With five blockbusters lined up, PVR INOX could touch ₹1,930 crore H2 ticket revenue

PVR INOX could see a stronger second half of FY27, with a packed film calendar led by Ramayana, Avengers: Doomsday, Drishyam 3 and Jailer 2 expected to drive box office collections and improve theatre occupancy. The multiplex operator's ticket revenue is estimated to grow 12% year-on-year to ₹1,130 crore in Q3FY27, as a wider pipeline of big-ticket releases provides greater visibility on footfalls and collections.

According to Karan Taurani, executive vice-president at Elara Capital, five major releases in the quarter could collectively generate ₹2,600 crore in domestic net box office collections, translating into an estimated ₹980 crore for PVR INOX based on its share across Hindi, English and regional films. Of this, around ₹230 crore has already been banked through Drishyam 3 and Jailer 2, which have together delivered ₹800 crore in India net collections.

The remaining contribution will depend significantly on the performance of Ramayana and Avengers: Doomsday, which together account for 62% of the estimated collections from the five releases. The first week of King is also expected to contribute to the quarter's performance.

"The second half of FY27 has a much stronger content pipeline, with multiple large releases across Hindi, English and regional cinema. This gives exhibitors better visibility on footfalls and ticket revenues compared with a quarter dependent on one or two films," Taurani said.

Ramayana and Avengers hold the key

Ramayana, scheduled for a Diwali 2026 release, is expected to arrive across 7,000 to 8,000 screens in India, with estimated opening-day net collections of around ₹80 crore. Elara Capital believes the film could cross ₹800 crore in domestic net collections if it receives positive reviews and sustains strong word of mouth. In an optimistic scenario, collections could touch ₹1,000 crore.

The film's performance will be particularly important given the high comparative base set by Dhurandhar, which collected approximately ₹850 crore in India. A strong showing by Ramayana could help offset this base and support box office growth, while also improving theatre occupancy and ancillary revenues from food and beverages and advertising.

Avengers: Doomsday, scheduled to release in India on December 17, is expected to add another ₹600 crore to domestic net collections. Assuming Ramayana and Avengers generate ₹1,400 crore together, PVR INOX's attributable share is estimated at ₹610 crore, based on its 38% share in Hindi and 51% share in English films.

Adding Drishyam 3's estimated ₹450 crore, Jailer 2's ₹500 crore and King's ₹250 crore contribution during the quarter, Elara estimates collections from the five releases at ₹2,600 crore. Another ₹150 crore from other films would take PVR INOX's Q3FY27 ticket revenue to ₹1,130 crore, against ₹1,010 crore in the year-ago quarter.

The pipeline also includes Dune: Part Three, which could provide additional upside.

Occupancy recovery offers further support

The momentum is expected to continue into Q4FY27, although ticket revenues are projected to moderate to ₹800 crore, broadly in line with ₹820 crore in Q4FY26.

The quarter's major releases include Golmaal 5, expected to collect ₹450 crore, Love & War at ₹400 crore and Naagzilla at ₹300 crore. King's spillover collections are estimated at ₹300 crore, while English releases could contribute another ₹200 crore. Together, these films could generate ₹1,650 crore in domestic net collections, with PVR INOX accounting for an estimated ₹650 crore.

For the second half of FY27, ticket revenue is projected at ₹1,930 crore, up 6% from ₹1,820 crore in the corresponding period last year. This is broadly close to the ₹2,080 crore second-half run rate required to meet Elara's full-year FY27 estimates.

Occupancy trends are also improving. PVR INOX's occupancy rose from 23% in FY25 to 26.2% in FY26, before reaching 30.4% in Q2FY27.

"We expect Q3FY27 occupancy to remain healthy at 28–29% or higher, supported by the blockbuster pipeline," opined Taurani.

Higher footfalls could improve operating leverage, food and beverage consumption, and advertising revenues. However, the estimates remain contingent on films sustaining collections beyond their opening weekends, particularly Ramayana and Avengers, whose performance will be critical to the quarter.