Dhurandhar-2: PVR Inox shares jump ahead of mega release; will the hype give stock a lift?

Dhurandhar-2 release: Shares of PVR Inox Ltd have been buzzing lately ahead of release of 'Dhurandhar: The Revenge,' second installment of an espionage action thriller by Aditya Dhar, starring Ranveer Singh, Akshaye Khanna, Sanjay Dutt, Arjun Rampal, Sara Arjun and others.

The much awaited spy action movie is reported to be releasing on over 8,000 screens and experts are forecasting a Rs 1,200-1,300 crore net domestic box office collection from the movie. Movie pundits have diktat that combined collections of the franchise shall surpass the likes of KGF, Baahubali and Pushpa, making it the highest-ever grossing franchise domestically.

Dhurandhar-2: What's in for PVR Inox

Ranveer Singh starrer 'Dhurandhar: The Revenge' has already amassed Rs 40.5 crore, gross, in paid previews. Advance ticket sales for March 19 2026 have already grossed to Rs 29 crore. Given exciting initial trends, the movie may well break into the all-time highest Hindi advance bookings list and achieve top-spot, topping KGF-2, said Jinesh Joshi, Research Analyst at PL Capital.

With 14 days left for the quarter to end, industry wide box office collections stand at Rs 1,500 crore in 4QFY26E. However, Dhurandhar-2 has potential to salvage the quarter for PVR-INOX which otherwise appears to be a bit lukewarm as barring Border-2, none of the Bollywood movies like O’Romeo, Mardani-3 or The Kerala Story-2 have been able to strike a chord, he said.

With strong franchise recall and sequel advantage, Dhurandhar 2 is expected to open at Rs 100–110 crore on Day 1. This positions it among the largest openings in Indian cinema history, said Karan Taurani, Executive Vice President at Elara Capital. "It is likely to encourage producers to invest in large-scale franchise content and take it global, supported by strong audience acceptance and visibility of returns, " he said.

In the post-COVID phase, large-scale successes were dominated by regional films such as KGF Chapter 2, Pushpa, Kantara, RRR and others leading to a decline in Hindi share. A strong performance by Dhurandhar could help Hindi cinema regain market share, especially with franchise-led content, said Taurani.

With the sequel releasing across multiple languages, the contribution from this franchise is likely to scale. Unlike the slow-burn first part, 'Dhurandhar-2' enters with strong buzz and Rs 130 crore in worldwide presales. If reviews hold, the film should drive operating leverage, lifting revenue and earnings, said Antu Eapen Thomas, Research Analyst at Geojit Investments.
 

What PVR Inox management said

Footfalls for Dhurandhar: The Revenge are expected to see a significant surge, backed by very strong pre-release momentum. The film has already recorded over 200,000 ticket sales for paid preview shows and advance bookings have crossed the one million mark, reflecting widespread demand across metros as well as Tier-II markets, said Gautam Dutta, CEO of Growth & Revenue at PVR Inox.

"Long-duration films typically translate into higher per capita spends on food & beverage, as audiences are more inclined to indulge during extended viewing experiences. We expect Dhurandhar: The Revenge to follow a similar trend, with increased demand across both pre-show and interval consumption," he added, expecting Dhurandhar's success to uplift overall industry sentiment, encouraging consistent audience engagement.
 

Stock price movement

Shares of PVR Inox Ltd jumped nearly 3 per cent to Rs 1,029.90 on Wednesday, commanding a total market capitalization above Rs 10,000 crore. The stock has jumped nearly 8 per cent from its lows on Monday. However, the stock is down 18 per cent from its 52-week high at Rs 1,249, hit in October 2025.
 

Ratings and target price

'Dhurandhar: The Revenge' will provide much needed impetus for PVR Inox , with a number of movies in pipeline by superstars like Salman Khan, Yash, Akshay Kumar, Ranbir Kapoor, said Joshi from PL Capital adding that the four-hour long-run time of 'Dhurandhar' will also boost its food & beverage sales.

"If we assume, Dhurandhar: The Revenge collects Rs 1,000 (base case scenario) and 75 per cent of the collections accrue in the first 14-15 days, industry wide box collections for the quarter will be similar to 4QFY25. Thus, Hamza’s revenge is likely to benefit PVR-INOX in Q4FY26E. We have a 'buy' on the stock with a target price of Rs 1,274," he added.

Multiplex occupancy levels could recover to 80–85 per cent of pre-COVID levels driven by such large releases. However, sustained recovery depends on consistent supply of similar high-quality, big-budget films, rather than one-off blockbusters, said Taurani from Elara Capital, with a 'buy' rating on PVR Inox with a target price of Rs 1,300.

"While PVR Inox often responds to opening-week data, sustained upside will depend on blockbuster status. The nearly four-hour runtime is key—with spend per head (SPH) at around half of average ticket price (ATP), longer stays favour full meals over light snacks, boosting F&B revenue. The film should also support distribution and high‑margin advertising income," Thomas from Geojit added.