Buy PVR; target of Rs 1750: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on PVR

In Q3FY19, reported revenue was at Rs 843.1 crore, better than expectation of Rs 765.3 crore. The beat was on account of strong ATP (computed) that came in at ~Rs 212 (vs. our estimate of Rs 206) and reported footfalls that were at 25.7 mn vs. our estimate of 23.6 mn. Reported ad revenues grew 28.9% vs. our estimate of 25% YoY Reported EBITDA came in higher at Rs 164.3 crore, higher than our estimate of Rs 149.5 crore, given the topline beat. Reported margins came in at 19.5%, in line with our estimates PAT at Rs 51.6 crore was better than our estimate of Rs 47.3 crore on the back of a healthy operating performance.

Outlook

We value it at 12x FY21E EV/EBITDA and arriving at a target price of Rs 1750.

For all recommendations report, click here

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