After months of underperformance, PVR INOX may finally have a catalyst in sight. The record-breaking opening of Ranveer Singh’s Dhurandhar 2: The Revenge has reignited hopes of a box office-led revival, even as questions linger over whether one blockbuster can change the sector’s fortunes.

PVR INOX shares have remained under stress in recent months, mirroring broader market volatility. Persistent losses - with the company reporting full-year losses for five consecutive years - continue to weigh on sentiment, despite its dominance in India’s multiplex segment.

The stock is down nearly 14% since the release of Dhurandhar on December 5, 2025, and has declined 7.5% year-to-date, compared with over a 13% correction in the BSE Sensex. Over the past month, the counter has slipped 9%, while it is down about 4% over the past year.

Dhurandhar 2 grosses over ₹800 crore in just five days

Since the release of Dhurandhar 2 on March 19, the stock has fallen around 8%, despite the Aditya Dhar-directed film emerging as one of the biggest cinematic success stories of the year, grossing over ₹800 crore within just five days. The film has already surpassed the lifetime worldwide collections of major blockbusters like Gadar 2 (₹686 crore) and Pushpa 2’s Hindi version (₹812 crore).

On Tuesday, the stock witnessed sharp intraday swings despite firm trading in the broader market. It opened higher at ₹951.15 versus the previous close of ₹943.25 and climbed 2.3% to ₹965 in early trade, only to reverse course and slip into the red. The stock fell nearly 2.9% from the day’s high to touch ₹937, dragging its market capitalisation to around ₹9,210 crore.

This comes even as benchmark indices like the BSE Sensex and Nifty 50 gained about 1%, buoyed by easing crude prices and improving global cues.

Dhurandhar 2 success fuels optimism

The sharp volatility underscores a key question for investors: can the runaway success of Dhurandhar 2: The Revenge provide a meaningful boost to multiplex operators like PVR INOX?

The early signs from the box office are undeniably strong. The film, directed by Aditya Dhar and headlined by Ranveer Singh, has already grossed ₹829.76 crore worldwide within five days of release, setting multiple records. It is now the fastest Hindi film to cross the ₹500 crore mark domestically and the first to breach ₹100 crore in a single day in Hindi alone.

The performance builds on the legacy of its predecessor, Dhurandhar, which grossed over ₹1,300 crore globally and became one of the biggest Hindi film blockbusters. The sequel’s aggressive multi-language release, wider screen count, festive timing, and premium pricing have amplified its opening momentum.

Brokerages believe the film could play a crucial role in salvaging what has otherwise been a tepid quarter for the exhibition industry.

According to analysts at PL Capital, industry-wide box office collections stood at around ₹1,500 crore in the March quarter so far, significantly below historical levels. However, if Dhurandhar 2 delivers ₹1,000 crore in net box office collections (base case) - with nearly 75% accruing in the first two weeks - it could lift quarterly revenues closer to last year’s levels.

For PVR INOX, which typically commands around a 30% market share, this could translate into a meaningful near-term earnings boost. The company has also benefited from the film’s scale of release, with roughly 1,000 screens within its network dedicated to early previews alone.

The brokerage has maintained ‘BUY’ rating on the stock, citing a healthy pipeline, including O’Romeo, Toxic and a steady Hollywood releases such as The Bride, Project Hail Mary.

Structural challenges persist

Yet, the Street remains cautious about extrapolating this momentum. Analysts at Elara Capital note that while the film will “support the tepid Q4FY26 box office,” it is unlikely to alter the structural trajectory of the business. Occupancy levels for FY26 are still expected to remain modest at around 26.5%, indicating that a single blockbuster may not be enough to offset broader content weakness.

This highlights a structural challenge for multiplex operators: dependence on a handful of big-ticket releases. While Dhurandhar 2 may drive footfalls in the near term, sustained growth hinges on a steady pipeline of successful films across genres and languages.

Moreover, macro factors such as discretionary spending pressures and competition from streaming platforms continue to weigh on the sector’s long-term outlook. Even as big-budget films deliver record-breaking openings, consistency remains elusive.