PVR Inox Q2 profit rises 111% to Rs 273 crore, targets 500 new screens in 3 years

PVR INOX reported adjusted Q2 FY27 revenue of ₹2,132.7 crore, up 17% year-on-year, and adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) of ₹475.2 crore, up 44%. Adjusted profit after tax from continuing operations rose 111% to ₹273.3 crore.

"We remain on track to open around 90 to 100 new screens in FY 2027, with the bulk of the openings in the second half, mainly under capital-light formats," managing director Ajay Bijli said. Kamal Gianchandani, chief business planning and strategy officer, said the company intends to open 500 screens over three years.

Capital expenditure is expected to reach ₹300-320 crore in FY27, with ₹330 crore at the upper end of the range, and exceed ₹350 crore in FY28, depending on project execution and screen additions, chief financial officer Gaurav Sharma said. The company spent around ₹132 crore on capex in the first half of FY27.

PVR INOX aims to open 90-100 screens in FY27, followed by 150-175 in FY28. It has identified around 300 cities for SMART Cinemas, an affordable, capital-light format designed for smaller markets.

The multiplex operator opened 24 screens across six cinemas in the first half of FY27, predominantly under asset-light models, while exiting 25 screens, mostly loss-making properties. As of September 30, it operated 1,797 screens across 114 cities in India and Sri Lanka.

PVR INOX opened its first SMART Cinema in Muzaffarpur, Bihar, in September. Bijli said the format's capital expenditure is 25-30% lower than that of conventional screens, while operating expenditure is around 25% lower than at cinemas in major cities.

The format aims to retain key elements of the moviegoing experience, including seating comfort, screen quality and audio-visual technology, while offering lower ticket and food and beverage prices.