Synopsis:
CLSA maintains an outperform rating on PVR INOX with a target price of Rs. 1,920, implying 75.9% upside from the previous close. Analysts highlight improving box office collections, no structural risks for multiplexes, and favourable festive season momentum, making the stock a compelling long-term investment. The dine-in cinema rollout supports the lifestyle positioning.
A leading multiplex stock is in focus after CLSA’s outperform rating with ~76% upside, citing recovering box office collections, festive season momentum, and innovative cinema formats, including India’s first dine-in experience.
PVR INOX Ltd, with a market capitalization of 10,785.30 cr, opened at Rs. 1,112 against a previous close of Rs. 1,091.30 and touched a high of Rs. 1,133.25, reflecting a 3.84% intraday rise.
CLSA on PVR INOX Ltd
CLSA maintains an outperform rating with a target price of Rs. 1,920, implying 75.9% upside from the previous close. Analysts highlight a take-off in box office collections, indicating no structural risks for multiplexes. With the festive season ahead, improving footfalls and revenues provide a favorable long-term risk-reward scenario for investors.
Recent Developments
PVR INOX has launched India’s first dine-in cinema at its newest 8-screen multiplex at M5 ECity Mall, Bengaluru. This first-of-its-kind offering allows guests to enjoy chef-curated meals in-seat while watching films, turning cinema visits into holistic lifestyle experiences. The concept emphasizes comfort, entertainment, and premium dining, without stepping out of the auditorium or even purchasing a movie ticket.
The multiplex features a range of curated F&B brands: Crosta for artisanal pizzas, Cine Café for coffees and snacks, Dine-In for in-seat gourmet meals, Steamestry for healthy steamed dishes, Wokstar for Asian stir-fries, In-Between for wraps and bowls, Frytopia for indulgent fried treats, Dogfather for gourmet hot dogs, and Local Street showcasing authentic regional flavors.
The property also features lounge-style foyers for pre- and post-show relaxation, VR/AR gaming zones, kids-first formats, and premium CLUB auditoriums, aligning with PVR INOX’s Youthification strategy.
This future-ready approach for young audiences blends interactive experiences, premium dining, and entertainment to make cinema a comprehensive lifestyle destination.
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Comments from Management On Recent Developments
Mr. Ajay Bijli, Managing Director, PVR INOX Limited: “With the launch of our new multiplex at M5 ECity Mall, we are inviting audiences to experience cinema in an entirely new way. From India’s first dine-in auditorium restaurant to immersive technology and thoughtfully curated food experiences, this property brings everything our guests love under one roof. It is a space designed to celebrate films, lifestyle, and shared moments—making every visit a unique and memorable experience”
Mr. Aamer Bijli, Lead Specialist – Innovation, Film Marketing & Digital Programming, PVR INOX: “With M5 ECity Mall, we wanted to reimagine what a cinema can be. This is not just about watching films, it is about spending time well—sharing a meal, gaming with friends, relaxing in lounge spaces, and enjoying the best technology on screen.
By bringing India’s first dine-in auditorium restaurant and a range of unique food formats under one roof, we are creating a destination where entertainment, dining, and lifestyle come together seamlessly.”
Financial Snapshot
Quarter-on-Quarter (QoQ): Sales increased from 1,250 crore to 1,469 crore, a 17.52 percent rise. Operating profit rose from 283 crore to 397 crore, up 40.28 percent. Loss before tax narrowed from 168 crore to 70 crore. Net loss reduced from 125 crore to 54 crore.
Year-on-Year (YoY): Sales grew from 1,191 crore to 1,469 crore, up 23.38 percent. Operating profit increased from 252 crore to 397 crore, marking a 57.54 percent rise. Loss before tax narrowed from 238 crore to 70 crore. Net loss narrowed from 179 crore to 54 crore.
About the Company
PVR INOX Limited is India’s largest film exhibition company, operating 1,757 screens across 353 properties in 111 cities, including India and Sri Lanka. The company, formed from the merger of two iconic cinema brands, has set benchmarks in the industry through child-friendly auditoriums, premium screening technologies, superior sound, diverse F&B offerings, and premium screen formats, transforming the country’s out-of-home entertainment landscape.
Written By Manan Gangwar
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