'Buy' PVR Inox shares: How Dhurandhar 2 box office collection gave boost to the cinema stock
PVR Inox: Select brokerages have maintained their 'Buy' calls following the company's consistent fourth quarter (Q4 FY26) performance.
- May 12, 2026,
- Updated May 12, 2026 12:35 PM IST
Shares of PVR Inox Ltd were trading 0.30 per cent lower at Rs 1,023.10 in Tuesday's afternoon trade. Despite the slight dip, the stock has climbed 9.46 per cent over the past one month.
Select brokerages have maintained their 'Buy' calls following the company's consistent fourth quarter (Q4 FY26) performance. "PVR INOX reported Q4 FY26 revenue (up 26 per cent YoY)/EBITDA (up 56 per cent YoY), beating our estimates by 4 per cent/13 per cent. ATP/SPH (Average Ticket Price/Spend Per Head) reached all-time highs of Rs 315/Rs 165 with ATP up 8 per cent QoQ/22 per cent YoY and SPH up 13 per cent QoQ/32 per cent YoY," Nuvama Institutional Equities stated. Net box office revenue grew 27 per cent YoY to Rs 820 crore.
"The sharp increase was largely driven by the strong performance of Dhurandhar 2 (~four-hour film). Occupancy levels improved 340bp YoY/declined 460bp QoQ to 23.9 per cent. Ad revenue grew 15 per cent YoY. Footfalls improved just 1.5 per cent YoY," it added.
"We reckon a strong FY27, backed by a healthy pipeline in Bollywood, Regional and a steady Hollywood slate. We are keeping estimates unchanged; a roll over yields a TP of Rs 1,620 (from Rs 1,605). At CMP, the stock trades at 13x/11x FY27E/28E PE; retain 'BUY'," Nuvama further said.
Elara Capital noted, "The content pipeline is robust, supporting sustained occupancy of ~26 per cent in FY27. Factoring in Q4, we raise our FY27E-28E EBITDA by 5 per cent. We maintain Buy on PVRINOX with an unchanged TP of Rs 1,300."
Nirmal Bang said, "Post Q4 FY26, we have cut our EBITDA margin and EPS estimates as occupancies still remain much lower than pre-pandemic times and advertising income is not seeing much recovery. Expansion through the asset-light model will continue to improve return metrics and net debt will gradually become zero with consistent FCF."
It added, "We remain optimistic on the long-term prospects of the company and reiterate our 'BUY' recommendation with a TP of Rs 1,340 (earlier Rs 1,344), based on an EV/EBITDA multiple of 10x on Mar-28E EBITDA."
Meanwhile, Motilal Oswal Financial Services Ltd (MOFSL) reiterated its 'Neutral' rating with a revised target price of Rs 1,125.
Shares of PVR Inox Ltd were trading 0.30 per cent lower at Rs 1,023.10 in Tuesday's afternoon trade. Despite the slight dip, the stock has climbed 9.46 per cent over the past one month.
Select brokerages have maintained their 'Buy' calls following the company's consistent fourth quarter (Q4 FY26) performance. "PVR INOX reported Q4 FY26 revenue (up 26 per cent YoY)/EBITDA (up 56 per cent YoY), beating our estimates by 4 per cent/13 per cent. ATP/SPH (Average Ticket Price/Spend Per Head) reached all-time highs of Rs 315/Rs 165 with ATP up 8 per cent QoQ/22 per cent YoY and SPH up 13 per cent QoQ/32 per cent YoY," Nuvama Institutional Equities stated. Net box office revenue grew 27 per cent YoY to Rs 820 crore.
"The sharp increase was largely driven by the strong performance of Dhurandhar 2 (~four-hour film). Occupancy levels improved 340bp YoY/declined 460bp QoQ to 23.9 per cent. Ad revenue grew 15 per cent YoY. Footfalls improved just 1.5 per cent YoY," it added.
"We reckon a strong FY27, backed by a healthy pipeline in Bollywood, Regional and a steady Hollywood slate. We are keeping estimates unchanged; a roll over yields a TP of Rs 1,620 (from Rs 1,605). At CMP, the stock trades at 13x/11x FY27E/28E PE; retain 'BUY'," Nuvama further said.
Elara Capital noted, "The content pipeline is robust, supporting sustained occupancy of ~26 per cent in FY27. Factoring in Q4, we raise our FY27E-28E EBITDA by 5 per cent. We maintain Buy on PVRINOX with an unchanged TP of Rs 1,300."
Nirmal Bang said, "Post Q4 FY26, we have cut our EBITDA margin and EPS estimates as occupancies still remain much lower than pre-pandemic times and advertising income is not seeing much recovery. Expansion through the asset-light model will continue to improve return metrics and net debt will gradually become zero with consistent FCF."
It added, "We remain optimistic on the long-term prospects of the company and reiterate our 'BUY' recommendation with a TP of Rs 1,340 (earlier Rs 1,344), based on an EV/EBITDA multiple of 10x on Mar-28E EBITDA."
Meanwhile, Motilal Oswal Financial Services Ltd (MOFSL) reiterated its 'Neutral' rating with a revised target price of Rs 1,125.