PVR INOX swings back to profit in H1 FY26 as regional and Hollywood films drive growth

The multiplex chain, PVR INOX Ltd, has posted a record half-year, reporting a 17% year-on-year (YoY) growth in revenue to ₹33,311 crore for the first half of FY26, with profit after tax (PAT) at ₹929 crore compared to a loss of ₹1,142 crore in the same period last year.

Quarterly revenue for Q2 FY26 stood at ₹18,432 crore, up 12% YoY, with EBITDA at ₹3,273 crore and PAT at ₹224 crore, marking the company’s most profitable phase in two years.

“It’s actually quite fascinating because we had multiple languages doing well this quarter - from Saiyaara and Mahavatar Narsimha to F1 The Movie and even a Japanese anime film like Demon Slayer,” says Sanjeev Kumar Bijli, executive director, PVR INOX Ltd. “For the first time, we’re seeing audiences come in for all genres and all languages, which shows they’re open to good films, not just star-led ones.”

In fact, the data backs that up. The company recorded its highest advertising revenue since the pandemic, growing 16% YoY in the first half. Hindi box office collections rose only 4%, while regional cinema and Hollywood titles drove the overall numbers. Malayalam and Kannada films outperformed sharply, growing 49% and 110% YoY respectively, while Hollywood contributed 24% to overall admissions, nearly double last year’s share.

Interestingly, this is the first Diwali in years without a major Hindi superstar release, a shift that’s hard to miss in an industry long defined by the Khans and Kapoors.

Bijli says the trend reflects a broader audience shift, “People have become rather language-agnostic. We saw viewers in Delhi coming to watch Malayalam and Telugu films. That’s a very encouraging sign.”

At the same time, PVR INOX has been focusing on what Bijli calls “manufacturing extra footfalls.” The company rolled out a series of promotions like ₹99 Tuesdays, free-refill weekends, and senior citizen discounts to drive weekday traffic. “All of this, combined with better technology and direct outreach using AI and CRM tools, is helping us target consumers more effectively,” he says.

Operationally, the company added 42 new screens during the half-year, with plans for another 50-plus by March 2026. About 132 screens are now signed under the capital-light FOCO model, which Bijli says “helps mitigate both real estate and capex pressures.” PVR INOX now operates 1,761 screens across 111 cities.

What’s also clear is that Bollywood’s grip on the festive box office has loosened. “Like Hollywood did years ago, Indian producers are now betting more on strong IPs and production value rather than star power,” Bijli notes. “A Chhaava may do ₹600 crore with a big star, but a Saiyaara can do ₹500 crore with newcomers. That’s the balance we need.”

As the company looks ahead, Bijli says the film flow remains strong for the rest of the year, with upcoming releases such as Coolie, War 2, Now You See Me 3, and Avatar expected to sustain momentum. 

“Last year, the concern was the flow of films and people consuming films at home on OTT. That’s not an issue this time. The most positive trend has been that now they seem to be coming out more and more to the cinemas. Plus, the lineup is solid across Hindi, regional, and Hollywood titles,” he says.