PVR Inox Q2 FY27 Results Analysis: PAT Jumps 149%, EBITDA Margin Expands 241 bps (PVRINOX)

PVR Inox Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,105.10 Cr (+16.98% YoY) and PAT growth of +149.40% YoY. Here's a quick read of what worked, what to watch, and what management said.

Key Investment Insights

Key Positives

• Revenue grew 16.98% YoY to Rs.2,105.1 Cr and 29.77% QoQ, on top of a year-ago base that was itself up 12% YoY
• PAT grew 149.4% YoY to Rs.263.1 Cr with zero exceptional items; normalized PAT equals reported PAT
• EBITDA margin expanded 241 bps YoY on reported basis (35.9%) and 389 bps on pre-Ind AS 116 basis (21.4%)
• Movie production & distribution segment swung from a Rs.(4.9) Cr loss to a Rs.10.0 Cr result; exhibition segment margin expanded 842 bps YoY
• Finance costs fell 16.8% YoY and D&A fell 6.4% YoY, reflecting the asset-light/FOCO pivot
• Employee benefits (−104 bps) and other expenses (−93 bps) fell as % of revenue YoY

Risk Factors

• Screen additions at 21 gross in Q2 vs the 90-100 FY27 target, with H2 needing ~70-80 gross additions; net network flat vs March (1,798 → 1,797)
• Only 1 of 28-30 targeted SMART screens live as of the quarter, with 27-29 needed in H2
• Film-hire proxy rose ~218 bps QoQ (23.60% of exhibition revenue) on blockbuster bonus payouts
• 25% effective tax rate is almost entirely non-cash deferred-tax consumption; net DTA stock fell to Rs.415.1 Cr and is finite