Exhibition duopoly-of-one at book
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| PVR Inox | Held | 29.48 | 4.53% | 13,109 Cr | Exhibition duopoly-of-one at book | |
| No listed multiplex peer of scale | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| Studio/content stocks (e.g. Saregama, Tips, Zee) | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| OTT platforms (Netflix, JioStar - unlisted) | Not held | n/a | n/a | n/a | 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). | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
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.
All sectors we avoid or underweight →PVR INOX (1.5%, Core): the exhibition duopoly-turned-monopoly, at book value plus a bit, with a capital-light expansion model and a content cycle that has turned.
| Hollywood Box Office Collections - Market Share | 40 % | as of Mar 18 |
| Multiplex Screens - Market Share | 28 % | as of Mar 19 |