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Runs India's largest multiplex cinema chain, formed by the 2023 merger of PVR and Inox Leisure.
Runs India's largest multiplex cinema chain, formed by the 2023 merger of PVR and Inox Leisure.
Pays distributors a share of ticket revenue that is higher in a film's first weeks and keeps the rest, then earns more on food and drinks and cinema advertising, which carry higher margins. Mall landlords also take rent, so hit films that fill seats largely decide results.
In one line: India's AMC Theatres.
Moat: narrow (scale, installed base). Largest screen count in India gives negotiating leverage with distributors and landlords.
Headquarters: Gurugram, India · Founded: 1997 · Employees: 20,659
Size PVR Inox (PVRINOX.NS) is an India Communication Services company (Movies/Entertainment) with a market value of $1.63B, the 435th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,566 on 6 Nov 2026.
Performance Over six months the shares gained 46.9%, against +10.5% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 14.3% over the last twelve months (peer median +0.9%); the operating margin is 15.6% (peer median 8.9%).
Valuation It trades at 28.7× forward earnings against a peer median of 18.5× (6th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +88%, so the hurdle is -73 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.8 points below its cost of capital (12.2% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹71.5B | ₹66.3B | ₹56.9B | ₹61.1B | ₹37.5B |
| Revenue growth | — | +17% | -7% | +63% | — |
| Gross profit | ₹28.0B | ₹16.5B | ₹10.6B | ₹16.5B | ₹9.68B |
| EBITDA | ₹23.7B | ₹20.8B | ₹15.5B | ₹18.2B | ₹10.5B |
| Net income | ₹6.02B | ₹3.34B | -₹2.80B | -₹320M | -₹3.35B |
| Free cash flow | n/a | ₹17.7B | ₹14.6B | ₹11.7B | ₹926M |
| Capital expenditure | n/a | ₹2.59B | ₹3.31B | ₹6.34B | ₹6.36B |
| Total debt | ₹63.1B | ₹67.8B | ₹77.7B | ₹83.0B | ₹80.5B |
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| Measure | PVRINOX.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.5% | +10.3% | 10th highest of 21 |
| 6-month return | +46.9% | +10.5% | 4th highest of 21 |
| Distance from 52-week high | -3.9% | -21.2% | 5th highest of 21 |
| Revenue growth (TTM) | +14.3% | +0.9% | 6th highest of 21 |
| Operating margin | 15.6% | 8.9% | 7th highest of 21 |
| Forward P/E | 28.7× | 18.5× | 6th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 15.7% | 4.9% | 7th most demanding of 17 |
| Growth delivered (Del g) | +88.3% | +18.7% | highest of 17 |
| Hurdle (Req g minus delivered) | -72.6 pp | -5.7 pp | least demanding of 17 |
| ROIC minus cost of capital | -5.8 pp | -1.3 pp | 6th lowest of 21 |
| EV / EBITDA | 8.9× | 8.7× | 6th most expensive of 12 |
| Net debt / EBITDA | 2.4× | 1.9× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PVR Inox PVRINOX.NS | India | $1.63B | +47% | +14% | 16% | 28.7× | 15.7% | +88.3% |
| Hengdian Entertainment 603103.SS | China | $1.62B | -18% | -27% | -10% | n/a | 36.1% | +18.3% |
| Damai Entertainment 1060.HK | Hong Kong | $1.74B | -25% | +22% | 6% | 13.9× | -9.1% | +22.0% |
| EVT EVT.AX | Australia | $1.78B | +39% | +7% | 9% | 35.0× | 21.0% | +18.0% |
| United Parks & Resorts PRKS | United States | $1.81B | +2% | -4% | 21% | 11.4× | 0.2% | +30.9% |
| Tabcorp TAH.AX | Australia | $1.45B | +28% | 0% | 9% | 28.6× | 5.5% | +0.1% |
| Cultural Investment 600715.SS | China | $1.43B | +15% | -27% | -44% | n/a | n/a | n/a |
| Shenzhen Overseas Chinese Town 000069.SZ | China | $2.00B | -25% | -22% | -32% | n/a | 1.1% | -17.4% |
| Heiwa 6412.T | Japan | $1.32B | +16% | +47% | 16% | 10.2× | 4.1% | +19.1% |
| SM ENTERTAINMENT 041510.KS | South Korea | $1.31B | -19% | +10% | 14% | 15.5× | -9.1% | +15.2% |
| Saregama India SAREGAMA.NS | India | $1.26B | +77% | -3% | 28% | 46.6× | n/a | n/a |
| Songcheng Performance Development 300144.SZ | China | $2.17B | -29% | -15% | 37% | 20.8× | 5.6% | +20.1% |
| ROUND ONE 4680.T | Japan | $2.22B | +42% | +21% | 15% | 16.3× | 4.3% | +25.5% |
| Bona Film 001330.SZ | China | $1.17B | -25% | -29% | -34% | n/a | 24.0% | -4.9% |
| Prime Focus PFOCUS.NS | India | $2.36B | -7% | +29% | 16% | n/a | 26.0% | +12.6% |
| Beijing Jetsen Technology 300182.SZ | China | $2.36B | +6% | -23% | 9% | 37.1× | n/a | n/a |
| MSG Rangers MSGR | United States | $2.37B | +1,624% | +2% | -9% | n/a | n/a | n/a |
| Compagnie des Alpes CDA.PA | France | $1.11B | -11% | +8% | 13% | 8.1× | 2.6% | +17.8% |
| Accel Entertainment ACEL | United States | $1.10B | +18% | +9% | 8% | 15.6× | 0.8% | +33.3% |
| Shanghai Film 601595.SS | China | $2.40B | +47% | -18% | -2% | 264.9× | 57.0% | +24.4% |
| Tips Music TIPSMUSIC.NS | India | $1.04B | +20% | +27% | 67% | 39.6× | 36.6% | +32.9% |