GURUGRAM (India CSR): PVR INOX Limited today announced its unaudited standalone and consolidated financial results for the quarter and the half year ended September 30th, 2025.
Box Office delivers record number of Hits in the 1st half of FY’26
The strong momentum of Q1 has only accelerated in Q2, making H1 one of the most remarkable periods in recent times. The Indian box office grew 15% year-on-year in H1, driven not by a few mega blockbusters but by a steady and diverse slate of films across languages and scales. In Q2 alone, 12 films crossed the Rs 100 crore mark, taking the H1 total to 22 — the highest post-Covid — underscoring the depth and sustainability of box office performance.
It is important to note the remarkable turnaround in Hindi cinema this year. A consistent release calendar and strong content have kept audiences engaged. Blockbusters like ‘Saiyaara’ (Rs 400 crore) and ‘Mahavatar Narsimha’ (Rs 300 crore+) highlight how quality content is driving demand, while star-led films such as ‘War 2’ and ‘Jolly LLB 3’ have also delivered strong results. This balance between content-driven successes and marquee star led movies signals a more sustainable, structural recovery for the industry and strengthens the long-term growth outlook.
Hollywood too continued to deliver a remarkable turnaround in the 1st half, with industry collections crossing Rs 500 crore in Q2. This growth was powered by major franchise titles like ‘Jurassic World’, ‘The Conjuring’, ‘Superman’, ‘Demon Slayer’, and ‘Fantastic Four’, with ‘F1’ continuing its strong momentum into Q2. The performance highlights the growing appetite of Indian audiences for global content, particularly in premium formats.
The combined success of Bollywood and Hollywood is especially encouraging, given the significant market share we command, positioning us strongly for sustained growth.
The same balance of content and star power was visible in the regional box office as well. Kannada delivered over 100% year-on-year growth, led by the phenomenal success of ‘Su from So’. Malayalam too expanded by nearly 50%, with ‘Lokah: Chapter 1’ emerging as the highest-grossing Malayalam film ever, crossing industry collections of Rs 180 crore. Alongside these content-led triumphs, star-driven titles like ‘Coolie’ in Tamil, ‘They Call Him OG’, and ‘Mirai’ in Telugu struck a strong chord with audiences. This powerful mix underscores the depth, diversity, and growing scale of regional cinema.
Complete benefit of GST reduction passed on to consumers
The recent reduction of GST from 12% to 5% on tickets priced at Rs 100 or below has been passed on entirely to our patrons, making cinema outings more affordable. For instance, Blockbuster Tuesdays, earlier at Rs 99, is now available at just Rs 92.
Driving Expansion While Deleveraging
During the quarter, we added 22 new screens and exited 8. Consistent with our capital-light growth strategy, we now have 132 screens signed under this model — comprising 44 under FOCO and 88 under Asset-Light. 3 Robust operating cash flows and reduced capex intensity drove strong free cash generation which allowed us to reduce debt. As of 30th September 2025, our net debt stood at Rs 6,188 mn — lowest since the merger — marking a reduction of Rs 3,334 mn since 31st March 2025 and Rs 8,116 mn or 57% since the merger.
Outlook
With a robust release calendar ahead and sustained enthusiasm for theatrical experiences, the outlook for the remainder of FY’26 remains highly encouraging. The upcoming quarters promise diverse and high-quality content across languages, and is expected to continue driving strong footfalls and revenue momentum.
Hindi cinema will continue to anchor the growth with an exciting lineup of high-visibility titles such as ‘Thama’, ‘Tere Ishq Mein’, ‘De De Pyaar de 2’, ‘Alpha’, ‘120 Bahadur’, ‘Dhurandhar’, ‘Love & War’, ‘Border 2’, ‘Dhamaal 4’ and ‘O Romeo’. Hollywood will be led by major global franchises such as Avatar: Fire & Ash, Predator: Badlands, ‘Now You See Me 3’, ‘Wicked: For Good’, ‘Anaconda’, and ‘Street Fighter’.
Regional cinema remains a key growth pillar, with a strong set of upcoming releases including ‘Raja Saab’, ‘Toxic’, ‘Mass Jathara’, ‘Vrusshabha’, ‘Mark’, ‘Jana Nayagan’, ‘Akhanda 2’, and ‘Peddi’.
Commenting on the results and performance, Ajay Bijli, Managing Director, PVR INOX Ltd., said, “The first half of FY’26 has been one of the strongest for Indian cinema in recent years, powered by a diverse slate across Hindi, Hollywood, and Regional films. Initiatives like Blockbuster Tuesdays and our new value offerings are deepening consumer engagement and driving higher footfalls. With a robust content pipeline ahead and continued focus on capital light growth and deleveraging, we are well positioned to build on this momentum.”
(India CSR)
