PVRINOX

[Regulatory cover note] July 24, 2026 The Manager – Listing National Stock Exchange of India Limited (Scrip Symbol: PVRINOX) The Manager – Listing BSE Limited (Scrip Code: 532689) Sub: Compliance under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Madam, In continuation of our letter dated July 16, 2026, and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find below the link to the audio recording of the conference call with analysts and investors held on Friday, July 24, 2026. The Company officials participated in the conference call to discuss the financial performance for the first quarter ended June 30, 2026. https://originserver-static1-uat.pvrcinemas.com/pvrcms/quarter-report-doc/10045144.mp3 This is for your information and records. Thanking You. Yours sincerely, For PVR INOX Limited Murlee Manohar Jain SVP - Company Secretary & Compliance Officer [Investor-call recording transcript] Ladies and gentlemen, good day and welcome to PVR INOX Limited, Q1 FY 27 Earnings Conference Call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touchstone phone. I now hand the conference over to Mr. Neeraan Dumal from ICICI Securities. Thank you and over to you Mr. Neeraan. Good afternoon everyone and welcome to PVR INOX Limited Q1 FY 27 Post Results Earnings Call. The call will start with brief management remarks on the earnings performance followed by a Q&A session. PVR INOX Management will be represented by Mr. Ajay Vijli, Managing Director, Mr. Sanjit Kumar, Exhibitive Director, Mr. Gaurav Sharma, Chief Financial Officer and other senior management personnel. Over to you sir. Yeah, thanks very much. Good evening everyone. This is Ajay Vijli. I would like to welcome you to today's call to discuss the results for the quarter ended June 30th, 2026. The earnings presentation and results were uploaded to our website and the stock exchanges yesterday and I hope you've had a chance to review them. Q1 FY 27 was a strong start to the year. India's total box office collections do 20% year on year this quarter with broad based growth across metros as well as tier 2 and tier 3 markets across a wider set of successful and mid-scale films and across languages. The strength we are seeing in India is also visible globally. South American box office is running 14% ahead of last year at 4.8 billion for the first half of 2026. It's second best first half performance since 2019, reaffirming that theatrical first remains a relief model of choice for filmmakers everywhere. The quarter saw strong performances across languages. Hindi cinema held its ground with titles like Bhut Bangla, Cocktail 2 and Mabapa Saunga while it was reasoned Hollywood content that drove the out performance. Hollywood found success from non-franchise titles such as Project Hail Mary, Michael and Obsession. Region cinema delivered multiple growth on the back of compelling local content such as Raja Shivaji in Marathi, the Shinsri in Malayalam and Karappu in Tamil amongst others. Our own performance mirrored this momentum. We welcomed 36.6 million guests during the quarter, up 8% year on year. Equally encouraging is that guests are spending more with us on every visit. With ATP touching a 273 rupees which is up 8% and SPH at INR 161 up 9%. When footfalls and per guest spends rise together, it reflects the underlying strength of the cinema-going habit and of our premium offering. This translated into a strong financial performance during the quarter on an India's 116 adjusted basis. Revenues due 12% year on year to INR 1642 crores while EBITDA nearly doubled to 230 crores at a 14% margin. This margin expansion reflects the benefit of operating leverage and the cost discipline we have sustained for several years. This came in at 71 crores against the loss of 34 crores in Q1 last year. The standout achievement this quarter is on the balance sheet. Three years of sustained free cash flow generation and deceptive capital allocation have taken us to a net cash position of 80 crores as of June 30, 2026. This gives us a complete strategic flexibility. We can now fund our growth from our own cash inflows, continue on our capital right path and do so without the weight of leverage on our balance sheet. On the growth front, we demand on track to open around 100 screens over the course of the year through a combination of our lease and capital like models. Looking ahead, the stake for remainder of fiscal gives us real confidence. Hindi cinema has some of its biggest titles lined up, Ramayana Part 1, King and Love and War, among others. Legion cinema continues to deliver exciting content with titles like Jena, Neyagan, Toxic and Jailer 2, Hollywood brings major tempos including Avengers, Doomsday, Spider-Man, Dimeo Day and Dune, Part 3, several of which will release in our premium large screen formats. The breadth of this lineup across languages, genres and budgets is exactly the kind of slave that plays to the strength of our networks. Beyond the films, we continue to build TVR Inox into India's leading out-of-home entertainment destination. Recent live-streamings of the IP and the Seetha World Cup, 2026, do a fabulous response across our network, reaffirming that audiences want to experience marquee sporting moments together on the big screen. This sits alongside our alternate content programming, screening concerts, live events and curated re-releases along with the premierization of the in-cinema experience and expanding food and beverage ecosystem. The vision is to use our screens, locations and audiences, plus to be present in more moments of people's leisure time, not just when a big film releases. We enter the rest of FY 27 with the strongest balance sheet in our history, a diverse content state ahead of us, a strong pipeline of new steam openings and an industry whose growth is broader-based than in years. We are confident of building on this momentum. With that, I open the floor for any questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Avinash Rao from Novama. Please go ahead. Thank you and congrats. This is Abnish Roy from Novama. Hi. Hi. Two questions. So great revival across all the genres and all the languages. I wanted to understand how concerned are you on no 500 crore plus movie in the first two quarters. So is that a good thing that it is well diversity dispersed and is that happening because now the overall calendar is something better planned because that was a issue earlier. And if you could tell us on specific of FIFA, how much was the revenue could fall? Is it a good overall development for us or is it just that it helps from a marketing angle it helps from a, if there is a lean calendar it helps, if you could elaborate on that. Yeah, I mean, you know, the movies have become diversified, which is very good. I am really not that concerned with the fact that there is no 500 crore movie in the first quarter. Second quarter is still running. Only one month has gone and we still have a huge line up of movies coming like Bhadwara. It is toxic coming. So you never know, you know, where these movies will go. And the good thing is that, you know, mid-scale movies are doing well. And as long as we get our numbers, you know, that's very important. And you know, we had Bhut Bangla. We had some tailwind of Durandar as well. We had Mahabapa Saunga, which is a mid-scale movie. Then we Hollywood has done incredibly well with Michael and, you know, Obsession, which is a small movie project, Hail Mary. And in my opening, the master said, these are these are franchises. These are like brand new stories and Obsession in particular was a small film and it did incredibly well. Then of course, regional films, Raja Shivaji, Pedi, Vishyam 3, Karuppu in Tamil, all these movies have, you know, played out very well. So I think for us, it's important that the movie should perform. They don't all have to be blockbusters. And as I mentioned earlier, also for us, a blockbuster is not, you know, according to the budget. It's according to its performance and the performance has been phenomenal. But there's still, you know, early days, we still have lots of months left before this fiscal ends. And, you know, we also have Ramayana coming the first part, we also have King coming. We also have Love and War coming. So a lot of big movies are coming, so it's looking good. On FIFA, definitely it's not just a marketing spiel at all because, and it wasn't filling up any lean period because it came while, you know, big films were already playing. And you know, and yet we got 64,000 people only for the World Cup final. Now what is absolutely phenomenal about this is that, of course, the average ticket price was also reasonable. I think it was close to 380 or 400 rupees. My colleagues on the call can correct that. And also there was a good SPH. And plus, this happened at 12.30 in the night. So 12.30 in the night up to whatever 2 o'clock, 3 o'clock, whichever time the match went, you know, it's very not just a lean period, it's a closed period and yet people came in. So, and it added to our bottom line. And as I said in my opening remarks, I think we are looking at either Inox's circuit and not just to be movies, of course, movies are our mainstay. But also to be a destination for all sorts of out of home activities for people to step out for. So I think that's the slight pivoting that we are doing by having lots and lots of things. And I think we've paved the way now for sporting events, for musical events, for, you know, stand-up comedy shows. And it's quite exciting. Sure. Thanks. My second and last question will be on the balance sheet and way forward. Of course, landmarks quarter with net cash levels and clearly balance sheet has never been this stronger in the last many years. So I wanted to understand any more asset monetization left either in terms of real estate, etc. Second, in terms of asset light model, given now your balance sheet is net cash positive to better participate in the box office revival, would you like to tweak towards lesser low light asset model given balance sheet issue is resolved? And third, obviously, last four or five years stock return has been fairly disappointing. Any medium long-term signal to investors on boosting the confidence, investor confidence? Well, that's quite a few questions. So let me just first talk about the asset light model. I mean, we've reached our growth and we've been able to, you know, deleverage the balance sheet only because of the asset light and focal model. And I think that we will continue to do because, you know, with the grace of God, we've got a brand now and sweating of the brand is the ultimate, you know, testament to, you know, the quality of the brand, which is like by developers. So I think focal model and asset like model definitely does not impede our growth. Our growth, as I said, we're still going to be doing 100 screens. However, whichever pockets, you know, where we need to deploy capital, we will be deploying capital. And so that will not asset light and focal model will not come in on the way of going by 120 screens a year. And so wherever there is a need to deploy capital, we definitely do. But we don't have to leverage and borrow for that. So that's one thing that I've addressed. What else did you ask me about capital allocation? I mean, capital allocation priorities remain focused on, you know, driving sustainable growth. And the whole focus is on how to improve our ROCE and ROE. And whatever is best to create a long term shareholder value is what we'll be doing. So very appropriate capital allocation to improve these matrices is the most important focus of the company at the moment. Have I missed out on anything else? Any further real estate monetization possible? Or everything is done? No, not as yet. OK, that's all from my side. Thank you a lot. Thank you. The next question is from the line of Harit Kubar from Investec. Please go ahead. Yeah, I got to know this is Harit from Investec. Just two key questions from mine. One was, you know, on ATP, SPH, you know, the growth has been consistently strong, Q1 as well, despite, you know, really strong like a 500-core film as the earlier participant was mentioning. Just wanted to understand, is there an element of price increase, like-to-like price increase here, or is it largely driven by MIX because Hollywood has also done well, et cetera, on ATP? And also on FNB, is it more higher conversion led, you know, higher basket size led, or is it there's also an element of price increase here? Gautam, would you like to answer this, please? Gautam? Yeah, yeah, yeah. Please, you're the best person to address this, yeah. So on the SPH side, we've grown by about 9%. And it's largely split between value and volume. Both have grown. We have a series of promotions run to increase the strike rate at our cinemas, along with the fact that we've taken price hike for a few items. So I would say the split would be more in the region of about 70%, 30%, 70% on value, and 30% on volume. So that's the way the SPH stacks up. What was your first question, please? Similar question on ATP increase. Yeah, so even on ATP, as you know, we have dynamic pricing. And we managed to now keep a very close eye on the sentiment of how the movie is performing. We have a lot of help from a lot of AI systems where they are able to prompt a certain kind of pricing that we need to follow once the films open up. So this is all of that. It's not as if that consumers who wish to watch a film at lower pricing are not getting an opportunity. So whether it's a Tuesday, whether it's the morning shows, whether it's the front seat, all of that is getting hugely discounted so that we can get Garner in more footfalls from one end of the bucket, which is technically a time-rich cash pool. And on the same end, on the weekend, we tend to capitalize on and see if we can take up the pricing up on a dynamic manner. And at the same point in time, ensure that the maximum footfalls. Just to add to that, we also had movies like Project Hail Mary, Michael. I mean, these movies are all IMAX films. So almost 20% of our circuit is premium screens like IMAX, 4DX, ICE, and ScreenX and lots of recliners and Insignia, Directors Curve Luxe. So this also, that premium customer when he comes and he wants to see the movie without compromises, obviously that also takes the ATP up. Got it, got it. And the second question was on advertising. So what's your prognosis? It's been about five quarters or that we've seen, five or six quarters, it's seen very good growth overall. Footfalls have continued to do well. Last year was overall a good year for us. This year has started off well, as you mentioned, the pipeline also looks good. What's your prognosis on ad-reviver? Do you think brands need to see a little bit more proof-of-concept to drive this up in line with what your growth is? Or do you believe that the too many other avenues like platforms, et cetera, where we are needing to spend and hence, this would take a little bit more time. Just some thoughts on that would help, thank you. So first and foremost, you need to understand that when we came into play post COVID, this was one end which literally came down to a zero. And then we had to start all over again. No other media in the country had that kind of revival. In fact, if you look at the revival, the revival of cinema and PVR revenues from zero to 500 crores has been all in last four years. So it's not only grown steadily for us, it's also amongst all other media categories, we have technically grown the fastest over the last four years, so we are galloping. Yes, it would take another, maybe a year before we get to the post COVID and go ahead of that. Having said that, media sales largely comes on wake of big blockbuster films because advertisers tend to buy anticipated films. So movies like Durandar, One and Two, and this year specifically talking about King, Avengers, cocktail, this ODC has garnered some great numbers and there is some big titles which are lined up for Q3 and Q4, where we expect huge amount of advertising to flow in. We're also making some fundamental changes within our offering, where we are getting more conversation with client around eyeballs rather than film, but this is a change that is augmented in the market and would take a few more quarters before media planners and buyers start to understand that vocabulary of media buying within cinema. But by and large, I can tell you that cinema advertising, the way it jumped back has got its mojo and we are very, very certain that very soon this would be outperforming like other parameters of the categories. Thank you. Yeah, that's all for me. Thank you very much. Wish you all the best. Thanks. Thank you. The next question is from the line of Umang Mehta from Kootak Securities. Please go ahead. Hi, thank you and congratulations on a good quarter. My first question was on screens. This quarter we've seen slightly higher closures. Your guidance of 90 to 100 on a full year basis is it on a gross basis or a net basis? And similarly, again, the mix of asset light seems to be higher than last quarter. So would your capable guidance of 4 billion for F27 be revised downwards now? That's the first question. Hi, Umang Mehta of the side. On the screens, I think we are trapped to add about 90 to 100 gross screens. And while in the first quarter, we did not open any new screens, because many of our screens which were complete, which had completed fitout were awaiting regulatory license. And due to delay of the license receipt, we are expecting a bunched up opening in quarter two and quarter three. So based on the visibility of screens which are under fitout, we believe that by end of this fiscal, in this financial year, 90 to 100 is pretty much possible. I think on the closures, the screens we have closed in the first quarter were all loss making screens and they had been more than 18 to 20 years old. But I think bulk of our closures for this financial year have already been done in quarter one. There will be very few closures for the rest of the year. On a net basis, I think we will be around nearly 80 net screens additions during the financial year 27. On your banked question, on your capex, I think we believe that with a very strong response from the market on capitalite and foco, I think our capex will be slightly lower than the earlier expected number of 400 crores for the year. We feel that it will be in the range of around 350 crores. Plus, we are also prioritizing renovation of few of our high value properties, which will, you know, so renovation capex share will be slightly higher this year. Overall, it will be in the ballpark of 350 crores for the year. Understood, very helpful. The second question was for Mr. Biddy. So I think on the interview yesterday, you mentioned about 1,000 screens for the next five years. So are we in the tank up, you know, beyond F 27, say 28 onwards, should we expect an acceleration in screen addition? Yeah, I mean, sorry, I got disconnected and I'm back now. Basically, I said that because we are looking at, I don't know whether Gaurav has already covered that. You know, we're looking at the tier two, tier three markets now, you know, population where anything more than 150,000 people are there. And of course, there are other criteria that we've got as well to make sure that people have the, you know, the demographic is correct and they have the spending power to come to us in a month. So I think that there are so many cities still in our view, almost 300 cities in tier two and tier three markets which are still under service. So I think we will be opening our first one very shortly in Madhavpur. And I think that's the reason why I mentioned that. I think that once we penetrate to these towns and every look and cranny and bring the PBR, INOX experience over there, I think growth will further accelerate. And there again, the response that we're getting from the developers, local developers over there is also of a Foco and Capyx-like model, asset-like model. So which again will not be a strain on our capital density, but the growth will be, I think, fast-tracked you know, from, you know, it's already there, but it's gonna get faster from next year onwards even more. Got it, that's it. Thank you so much and all the best. Thank you. The next question is from the line of Vivekananda S from Ambit Capital. Please go ahead. Yeah, hi, thanks for the opportunity. So you, since the time of the merger, your screen count has increased by around 100. And most of the new screens have come in South, right? So your concentration to Southern markets has gone up to maybe 34%. Yet, when I look at the footfalls or walk-ins over, let's say, any rolling 12-month period, it's remained practically in the 14 to 15 crore range. I want your take on why the footfalls have remained stable while the screens have, the screen skew has increased towards markets with structurally higher occupancy. That is my first question. The second one is, thanks for the color on capital allocation. Just trying to understand if you will be putting in any more money into areas like branded food courts because you still have a JV with Divyani. Are you going to commit any extra capex there? And also any other areas that you're eyeing which you mentioned in your opening comments that you want to be the preferred destination for outdoor events. So is there any capex that is your mark for those areas? Thank you. Yeah, so your first question was about, since the merger, how many screens have you added? I think we've added, I think at the time of merger, Gaurav, please correct me. I think we were about 14, 50 or something roughly. And now we're at, so we've added about 300 odd screens, right, net addition of screens. We were about 16, 50 screens and we are at about 790 today. We are on a net basis, we have added about 150, close to about 120 screens over the course of last four years. Yeah, yeah, yeah. So your question is that, your question is that why, so if you look at pre-COVID, of course, if that's what you're asking, that we were getting about, I think together about 16 million, 150 million people to our cinemas, roughly. And, but if you look at the last trajectory, isn't the right direction. So 150 million people that we got in the last fiscal is the highest number of admissions we've ever got in terms of our, basically post-COVID. So I think, but it's all inching up. Every year it's going up because there were very identifiable reasons why suddenly those kind of numbers that were coming pre-COVID are not coming. And primarily because of the fact that there was movies and less number of movies were coming than there was a Hollywood strike that happened in the middle. So there were highly identifiable reasons why that kind of, plus there was, some movies were going directly to OTT. That's all come back now. The windows were four weeks, now they come back to eight weeks. The consumer has finally, he was always there, but now he's realized that the only best experience to watch a movie is theatrical, not just for big tentpole movies, but also for smaller movies, which we've already seen last year with Sayyara and all, and now with Nehvapa, Saonga and Obsession. And even the film fraternity has now decided that first they will come to the cinemas only and only TV shows are coming to OTT. So all these factors played a role in the per-screen occupancies coming down as compared to, but now all that is behind us now. And we are seeing that the kind of movies which are getting made, the number of 100 to 200 crore bracket of films, 200 to 500 crore bracket movies, 500 plus bracket movies, all these movies are, nobody has seen these kind of numbers pre-COVID. So given all that, I think it's a matter of time that we reach those occupancy levels. However, at the same time, what we've done is that since we're very focused on getting the margins that we were getting pre-COVID, we've really had a very strong control on our costs. So line by line, whether it's utilities, whether it's manpower, whether it's rental, any other, whatever costs are there, even COGS, if you look at our COGS on food and beverage, that's come down. So we are saying that even at lesser occupancy levels, even I said 27 to 28%, we should be able to achieve the margins that we were achieving earlier. So the focus is both on the denominator being reduced and the numerator increasing, which is why you see a lot of promotions that Gautam has already mentioned of getting more people in. So the trajectory is right. We haven't arrived there, but we are in the right direction and right momentum. So that I hope answers your first question. The second one is this, definitely we believe we've got 15 million square feet of space that we are under lease in our cinemas. And we believe that we can select the asset by beyond just showing movies, and which is the reason why we are showing all these things. Plus, the food course JV is going strong. Devyani is a great partner. But again, we have opened three, but we'll be opening many more are in the pipeline. And that again, basically repositions our company as not just a cinema, but also offering something pre-ticketed food and beverage offering. We're looking at other, evaluating other out-of-home entertainment options that either can be done within our cinemas by repurposing certain cinemas or taking maybe some additional space which also then become very attractive for the youths which goes out to the malls and wants to be entertained out-of-home. So there is a conscious effort to have movies, definitely as a mainstream, but also pivot a little bit into more out-of-home entertainment formats that can stand the test of time. Sure, Ajay. Thank you. Just two small follow-ups. So on the first answer you gave, and just trying to understand better in terms of regional occupancy trends because you've broken it up, broken up the screen count across five key geographies. So since your business has queued more to the South, my understanding was that the South audience typically tends to have higher occupancy because love for movies is a lot more in the South or perhaps craze a lot more in the South than the rest of the country. Is that still the case? And if you could just touch up on, let's say, occupancy trends across the cuts that you make regional as well as the safety tier distribution, I think that would be very helpful. The second follow-up is, as far as those initiatives you gave, is there a budget you have in mind of capital expenditure that you need to undertake in fiscal 27 and 28 to make these goals translate into revenues? Thank you. Yeah. So India is such a diversified country and which is reason why the market, we don't go anywhere beyond the Indian market barring that one cinema that we've got in Sri Lanka because and the way TVR has made sure that our screen spread is all across the country is that depending on one language at any given time. So 600 of our screens are already in the South and then we have a fair distribution in West and North and Central and East. So this is the beauty of the way our circuit is placed and spread across the country and also the way the content pipeline comes out. Definitely South, the movie going culture is stronger but that's not the only reason we are growing there. Because still the single screen penetration is the highest in the South and therefore all over the rest of the country single screens became lesser and shopping centers and malls came up where TVR also put this multiplexes and now similar opportunities are now coming in South because as I said single screen penetration was much more over there. And so that's a reason why you see a skew towards South it's more due to where the opportunities are available. Otherwise there's nothing wrong with even the other regions where it's an opportunity comes like, we just opened in Delhi in Aligante Mall and it was doing phenomenally well. Similarly, we've got a couple of projects with DLS in one in Gurgaon, one we open in Midtown and Motinagar, which is doing very well. So there's no necessary that it has to be South but yes, definitely it's a prime market and underscreen market from multiple points of view. So we have a skew there. That is one part, even like to elaborate a little bit more like people like developers like Lulu, Prestige many of them malls, Brigade, we're gonna be opening one in a mall in a development called Utopia where they're very shortly. Hyderabad has got lots of opportunities. So wherever good opportunities come, we open our cinemas there. And as far as capital allocation for these activities is concerned, definitely they have a capital budget, I don't know often how much it is. Gaurav, you can tell me, but it's obviously we can't run the company without budgeting for any campaigns that we do. Gaurav, can you help me out then? So I think the overall number of 350 crores for the year includes everything, including our investments in the food court joint venture plus the other initiatives. But in overall scheme of things, the investment in food court is much lower because it's less capex intensive business in terms of the assets involved there. And therefore, overall scheme of things is not a very material investment model. Sorry to interrupt, sir, your voice is not clear. Can you hear me? Yes, sir, you're clear now. Yeah, I was just saying that our overall investment Yes, sir, I was just saying that our overall investment in food court business is part of our capex outlay for the year of 350 crores. And not a very material number from overall scheme of things at a company level. Sure, thank you, Gaurav, and thanks Ajay for the elaborate explanation, all the very best. Thank you. The next question is from the line of Kavish Parik from 361 Capital. Please go ahead. Thank you. Thanks for the opportunity and congratulations on a great set of numbers. A question on the balance sheet. Thank you. And commendable show on the debt reduction free cash flow generation. Last fiscal was about 570 crores excluding the sale of 4700. What is the target or aspiration you're working with for this fiscal, for SCF considering almost 80% of the screens this year are coming up on the capitalized models? And what would be the intended use of the cash? Of course, 350, 400 crores, 350 crores, Kpex. Would the company on top of that hold on to the cash on the votes? Or are there any thoughts on rewarding shareholders via buyback? Part of this question was answered earlier, but wanted some more color on what parameters or thoughts will be looked into to sort of make a decision on this. Gaurav would like to answer that, please. Gaurav, you're not audible. So Kavish, I'll take this question. In the last few years, we have worked hard to bring down the debt levels and we are now sitting at a debt-free balance sheet. I think cash is a very strategic asset for us and we are prioritizing, you know, allocating capital towards growth. And also we want to make sure that any investments with the scale and size of the business that we run today should be value-ocreative, should be improving our return on capital, return on equity. So we are evaluating all options, including growth as well as allocating this capital, which is best for the long-term shareholder value creation. So from our perspective, you know, on shareholder returns through the right sort of instruments we'll share any material updates as and when the board decides and, you know, it's appropriate to give more insights on that. Gaurav, any target or aspiration that you are working with for the full year in terms of FDF? No, there is no target. The target is to improve return on capital and the business, you know, the immediate target for us is to come back to the pre-COVID levels of ROC that we used to operate at. So that's the only target that we are carrying right now. Of course, you know, revenue growth and margin expansion continues to be the focus, but ROC expansion is something that we are pretty clear on and we want to drive that up. No, Ted, no. Could you also share some color on unit economics of properties which are operating on either of the two capital-like models, say, properties which have been operating for the last, say, three or four quarters now, some cases? So, you know, normally a property takes about 12 to 18 months to mature. So the properties which are open in financial year 24 and in financial year 25, you know, they saw their full run of operations in financial year 26. Both the vintages of 24 and 25 are operating at very healthy margins. I would say better than the company-level margins. You know, we have been very careful in terms of selecting the right locations and also doing the right rental deals. And with operating leverage and the cost efficiency, we have been able to drive healthy margins in the new properties that are coming out. So overall, I think the asset-like thing which we started in the last 12 to 18 months will pan out their maturity for the first set of properties over the course of this financial year. And we will share more insights on their performance by the time we'll finish the year. All right, sure. Thanks, this is an all the very best. Thank you. Thank you. Thank you. The next question is from the line of Dinesh Joshi from PL Capital. Please go ahead. Thanks for the opportunity and congratulations on the balance sheet improvement. So I have two, three small questions. One is with respect to the increase in the online ticketing penetration to about 69% in this quarter, which has led to a surge in the convenience fee income. Please, you can highlight the reason behind the surge and whether this is sustainable. Secondly, also, you can talk a bit about your new digital revenue stream that involves app and web monetization. Basically, how do you make money here if you can perhaps elaborate a bit on this aspect? Kamal, would you like one for them please? Yeah, I will take the second one on web and app. Sure, sure. The increase in average ticketing. App and web monetization revenue stream. But sir, the first question remains unanswered. I would want to know what was the reason for increasing the penetration in this quarter? Yeah, on the web and app monetization, am I audible? Hello? Yes, yes. Okay, so on web and app monetization, we have created certain assets by way of which we are able to offer our clients this unique opportunity to be on our web and app and advertise their proposition. PVR INOX is now seeking ways to move from a traditional media bucket to a more digital aligned media bucket. So there are a lot of changes that we are doing. Overall, this is one of that many steps forward. So overall, these are early days. We've just launched this a month back and we believe the annualized revenues could be in the line of about two to three crores. But having said that, this is a start for brands and clients to start engaging with the brand on a digital platform. Hence it's strategically very important. Contact. And secondly, the ATP of our alternate programming that we have shared in the presentation is at about four to zero nine, which I think is materially higher than our movie ATP. So can we just talk about what it's the kind of, how to think about margin? So the content cost would vary from program to program. It is the deal that we have with the artist. Sometimes just the duration of the program, the stature of the artist would determine the kind of pricing that we can have. And each artist would come with its own negotiation, so to speak. So somewhere the cost could be as low as 35%. And in some, it could be say 65%, 70% of the ticket. So that's the gamut in which we will need to be sharing revenues on ATP for alternate programming. Contact. So one last bookkeeping question from my side. Generally our film high cost and cost tend to remain in a very steady state band. But in this quarter we have seen about 200 business points declined on YY basis on both the cost element. So is there any specific reason that you would want to call out for this decline? So there are two things. Film high cost are terms with producers of this revenue. There is no change. The reason you see a decline of film high cost compared to last year, what the one is because of the mix of movies and there's a third and fourth week of run. Durandar which was released on 19th of March, in the month of April got played in a third fourth week where the film high terms are lower than 1st and 2nd week of run. And also because there was no mega block booster during the quarter, as a result, the two and that's the reason why it's lower. But overall, fully a basic range of what you call the wider FNB offering resulting in higher offtake of FNB food. As a result, our FNB cogs have continued to come down year on year. Over the course of last two years, every year there has been a reduction in cogs. And we believe that during this year, we will be lower than last year in terms of full year cogs. What is that? Thank you so much and all the best. Thank you. The next question is from the line of Parag Thakkar from Fort Capital. Please go ahead. Yeah, am I audible? Hello. Yes, yes. Yeah, first of all I would like to congratulate the management team for thank you. Thank you. Thank you so much. Hello. Yes, yes. For reducing the debt level from peak level of 1,450 crores to now net cash of 80 crores. Thank you. Thank you. Excellent, excellent argument I think. But as other participants also asked, I would still request for a buyback. Because I would feel that now that you are net cash and you are going to generate cash flow every quarter, I think it makes sense to do a buyback where it gives a clear signal to investors. And where promoters should not participate, like recently in Bajaj Auto Buyback, promoters did not participate, right? So it gives you a very strong signal as a investor to us that promoters feel the intrinsic value of the stock is much higher. So this is my request. Yes, yes, it's noted and I got an answer earlier that we are evaluating everything just now and the board will decide and as an appropriate time, we will take a call of what needs to be done. But as I said, our focus continues to remain on expansion of our margins, improving our ROCE and taking our occupancy levels out. Correct, correct, correct. And just your own internal assessment of this year's movie pipeline, how does it look? Of course, this quarter, for example, everybody who is surprised to see your results and we can see that reaction is the stock price also. But what is your end-to-end supply 27 movie pipeline and hence your occupancy? Well, I mean occupancy is difficult to predict but all I can say is that every year, there's always a very big film, couple of very big films that come and this time with Ramayan, it's looking extremely big. Of course, it's gonna play across all sorts of cinemas and it's a story that everybody knows and it's been executed very well by Time Focus. Toxic is a very good movie which is coming and also King is coming, which is Shah Rukh Khan's movie. Shah Rukh Khan has given three massive hits post-COVID. This also looks very promising, Love and War is coming with Vicky Kaushal and B. And both have given more than 500 crore movies, Sanjini Labhansali. Hollywood is looking very good, South Pipeline is looking excellent, with June 3, Avengers coming, Spider-Man coming next week. So I think there is no issue with the lineup, it's as strong as what we had last year. So even now, this month, Odyssey is playing, which is doing well. So yeah, I mean, there's no dearth of films, both in terms of quantity and quality. Generally, a Hollywood movie makes, for example, Spider-Man makes 150-200 crores. What should be the share for the year logically based on your assessment? Kamal, what is the share of Hollywood now, where it comes to big movies and small movies? So for the big films, you know, so firstly on overall, 60% for big films, 60% for big films, it can be around 50%, and for mid, in a lot of films, it is 90%. Correct, correct. And any plans to do something where we can earn some rental income or some annuity income? Well, you know, we have, you know, already 15 million square feet out of which some of the areas that we feel are not needed by the cinema business. And extra space, those we are, you know, speaking to the developers to give it some lease, allowing us to some lease, so that is one focus area that we've got. And other than that, there is no rental income as such because, you know, we're paying rent, but our rent decreases if we also are able to some lease, some of our areas which are not needed by the cinema operations. Okay, thanks a lot, thanks. Thank you. Ladies and gentlemen, due to time constraint, we take that as the last question. I now hand the conference over to the management for closing comments. Thank you all for joining us this call. In case of any more questions, feel free to reach out to our Invested Relations Department or writers directly. And we wish you all the best. Thank you so much. Thank you. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.