PVR INOX has strengthened its expansion plans after recording its strongest-ever quarter, with adjusted net profit rising 111% to ₹273.3 crore. The multiplex chain plans to add around 500 screens over the next three years, extending its growth strategy beyond major cities into smaller Indian markets. The plan combines strong theatrical box office performance with a new SMART Cinema format designed to make modern moviegoing more affordable without compromising the big-screen experience.
For the quarter ended September 30, 2026, PVR INOX reported adjusted revenue of ₹2,132.7 crore, up 17.3% year on year. The company welcomed 46.3 million visitors, while operating profit, measured through earnings before interest, taxes, depreciation and amortisation (EBITDA), increased 44% to ₹475.2 crore. The results indicate that the company benefited from audience turnout for films while also improving the operating performance of its cinemas.
English-language films played a significant role during the quarter. Collections from this category in India rose 87% to ₹1,024 crore, crossing ₹1,000 crore in a single quarter for the first time, according to the company’s announcement.
Spider-Man: Brand New Day collected ₹608 crore at the Indian box office, making it the country’s highest-grossing English-language film according to the reported figures. PVR INOX accounted for approximately ₹275 crore, or 45%, of the film’s total collections. Christopher Nolan’s The Odyssey also drew audiences, collecting ₹233 crore across India.
Successful releases can generate revenue for cinema operators beyond ticket sales. Popular films bring audiences into theatres, where they may also spend on food and beverages. The appeal of watching major releases on large screens with immersive sound gives audiences a reason to choose cinemas rather than wait for films to become available at home.
PVR INOX’s average ticket price reached ₹298 during the quarter, while average spending on food and beverages per visitor stood at ₹153. However, the company is not relying solely on audiences who already visit multiplexes. Its next phase of expansion aims to reach people with fewer modern cinema options nearby.
The company plans to add around 500 screens over three years and has identified approximately 300 cities for its SMART Cinema format, focusing on Tier 2, Tier 3 and Tier 4 markets. These smaller urban centres offer opportunities to extend organised cinema exhibition beyond India’s largest metropolitan areas.
The first SMART Cinema opened in Muzaffarpur, Bihar, in September 2026. Its average ticket price is around ₹190, compared with the company’s overall quarterly average of ₹298. The lower price is intended to make cinema outings more accessible to local audiences.
The format is designed to retain features that make multiplexes attractive, including comfortable seating, quality screens and modern audiovisual technology. The cost savings instead come from how the cinemas are built and operated. According to PVR INOX, SMART Cinemas require 25% to 30% less capital investment and have operating costs approximately 25% lower than cinemas in major cities.
This model creates an opportunity for the company to enter markets where establishing and operating a conventional multiplex could be more expensive. For moviegoers, it could mean watching new releases closer to home without paying the same average ticket price as audiences in larger markets.
PVR INOX is also changing how it finances new cinemas. Under the franchise-owned, company-operated (FOCO) model, a franchise partner owns the property while PVR INOX manages the cinema. This arrangement reduces the company’s direct investment in each location and allows it to expand through a more capital-light approach.
The company expects to spend ₹300 crore to ₹320 crore on capital expenditure in FY27 and plans to open 90 to 100 screens during the financial year. It also reported a net cash position of ₹140.7 crore at the end of September, meaning it held more cash than debt, even after completing a ₹300-crore share buyback.
Its return on capital employed, a measure of how effectively a company uses its capital to generate returns, reached 16.5% on a trailing 12-month basis. This was above management’s cited pre-COVID benchmark of approximately 13%.
PVR INOX’s next challenge is to turn its record earnings into sustained growth while making cinema accessible to more audiences. With major releases continuing to attract crowds and SMART Cinemas providing a route into smaller markets, the company is betting that the future of theatrical entertainment will depend both on the films people want to watch and on the availability of a cinema where they can watch them.
