PVR INOX Limited

Ajay Bijli

MANAGING DIRECTOR – PVR INOX LIMITED

Sanjeev Kumar

EXECUTIVE DIRECTOR – PVR INOX LIMITED

Gaurav Sharma

CHIEF FINANCIAL OFFICER – PVR INOX LIMITED

Pramod Arora

CHIEF EXECUTIVE OFFICER-

Gautam Dutta

CHIEF EXECUTIVE OFFICER –

Kamal Gianchandani

CHIEF BUSINESS

Abhisek Banerjee

ICICI SECURITIES

15%

e performance this year is increasingly looking structural with total India box office growing by 15% year-on-year in H1, driven by a steady and diverse flow of films across languages and scales rath

INR100 crore

languages and scales rather than one or two mega blockbusters. In Q2 alone, 12 films crossed the INR100 crores mark and 22 films did so in H1, the highest post-COVID, underscoring the depth and durability of

INR400 crore

has kept audiences engaged and theaters buzzing. Blockbusters like Saiyaara, which grossed nearly INR400 crores and Mahavatar Narsimha with collections of around INR300 crores highlight how quality content ra

INR300 crore

ke Saiyaara, which grossed nearly INR400 crores and Mahavatar Narsimha with collections of around INR300 crores highlight how quality content rather than just star power is driving demand. At the same time, w

INR500 crore

growth of the industry. Hollywood had a particularly strong quarter. Industry collections grossed INR500 crores, driven by a big franchise title such as Jurassic World, The Conjuring, Superman, Demon Slayer a

100%

r power was also evident in the regional box office this quarter. Kannada box office grew by over 100% year-on-year, powered by the phenomenal success of Su from So, while Malayalam box office expande

50%

-on-year, powered by the phenomenal success of Su from So, while Malayalam box office expanded by 50% on the back of Lokah Chapter 1, which has now become the highest grossing Malayalam film ever wit

INR180 crore

which has now become the highest grossing Malayalam film ever with industry collections crossing INR180 crores. At the same time, movies high on star power like Coolie in Tamil, They Call Him OG and Mirai

44.5 million

es, reinforcing the strength and diversity of regional content. During the quarter, we welcomed 44.5 million guests to our cinemas, the highest in the last 8 quarters, representing a growth of 15% year-on-y

rs,

ring the quarter, we welcomed 44.5 million guests to our cinemas, the highest in the last 8 quarters, representing a growth of 15% year-on-year and nearly 31% sequentially. Occupancies improved to abo

31%

cinemas, the highest in the last 8 quarters, representing a growth of 15% year-on-year and nearly 31% sequentially. Occupancies improved to about 28.7% compared to 25.7% in Q2 last year, reflecting b

28.7%

resenting a growth of 15% year-on-year and nearly 31% sequentially. Occupancies improved to about 28.7% compared to 25.7% in Q2 last year, reflecting both the strength of content and the impact of the

“PVR INOX management will be represented by Mr.”

“With the grace of God, fortunately, this experiment has worked, and we will be rolling it out in various places.”

“But for the next 6 months, there are a lot of screens which are under pipeline for opening and payments for those screens will be released.”

“So there will be some bit of utilization of this cash balance that will take place by the end of next quarter.”

“Most Hindi films tend to materialize maybe a month or two months before release, and therefore, it's very tough to give visibility for the next quarter or the next financial year.”

“I see no reason why this track record will not be maintained going forward.”

“Now given the fact that this quarter, the footfall number was quite PVR INOX healthy, I believe the SPH growth should have been better because one would expect a slightly better strike rate will be there.”

“So yes, I think I would -- at this stage, it will be premature to comment on any specific measures or give any specific comments there.”

“This will be a value format, smart cinemas with a lot of use of digital technology in its processes.”

“And ATP and concession pricing will be lower than what we have currently at PVR INOX level.”

Gaurav Sharma

19

Moderator

13

Kamal Gianchandani

11

Ajay Bijli

7

Gautam Dutta

7

Pramod Arora

6

Varun Mule

6

Sameer Gupta

5

Abhisek Banerjee

4

Jinesh Joshi

4

Abhisek Banerjee

Good afternoon, everyone. On behalf of ICICI Securities, we welcome you to PVR INOX Limited Q2 and H1 FY '26 Post Results Earnings Call. The call will start with brief management remarks on the earnings performance, followed by an interactive Q&A session. PVR INOX management will be represented by Mr. Ajay Bijli, Managing Director; Mr. Sanjeev Kumar, Executive Director; Mr. Gaurav Sharma, Chief Financial Officer; and other senior management personnel. Over to Mr. Ajay Bijli now for his opening comments. Over to you, sir.

Ajay Bijli

Thank you. Good afternoon, everyone. I'd like to welcome you all to discuss the unaudited results for the quarter and the half year ending September 30, 2025. We've uploaded the earnings presentation and the results on our company and the Stock Exchanges website earlier today, and I hope you've had a chance to review them. As we close the first half of the current fiscal, I'm pleased to share that the momentum built on Q1 has only accelerated in Q2, making H1 one of the most remarkable periods in recent times with robust contributions from Hindi, Hollywood and regional films. What is especially encouraging is that the performance this year is increasingly looking structural with total India box office growing by 15% year-on-year in H1, driven by a steady and diverse flow of films across languages and scales rather than one or two mega blockbusters. In Q2 alone, 12 films crossed the INR100 crores mark and 22 films did so in H1, the highest post-COVID, underscoring the depth and durabili

Abneesh Roy

Congrats on the good recovery, especially Hindi movies. My first question is on the dine-in cinema, which you have started in Bangalore. One, is this a pilot project? And globally, does this kind of a format work in the emerging markets? And second, what exactly are you fulfilling in terms of customer need there? Because the same mall will have those high-end restaurant options. And in your current cinema also, consumer does have enough F&B options. Plus if you see the listed restaurant players, except maybe the largest pizza player, none of the other listed restaurant players those may be QSR, so it is a bit different. But those have not really become very successful even in Q2, if you see the results which have come out even today. So what is the plan here? Is this a scalable model or more of a marketing statement from you in such a key market like Bangalore? That is the first question.

Pramod Arora

So Abneesh, this is yes, you're absolutely right, it's a POC that we have worked around. As soon it basically gets its due success, then we scale it up across the country. The objective out here is that you are watching a film alongside you have the gourmet food options coming across to you or being serviced to you. Since this is an LED screen, so you can totally look through the food and while you're eating because people eat with their eyes mostly when you're eating gourmet foods, that's what it's called. And dine-in option gives you an opportunity to eat along -- your gourmet foods alongside the film that you're watching, which is not available in a regular cinema. This is one of its kind and the first one perhaps in the country. I don't think anyone else has done a concept like this. This sort of a concept, a little similar to this was done by CJ Group out of South Korea, which was an extremely successful concept or which is an extremely successful concept. And this one is still mu

Ajay Bijli

Abneesh, just to add to what Pramod is saying that basically, cinema is all about experience and having this circuit of close to 1,800 screens, we obviously have to be always innovative, PVR INOX experimental. 2004 is when we started our first gold class. It's been over 10 years since Directors cut. So every format has to evolve. It's a pilot, but it's already very successful. It is not a pivot for the company to get into -- compare ourselves to some F&B or QSRs that you mentioned. It is just that movies and food coming together has been our mainstay right from the beginning, and we'll keep experimenting with formats. With the grace of God, fortunately, this experiment has worked, and we will be rolling it out in various places. But this is for the discerning audience. It is such a disparate market India, and PVR INOX has always been committed to coming out with a solution for every demographic. So this is not for everybody. It is for a certain demographic who is wanting to combine the

Abneesh Roy

That's quite insightful. My second question is on your statement wherein you said that very good recovery in the Hindi movies, which I think is very important for health of the industry. So here, I wanted to understand the issues for Hindi movie industry have been more the calendarization, so we had long gaps where no movies were releasing and suddenly they were again competing on the same weekend also. So that was one. Second one was definitely quality, VFX and original storylines and compelling screenplay, etcetera. So on these two aspects, have the core issues been addressed because some of these are, frankly, very difficult to monitor or very difficult to predict also. If you could comment what exactly is giving you the confidence on this recovery?