AMID GEOPOLITICAL TENSIONS, regional bans, and uneven discretionary spending, Dhurandhar: The Revenge has delivered a striking counter-narrative: that scale, storytelling, and franchise recall continue to mobilise audiences at an extraordinary level. The Ranveer Singh-starrer has not only rewritten box office records — crossing ₹800 crore globally within days — but has done so despite a challenging global backdrop, including a ban in key Gulf markets. The scale builds on the formidable legacy of its predecessor. Dhurandhar, released on December 5, 2025, was a historic blockbuster, achieving a lifetime worldwide gross of around ₹1,307.35 crore, including nearly ₹300 crore from overseas. With ₹840.20 crore in net collections across 496,149 shows, it established the franchise as one of the most bankable in Hindi cinema.

The movie is a prime example that compelling cinematic storytelling continues to draw audiences to the big screen regardless of the broader global climate, says Sanjeev Kumar Bijli, executive director, PVR INOX. “The strong opening weekend response recorded healthy footfalls across our cinemas with overall occupancies exceeding 85%.”

For Cinépolis India, the turnout underscores a deeper behavioural shift. “Audiences made a deliberate choice to show up — and show up early,” says Ashish Misra, head of commercialisation. The festive timing created a favourable window, but exhibitors are unequivocal that the turnout was driven more by intent, anticipation, and franchise loyalty. “In the first five days, we welcomed over 1.2 million patrons, with occupancy consistently above 80%. That is a film the audience had already decided to see.” That conviction came from the first movie. “At Cinépolis, part 1 sold over 800,000 tickets in its first week. Part 2 is only converting a franchise audience at a speed and density that requires a different kind of exhibition infrastructure,” Misra adds.

PVR INOX echoes this shift. “The sequel has benefitted from a much larger opening canvas and a multi-language rollout,” Bijli says. “We are seeing a consistent trend across key markets, with a notable uptick in regional interest compared to part 1.” Brokerages had anticipated this scale. Elara Capital’s Karan Taurani had flagged the film as a potential quarter-saver, estimating a lifetime domestic box office of ₹1,100–1,300 crore, highlighting its ability to support an otherwise tepid Q4FY26 box office. The report also emphasised the structural advantage of franchise recall, noting that sequels typically outperform originals by 40–50%.

The film’s geopolitical theme, ironically, did not deter audiences despite real-world tensions; instead, strong word-of-mouth and brand recall sustained footfalls across markets. Trade voices echo the same sentiment, now reinforced by robust overseas traction, barring the Middle East. In the U.S. alone, the film clocked around $14 million in four days — surpassing even Dangal in that market, notes Girish Johar, film business expert. “Dhurandhar 2 would surpass Dhurandhar’s business by probably ₹150-, ₹200-, or ₹250 crore,” says trade analyst Komal Nahta. Exhibitors back this claim. “Gaiety Galaxy is housefull. Maratha Mandir, with a capacity of 1,264 seats, is also running housefull,” says Manoj Desai, executive director of the popular Mumbai multiplexes.

For PVR INOX, the film’s success comes at a critical juncture. It reported losses for five years, with post-Covid recovery weighed down by subdued occupancy levels and weak ad revenues. Yet, from an operating standpoint, the company demonstrates resilience. According to its 2025 performance update, PVR INOX recorded its highest monthly admissions in December, with Dhurandhar contributing ₹375 crore in gross box office collections. “This is not dependence, but a demonstration of the industry’s ability to mobilise audiences at scale,” says Bijli.

Pricing power is a key aspect that Johar highlights. “[It] clearly shows that the audiences are willing to come to theatres irrespective of ticket prices… they are willing to pay for quality content.” A strong theatrical run also lifts the entire ecosystem — from OTT to satellite rights — creating a virtuous cycle, he adds. Elara’s note offers a calibrated view. While Dhurandhar 2 is expected to lift Q4 occupancy to around 28%, the brokerage has retained its FY26 occupancy estimate at nearly 26.5%, noting that the film will “only offset lacklustre BOC show so far”.

Recovery or dependence?

The more fundamental debate is whether Dhurandhar 2 signals a broader recovery in theatrical exhibition or simply reinforces a growing reliance on a handful of tentpole releases. Vihaan Kohli, producer and head of content, Edit II, offers a grounded perspective. “I don’t think it is a structural recovery. Theatrical viewing is still becoming more of an event for families, where it only happens a few times a year. Those few times are not sufficient enough to run a multiplex,” he says.

But others see this as an evolution. “Dhurandhar 2 is... a signal that the theatrical audience is not shrinking, but evolving and expanding,” says Vikram Malhotra, founder & CEO, Abundantia Entertainment. “You will have large, community-driven spectacles on one end and tightly positioned, genre-focussed films on the other. The middle may continue to thin out, but that’s not a weakness, it’s a structural shift,” he says.

Cinépolis’ Misra frames it as a dual reality. “What a tentpole of this scale does is demonstrate cinema’s ceiling… but the structural story is in the ordinary weeks, not the event ones,” he says, pointing to rising weekday admissions.

However, structural constraints remain. As Taurani’s analysis indicates, ad revenues continue to trail pre-Covid levels by a wide margin, while occupancy remains below historical peaks. The path to recovery, therefore, lies not just in sporadic blockbusters, but in rebuilding consistency across the content pipeline.

Hence, Dhurandhar 2 stands as both a validation and a warning. It validates the enduring appeal of the big-screen experience. At the same time, it highlights the industry’s increasing dependence on a narrow band of high-performing titles.

For the broader exhibition sector, the takeaway is unequivocal. One blockbuster can lift sentiment, boost quarterly numbers, and momentarily revive footfalls. But long-term stability, and a meaningful re-rating in the markets, will hinge on something far less predictable and far more critical: a steady, diversified pipeline of content that keeps audiences coming back, not just for events, but out of habit.