The multiplex giant reports its highest revenue and admissions since the pandemic and merger, driven by a ‘remarkable’ resurgence in Hindi, Hollywood, and regional content
India’s largest multiplex operator, PVR INOX, has signaled a sustained and robust recovery for the country’s theatrical exhibition industry, announcing its highest admissions, revenue, and profits in two years for the quarter and half-year ended September 30, 2025.
The company’s operational strength translated directly into financial stability, with the multiplex chain successfully leveraging strong cash flow to drastically reduce its post-merger financial burden.
According to its unaudited results, PVR INOX achieved Rs 18,432 million in total revenues for the second quarter (adjusted for Ind AS 116), marking a significant increase over the previous year. Admissions surged by 15 per cent year-on-year, reaching 44.5 million footfalls for the quarter alone—the highest volume in the last two years.
Content Diversity Fuels Box Office Records
The growth was attributed by the management to the quality and diversity of the film slate, rather than a reliance on a few singular blockbusters. The first half of the financial year saw a record 22 films cross the Rs 100 crore mark, underscoring the sustainability of audience engagement.
The most encouraging factor cited was the “remarkable turnaround in Hindi cinema.” After a period of inconsistent performance, a steady flow of successful films, including hits like Saiyaara (which crossed Rs 400 crore) and Mahavatar Narsimha (over Rs 300 crore), drove consistent demand.
Hollywood collections also demonstrated a continuing rebound, exceeding Rs 500 crore in the quarter, buoyed by major franchise titles like Jurassic World, The Conjuring, and Superman.
Meanwhile, regional cinema continued to assert its market dominance, with Kannada films delivering over 100 per cent year-on-year growth and Malayalam cinema expanding by nearly 50 per cent , led by the record-breaking success of Lokah: Chapter 1.
Deleveraging & Consumer Value
The operational success of the box office had an immediate impact on the company’s balance sheet.
PVR INOX announced that its net debt had fallen to Rs 6,188 million, the lowest level since the merger of PVR and INOX. This represents a reduction of 57 per cent, or Rs 8,116 million, since the completion of the merger, demonstrating a swift deleveraging strategy.
For customers, the company highlighted that the recent reduction of GST from 12 per cent to 5 per cent on tickets priced at Rs 100 or below was passed on entirely to patrons. This move makes popular value offerings more affordable; for example, ‘Blockbuster Tuesdays’ are now available for Rs 92, down from Rs 99.
Ajay Bijli, Managing Director, PVR INOX Ltd., commented on the outlook, stating the first half was “one of the strongest for Indian cinema in recent years, powered by a diverse slate across Hindi, Hollywood, and Regional films.” He affirmed that the company is “well positioned to build on this momentum” through its focus on a robust content pipeline and capital-light growth.
The company currently operates 354 cinemas with 1,761 screens across 111 cities, with a capital-light expansion strategy continuing through FOCO (Franchise Owned, Company Operated) models.
