PVR, India’s foremost film exhibition giant, stands as a trailblazer in the nation’s cinema landscape. Pioneering the multiplex revolution in 1997 with the inauguration of its first multiplex in New Delhi, PVR has consistently maintained its industry dominance through an unwavering commitment to innovation and operational excellence. Boasting a cinema network of 854 screens spread across 74 cities and 173 cinemas, offering a staggering ~1.8 lakh seats, PVR is synonymous with democratizing the grandeur of big-screen movie experiences.
In this article, we delve into the comprehensive facets of PVR, exploring its journey, achievements, and the dynamic realm of India’s premier film exhibition company.
About PVR Inox
In the fiscal year 2022, PVR Limited demonstrated a diversified revenue stream, with approximately 52% of its earnings stemming from movie ticket sales, underscoring its stronghold in the cinematic domain. The company’s financial landscape further reveals a balanced revenue distribution, with 30% attributed to the sale of food and beverages, while advertisement income, convenience fees, and other business activities contribute 6% each.
Notably, a significant milestone in PVR’s trajectory unfolded with the approval of a merger with INOX Leisure in March 2022. This strategic amalgamation envisages INOX shareholders receiving three PVR shares for every ten INOX shares, propelling the combined entity to the forefront as the largest cinema exhibition company in India, boasting a staggering 1500 screens across 110 cities. Furthermore, PVR’s strategic foresight was evident in its acquisition of SPI Cinemas Pvt Ltd during FY19, a key competitor in the southern market. The acquisition, totaling 72% ownership through a cash consideration of 635 crores and the issuance of equity shares, fortified PVR’s market presence and exemplifies its proactive approach to shaping the Indian cinema landscape.
Latest News on PVR Inox
PVR Inox Ltd recently announced the closure of its trading window for the second quarter and half-year ending on September 30, 2024. This move aligns with regulatory guidelines and is a standard procedure to prevent insider trading during the preparation and announcement of financial results. The closure ensures that directors, employees, and other insiders are restricted from trading in the company’s shares during this period, maintaining compliance with regulatory practices.
In addition to regulatory updates, PVR Inox continues its expansion with the recent opening of a new 5-screen multiplex at Alveal Fun Savvy Mall in Coimbatore, Tamil Nadu. This strategic move is part of the company’s broader plan to enhance its presence in key regional markets. As PVR Inox strengthens its footprint, it is also optimizing its portfolio by closing 70 underperforming screens, focusing on profitability, and continuing plans to open 120 new screens, primarily in South India.
Below are the trading platforms that you can use to purchase PVR Inox shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| October 2024 | 1,671.05 | 1,453.09 |
| November 2024 | 1,737.90 | 1,511.21 |
| December 2024 | 1,755.28 | 1,526.33 |
In October 2024, PVR Inox Ltd’s maximum price is projected to reach ₹1,671.05, while the minimum price is expected to be around ₹1,453.09. This trend indicates a slight upward movement in the company’s stock during this period, reflecting potential market stability and growth prospects.
By December 2024, PVR Inox Ltd is expected to see its maximum price reach ₹1,755.28, with the minimum price anticipated at ₹1,526.33. These projections suggest a steady increase in the company’s stock value as the year closes, influenced by its continued expansion and strategic decisions.
| When | Maximum Price | Minimum Price |
| January 2025 | 1,772.83 | 1,363.71 |
| February 2025 | 1,790.74 | 1,377.49 |
| March 2025 | 1,828.34 | 1,406.42 |
| April 2025 | 1,810.24 | 1,392.49 |
| May 2025 | 1,757.51 | 1,351.93 |
| June 2025 | 1,836.60 | 1,412.77 |
| July 2025 | 1,800.59 | 1,385.07 |
| August 2025 | 1,856.28 | 1,427.91 |
| September 2025 | 1,878.55 | 1,445.04 |
| October 2025 | 1,927.40 | 1,482.61 |
| November 2025 | 1,975.58 | 1,519.68 |
| December 2025 | 2,064.48 | 1,588.06 |
As we move into 2025, PVR Inox Ltd is projected to see a maximum price of ₹1,772.83 and a minimum of ₹1,363.71 in January. Mid-year projections for June expect the stock to range between ₹1,836.60 and ₹1,412.77. By December 2025, PVR Inox Ltd is anticipated to reach a maximum price of ₹2,064.48, with a minimum of ₹1,588.06, reflecting a strong upward trend throughout the year.
| When | Maximum Price | Minimum Price |
| January 2026 | 2,126.42 | 1,635.70 |
| February 2026 | 2,073.26 | 1,594.81 |
| March 2026 | 2,114.72 | 1,626.71 |
| April 2026 | 2,157.88 | 1,659.91 |
| May 2026 | 2,136.51 | 1,643.47 |
| June 2026 | 2,189.93 | 1,684.56 |
| July 2026 | 2,146.99 | 1,651.53 |
| August 2026 | 2,213.39 | 1,702.61 |
| September 2026 | 2,257.66 | 1,736.66 |
| October 2026 | 2,316.35 | 1,781.81 |
| November 2026 | 2,374.26 | 1,826.36 |
| December 2026 | 2,433.62 | 1,872.02 |
| When | Maximum Price | Minimum Price |
| January 2027 | 2,457.96 | 1,890.74 |
| February 2027 | 2,520.98 | 1,939.22 |
| March 2027 | 2,619.30 | 2,014.85 |
| April 2027 | 2,567.94 | 1,975.34 |
| May 2027 | 2,493.15 | 1,917.80 |
| June 2027 | 2,605.34 | 2,004.11 |
| July 2027 | 2,554.25 | 1,964.81 |
| August 2027 | 2,633.25 | 2,025.58 |
| September 2027 | 2,725.41 | 2,096.47 |
| October 2027 | 2,796.27 | 2,150.98 |
| November 2027 | 2,866.18 | 2,204.75 |
| December 2027 | 2,937.84 | 2,259.87 |
| When | Maximum Price | Minimum Price |
| January 2028 | 2,996.59 | 2,305.07 |
| February 2028 | 3,073.43 | 2,364.18 |
| March 2028 | 3,193.29 | 2,456.38 |
| April 2028 | 3,130.68 | 2,408.21 |
| May 2028 | 3,039.49 | 2,338.07 |
| June 2028 | 3,176.27 | 2,443.28 |
| July 2028 | 3,113.99 | 2,395.38 |
| August 2028 | 3,210.30 | 2,469.46 |
| September 2028 | 3,322.66 | 2,555.89 |
| October 2028 | 3,409.05 | 2,622.35 |
| November 2028 | 3,494.28 | 2,687.90 |
| December 2028 | 3,581.63 | 2,755.10 |
| When | Maximum Price | Minimum Price |
| January 2029 | 3,653.26 | 2,810.20 |
| February 2029 | 3,746.94 | 2,882.26 |
| March 2029 | 3,893.07 | 2,994.67 |
| April 2029 | 3,816.73 | 2,935.95 |
| May 2029 | 3,705.57 | 2,850.44 |
| June 2029 | 3,872.32 | 2,978.71 |
| July 2029 | 3,796.39 | 2,920.30 |
| August 2029 | 3,913.80 | 3,010.62 |
| September 2029 | 4,050.79 | 3,115.99 |
| October 2029 | 4,156.11 | 3,197.01 |
| November 2029 | 4,260.01 | 3,276.93 |
| December 2029 | 4,366.51 | 3,358.85 |
| When | Maximum Price | Minimum Price |
| January 2030 | 4,453.84 | 3,426.03 |
| February 2030 | 4,568.04 | 3,513.88 |
| March 2030 | 4,746.20 | 3,650.92 |
| April 2030 | 4,653.13 | 3,579.33 |
| May 2030 | 4,517.60 | 3,475.08 |
| June 2030 | 4,720.90 | 3,631.46 |
| July 2030 | 4,628.33 | 3,560.25 |
| August 2030 | 4,771.47 | 3,670.37 |
| September 2030 | 4,938.48 | 3,798.83 |
| October 2030 | 5,066.88 | 3,897.60 |
| November 2030 | 5,193.55 | 3,995.04 |
| December 2030 | 5,323.39 | 4,094.91 |
In January 2030, PVR Inox Ltd is expected to achieve a maximum price of ₹4,453.84, with a minimum projected at ₹3,426.03. As the year progresses, the stock is anticipated to maintain a strong performance, with February’s projections reaching up to ₹4,568.04 at a minimum of ₹3,513.88. By December 2030, PVR Inox Ltd is forecasted to reach a maximum price of ₹5,323.39, while the minimum is expected to be ₹4,094.91, indicating a robust growth trajectory throughout the year.
PVR Inox Financial Condition: Last 5 Years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 3,414 | 280 | 1,329 | 3,751 | 6,107 | 5,993 |
| Expenses + | 2,338 | 616 | 1,224 | 2,703 | 4,297 | 4,284 |
| Operating Profit | 1,076 | -336 | 105 | 1,048 | 1,810 | 1,709 |
| OPM % | 32% | -120% | 8% | 28% | 30% | 29% |
| Other Income + | 38 | 469 | 326 | 68 | 157 | 160 |
| Interest | 482 | 498 | 498 | 572 | 791 | 801 |
| Depreciation | 542 | 575 | 614 | 753 | 1,219 | 1,243 |
| Profit before tax | 90 | -939 | -681 | -209 | -44 | -174 |
| Tax % | 70% | -20% | -28% | 61% | -26% | |
| Net Profit + | 27 | -748 | -489 | -336 | -33 | -130 |
| EPS in Rs | 4.95 | -123.07 | -80.04 | -34.21 | -3.26 | -13.16 |
| Dividend Payout % | 75% | 0% | 0% | 0% | 0% |
PVR Inox has experienced notable fluctuations in its financial performance over the past several years, reflecting both challenges and recoveries in its operations.
- Sales and Revenue: PVR Inox reported sales of ₹6,107 crores in March 2024, marking a significant rebound from the ₹280 crores recorded in March 2021. The trailing twelve months (TTM) sales are reported at ₹5,993 crores, indicating a consistent performance approaching the last fiscal year.
- Expenses and Profitability: Operating expenses rose sharply from ₹2,338 crores in March 2020 to ₹4,284 crores in TTM, impacting profitability. However, PVR Inox achieved an operating profit of ₹1,810 crores in March 2024, showcasing a recovery from the operating loss of ₹336 crores in March 2021. The Operating Profit Margin (OPM) improved to 30% in March 2024 from a negative 120% in the previous year, highlighting better cost management.
- Net Profit and Earnings: Despite the improvements in sales and operating profit, PVR Inox’s net profit remains negative, with a loss of ₹33 crores in March 2024 compared to a loss of ₹748 crores in March 2021. The earnings per share (EPS) dropped from ₹4.95 in March 2020 to -₹3.26 in March 2024, with a TTM EPS of -₹13.16, reflecting ongoing profitability challenges.
- Other Income and Financial Costs: Other income for PVR Inox has varied, contributing less consistently to overall profitability. Interest expenses have increased, reaching ₹801 crores in TTM, which emphasizes the company’s rising financial obligations.
- Tax and Dividend Policy: PVR Inox experienced fluctuating tax rates, with a notably low rate of -20% in March 2021 and a tax rate of -26% in March 2024. The company has not declared dividends since March 2021, maintaining a dividend payout ratio of 0% to prioritize retaining earnings for recovery.
In conclusion, while PVR Inox shows signs of recovery with increased sales and improved operating profits, challenges in achieving consistent profitability remain. For more detailed insights, further examination of their financial reports is advisable.
Anand Rathi, in its research report dated September 16, 2024, has expressed optimism about PVR INOX, issuing a buy recommendation and setting a target price of Rs 2065.00.
FAQs
What is the current valuation of PVR in the stock market?
PVR’s current market capitalization is an impressive ₹15,773 Crores.
As of June 18, 2024, the share price of PVR Inox stands at ₹1,607.
What’s the investment outlook for PVR Inox in 2024?
The 2024 outlook for PVR Inox suggests a price range fluctuating between ₹1,453.09 and ₹1,755.28.
In 2025, the share price of PVR Inox is forecasted to vary from ₹1,351.93 (minimum) to ₹ 2,064.48 (maximum).
Also Read
PVR Inox, India’s leading film exhibition company, has played a pivotal role in transforming the cinematic landscape since launching its first multiplex in New Delhi in 1997. With a vast network of 854 screens across 74 cities, PVR democratizes the big-screen experience, boasting nearly 1.8 lakh seats. In the fiscal year 2022, about 52% of PVR’s revenue came from ticket sales, with food and beverages contributing 30%. The company’s strategic merger with INOX Leisure in March 2022 positioned it as India’s largest cinema operator, with a combined total of 1,500 screens. Recent developments include the closure of its trading window for Q2 and the opening of a new multiplex in Coimbatore, alongside plans to optimize its portfolio by closing underperforming screens. PVR Inox’s share price is projected to exhibit substantial growth, with forecasts indicating a maximum price of ₹5,323.39 by December 2030. Financially, PVR has shown a strong recovery, with sales climbing from ₹280 crores in March 2021 to ₹6,107 crores in March 2024, illustrating its resilience and strategic foresight in the competitive cinema market.
What did we learn?
