PVR INOX sees 15-20% growth in film distribution, identifies regional cinema as big opportunity
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PVR INOX is looking to scale up its film distribution business, with regional cinema, international titles and a growing appetite for unconventional stories emerging as key growth drivers. The company's distribution arm, PVR INOX Pictures Limited, reported revenues of ₹371 crore in FY26, accounting for 5.5% of the cinema operator's consolidated revenue.
The business has been growing at 15-20% annually over the past several years, and the company sees considerable headroom to expand its scale and reach.
The expansion comes at a time when theatrical content consumption is evolving, with younger audiences increasingly open to films beyond mainstream Bollywood and established Hollywood franchises. For PVR INOX, this is creating opportunities to acquire a wider variety of titles and tap audiences across languages and genres.
"We are seeing a lot more theatrical films being made, so a lot of films that are specifically for cinemas. That's what's really been driving our acquisition strategy," says Nayana Bijli, Lead, Distribution and Licensing, PVR INOX Limited.
Unlike its exhibition business, which operates cinema screens, PVR INOX Pictures acquires international film rights and theatrical rights for domestic films. It then handles the release strategy, including marketing, distribution and the number of screens allocated to a film. Its revenues primarily come from distribution commissions, with the commercial arrangement depending on individual agreements with producers and studios.
The subsidiary released 124 titles in FY25 and 117 titles in FY26. As of October 31, 2026, it had already released close to 87 titles. The company intends to maintain a pipeline of more than 100 releases annually across languages and territories in FY27 and FY28, while prioritising sustainable and profitable growth over setting an explicit revenue or expansion target.
Regional cinema and unconventional stories drive acquisitions
The composition of its distribution portfolio is also changing. International films, including Hollywood and anime, account for around 40% of its releases, while regional cinema contributes another 40%. Bollywood makes up the remaining 20%.
Regional cinema, in particular, is emerging as a significant opportunity. Bijli says the company's top-performing titles this year have included several regional films, with five to six smaller regional releases delivering encouraging performances. PVR INOX has already distributed more regional titles this year than in the previous year and intends to increase that number further.
"We have always had a strategy to bet on a good film. Sometimes there's an audience for it and sometimes there hasn't. And sometimes we feel like we can build that audience also," she says.
The company is also seeing international titles that would earlier have been considered niche find mainstream audiences in India. Films such as The Drama, Marty Supreme and The Invite illustrate how global discoverability and social media conversations are influencing domestic demand. Anime is another category gaining traction, with PVR INOX having entered the segment when audience interest in India was still nascent.
Its acquisition decisions are guided by past box office performance, comparable films, social media conversations and audience preferences. The company also works with international partners such as A24, Neon, Lionsgate and FilmNation, while remaining open to newer studios and independent producers.
The growing presence of OTT platforms, meanwhile, has not made content acquisition more expensive, according to Bijli. Instead, digital platforms have created additional monetisation opportunities after a film's theatrical run and helped audiences discover different genres.
For PVR INOX, the focus remains on building a diversified portfolio rather than relying on a handful of big-ticket releases. As Bijli puts it, "A good story, no matter where it's from, really translates in terms of the box office."