PVR INOX shares rally 55% in six months; Ramayana collections, strong film pipeline: What's next?
Anand Rathi, Elara Securities and Nuvama Institutional Equities have raised their target prices on the stock, citing improving operating performance, screen expansion and a strong content pipeline.
- Nov 10, 2026,
- Updated Nov 10, 2026 11:06 AM IST
Select brokerages have largely maintained a positive stance on PVR INOX Ltd following its strong second-quarter (Q2 FY27) earnings and a promising film line-up, including Ramayana: Part 1, which has opened to an extraordinary response at the box office, drawing audiences in large numbers across Hindi and regional markets.
The film is estimated to have collected over Rs 660 crore in worldwide gross revenue within its first five days in theatres.
Anand Rathi, Elara Securities and Nuvama Institutional Equities have raised their target prices on the stock, citing improving operating performance, screen expansion and a strong content pipeline.
Brokerage views
Anand Rathi retained its 'Buy' rating on PVR INOX and raised its target price to Rs 1,880 from Rs 1,400 earlier. The brokerage said PVR INOX delivered its best-ever performance in Q2 FY27, with revenue rising around 17 per cent year-on-year (YoY) and 29.8 per cent sequentially to approximately Rs 2,110 crore. The figure was around 2.5 per cent above its estimate and 2 per cent ahead of the Street estimate.
Occupancy improved to around 30.4 per cent, while EBITDA increased 44 per cent YoY to approximately Rs 450 crore.
Anand Rathi attributed the performance to strong theatrical releases across Hollywood, Bollywood and regional cinema. It also noted that quarterly industry gross box office collections (GBOC) crossed Rs 4,400 crore for the first time, rising 23 per cent YoY.
The brokerage said strong content visibility across languages in the second half of FY27, along with screen expansion and a healthy balance sheet, indicated that the recovery was gaining traction.
Elara Securities raised its target price to Rs 1,650 from Rs 1,350, factoring in the strong Q2 performance. However, it downgraded the stock to 'Accumulate', noting that the recent rally had priced in much of the near-term recovery.
Elara highlighted the company's net cash balance sheet, which, even after its maiden buyback, provides room for self-funded, asset-light expansion. It expects screen additions to accelerate from FY28. The performance of Ramayana and a recovery in advertising revenue in the second half are among the key triggers identified by the brokerage.
Nuvama Institutional Equities retained its 'Buy' rating and raised its target price to Rs 1,810 from Rs 1,640 earlier. The brokerage increased its FY28 and FY29 EBITDA estimates by 7 per cent and 5 per cent, respectively.
Nuvama noted that PVR INOX's first SMART cinema, a low-cost format targeting Tier 3 and Tier 4 towns, had been a successful pilot. Screen additions also gathered pace in Q2, with 24 new screens added compared with none in Q1. This took the company's network to 1,797 screens, a net addition of 18 sequentially, following a net decline of 19 screens in Q1.
What management says
PVR INOX CFO Gaurav Sharma, in an interaction with Business Today, identified improving occupancy and premiumisation, alongside a strong film pipeline, as key growth drivers.
Sharma said the company plans to add 90-100 screens in FY27, largely through capital-light models, while keeping capital expenditure under control.
"The key growth drivers for us will be two-fold. One, of course, is the improvement in occupancy levels as we move forward. The line-up of films is very strong across Hindi, with Ramayana, Shah Rukh Khan's King, Love & War by Ranbir Kapoor, and many other small and mid-scale films. There are also English films such as Avengers: Doomsday and Dune: Part Three. Some of the biggest regional films are also lined up for the remaining part of the financial year. So, admissions and occupancy will sustain," he stated.
PVR INOX share price
PVR INOX shares settled 0.34 per cent lower at Rs 1,589.60 on Monday. Despite the marginal decline, the stock has gained 54.91 per cent over the past six months.
Select brokerages have largely maintained a positive stance on PVR INOX Ltd following its strong second-quarter (Q2 FY27) earnings and a promising film line-up, including Ramayana: Part 1, which has opened to an extraordinary response at the box office, drawing audiences in large numbers across Hindi and regional markets.
The film is estimated to have collected over Rs 660 crore in worldwide gross revenue within its first five days in theatres.
Anand Rathi, Elara Securities and Nuvama Institutional Equities have raised their target prices on the stock, citing improving operating performance, screen expansion and a strong content pipeline.
Brokerage views
Anand Rathi retained its 'Buy' rating on PVR INOX and raised its target price to Rs 1,880 from Rs 1,400 earlier. The brokerage said PVR INOX delivered its best-ever performance in Q2 FY27, with revenue rising around 17 per cent year-on-year (YoY) and 29.8 per cent sequentially to approximately Rs 2,110 crore. The figure was around 2.5 per cent above its estimate and 2 per cent ahead of the Street estimate.
Occupancy improved to around 30.4 per cent, while EBITDA increased 44 per cent YoY to approximately Rs 450 crore.
Anand Rathi attributed the performance to strong theatrical releases across Hollywood, Bollywood and regional cinema. It also noted that quarterly industry gross box office collections (GBOC) crossed Rs 4,400 crore for the first time, rising 23 per cent YoY.
The brokerage said strong content visibility across languages in the second half of FY27, along with screen expansion and a healthy balance sheet, indicated that the recovery was gaining traction.
Elara Securities raised its target price to Rs 1,650 from Rs 1,350, factoring in the strong Q2 performance. However, it downgraded the stock to 'Accumulate', noting that the recent rally had priced in much of the near-term recovery.
Elara highlighted the company's net cash balance sheet, which, even after its maiden buyback, provides room for self-funded, asset-light expansion. It expects screen additions to accelerate from FY28. The performance of Ramayana and a recovery in advertising revenue in the second half are among the key triggers identified by the brokerage.
Nuvama Institutional Equities retained its 'Buy' rating and raised its target price to Rs 1,810 from Rs 1,640 earlier. The brokerage increased its FY28 and FY29 EBITDA estimates by 7 per cent and 5 per cent, respectively.
Nuvama noted that PVR INOX's first SMART cinema, a low-cost format targeting Tier 3 and Tier 4 towns, had been a successful pilot. Screen additions also gathered pace in Q2, with 24 new screens added compared with none in Q1. This took the company's network to 1,797 screens, a net addition of 18 sequentially, following a net decline of 19 screens in Q1.
What management says
PVR INOX CFO Gaurav Sharma, in an interaction with Business Today, identified improving occupancy and premiumisation, alongside a strong film pipeline, as key growth drivers.
Sharma said the company plans to add 90-100 screens in FY27, largely through capital-light models, while keeping capital expenditure under control.
"The key growth drivers for us will be two-fold. One, of course, is the improvement in occupancy levels as we move forward. The line-up of films is very strong across Hindi, with Ramayana, Shah Rukh Khan's King, Love & War by Ranbir Kapoor, and many other small and mid-scale films. There are also English films such as Avengers: Doomsday and Dune: Part Three. Some of the biggest regional films are also lined up for the remaining part of the financial year. So, admissions and occupancy will sustain," he stated.
PVR INOX share price
PVR INOX shares settled 0.34 per cent lower at Rs 1,589.60 on Monday. Despite the marginal decline, the stock has gained 54.91 per cent over the past six months.