PVR, India’s foremost film exhibition giant, stands as a trailblazer in the nation’s cinema landscape. Pioneering the multiplex revolution in 1997 with the inauguration of its first multiplex in New Delhi, PVR has consistently maintained its industry dominance through an unwavering commitment to innovation and operational excellence. Boasting a cinema network of 854 screens spread across 74 cities and 173 cinemas, offering a staggering ~1.8 lakh seats, PVR is synonymous with democratizing the grandeur of big-screen movie experiences.
In this article, we delve into the comprehensive facets of PVR, exploring its journey, achievements, and the dynamic realm of India’s premier film exhibition company.
About PVR Inox
In the fiscal year 2022, PVR Limited demonstrated a diversified revenue stream, with approximately 52% of its earnings stemming from movie ticket sales, underscoring its stronghold in the cinematic domain. The company’s financial landscape further reveals a balanced revenue distribution, with 30% attributed to the sale of food and beverages, while advertisement income, convenience fees, and other business activities contribute 6% each.
Notably, a significant milestone in PVR’s trajectory unfolded with the approval of a merger with INOX Leisure in March 2022. This strategic amalgamation envisages INOX shareholders receiving three PVR shares for every ten INOX shares, propelling the combined entity to the forefront as the largest cinema exhibition company in India, boasting a staggering 1500 screens across 110 cities. Furthermore, PVR’s strategic foresight was evident in its acquisition of SPI Cinemas Pvt Ltd during FY19, a key competitor in the southern market. The acquisition, totaling 72% ownership through a cash consideration of 635 crores and the issuance of equity shares, fortified PVR’s market presence and exemplifies its proactive approach to shaping the Indian cinema landscape.
PVR Inox Q3 FY24 Highlights
- Profit After Tax (PAT): Recorded a 20% decline, reaching Rs 12.8 crore compared to Rs 16.1 crore in the previous year’s quarter.
- Revenue Growth: Witnessed a substantial 64% YoY surge in revenue from operations, reaching Rs 1,546 crore.
- Admissions and Ticket Prices: Notched 36.5 million admissions with an average ticket price of Rs 271, reflecting a 14% YoY increase.
- Operational Expansion: Continued growth momentum with 29 new screen openings in 7 cinemas during the quarter, contributing to a total of 97 new screens in 19 cinemas over the 9-month FY24 period.
- Debt Reduction: Successfully reduced net debt by Rs 210 crore over the past 9 months.
- Merger Impact: The merger with Inox, effective on February 6, 2023, influenced the reporting of Q3 results, making them not directly comparable with earlier periods.
- Film Performance: Highlighted notable film successes, including ‘Leo,’ grossing over Rs 400 crore, ’12th Fail’ bringing in over Rs 65 crore, and ‘Tiger 3,’ which grossed around Rs 340 crore in November.
- December Triumph: Declared December as the highest-grossing month of 2023, attributing success to films like ‘Animal,’ ‘Dunki,’ ‘Sam Bahadur,’ and ‘Salaar.’
- Integration Progress: The post-merger integration process reported smooth advancement, yielding significant operational savings.
Below are the trading platforms that you can use to purchase PVR Inox shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| February 2024 | 1,548.72 | 1,346.71 |
| March 2024 | 1,580.33 | 1,374.20 |
| April 2024 | 1,534.30 | 1,334.17 |
| May 2024 | 1,511.62 | 1,314.46 |
| June 2024 | 1,566.04 | 1,361.78 |
| July 2024 | 1,550.38 | 1,348.16 |
| August 2024 | 1,612.40 | 1,402.08 |
| September 2024 | 1,676.89 | 1,458.17 |
| October 2024 | 1,644.01 | 1,429.58 |
| November 2024 | 1,693.33 | 1,472.46 |
| December 2024 | 1,735.67 | 1,509.27 |
As of February 1, 2024, PVR Inox’s share price stands at ₹1,434, with a Market Cap of ₹14,077 Cr. The projected share price targets for 2024 indicate a fluctuating trend, ranging from a minimum of ₹1,314.46 in May to a maximum of ₹1,735.67 in December.
The stock’s high/low values are ₹1,880/₹1,336, and other financial indicators include a Book Value of ₹758, no Dividend Yield, a ROCE of 3.28%, ROE at -7.76%, and a Face Value of ₹10.0.
| When | Maximum Price | Minimum Price |
| January 2025 | 1,770.38 | 1,361.83 |
| February 2025 | 1,815.77 | 1,396.75 |
| March 2025 | 1,886.59 | 1,451.22 |
| April 2025 | 1,849.60 | 1,422.77 |
| May 2025 | 1,795.72 | 1,381.33 |
| June 2025 | 1,876.53 | 1,443.49 |
| July 2025 | 1,839.74 | 1,415.18 |
| August 2025 | 1,896.64 | 1,458.95 |
| September 2025 | 1,963.02 | 1,510.01 |
| October 2025 | 2,014.06 | 1,549.28 |
| November 2025 | 2,064.41 | 1,588.01 |
| December 2025 | 2,116.02 | 1,627.71 |
In 2025, PVR Inox’s share price targets exhibit a promising trajectory, with projections ranging from a minimum of ₹1,361.83 in January to a maximum of ₹2,116.02 in December. Investors can anticipate fluctuations throughout the year, presenting potential opportunities for market participation.
Notably, PVR Inox has extended its footprint beyond Indian borders, marking its international debut with a nine-screen cinema in Colombo, Sri Lanka. This expansion showcases the company’s commitment to global growth and introduces premium formats such as PVR Luxe and PVR Playhouse, highlighting its dedication to offering diverse and luxurious cinema experiences to audiences beyond India.
| When | Maximum Price | Minimum Price |
| January 2026 | 2,179.50 | 1,676.54 |
| February 2026 | 2,235.38 | 1,719.53 |
| March 2026 | 2,322.56 | 1,786.59 |
| April 2026 | 2,277.02 | 1,751.56 |
| May 2026 | 2,210.70 | 1,700.54 |
| June 2026 | 2,310.18 | 1,777.07 |
| July 2026 | 2,264.89 | 1,742.22 |
| August 2026 | 2,334.93 | 1,796.10 |
| September 2026 | 2,416.66 | 1,858.97 |
| October 2026 | 2,479.49 | 1,907.30 |
| November 2026 | 2,541.48 | 1,954.98 |
| December 2026 | 2,605.02 | 2,003.86 |
In the prospective year 2026, PVR Inox’s share price targets display a bullish trend, projecting an upward trajectory from a minimum of ₹1,676.54 in January to a maximum of ₹2,605.02 in December. This forecast suggests a potentially lucrative period for investors, marked by significant market movements. Alongside these financial expectations, PVR Inox is strategically augmenting its cinema offerings with a growing emphasis on premium formats.
Currently, the company boasts ownership of 94 premium screens, constituting 11% of its expansive multiplex network. This strategic move not only aligns with evolving consumer preferences but also positions PVR Inox as a key player in the premium cinema experience segment, contributing to its overall market appeal and potential revenue growth.
| When | Maximum Price | Minimum Price |
| January 2027 | 2,657.12 | 2,043.93 |
| February 2027 | 2,725.25 | 2,096.34 |
| March 2027 | 2,831.53 | 2,178.10 |
| April 2027 | 2,776.01 | 2,135.39 |
| May 2027 | 2,695.16 | 2,073.20 |
| June 2027 | 2,816.44 | 2,166.49 |
| July 2027 | 2,761.21 | 2,124.01 |
| August 2027 | 2,846.61 | 2,189.70 |
| September 2027 | 2,946.24 | 2,266.34 |
| October 2027 | 3,022.85 | 2,325.27 |
| November 2027 | 3,098.42 | 2,383.40 |
| December 2027 | 3,175.88 | 2,442.98 |
In the outlook for 2027, PVR Inox’s share price targets showcase a robust ascent, ranging from a minimum of ₹2,043.93 in January to a maximum of ₹3,175.88 in December. This anticipated growth underscores an optimistic market sentiment, providing potential opportunities for investors throughout the year.
Additionally, PVR Inox has been strategically capitalizing on the burgeoning trend of online convenience, evident in its growing convenience fees segment. Derived from online bookings through its platforms and ticket aggregating partners such as Bookmyshow, Paytm, and Amazon, this segment exhibits remarkable growth with a 5-year CAGR exceeding 54%, further solidifying its position as a key revenue driver for the company.
| When | Maximum Price | Minimum Price |
| January 2028 | 3,239.40 | 2,491.84 |
| February 2028 | 3,322.46 | 2,555.74 |
| March 2028 | 3,452.03 | 2,655.41 |
| April 2028 | 3,384.35 | 2,603.34 |
| May 2028 | 3,285.77 | 2,527.52 |
| June 2028 | 3,433.63 | 2,641.26 |
| July 2028 | 3,366.31 | 2,589.47 |
| August 2028 | 3,470.42 | 2,669.55 |
| September 2028 | 3,591.88 | 2,762.99 |
| October 2028 | 3,685.27 | 2,834.82 |
| November 2028 | 3,777.40 | 2,905.70 |
| December 2028 | 3,871.84 | 2,978.34 |
- January 2028: ₹2,491.84 (Minimum)
- December 2028: ₹3,871.84 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2029 | 3,949.28 | 3,037.90 |
| February 2029 | 4,050.54 | 3,115.80 |
| March 2029 | 4,208.51 | 3,237.32 |
| April 2029 | 4,125.99 | 3,173.84 |
| May 2029 | 4,005.82 | 3,081.40 |
| June 2029 | 4,186.08 | 3,220.06 |
| July 2029 | 4,104.00 | 3,156.92 |
| August 2029 | 4,230.93 | 3,254.56 |
| September 2029 | 4,379.01 | 3,368.47 |
| October 2029 | 4,492.86 | 3,456.05 |
| November 2029 | 4,605.18 | 3,542.45 |
| December 2029 | 4,720.31 | 3,631.01 |
- January 2029: ₹3,037.90(Minimum)
- December 2029: ₹4,720.31 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2030 | 4,814.72 | 3,703.63 |
| February 2030 | 4,938.17 | 3,798.60 |
| March 2030 | 5,130.76 | 3,946.74 |
| April 2030 | 5,030.16 | 3,869.35 |
| May 2030 | 4,883.65 | 3,756.65 |
| June 2030 | 5,103.41 | 3,925.70 |
| July 2030 | 5,003.35 | 3,848.73 |
| August 2030 | 5,158.09 | 3,967.76 |
| September 2030 | 5,338.62 | 4,106.63 |
| October 2030 | 5,477.43 | 4,213.41 |
| November 2030 | 5,614.36 | 4,318.74 |
| December 2030 | 5,754.72 | 4,426.71 |
- January 2030: ₹3,703.63 (Minimum)
- December 2030: ₹5,754.72 (Maximum)
PVR Inox Financial Condition: Last 5 Years
| Financials | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Sales | 3086 | 3414 | 280 | 1329 | 3751 |
| Expenses | 2499 | 2338 | 616 | 1224 | 2703 |
| Operating Profit | 587 | 1076 | -336 | 105 | 1048 |
| OPM % | 19% | 32% | -120% | 8% | 28% |
| Other Income | 32 | 38 | 469 | 326 | 68 |
| Interest | 128 | 482 | 498 | 498 | 572 |
| Depreciation | 191 | 542 | 575 | 614 | 753 |
| Profit before tax | 299 | 90 | -939 | -681 | -209 |
| Tax % | 37% | 70% | 20% | 28% | -61% |
| Net Profit | 189 | 27 | -748 | -489 | -336 |
| EPS (Rs) | 37.81 | 4.95 | -123.07 | -80.04 | -34.20 |
| Dividend Payout % | 5% | 75% | 0% | 0% | 0% |
- Over the last five years, PVR Inox’s financial trajectory has shown notable fluctuations.
- Sales increased from ₹3086 crore in 2019 to ₹3751 crore in 2023, depicting the dynamic nature of the entertainment sector.
- Despite robust sales growth, challenges are evident, with a negative operating profit margin (OPM) of -120% in 2021, rebounding to 28% in 2023.
- Net profit ranged from ₹189 crore in 2019 to a deficit of -₹336 crore in 2023, reflecting the company’s evolving financial landscape.
- Compounded sales growth over 10 years stands at 17%, while the last 5 years show growth of 10%.
- Compound annual growth rate (CAGR) for stock prices exhibited a positive trend of 11% over 10 years, but the last 5 and 3 years experienced declines of -1% and -2%, respectively.
- Return on equity (ROE) trends remained negative, with the last year showing improvement at -8%.
- PVR Inox’s financial indicators underscore the complex dynamics influencing its performance in the entertainment industry.
Sharekhan, in its research report dated December 19, 2023, has expressed optimism about PVR INOX, issuing a buy recommendation and setting a target price of Rs 2200.
FAQs
What is the current valuation of PVR in the stock market?
PVR’s current market capitalization is an impressive ₹14,077 Crores.
As of February 1, 2024, the share price of PVR Inox stands at ₹1,434.
What’s the investment outlook for PVR Inox in 2024?
The 2024 outlook for PVR Inox suggests a price range fluctuating between ₹1,346.71 and ₹1,735.67.
In 2025, the share price of PVR Inox is forecasted to vary from ₹1,361.83 (minimum) to ₹2,116.02 (maximum).
The prospective year 2026 predicts an ascending trend, with share prices ranging from ₹1,676.54 to ₹2,605.02.
What’s the recent trend in PVR Inox’s return on equity (ROE)?
PVR Inox’s ROE remains a challenge, yet there’s a slight improvement, reaching -8% in the last year.
What’s PVR Inox’s recent dividend payout percentage?
PVR Inox’s dividend payout percentage was 5% in 2019, soared to 75% in 2020, and remained at 0% in 2021, 2022, and 2023.
What’s the latest status of PVR Inox’s Book Value, and what’s its Face Value?
PVR Inox’s Book Value and Face Value remain steady, reflecting the company’s resilience in the dynamic entertainment industry.
Also Read
PVR Inox, a trailblazer in India’s cinematic landscape, has left an indelible mark through its journey of innovation and operational excellence. As a pioneer of the multiplex revolution, the company symbolizes the democratization of grand cinematic experiences, boasting an extensive network of 854 screens across 74 cities. The strategic merger with INOX and the acquisition of SPI Cinemas reaffirm PVR’s commitment to growth and market leadership.
Q3 FY24 highlights showcase resilience, with a remarkable 64% revenue growth despite challenges. Operational expansion, debt reduction, and successful post-merger integration underscore the company’s strategic prowess. The share price targets for 2024-2030 depict an optimistic trajectory, signaling potential opportunities for investors.
However, caution is warranted. Challenges such as a low-interest coverage ratio and suboptimal sales growth, coupled with a negative return on equity, raise concerns. Despite improvements in debtor days and a promising upcoming quarter, stakeholders must remain vigilant to navigate the nuanced dynamics of the entertainment industry.
While the company anticipates a fruitful quarter and witnesses an improvement in debtor days from 26.7 to 17.8 days, the low-interest coverage ratio, coupled with a modest sales growth of 9.95% over the past five years and a persistent negative return on equity at -21.0% over the last three years, necessitates a prudent and vigilant approach from investors. As PVR Inox continues to shape the cinematic landscape, astute monitoring and strategic decision-making will be crucial for navigating the dynamic entertainment terrain.
What did we learn?
- 1 About PVR Inox
- 2 PVR Inox Q3 FY24 Highlights
- 3 How to Purchase PVR Inox Shares?
- 4 PVR Inox Share Price Target: 2024 – 2030
- 5 PVR Inox Financial Condition: Last 5 Years
- 6 Sharekhan on PVR Inox Share Price Target
- 7 FAQs
- 7.1 What is the current valuation of PVR in the stock market?
- 7.2 What’s the latest price tag on a share of PVR Inox?
- 7.3 What’s the investment outlook for PVR Inox in 2024?
- 7.4 What’s the anticipated share value of PVR Inox in 2025?
- 7.5 What’s the expected performance of PVR Inox shares in 2026?
- 7.6 What’s the recent trend in PVR Inox’s return on equity (ROE)?
- 7.7 What’s PVR Inox’s recent dividend payout percentage?
- 7.8 What’s the latest status of PVR Inox’s Book Value, and what’s its Face Value?
- 8 Conclusion: Navigating Cinematic Horizons with PVR Inox
