PVR INOX Limited’s adjusted second-quarter profit climbed 111% as Managing Director Ajay Bijli said an analyst’s estimate of about 500 screen openings over three years was fair, alongside a push into smaller Indian cities.
For the quarter ended Sept. 30, 2026, adjusted profit after tax was ₹273.3 crore. Separately, the company’s unaudited statutory filing showed consolidated net profit of ₹263.1 crore, compared with ₹105.7 crore a year earlier, a 149% rise. Revenue from operations under that filing was ₹2,105.1 crore. On an Ind AS 116-adjusted basis, total income increased 17% to ₹2,132.7 crore, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 44% to ₹475.2 crore.
The smaller-city rollout centers on SMART Cinema, a format designed for Tier 3 and Tier 4 markets. PVR INOX has identified about 300 cities for the concept, and its first site opened in Muzaffarpur, Bihar, in September. Bijli said building a SMART screen requires 25% to 30% less capital than a conventional screen, while operating expenses are about 25% lower than at cinemas in larger cities. Ticket prices at the Muzaffarpur site were about ₹190, compared with the companywide quarterly average of ₹298.
PVR INOX operated 1,797 screens in 114 cities across India and Sri Lanka at Sept. 30. It opened 24 screens and exited 25 in the first half of FY27. Bijli said limited net growth reflected closures at obsolete or underperforming malls and at locations where leases had expired. Chief Financial Officer Gaurav Sharma said PVR INOX records management-fee revenue from franchise cinemas, while franchise owners cover operating costs. Attendance rose 4% to 46.3 million, and occupancy reached 30.4%, up from 28.7% a year earlier.
On the Oct. 28 earnings call, Bijli said the company expects to open 90 to 100 screens in FY27, mostly in the second half. From FY28, he said, PVR INOX could open 150 to 175 screens annually.
