A day before its official release, Dhurandhar 2 had already done what few films manage - pull in an estimated ₹40–42 crore from limited paid previews, setting the stage for what could become one of the year’s biggest theatrical runs. For exhibitors like PVR-Inox, the film is more than just a strong opener; it may be the lifeline a subdued March quarter needed.

Sanjeev Bijli, executive director at PVR-Inox, told Fortune India that the early momentum has been encouraging, especially given the scale of anticipation around the sequel. “The movie opened to paid previews yesterday, it looks like around ₹40–42 crore,” he said, adding that the official opening day is expected to be “much bigger.” 

The first part opened at ₹28 crore. 

The company is betting on the film to outperform its predecessor, which clocked around ₹800 crore at the box office. “This one, fingers crossed, we’re hoping it will reach ₹1,000 crore or more,” Bijli said, referring to lifetime collections. 

Elara Capital is even more bullish; projecting a lifetime box office of ₹1,100–1,300 crore. “This could potentially be India’s first Hindi original film to cross the ₹1,000 crore mark,” said Karan Taurani, executive vice president at Elara Capital.

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Language-wise, while the film is available in multiple Indian languages, Bijli expects the bulk of business to remain Hindi-driven. “Maybe 70–80% will come from Hindi, though regional could see a slight uptick this time,” he said.

A wider release, clearer runway

Unlike its first installment, which built momentum gradually, Dhurandhar 2 has arrived with a far more aggressive rollout. The film released across roughly 3,000 screens nationwide for previews alone, including about 1,000 within the PVR-Inox network.

Competing releases have largely stayed away, allowing the film to dominate screens. “Everybody has steered clear and that automatically gave us a lot of space and a lot of screens,” Bijli noted. Even big-ticket films - both domestic and Hollywood - shifted release dates, ensuring minimal clash.

The strategy also included paid previews, a tactic that helped generate early buzz and revenue. Combined with a lack of competing titles, this has allowed exhibitors to maximise show counts across properties.

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However, it does raise the question of whether the industry is leaning too heavily on a handful of tentpole releases.

Bijli acknowledged the skew but framed it as an inherent feature of the business rather than a risk unique to the current cycle. “Every producer sets out to make a film that they hope is a blockbuster but it’s what connects with audiences that translates into box office numbers,” he said.

From an exhibitor’s standpoint, the goal is consistency in big-ticket releases. “If we get about seven, eight films like this a year, it’s a good position to be in,” he added, emphasising that while not every film succeeds, a steady pipeline of large-scale hits can stabilise revenues.

While occupancy is recovering, it remains about 15% below pre-Covid levels, and advertising revenues - a key profitability driver - are still down nearly 30% as brands shift spends to digital platforms. “Meaningful recovery in ad revenues is contingent on consistent Hindi content performance,” Taurani said.

The early footfall numbers underline the film’s draw. PVR-Inox recorded about 4.5 lakh admissions during previews and expects 6.5–7 lakh on day one. Over its full run, Bijli is targeting over one crore admissions for the film across the circuit.

Interestingly, the film’s near four-hour runtime could shape its theatrical trajectory. Fewer daily shows may stretch its run across weeks. “It could run for five to six weeks, maybe longer,” Bijli said, adding that early word-of-mouth suggests broader mass appeal, including in smaller towns.

A much-needed boost after a weak quarter

The strong start comes against the backdrop of an underwhelming fourth quarter for exhibitors. “Q4 was underwhelming, only one or two films clicked,” Bijli admitted, pointing to delays of major releases as a key factor.

That makes Dhurandhar 2 critical for closing the financial year on a better note. “If we manage to reach our numbers with Dhurandhar, it may end up being a reasonable quarter,” he said.

Elara Capital believes the film will provide a near-term boost but won’t fully alter the broader trajectory. Taurani noted that while Dhurandhar 2 will “support the tepid Q4FY26 box office,” it will largely offset the weak performance seen so far rather than drive a structural jump. The brokerage has retained its occupancy estimate of about 26.5% for FY26, factoring in roughly 28% occupancy for the March quarter.

Looking ahead, the pipeline appears stronger, with a mix of Hindi, regional and Hollywood releases lined up through the next quarter. Bijli remains cautiously optimistic, “On paper, it looks like a strong quarter, as long as these films don’t get shifted.”

Also read: Why PVR Inox sold 4700BC to Marico and what it means 

From a financial standpoint, however, there are early signs of improvement. Taurani pointed to balance sheet deleveraging as a key positive. “Net debt could reduce from ₹3.6 billion to ₹1.4 billion post the 4700BC deal, increasing the likelihood of being net debt-free by FY27,” he said, adding that return on invested capital (ROIC) could improve to 10–12% over the next two years, though still below pre-Covid levels of around 19%.

Even as content drives footfall, PVR-Inox is continuing its expansion push. The company plans to add around 100 screens across India, spanning metros, tier-one and smaller cities. Recent entries into new markets like Agra and upcoming ones such as Jabalpur and Varanasi highlight a growing focus on untapped demand in Tier-2.

The mix for screen growth sits at 30% for metros, 40% for tier-1, and 30% for tier-2. 

“Wherever there is a gap and a viable opportunity, we are there to build new cinemas,” Bijli said, noting that 90-95% new properties will be within malls, particularly in emerging urban centres.

“Lower leverage, better profitability and double-digit ROIC over the medium term should enable a favourable risk-reward,” Taurani said, maintaining a ‘buy’ rating on the stock with a target price of ₹1,300.

For now, though, all eyes are on Dhurandhar 2.