PVR Inox jumps 7% post Q2; JM Fin raises price target: Check details

PVR Inox reported total revenue of ₹1,858.9 crore in Q2FY26, up 12 per cent from ₹1,663.9 crore in the year-ago period

PVR Inox share price today: Shares of Indian multiplex chain PVR Inox surged nearly 7 per cent to hit an intraday high of ₹1,167.5 after it reported strong numbers for the September 2025 quarter (Q2FY26).

 

At 2:20 PM, PVR's share price was trading 5.8 per cent higher at ₹1,156 per share on the NSE. In comparison, NSE Nifty50 was up 0.58 per cent at 25,856 levels. The market capitalisation of the company stood at ₹11,367 crore. The stock has recovered 40 per cent from the 52-week low of ₹830 touched on April 7, 2025.

PVR Inox Q2 results

In the September 2025 quarter (Q2FY26), PVR Inox reported total revenue of ₹1,858.9 crore, up 12 per cent from ₹1,663.9 crore in the year-ago period. The company's earnings before interest, tax, depreciation and amortisation (Ebitda) came in at ₹647.6 crore, up 24 per cent compared to ₹521.1 crore in Q2FY25. Profit after tax (PAT) came in at ₹105.5 crore against net loss of ₹12.1 crore in the year-ago period. 

 

The company's average ticket price grew 2 per cent Y-o-Y to ₹262, while food and beverage (F&B) Spend per Head (SPH) came in at ₹134. It posted the highest Q2 Ad Income post-pandemic at ₹125.6 crore, up 15 per cent Y-o-Y.

 

PVR's net debt decreased by 57 per cent or ₹811.6 crore since the merger to ₹618.8 crore in Q2FY26. As of this date, PVR Inox operates 354 cinemas with 1,761 screens across 111 cities.

JM Financial on PVR Inox

According to analysts at JM Financial, PVR Inox’s Q2 revenue growth of 12 per cent year-on-year was in line with estimates. The underlying performance was better, with box office collections (BOC) up 17 per cent Y-o-Y, well distributed across languages and led by multiple hits rather than a few megahits. In Q2FY26, 12 movies crossed ₹100 crore BOC, though none surpassed ₹500 crore. 

 

As noted in their August 2023 report, the skewness of BOC towards a few megahits with a longer tail of flops was likely an impact of OTT. Conversely, this more equitable performance suggests the OTT impact is waning, the brokerage said in its note.

 

Sleeper hits like Saiyaara and Mahavtar Narsimha show that good content can still draw audiences, which may encourage more production and guide moviemaking strategy going forward. The earlier problem of inconsistent content flow now seems behind. Q3 has started well with titles such as Kantara and Jolly LLB, and the content pipeline for Q3 and Q4 looks strong. This supports management’s confidence for a better or at least equally strong second half compared to the first.

 

PVR Inox is on track to cross 150 million admissions in FY26. JM Financial expects an 8 per cent rise in average ticket price (ATP) and 6 per cent growth in spend per head (SPH) in FY26, along with lower fixed costs, which could lead to higher revenue and Ebitda. Valuations at 10x EV/Ebitda (pre-Ind AS), about one standard deviation below the 10-year mean, make current levels attractive. With near-term momentum and a possible structural recovery, JM Financial maintains a 'Buy' rating on the stock. It has increased the target price by 2.1 per cent to ₹1,460 from ₹1,430, earlier.