Exhibition duopoly-of-one at book
PVR INOX Limited, a merger of PVR Limited and INOX, revolutionizes the movie experience in India by offering a wide range of premium cinematic content and diverse food and beverage options.
PVR INOX Limited, a theatrical exhibition company, engages in the exhibition, distribution, and production of movies in India and Sri Lanka. The company is involved in sale of movie tickets; in cinema advertisements/product displays; sale of food and beverages; and restaurant business. It also manages cinema screens; and designing, developing, operating and maintaining food courts and other food outlets. The company was formerly known as PVR Limited and changed its name to PVR INOX Limited in April 2023. PVR INOX Limited was founded in 1991 and is based in Gurugram, India.
Key people: Mr. Ajay Kumar Bijli B.Com, OPMP (Promoter, Founder & MD) · Mr. Sanjeev Kumar Bijli (Promoter, Co-Founder & Executive Director) · Mr. Gaurav Sharma (Chief Financial Officer) · Mr. Gautam Dutta (Chief Executive Officer of Revenue & Operations) · Mr. Jitender Verma (Chief Information Officer) · Ms. Maushami Das Gupta (Head of Legal)
PVR Inox major competitors are Cineline India, Saregama India, Tips Music, Zee Entertainment, Sun TV Network, Network 18 Media Inv, PVP Ventures. Market Cap of PVR Inox is ₹12,912 Crs. While the median market cap of its peers are ₹7,548 Crs.
PVR Inox seems to be less financially stable compared to its competitors.Altman Z score of PVR Inox is 2.21 and is ranked 6 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's largest multiplex chain (merger of PVR and INOX in 2023) with 1,798 screens across 359 cinemas in 113 cities at Mar-26 - roughly 40% of India's multiplex screens and ~18% of the country's 10,033 total screens. Revenue comes from box office (~52%), F&B (~30%), advertising and convenience fees; FY26 admissions were 150 mn at an ATP of Rs 280 and F&B spend per head Rs 147. Expansion has shifted to capital-light FOCO/asset-light formats (55% of FY26 additions) to reach zero net debt.
TTM P/E 35.8x on TTM EPS Rs 45.3 (flattered by FY26 divestment gain); P/B 1.54x (1157/751) is near the low end of its post-merger range with the stock -10% from the 52-wk high of Rs 1,284. EV/EBITDA left null: screener borrowings Rs 6,779 cr include lease liabilities… EV/EBITDA n.m.; dividend yield 0.0%.
| No listed multiplex peer of scale | PVR INOX has 1,798 screens vs the next chains (Cinepolis India ~400+, Miraj ~200, unlisted/private) - it owns ~40% of multiplex screens and a larger share of premium formats (286 premium screens across 10 formats), giving it the best terms with studios, advertisers and mall developers; scale is the moat. |
| Studio/content stocks (e.g. Saregama, Tips, Zee) | Exhibitors are content-agnostic - PVR INOX benefits whichever film works (Hindi share rose to 44% of H1-26 box office) whereas producers carry hit-or-miss risk on each slate. |
| OTT platforms (Netflix, JioStar - unlisted) | Not investable domestically; direct-to-OTT film releases halved from 60 (2024) to 30 (2025) as theatrical windows re-established, and theatrical was 63% of filmed-entertainment revenue in 2025 (FICCI-EY). |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Media — 1.5%: a duopoly-of-one at trough earnings
Indian cinema is not dying: 2025 was a record gross box office of ₹13,395 crore, the first half of 2026 was a record ₹6,398 crore (+12%) and direct-to-OTT releases halved from 60 to 30 in a year as studios rediscovered the theatrical window. Footfalls fell 6% in 2025 while average ticket prices rose 20% — a pricing-led model that suits the operator with the best screens. PVR INOX has ~40% of India's multiplex screens (1,798) and is the only listed exhibitor of scale; it now adds screens capital-light through franchise and management contracts, has cut net debt with real-estate monetisation and is returning to free cash flow. The stock is at 1.5x book, the low end of its post-merger range, and the FY27E P/E of 43x reflects trough earnings on a ₹6,500 crore revenue base with 30% incremental margins on every extra footfall. This is a Core holding in the sense that the business is a structural winner; the earnings are cyclical with the film slate.
There is no listed multiplex peer of scale. Studio and music stocks (Saregama, Tips, Zee) are content bets with weaker economics; OTT platforms are unlisted or foreign. Broadcasters are structurally challenged by streaming.
| Hollywood Box Office Collections - Market Share | 40 % | as of Mar 18 |
| Multiplex Screens - Market Share | 28 % | as of Mar 19 |