Motilal Oswal's research report on PVR Inox
PVR INOX delivered a strong start to FY26, with footfalls improving 12% YoY, driven by improved performance from Bollywood and a rebound in Hollywood collections. ATP grew 8% YoY and SPH rose 10% YoY to an all-time high for a 23% YoY growth in revenue. Cost discipline remained strong with fixed costs rising just ~3% YoY, due to various initiatives to make expenses more variable in line with revenue growth. As a result, pre-INDAS EBITDA came in at INR953m (24% beat) and margins expanded 6.5% (115bp beat).
Outlook
We raise our FY26-27E EBITDA by ~1-3%, driven by better cost controls. We reiterate our Neutral rating with a TP of INR1,180, premised on 12.5x pre-Ind-AS 116 Sep’27E EBITDA.
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