PVR INOX Ltd.
NSE: PVRINOXPVR INOX Ltd.: A 30-second snapshot
PVR INOX (PVRINOX) is India's largest multiplex exhibition chain, trading at ₹1,009.9 — below its 200-DMA of ₹1,053.6 and 19.2% off the 52-week high. FY26 results showed record revenue, EBITDA, and PAT, compressing the trailing PE of 56.2 toward a forward PE of 17.1, though the balance sheet carries a D/E of 105.1 (predominantly IndAS 116 lease liabilities) with a rising debt trend. Quality score of 39/100 ranks second-lowest among four Media sector peers.
P/E
56.2
Forward P/E
17.1
ROE
—
Debt / Equity
105.06
Profit Margin
+0.3%
Div. Yield
—
5Y ROE > 15%
0/5
5Y FCF > 0
4/5
Quality
50/100
News
8 headlines · 7 positive · 0 negative
PVRINOX: Record financials, near-zero net debt, and capital-light growth drive strong outlook - TradingView
TradingView
PVRINOX: Record financials, near-zero net debt, and capital-light growth position for further expansion - TradingView
TradingView
PVRINOX: Record revenue, EBITDA, and PAT with strong cash flow and reduced net debt in FY'26 - TradingView
TradingView
India's PVR INOX posts quarterly profit on higher per-customer spending - marketscreener.com
marketscreener.com
PVR INOX Limited Reports Earnings Results for the Fourth Quarter Ended March 31, 2026 - marketscreener.com
marketscreener.com
Recent context
- ·FY26 Q4 results reported on May 11 2026 showed record quarterly profit driven by higher per-customer spending; management characterised net debt as near-zero, a figure that strips lease liabilities under IndAS 116 from the gross D/E of 105.1.
- ·Capital-light screen expansion was highlighted in multiple analyst notes following the FY26 results, with the forward PE of 17.1 implying the market has already priced a substantial earnings recovery relative to the trailing PE of 56.2.
- ·The stock has gained 9.6% over 12 months but pulled back 6.2% over the past 3 months; it sits above near-term support at ₹992.7 and below resistance at ₹1,040, with RSI of 48.1 in neutral territory.
Strengths
- +FCF positive in 4 of the available years, consistent with the asset-light cinema model where screen-level operating cash flows fund lease obligations.
- +FY26 earnings results (record revenue, EBITDA, and PAT per published reports) drove a forward PE of 17.1 — a sharp compression from the trailing PE of 56.2 — reflecting a significant absolute earnings step-up in the most recent fiscal year.
- +Revenue growth of 9.5% over 5 years and earnings growth of 165% over the same period reflect the post-pandemic operating leverage recovery of the exhibition business returning to near-full-capacity utilisation.
- +News sentiment over the past week skewed 7-of-8 positive, with coverage citing near-zero net debt (on a net basis excluding lease liabilities) and capital-light expansion plans as near-term operational catalysts.
Weaknesses
- −D/E of 105.1 with a rising debt trend is the highest financial leverage reading in the peer group; while largely driven by IndAS 116 lease capitalisation, it amplifies equity dilution risk in any sustained low-occupancy scenario.
- −ROE is unavailable over the measurement period, and zero of the tracked years recorded ROE above 15%; consistency score of 35/100 indicates the business has not demonstrated durable returns on equity capital.
- −Quality score of 39/100 ranks 3rd of 4 in the Media sector, trailing SAREGAMA (66) and SUNTV (50), despite PVRINOX trading at the highest trailing PE (56.2) in the peer group.
- −Price has remained below the 200-DMA of ₹1,053.6 despite a modest 1-year price gain of 9.6%; the 3-month return of -6.2% shows more recent underperformance even as FY26 results were reported.
Open questions
- ?Does the company's characterisation of 'near-zero net debt' include or exclude IndAS 116 lease liabilities, and what does the full gross-debt picture look like on a per-screen basis?
- ?Is the 5-year earnings growth of 165% primarily a function of post-pandemic base normalisation, or does the FY26 PAT reflect a structurally higher earnings capacity at current occupancy and ATP levels?
- ?How does PVRINOX's screen-level EBITDA margin and occupancy rate compare to pre-merger PVR and INOX standalone figures, and are the merger synergies fully realised?
- ?Given that the forward PE of 17.1 embeds a significant earnings ramp, what would the PE multiple look like if FY27 earnings fell 20–30% on a content-cycle or occupancy setback?
Peer comparison: Media
Ranks 3 of 4 on qualityTechnical state
Current price
₹1,009.90
SMA 50
₹995.98
SMA 200
₹1,053.63
RSI (14)
48.1 (neutral)
From 52w high
-19.2%
1Y return
+9.6%
3M return
-6.2%
50-DMA
Above
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highDebt-to-equity ratio of 105.1 is exceptionally elevated; rising debt trend alongside this leverage level implies significant lease and financial obligations relative to equity, a structural characteristic of IndAS 116 cinema-exhibition balance sheets that amplifies downside in low-occupancy periods.
- highROE data is unavailable and the quality score of 39/100 is the second-lowest among four sector peers; consistency score of 35/100 and zero of the measured years showing ROE above 15% indicate that the business has not demonstrably generated returns above cost of equity over the available history.
- mediumCurrent price of ₹1,009.9 is below the 200-DMA of ₹1,053.6 and stands 19.2% below the 52-week high; the stock has not reclaimed the 200-DMA despite trading above the 50-DMA of ₹996.0, with the 3-month price change at -6.2%.
- mediumTrailing PE of 56.2 is the highest among four sector peers (peer range: 13.4–38.7), yet the quality score ranks 3rd of 4; forward PE of 17.1 implies consensus expects a steep earnings expansion from FY26 results — the trailing-to-forward PE compression is the central valuation assumption to scrutinise.
- lowPeer priceChange1Y is null for all three comparable companies (SAREGAMA, SUNTV, ZEEL), limiting relative price-performance benchmarking within the Media sector.
Cross-section contradictions
- FCF was positive in 4 of the available years yet D/E stands at 105.1 with a rising debt trend, suggesting cash generation has not translated into balance sheet deleveraging — the divergence between operating cash flow and net debt trajectory warrants examination.
- News flow over the past week (7 of 8 articles positive, citing record FY26 revenue, EBITDA, and PAT alongside near-zero net debt) contrasts with the structural D/E of 105.1; the near-zero net-debt characterisation likely strips out IndAS 116 lease liabilities, making the headline figure and the balance-sheet ratio measure different things.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 17 May 2026 · rotates through NIFTY 500 every ~5 days