adjusted Adjusted Total Income 68,297 871 67,426 58,708 790 57,918 Expenses 45,508 -12,238 57,746 41,426 -11,644 53,07
Slide 33: Annexure 3: Balance Sheet
Annexure 3: Balance Sheet Particulars (INR Mn) Mar 31, 2026 Mar 31, 2025 Total Shareholder funds 73,787 70,534 Equity Share Capital 982 982 Other Equity 72,805 69,533 Non-Controlling Interest 19 Total Debt 7,586 14,908 Long Term Borrowings 4,592 9,198 Short Term Borrowings 2,994 5,710 Lease Liabilit
Slide 34: Annexure 4: ROCE% Calculation
Annexure 4: ROCE% Calculation Particulars (INR Mn) FY2022(1) FY2023 FY2024 FY2025 FY2026 Gross Debt (A) 15,915 17,927 17,177 14,908 7,586 INDAS 116 Adjusted Net Worth (B) (Refer Calculation Below) 36,993 82,141 84,173 83,449 87,663 PVRINOX Merger goodwill - (C) 46,338 46,338 46,338 46,338 Total Capi
Slide 35: Content Lineup
C O N T E N T L I N E U P 3
Slide 36: Content Lineup
Content Lineup INVESTOR UPDATE : Q4 & 12M FY’26 35
Slide 37: Content Lineup
Content Lineup INVESTOR UPDATE : Q4 & 12M FY’26 36
Slide 38: Content Lineup
Content Lineup INVESTOR UPDATE : Q4 & 12M FY’26 37
Slide 39: Content Lineup
Content Lineup INVESTOR UPDATE : Q4 & 12M FY’26 38
Slide 40: Content Lineup
Content Lineup INVESTOR UPDATE : Q4 & 12M FY’26 39
Slide 41: Content Lineup
Content Lineup INVESTOR UPDATE : Q4 & 12M FY’26 40
Slide 42: Investor Update: Q4 & 12M FY'26
INVESTOR UPDATE : Q4 & 12M FY’26 41