PVR INOX Limited, a theatrical exhibition company, engages in the exhibition, distribution, and production of movies in India and Sri Lanka. It operates through Movie Exhibition and Others segments. The company is involved in the in-cinema advertisements/product displays; sale of food and beverages; and gaming and restaurant businesses. PVR INOX Limited is an Indian multiplex chain. It was formed in 2023 as a result of the merger between PVR Cinemas and INOX Leisure Limited.
PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Vasant Vihar, New Delhi. In 2022, PVR Cinemas achieved the milestone of completing 25 years in the business. The company has grown from a single screen operation to become India's largest multiplex chain through strategic expansion and acquisitions.
In February 2023, PVR merged with its rival INOX Leisure to create the largest multiplex chain in India. All the new properties opened after the merger with Inox will be branded as 'PVR Inox'. The existing properties owned by PVR and Inox prior to merger will continue to carry 'PVR' and 'Inox' branding respectively. Post-Merger PVR was renamed PVR INOX Ltd., and it is fifth largest listed multiplex chain globally by screen count.
As of December 2024, PVR INOX operates 1,749 screens across 355 properties in 111 cities, including locations in India and Sri Lanka. This massive scale gives the company significant market dominance and bargaining power with distributors, producers, and mall developers.
Today's market capitalization of PVR Inox Ltd (PVRINOX) is ₹9,552.89 Crore. The company's financial performance reflects the challenges faced by the entertainment industry in recent years. Net Loss of PVR Inox reported to ₹125.00 Crore in the quarter ended March 2025, as against net loss of ₹129.50 Crore during the previous quarter ended March 2024. Sales declined 0.53% to ₹1,249.80 Crore in the quarter ended March 2025, as against ₹1,256.40 Crore during the previous quarter ended March 2024.
For the full year FY25, net loss reported to ₹279.60 Crore in the year ended March 2025, as against net loss of ₹32.00 Crore during the previous year ended March 2024. Sales declined 5.36% to ₹5,779.90 Crore in the year ended March 2025, as against ₹6,107.10 Crore during the previous year ended March 2024.
The company earns about 52% of its revenues from the sale of movie tickets. It also earns revenues from other activities like the sale of food & beverages contributed 30% to its revenues, followed by advertisement income (6%), Convenience fees (6%) & other business (6%).
This diversified revenue model provides stability and multiple growth opportunities. The high-margin food and beverage segment, along with advertisement revenues, help offset the volatility in box office collections and provide additional income streams beyond ticket sales.
The merged entity plans to open 150 screens in FY24 with an investment of around ₹500 Crore, aiming to expand into Tier 3 and Tier 4 cities in India. This initiative seeks to deliver an ultimate movie-viewing experience, which is currently largely restricted to Tier 1 and Tier 2 cities. In FY25, PVR INOX plans to add 120 new screens while closing approximately 60–70 non-performing ones. Around 40% of the new screen additions will be in South India, specifically in under-penetrated regions.
PVR Inox plans to grow by opening low-cost cinemas in underserved regions of India, including Leh and Machilipatnam. The company aims to increase its franchise-owned, company-operated model from 20% to 40-50% of its portfolio.
The company has been at the forefront of introducing premium viewing experiences in India. In 2012, PVR Cinemas partnered with entertainment technology pioneer IMAX to introduce the first-ever IMAX experience in Bengaluru. Following this, they went on to establish 21 IMAX screens across India.
In an effort to attract larger audiences to theatres, PVR INOX launched the PVR INOX Passport in October 2023, a subscription-based model. Priced at ₹699 per month, it allowed subscribers to watch up to 10 movies a month on weekdays. After the successful pilot run of the initial Passport model, PVR INOX introduced Passport 2.0 in March 2024. The new version was priced at ₹349, offering subscribers four weekday cinema visits per month. In April 2024, the company reopened new subscriptions after selling over 50,000 subscriptions within the first two weeks of its launch.
In February 2025, PVR INOX achieved its best quarterly performance in the past five quarters, recording its highest advertising revenue to date. However, the company continues to face challenges from changing consumer preferences and competition from digital streaming platforms.
PVR INOX experienced a challenging quarter with a 9% decline in gross box office collections, primarily due to a lack of major Hindi film releases, yet saw a shift in audience preferences towards Hindi dubbed films. The company's disciplined cost control and strategic exit from underperforming screens have strengthened its balance sheet, reducing net debt significantly.
Looking ahead, optimism surrounds a robust lineup of anticipated releases and plans to open 100 to 110 new screens under an asset-light model, which is expected to enhance long-term cash flow despite short-term margin impacts. The evolving relationship between theatrical releases and OTT platforms is stabilizing, while the revenue-sharing structure with developers reflects a collaborative approach to growth amidst fluctuating market dynamics.
The merger has created significant synergies and cost efficiencies, positioning PVR INOX as a dominant force in India's multiplex industry. With the gradual recovery in footfalls and a strong pipeline of content releases, the company is well-positioned to capitalize on the revival of the theatrical exhibition business in India.```
