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INSIGHT-AI is rewiring the world's most prolific film industry
Indian studios use AI to cut costs, speed production, despite mixed audience reactions
AI dubbing addresses India's language diversity, enabling seamless translations
Google, Microsoft, Nvidia partner with Indian filmmakers to advance AI-driven storytelling
By Munsif Vengattil
BENGALURU, April 4 (Reuters) - Welcome to the new-look movie set, where the quiet hum of a coding floor has replaced the cacophony of cameras, clapperboards and shouted directions.
The Collective Artists Network, a top talent agency for Bollywood A-listers, has long brokered the careers of real-life superstars. Now, it’s engineering digital ones. In its Bengaluru premises, filmmakers use artificial intelligence tools to create content based on Hindu mythology – a popular genre in India. One movie, based on the religious text “Ramayana,” has a scene showing the god Hanuman flying while carrying a mountain. A show based on a separate ancient epic, “Mahabharat,” features a sequence depicting the princess Gandhari, who blindfolded herself upon marrying a blind king.
India produces the most movies of any country, and stars such as Shah Rukh Khan and Amitabh Bachchan command cult-like followings. But shifting audience habits, including the rise of streaming, are squeezing production budgets, many industry players say. The number of moviegoers fell to 832 million in 2025 from 1.03 billion in 2019, according to consulting firm Ormax Media. While box-office sales hit a record $1.4 billion last year, revenue has been choppy since the pandemic and reliant on a handful of hits and pricier tickets.
(To view the story on Reuters.com, go to https://www.reuters.com/technology/ai-is-rewiring-worlds-most-prolific-film-industry-2026-04-04/)
Studios in India are responding by deploying AI at a scale unseen elsewhere: creating full-fledged AI-generated films; using AI dubbing to release movies in numerous languages; and recutting endings of older titles to eke out additional sales. In the process, they are reshaping the economics of filmmaking, compressing production timelines, and pitting AI-driven efficiency against a recurring problem: Audiences have often reviewed AI content harshly, even when it sells.
“AI is slashing production costs to one-fifth of what they used to be for traditional filmmaking in genres such as mythology and fantasy,” said Rahul Regulapati, who heads Collective’s AI studio, known as Galleri5. And production time? “Down to a quarter,” he said.
The approach differs from Hollywood, where union contracts and fears of job displacement have constrained studios’ use of the technology. In India, at least one major production house is reviewing its entire library for AI re-releases, and Google GOOGL.O, Microsoft MSFT.O and Nvidia NVDA.O have made early bets by partnering with local filmmakers.
Previous reporting has explored how Indian filmmakers are harnessing AI, and India’s divergence with Hollywood. But Reuters is detailing for the first time the extent to which India’s film industry is reorganizing itself around AI and the economics driving the shift. Reuters visited two AI studios and tested moviemaking tools, attended film festivals and interviewed 25 people for this story, including directors, studio heads, industry executives and startup figures.
American and British studios have experimented with AI filmmaking – producing the first full-length AI animated features in 2024 and an AI-powered immersive version of “The Wizard of Oz” last year.
But the ambitions of India’s filmmakers are on a different level, said Dominic Lees, a film and AI researcher at Britain’s University of Reading. “If they can deliver, then the shift in AI filmmaking will be to India,” he said.
The pivot to AI reflects India’s embrace of the technology broadly. Last year, Reuters detailed India’s wager that leaning in to AI will create enough opportunities to offset shorter-term disruption. AI could boost Indian media and entertainment firms’ revenue by 10% and reduce costs by 15% over the medium term, according to analysis by consulting firm EY.
Vikram Malhotra, founder of Abundantia Entertainment, told Reuters the Bollywood production house, which recently announced investment in an $11 million AI studio, is building its AI capability from scratch and expects content generated or assisted by AI to account for one-third of its revenue within three years.
NEW ENDINGS FOR OLD DRAMAS
Last year, India’s Eros Media World re-released a 2013 hit, “Raanjhanaa,” with an AI-altered twist. It replaced a tragic ending, in which the protagonist died, with a happier finale where he opens his eyes to the surprise of his lover, who smiles through tears.
The rewrite drew backlash. Dhanush, the lead actor, who goes by one name professionally, said on X that the AI remake had “stripped the film of its very soul” and set a “deeply concerning precedent for both art and artists.”
Still, the re-release of “Raanjhanaa” drew audiences. India’s largest cinema chain, PVR Inox PVRL.NS, told Reuters that 35% of available tickets to the Tamil-language version of the movie were sold during its release month, August. That was 12 percentage points higher than the average in 2025.
Now, Eros is going further: Pradeep Dwivedi, its group CEO, told Reuters the studio is reviewing its 3,000-title catalog “to identify candidates for AI-assisted adaptation.” The group’s Indian unit, Eros International, last year warned of “competition from digital platforms” as its consolidated annual revenue from operations fell 44%.
“It’s both a revenue opportunity and a creative renewal strategy,” Dwivedi said of the plans for AI rewrites.
In Hollywood, such alterations would face barriers. Under an agreement with U.S. actors’ union SAG-AFTRA, studios cannot digitally alter an actor’s performance or create a digital replica without the performer’s informed consent. The Directors Guild of America contract bars studios from using AI for creative decisions without consulting the director and prevents AI from doing the work of its members.
Indian studios, by contrast, are pushing into aggressive experiments using AI, including in Hindu mythological tales – big business in a country with millions of devout followers. Collective is planning eight AI-generated titles focused on deities such as Hanuman, Krishna, Durga and Kali.
JioStar, a media joint venture between billionaire Mukesh Ambani’s Reliance RELI.NS and Walt Disney DIS.N, has been airing an AI-generated adaptation of the ancient Hindu epic “Mahabharat” – the first episodic series to emerge from Collective's cinematic AI lab.
The AI rendition of the tale about a dynastic war between princes has recorded at least 26.5 million views since its October release on JioStar’s streaming platform, the company told Reuters. An earlier TV adaptation drew 200 million viewers between 1988 and 1990.
The show has faced a rocky reception with audiences, however. “Mahabharat” holds a rating of 1.4 out of 10 on IMDb, with some reviewers criticizing lip-sync issues and others saying some sequences felt low-quality or lacked authenticity due to unnatural styling.
Alok Jain, a senior executive at JioStar, told Reuters the response “has been a mix of appreciation and healthy debate, which is natural for any ambitious creative leap.” He said JioStar is exploring making original stories in AI format.
Some industry figures lament the rise of AI in filmmaking. Jonathan Taplin, an American writer and producer who has worked with Hollywood studios, said the use of AI to create entire feature films is “an affront to the whole history of cinema.”
“It will fill your cinemas and screens with formula slop,” he said.
DUBBING WITH AI
Dubbing may offer a smoother path to acceptance of AI in film.
India’s 22 official languages and hundreds of dialects split the country into micro-markets, making dubbing essential for any movie to become a national blockbuster. Audiences have long griped about mismatched lip movement – a problem AI is beginning to address.
During a Reuters visit to NeuralGarage, an AI startup in Bengaluru that provides dubbing for top studios like Yash Raj Films, co-founder Subhabrata Debnath demonstrated a clip of an AI-generated character speaking in English. He then superimposed a German audio track, and within minutes the character was speaking fluent German, lips and jaw in sync.
Debnath said the technology preserves “the performance, identity and the speaking style of the person” while altering the face enough to make the dubbing look natural.
NeuralGarage’s AI technology was used last year to dub Yash Raj’s Hindi movie “War 2” into the Telugu language of south India. The production house didn’t respond to Reuters questions.
TECH MAJORS MEET THE RED CARPET
Global tech majors also want a piece of the action.
Google partnered with Bollywood director Shakun Batra in August to produce a five-part cinematic series using its Veo 3 video-generation and Flow AI tools to experiment with AI-powered filmmaking. Mira Lane, Google’s vice president of technology and society, told Reuters that AI could also allow independent artists to create complex sequences that “might otherwise be out of reach due to budget or logistical constraints.”
Collective has been working with Microsoft, which told Reuters it is providing AI computing power to help “shape the next wave of global storytelling” through such collaborations.
To bypass the limitations of standard text prompts, Collective uses a hybrid of physical recording and digital animation. Actors wear sensor-equipped motion-capture suits to record body movements as 3D data, while smartphones capture facial expressions. This data is fed into the AI pipeline, allowing for nuanced control over the AI-generated characters.
The ripples are reaching beyond the studio. Globally, festivals dedicated to screening AI-generated shorts have proliferated in cities including Los Angeles, Cannes, and Barcelona. India’s first took place in November at Mumbai’s Royal Opera House, where young storytellers walked the red carpet alongside a dancing robot.
And in February, Nvidia shared the stage with aspiring AI filmmakers at the second edition of India’s AI film fest in New Delhi. Pradeep Gupta, a global vice president of Nvidia, told the audience the company is working to slash computing costs so that anyone can “create something substantial without putting a lot of money” into production.
Anurag Kashyap, a Bollywood director, told Reuters he is concerned about the growth of AI in filmmaking in India and the lack of guardrails around its use. But he grudgingly conceded the economic case for studios to deploy the technology.
“In India, cinema isn’t about art. It’s purely business, so studios are going to use it to make mythologicals,” Kashyap said of AI. “Our audience is a sucker for it.”
India's cinema audiences shrink https://www.reuters.com/graphics/INDIA-AI/BOLLYWOOD/egvbeowmjpq/chart.png
(Reporting by Munsif Vengattil in Bengaluru and Mumbai. Additional reporting by Hritam Mukherjee and Sunil Kataria. Editing by Aditya Kalra and David Crawshaw.)
Indian studios use AI to cut costs, speed production, despite mixed audience reactions
AI dubbing addresses India's language diversity, enabling seamless translations
Google, Microsoft, Nvidia partner with Indian filmmakers to advance AI-driven storytelling
By Munsif Vengattil
BENGALURU, April 4 (Reuters) - Welcome to the new-look movie set, where the quiet hum of a coding floor has replaced the cacophony of cameras, clapperboards and shouted directions.
The Collective Artists Network, a top talent agency for Bollywood A-listers, has long brokered the careers of real-life superstars. Now, it’s engineering digital ones. In its Bengaluru premises, filmmakers use artificial intelligence tools to create content based on Hindu mythology – a popular genre in India. One movie, based on the religious text “Ramayana,” has a scene showing the god Hanuman flying while carrying a mountain. A show based on a separate ancient epic, “Mahabharat,” features a sequence depicting the princess Gandhari, who blindfolded herself upon marrying a blind king.
India produces the most movies of any country, and stars such as Shah Rukh Khan and Amitabh Bachchan command cult-like followings. But shifting audience habits, including the rise of streaming, are squeezing production budgets, many industry players say. The number of moviegoers fell to 832 million in 2025 from 1.03 billion in 2019, according to consulting firm Ormax Media. While box-office sales hit a record $1.4 billion last year, revenue has been choppy since the pandemic and reliant on a handful of hits and pricier tickets.
(To view the story on Reuters.com, go to https://www.reuters.com/technology/ai-is-rewiring-worlds-most-prolific-film-industry-2026-04-04/)
Studios in India are responding by deploying AI at a scale unseen elsewhere: creating full-fledged AI-generated films; using AI dubbing to release movies in numerous languages; and recutting endings of older titles to eke out additional sales. In the process, they are reshaping the economics of filmmaking, compressing production timelines, and pitting AI-driven efficiency against a recurring problem: Audiences have often reviewed AI content harshly, even when it sells.
“AI is slashing production costs to one-fifth of what they used to be for traditional filmmaking in genres such as mythology and fantasy,” said Rahul Regulapati, who heads Collective’s AI studio, known as Galleri5. And production time? “Down to a quarter,” he said.
The approach differs from Hollywood, where union contracts and fears of job displacement have constrained studios’ use of the technology. In India, at least one major production house is reviewing its entire library for AI re-releases, and Google GOOGL.O, Microsoft MSFT.O and Nvidia NVDA.O have made early bets by partnering with local filmmakers.
Previous reporting has explored how Indian filmmakers are harnessing AI, and India’s divergence with Hollywood. But Reuters is detailing for the first time the extent to which India’s film industry is reorganizing itself around AI and the economics driving the shift. Reuters visited two AI studios and tested moviemaking tools, attended film festivals and interviewed 25 people for this story, including directors, studio heads, industry executives and startup figures.
American and British studios have experimented with AI filmmaking – producing the first full-length AI animated features in 2024 and an AI-powered immersive version of “The Wizard of Oz” last year.
But the ambitions of India’s filmmakers are on a different level, said Dominic Lees, a film and AI researcher at Britain’s University of Reading. “If they can deliver, then the shift in AI filmmaking will be to India,” he said.
The pivot to AI reflects India’s embrace of the technology broadly. Last year, Reuters detailed India’s wager that leaning in to AI will create enough opportunities to offset shorter-term disruption. AI could boost Indian media and entertainment firms’ revenue by 10% and reduce costs by 15% over the medium term, according to analysis by consulting firm EY.
Vikram Malhotra, founder of Abundantia Entertainment, told Reuters the Bollywood production house, which recently announced investment in an $11 million AI studio, is building its AI capability from scratch and expects content generated or assisted by AI to account for one-third of its revenue within three years.
NEW ENDINGS FOR OLD DRAMAS
Last year, India’s Eros Media World re-released a 2013 hit, “Raanjhanaa,” with an AI-altered twist. It replaced a tragic ending, in which the protagonist died, with a happier finale where he opens his eyes to the surprise of his lover, who smiles through tears.
The rewrite drew backlash. Dhanush, the lead actor, who goes by one name professionally, said on X that the AI remake had “stripped the film of its very soul” and set a “deeply concerning precedent for both art and artists.”
Still, the re-release of “Raanjhanaa” drew audiences. India’s largest cinema chain, PVR Inox PVRL.NS, told Reuters that 35% of available tickets to the Tamil-language version of the movie were sold during its release month, August. That was 12 percentage points higher than the average in 2025.
Now, Eros is going further: Pradeep Dwivedi, its group CEO, told Reuters the studio is reviewing its 3,000-title catalog “to identify candidates for AI-assisted adaptation.” The group’s Indian unit, Eros International, last year warned of “competition from digital platforms” as its consolidated annual revenue from operations fell 44%.
“It’s both a revenue opportunity and a creative renewal strategy,” Dwivedi said of the plans for AI rewrites.
In Hollywood, such alterations would face barriers. Under an agreement with U.S. actors’ union SAG-AFTRA, studios cannot digitally alter an actor’s performance or create a digital replica without the performer’s informed consent. The Directors Guild of America contract bars studios from using AI for creative decisions without consulting the director and prevents AI from doing the work of its members.
Indian studios, by contrast, are pushing into aggressive experiments using AI, including in Hindu mythological tales – big business in a country with millions of devout followers. Collective is planning eight AI-generated titles focused on deities such as Hanuman, Krishna, Durga and Kali.
JioStar, a media joint venture between billionaire Mukesh Ambani’s Reliance RELI.NS and Walt Disney DIS.N, has been airing an AI-generated adaptation of the ancient Hindu epic “Mahabharat” – the first episodic series to emerge from Collective's cinematic AI lab.
The AI rendition of the tale about a dynastic war between princes has recorded at least 26.5 million views since its October release on JioStar’s streaming platform, the company told Reuters. An earlier TV adaptation drew 200 million viewers between 1988 and 1990.
The show has faced a rocky reception with audiences, however. “Mahabharat” holds a rating of 1.4 out of 10 on IMDb, with some reviewers criticizing lip-sync issues and others saying some sequences felt low-quality or lacked authenticity due to unnatural styling.
Alok Jain, a senior executive at JioStar, told Reuters the response “has been a mix of appreciation and healthy debate, which is natural for any ambitious creative leap.” He said JioStar is exploring making original stories in AI format.
Some industry figures lament the rise of AI in filmmaking. Jonathan Taplin, an American writer and producer who has worked with Hollywood studios, said the use of AI to create entire feature films is “an affront to the whole history of cinema.”
“It will fill your cinemas and screens with formula slop,” he said.
DUBBING WITH AI
Dubbing may offer a smoother path to acceptance of AI in film.
India’s 22 official languages and hundreds of dialects split the country into micro-markets, making dubbing essential for any movie to become a national blockbuster. Audiences have long griped about mismatched lip movement – a problem AI is beginning to address.
During a Reuters visit to NeuralGarage, an AI startup in Bengaluru that provides dubbing for top studios like Yash Raj Films, co-founder Subhabrata Debnath demonstrated a clip of an AI-generated character speaking in English. He then superimposed a German audio track, and within minutes the character was speaking fluent German, lips and jaw in sync.
Debnath said the technology preserves “the performance, identity and the speaking style of the person” while altering the face enough to make the dubbing look natural.
NeuralGarage’s AI technology was used last year to dub Yash Raj’s Hindi movie “War 2” into the Telugu language of south India. The production house didn’t respond to Reuters questions.
TECH MAJORS MEET THE RED CARPET
Global tech majors also want a piece of the action.
Google partnered with Bollywood director Shakun Batra in August to produce a five-part cinematic series using its Veo 3 video-generation and Flow AI tools to experiment with AI-powered filmmaking. Mira Lane, Google’s vice president of technology and society, told Reuters that AI could also allow independent artists to create complex sequences that “might otherwise be out of reach due to budget or logistical constraints.”
Collective has been working with Microsoft, which told Reuters it is providing AI computing power to help “shape the next wave of global storytelling” through such collaborations.
To bypass the limitations of standard text prompts, Collective uses a hybrid of physical recording and digital animation. Actors wear sensor-equipped motion-capture suits to record body movements as 3D data, while smartphones capture facial expressions. This data is fed into the AI pipeline, allowing for nuanced control over the AI-generated characters.
The ripples are reaching beyond the studio. Globally, festivals dedicated to screening AI-generated shorts have proliferated in cities including Los Angeles, Cannes, and Barcelona. India’s first took place in November at Mumbai’s Royal Opera House, where young storytellers walked the red carpet alongside a dancing robot.
And in February, Nvidia shared the stage with aspiring AI filmmakers at the second edition of India’s AI film fest in New Delhi. Pradeep Gupta, a global vice president of Nvidia, told the audience the company is working to slash computing costs so that anyone can “create something substantial without putting a lot of money” into production.
Anurag Kashyap, a Bollywood director, told Reuters he is concerned about the growth of AI in filmmaking in India and the lack of guardrails around its use. But he grudgingly conceded the economic case for studios to deploy the technology.
“In India, cinema isn’t about art. It’s purely business, so studios are going to use it to make mythologicals,” Kashyap said of AI. “Our audience is a sucker for it.”
India's cinema audiences shrink https://www.reuters.com/graphics/INDIA-AI/BOLLYWOOD/egvbeowmjpq/chart.png
(Reporting by Munsif Vengattil in Bengaluru and Mumbai. Additional reporting by Hritam Mukherjee and Sunil Kataria. Editing by Aditya Kalra and David Crawshaw.)
Pvr Inox Ltd Opens 4-Screen Multiplex At Anjana Central, Agra
March 20 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX LTD - OPENS 4-SCREEN MULTIPLEX AT ANJANA CENTRAL, AGRA
Source text: ID:nNSE31s3bT
Further company coverage: PVRL.NS
March 20 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX LTD - OPENS 4-SCREEN MULTIPLEX AT ANJANA CENTRAL, AGRA
Source text: ID:nNSE31s3bT
Further company coverage: PVRL.NS
PVR INOX Opens 7-Screen Multiplex In Hubballi, Karnataka
Feb 20 (Reuters) - PVR INOX Ltd PVRL.NS:
OPENS 7-SCREEN MULTIPLEX IN HUBBALLI, KARNATAKA
Source text: ID:nNSE4FJjJy
Further company coverage: PVRL.NS
Feb 20 (Reuters) - PVR INOX Ltd PVRL.NS:
OPENS 7-SCREEN MULTIPLEX IN HUBBALLI, KARNATAKA
Source text: ID:nNSE4FJjJy
Further company coverage: PVRL.NS
PVR Inox's profit surges as Bollywood hits draw audiences back
Feb 5 (Reuters) - India's largest multiplex operator PVR Inox PVRL.NS posted a nearly three-fold jump in quarterly profit on Thursday as a robust lineup of film releases and tax cuts boosted footfall.
Bollywood blockbuster "Dhurandhar" made a record 10 billion Indian rupees ($110 million) in overall sales, PVR Inox said, helping a 13% year-on-year growth in gross box office collections. Movies like "Avatar: Fire and Ash" also helped collections.
High footfalls are poised to continue until March 2026, supported by the government's consumption tax cut, Executive Director Sanjeev Bijli told Reuters in October.
The sector is emerging from a years-long slump in attendance due to weak urban spending, an uneven slate of blockbusters and growing competition from streaming platforms such as Netflix NFLX.O and Amazon's AMZN.O Prime.
To win audiences back, PVR Inox has been showing popular films like "Silsila" and "Jab We Met" and is offering discounted tickets on Tuesdays starting at around $1.
The cinema operator is also converting some movie halls into destinations for dining, gaming and co-working, to further drive footfalls.
PVR Inox's consolidated profit rose to 957 million rupees ($10.6 million) in the quarter ended December 31, from 359 million rupees a year ago.
The firm took a one-time charge of 446 million rupees related to India's new labour laws.
Footfall increased 8.6% year-on-year in the quarter, while occupancy improved by 277 basis points. Average ticket prices and food and beverage spends per head climbed by about 4% each.
($1 = 90.2200 Indian rupees)
(Reporting by Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
Feb 5 (Reuters) - India's largest multiplex operator PVR Inox PVRL.NS posted a nearly three-fold jump in quarterly profit on Thursday as a robust lineup of film releases and tax cuts boosted footfall.
Bollywood blockbuster "Dhurandhar" made a record 10 billion Indian rupees ($110 million) in overall sales, PVR Inox said, helping a 13% year-on-year growth in gross box office collections. Movies like "Avatar: Fire and Ash" also helped collections.
High footfalls are poised to continue until March 2026, supported by the government's consumption tax cut, Executive Director Sanjeev Bijli told Reuters in October.
The sector is emerging from a years-long slump in attendance due to weak urban spending, an uneven slate of blockbusters and growing competition from streaming platforms such as Netflix NFLX.O and Amazon's AMZN.O Prime.
To win audiences back, PVR Inox has been showing popular films like "Silsila" and "Jab We Met" and is offering discounted tickets on Tuesdays starting at around $1.
The cinema operator is also converting some movie halls into destinations for dining, gaming and co-working, to further drive footfalls.
PVR Inox's consolidated profit rose to 957 million rupees ($10.6 million) in the quarter ended December 31, from 359 million rupees a year ago.
The firm took a one-time charge of 446 million rupees related to India's new labour laws.
Footfall increased 8.6% year-on-year in the quarter, while occupancy improved by 277 basis points. Average ticket prices and food and beverage spends per head climbed by about 4% each.
($1 = 90.2200 Indian rupees)
(Reporting by Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
Pvr Inox Ltd Approves Sale Of 93.27% Stake In ZMPL To Marico for 2.27 bln rupees
Jan 26 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX LTD - APPROVES SALE OF 93.27% STAKE IN ZEA MAIZE PRIVATE LIMITED TO MARICO LIMITED
PVR INOX LTD - DEAL FOR 2.27 BILLION RUPEES
Source text: ID:nBSE4Xrlq2
Further company coverage: PVRL.NS
Jan 26 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX LTD - APPROVES SALE OF 93.27% STAKE IN ZEA MAIZE PRIVATE LIMITED TO MARICO LIMITED
PVR INOX LTD - DEAL FOR 2.27 BILLION RUPEES
Source text: ID:nBSE4Xrlq2
Further company coverage: PVRL.NS
PVR INOX Opens 9-Screen Multiplex In Hyderabad
Jan 23 (Reuters) - PVR INOX Ltd PVRL.NS:
OPENS 9-SCREEN MULTIPLEX IN HYDERABAD
Source text: ID:nNSE5wJhS5
Further company coverage: PVRL.NS
Jan 23 (Reuters) - PVR INOX Ltd PVRL.NS:
OPENS 9-SCREEN MULTIPLEX IN HYDERABAD
Source text: ID:nNSE5wJhS5
Further company coverage: PVRL.NS
India's PVR Inox swings to second quarter profit as hits like 'Saiyaara' boost footfall
Oct 17 (Reuters) - India's largest multiplex operator PVR Inox PVRL.NS swung to a profit in the second quarter as a robust lineup of film releases boosted theatre attendance, reversing a loss from a year ago.
Consolidated profit came in at 1.06 billion rupees ($12.05 million) in the July to September quarter. Last year, it reported a loss of 121 million rupees.
PVR Inox and its smaller peers typically face volatile earnings because blockbuster releases are uneven through the year and competition from streamers like Netflix and Amazon Prime remains stiff.
Still, the first half of the fiscal year was "one of the most remarkable periods in recent times," the company said, with 12 films in the second quarter alone topping 1 billion rupees in box office sales.
Bollywood blockbusters like "Saiyaara" and "Mahavatar Narsimha", made more than 4 billion and 3 billion rupees respectively in sales, PVR said, driving a 21% year on year growth in gross box office collections.
Hollywood movies like "Jurassic World: Rebirth" and "The Conjuring: Last Rites" also helped, the company, which is experimenting with converting the movie hall into a one-stop shop for dining, gaming and co-working, to further drive consumer footfalls, said.
Ticket sales in the second quarter increased by nearly 15% year-on-year, while occupancy improved by 302 basis points.
However, food and beverage spends per head declined marginally by 1.4% year-on-year, in a sign of still-muted urban demand for convenience food.
($1 = 87.9525 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Nivedita Bhattacharjee)
Oct 17 (Reuters) - India's largest multiplex operator PVR Inox PVRL.NS swung to a profit in the second quarter as a robust lineup of film releases boosted theatre attendance, reversing a loss from a year ago.
Consolidated profit came in at 1.06 billion rupees ($12.05 million) in the July to September quarter. Last year, it reported a loss of 121 million rupees.
PVR Inox and its smaller peers typically face volatile earnings because blockbuster releases are uneven through the year and competition from streamers like Netflix and Amazon Prime remains stiff.
Still, the first half of the fiscal year was "one of the most remarkable periods in recent times," the company said, with 12 films in the second quarter alone topping 1 billion rupees in box office sales.
Bollywood blockbusters like "Saiyaara" and "Mahavatar Narsimha", made more than 4 billion and 3 billion rupees respectively in sales, PVR said, driving a 21% year on year growth in gross box office collections.
Hollywood movies like "Jurassic World: Rebirth" and "The Conjuring: Last Rites" also helped, the company, which is experimenting with converting the movie hall into a one-stop shop for dining, gaming and co-working, to further drive consumer footfalls, said.
Ticket sales in the second quarter increased by nearly 15% year-on-year, while occupancy improved by 302 basis points.
However, food and beverage spends per head declined marginally by 1.4% year-on-year, in a sign of still-muted urban demand for convenience food.
($1 = 87.9525 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Nivedita Bhattacharjee)
India's PVR Inox rises after luxury dine-in cinema launch
** Shares of multiplex operator PVR Inox Ltd PVRL.NS rise nearly 2% to 1,109 rupees
** Shares set to snap a three-day losing streak, if current trend holds
** Co launches luxury dine-in cinema in Bengaluru
** Brokerage CLSA says festive season to allay concerns over multiplexes, sees PVRL occupancy rebuilding in near term
** PVRL stock rated "buy" on avg by analysts; median PT at 1,300 rupees, as per data compiled by LSEG
** YTD, PVRL stock down ~15% vs Nifty 500's .NIFTY500 3.4% rise
(Reporting by Komal Salecha)
** Shares of multiplex operator PVR Inox Ltd PVRL.NS rise nearly 2% to 1,109 rupees
** Shares set to snap a three-day losing streak, if current trend holds
** Co launches luxury dine-in cinema in Bengaluru
** Brokerage CLSA says festive season to allay concerns over multiplexes, sees PVRL occupancy rebuilding in near term
** PVRL stock rated "buy" on avg by analysts; median PT at 1,300 rupees, as per data compiled by LSEG
** YTD, PVRL stock down ~15% vs Nifty 500's .NIFTY500 3.4% rise
(Reporting by Komal Salecha)
India's PVR Inox jumps after narrower Q1 loss; Investec upgrades to 'hold'
** Shares of PVR Inox Ltd PVRL.NS climb 4.5% to 1,082 rupees, their highest since February 10
** India's largest multiplex operator reported a narrower Q1 loss on Wednesday as Hollywood hit 'F1: The Movie' drew more audiences
** Investec upgrades PVRL to "hold" and raises PT to 1,147 rupees from 996 rupees, citing improved earnings visibility on the back of a "solid content pipeline"
** Adds, PVRL's cost structure is aligned to the new reality of disruption from streaming services; raises FY26-27 earnings estimates by 8%-12%
** Analysts tracking stock rate it "buy" on average; median PT is 1,250 rupees - data compiled by LSEG
** Stock's YTD loss narrows to ~17%
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
** Shares of PVR Inox Ltd PVRL.NS climb 4.5% to 1,082 rupees, their highest since February 10
** India's largest multiplex operator reported a narrower Q1 loss on Wednesday as Hollywood hit 'F1: The Movie' drew more audiences
** Investec upgrades PVRL to "hold" and raises PT to 1,147 rupees from 996 rupees, citing improved earnings visibility on the back of a "solid content pipeline"
** Adds, PVRL's cost structure is aligned to the new reality of disruption from streaming services; raises FY26-27 earnings estimates by 8%-12%
** Analysts tracking stock rate it "buy" on average; median PT is 1,250 rupees - data compiled by LSEG
** Stock's YTD loss narrows to ~17%
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
India's PVR Inox loss more than halves as 'F1', other hits draw moviegoers
Updates with details from executive interview in paragraphs 7-9
By Hritam Mukherjee
Aug 6 (Reuters) - India's PVR Inox PVRL.NS reported a sharply narrower quarterly loss on Wednesday as a strong box office slate, including Hollywood hit 'F1: The Movie', drew more audiences to theatres and boosted ticket and food sales.
India's largest multiplex operator, formed through the merger of PVR and Inox, reported a consolidated loss of 540 million rupees ($6.2 million) in the April-June quarter, compared with a loss of 1.79 billion rupees a year earlier.
Analysts, on an average, had expected a loss of 659.1 million rupees.
Footfalls in cinema halls have been pressured by weak urban consumption, an uneven slate of film releases and growing competition from streaming platforms.
To bring audiences back, PVR has been offering discounted weekday tickets and relaunching older movie hits.
These measures, along with the strong box office performance of Bollywood and Hollywood films such as 'Sitaare Zameen Par' and 'Mission: Impossible - The Final Reckoning' helped lift quarterly footfalls by 12% on-year.
Average ticket prices rose 8% to 254 rupees, while per head spending on food and beverages increased 10% to a record 148 rupees. Executive Director Sanjeev Bijli told Reuters he expects spending in these segments to grow at a similar pace in the coming quarters.
"I do see a visibility of great films all the way down to December, the end of third-quarter, and that's what's going to drive consumption for admissions, ticket prices, advertisement revenues and also F&B spends," Bijli said.
He added that the company's new cinema halls will experiment with gaming centers, co-working spaces and cafeterias inside the premises to "enhance the stickiness of the consumer".
Revenue from operations rose 23% to 14.69 billion rupees for the quarter, topping analysts' estimate of 14.24 billion rupees.
The results come amid growing signs of recovery in urban consumption. Consumer goods firms such as Hindustan Unilever HLL.NS and Britannia BRIT.NS are signalling improving urban demand after several quarters of sluggish growth.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Updates with details from executive interview in paragraphs 7-9
By Hritam Mukherjee
Aug 6 (Reuters) - India's PVR Inox PVRL.NS reported a sharply narrower quarterly loss on Wednesday as a strong box office slate, including Hollywood hit 'F1: The Movie', drew more audiences to theatres and boosted ticket and food sales.
India's largest multiplex operator, formed through the merger of PVR and Inox, reported a consolidated loss of 540 million rupees ($6.2 million) in the April-June quarter, compared with a loss of 1.79 billion rupees a year earlier.
Analysts, on an average, had expected a loss of 659.1 million rupees.
Footfalls in cinema halls have been pressured by weak urban consumption, an uneven slate of film releases and growing competition from streaming platforms.
To bring audiences back, PVR has been offering discounted weekday tickets and relaunching older movie hits.
These measures, along with the strong box office performance of Bollywood and Hollywood films such as 'Sitaare Zameen Par' and 'Mission: Impossible - The Final Reckoning' helped lift quarterly footfalls by 12% on-year.
Average ticket prices rose 8% to 254 rupees, while per head spending on food and beverages increased 10% to a record 148 rupees. Executive Director Sanjeev Bijli told Reuters he expects spending in these segments to grow at a similar pace in the coming quarters.
"I do see a visibility of great films all the way down to December, the end of third-quarter, and that's what's going to drive consumption for admissions, ticket prices, advertisement revenues and also F&B spends," Bijli said.
He added that the company's new cinema halls will experiment with gaming centers, co-working spaces and cafeterias inside the premises to "enhance the stickiness of the consumer".
Revenue from operations rose 23% to 14.69 billion rupees for the quarter, topping analysts' estimate of 14.24 billion rupees.
The results come amid growing signs of recovery in urban consumption. Consumer goods firms such as Hindustan Unilever HLL.NS and Britannia BRIT.NS are signalling improving urban demand after several quarters of sluggish growth.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Multiplex chain Cinepolis bets on blockbusters to drive double-digit India revenue growth, executive says
By Praveen Paramasivam
July 16 (Reuters) - Mexican theatre chain Cinepolis expects double-digit revenue growth in India this year as it opens more screens and bets on a major Hollywood and Bollywood lineup to bring in moviegoers.
Western studios are counting on this summer to reverse a downtrend worsened by the 2023 Hollywood writers' strike, with blockbusters including "Jurassic World: Rebirth" and "F1" hitting theatres through September.
"Hollywood has a very strong lineup, so (does) regional and Bollywood," said Cinepolis India Managing Director Devang Sampat, adding sharp marketing with malls and production houses could lift admissions, which are still 20% below pre-COVID levels.
Theater chains face increasing competition from streaming apps, concerts and live sports.
Still, Cinepolis, which operates 485 screen in India out of 6,800 globally, is looking to open 20-25 screens this year to drive revenue growth, Sampat said.
As for longer-term expansion, the company is taking it "one year at a time," he added.
Sampat did not disclose 2024 revenue or profit but said Cinepolis' annual revenue over the years, excluding the impact of the pandemic, had grown in the high single-digit to early-double-digit percentage range.
According to industry data, Cinepolis reported a revenue of 13.46 billion rupees ($156.58 million) in the 2024 financial year, up 31% year-on-year, with net profit at 321 million rupees - its first annual profit in at least half a decade.
Meanwhile, analysts expect revenue at PVR Inox PVRL.NS, India's largest multiplex chain, to grow roughly 18% in the fiscal year that started on April 1, led by a strong movie lineup and plans to add 100–110 screens to its network of over 1,700.
Indian multiplex revenues are expected to jump 20%–25%, fueled by big-budget movies such as "Mission: Impossible - The Final Reckoning", Rajinikanth's "Coolie", and Rishab Shetty's "Kantara: Chapter 1," said Shobit Singhal, research analyst at Anand Rathi.
($1 = 85.9640 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Sonia Cheema)
((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))
By Praveen Paramasivam
July 16 (Reuters) - Mexican theatre chain Cinepolis expects double-digit revenue growth in India this year as it opens more screens and bets on a major Hollywood and Bollywood lineup to bring in moviegoers.
Western studios are counting on this summer to reverse a downtrend worsened by the 2023 Hollywood writers' strike, with blockbusters including "Jurassic World: Rebirth" and "F1" hitting theatres through September.
"Hollywood has a very strong lineup, so (does) regional and Bollywood," said Cinepolis India Managing Director Devang Sampat, adding sharp marketing with malls and production houses could lift admissions, which are still 20% below pre-COVID levels.
Theater chains face increasing competition from streaming apps, concerts and live sports.
Still, Cinepolis, which operates 485 screen in India out of 6,800 globally, is looking to open 20-25 screens this year to drive revenue growth, Sampat said.
As for longer-term expansion, the company is taking it "one year at a time," he added.
Sampat did not disclose 2024 revenue or profit but said Cinepolis' annual revenue over the years, excluding the impact of the pandemic, had grown in the high single-digit to early-double-digit percentage range.
According to industry data, Cinepolis reported a revenue of 13.46 billion rupees ($156.58 million) in the 2024 financial year, up 31% year-on-year, with net profit at 321 million rupees - its first annual profit in at least half a decade.
Meanwhile, analysts expect revenue at PVR Inox PVRL.NS, India's largest multiplex chain, to grow roughly 18% in the fiscal year that started on April 1, led by a strong movie lineup and plans to add 100–110 screens to its network of over 1,700.
Indian multiplex revenues are expected to jump 20%–25%, fueled by big-budget movies such as "Mission: Impossible - The Final Reckoning", Rajinikanth's "Coolie", and Rishab Shetty's "Kantara: Chapter 1," said Shobit Singhal, research analyst at Anand Rathi.
($1 = 85.9640 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Sonia Cheema)
((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))
PVR Inox Q4 Consol Net Loss 1.25 Bln Rupees
May 12 (Reuters) - PVR INOX Ltd PVRL.NS:
Q4 CONSOL NET LOSS 1.25 BILLION RUPEES; IBES LOSS EST. 1.35 BILLION RUPEES
Q4 CONSOL REVENUE FROM OPERATIONS 12.5 BILLION RUPEES; IBES EST. 13.87 BILLION RUPEES
Further company coverage: PVRL.NS
May 12 (Reuters) - PVR INOX Ltd PVRL.NS:
Q4 CONSOL NET LOSS 1.25 BILLION RUPEES; IBES LOSS EST. 1.35 BILLION RUPEES
Q4 CONSOL REVENUE FROM OPERATIONS 12.5 BILLION RUPEES; IBES EST. 13.87 BILLION RUPEES
Further company coverage: PVRL.NS
India's PVR Inox set for steepest rise in 7 months on high-grossing film boost
** Indian multiplex operator PVR Inox PVRL.NS jumps 4.3% to 940 rupees, on track to log best day since mid-August
** Brokerage Nuvama says February 2025 has been the highest-grossing February post-pandemic for the Bollywood film industry with box-office collections of 12.45 bln rupees (~$144 mln)
** Adds, promoters have slightly increased their stake by 0.03%, which is small but sends a positive signal to minority investors, especially after previous rounds of stake sales and pledged shares
** Says box-office collections in January-February jumped 39% y/y to 22.64 bln rupees, led by the release of "Chhaava" movie
** 19 analysts covering the stock on avg have a "buy" rating; median PT is 1,600 rupees - data compiled by LSEG
** Day's gains trim monthly fall, stock now down 0.3% in March
($1 = 86.7140 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
** Indian multiplex operator PVR Inox PVRL.NS jumps 4.3% to 940 rupees, on track to log best day since mid-August
** Brokerage Nuvama says February 2025 has been the highest-grossing February post-pandemic for the Bollywood film industry with box-office collections of 12.45 bln rupees (~$144 mln)
** Adds, promoters have slightly increased their stake by 0.03%, which is small but sends a positive signal to minority investors, especially after previous rounds of stake sales and pledged shares
** Says box-office collections in January-February jumped 39% y/y to 22.64 bln rupees, led by the release of "Chhaava" movie
** 19 analysts covering the stock on avg have a "buy" rating; median PT is 1,600 rupees - data compiled by LSEG
** Day's gains trim monthly fall, stock now down 0.3% in March
($1 = 86.7140 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
India's PVR Inox climbs as brokerage upgrades to 'buy'
** Indian multiplex operator PVR Inox PVRL.NS gains as much as 2.9% to 980.35 rupees
** Kotak Institutional Equities says PVRL stock's recent correction is overdone; upgrades stock to "buy"
** PRVL stock fell 17% in February, logging its fifth straight monthly loss
** Brokerage says recent correction in stock due to continued weakness in box office collections, expects Hollywood releases to drive collections in FY26
** Even as the overall content cycle in multiplex chains remains depressed, PVRL's cost optimisation and expansion strategies are noteworthy - Kotak
** Brokerage cuts fair value to 1,200 rupees from 1,300 rupees to factor in delays in bollywood recovery
** PRVL stock up 5.4% so far this week; on track to log biggest weekly gain since early November, if current trend holds
** Stock rated "buy" on avg, median PT at 1,655 rupees - data compiled by LSEG
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
** Indian multiplex operator PVR Inox PVRL.NS gains as much as 2.9% to 980.35 rupees
** Kotak Institutional Equities says PVRL stock's recent correction is overdone; upgrades stock to "buy"
** PRVL stock fell 17% in February, logging its fifth straight monthly loss
** Brokerage says recent correction in stock due to continued weakness in box office collections, expects Hollywood releases to drive collections in FY26
** Even as the overall content cycle in multiplex chains remains depressed, PVRL's cost optimisation and expansion strategies are noteworthy - Kotak
** Brokerage cuts fair value to 1,200 rupees from 1,300 rupees to factor in delays in bollywood recovery
** PRVL stock up 5.4% so far this week; on track to log biggest weekly gain since early November, if current trend holds
** Stock rated "buy" on avg, median PT at 1,655 rupees - data compiled by LSEG
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
India's PVR Inox posts three-fold rise in quarterly profit on strong slate of films
Feb 6 (Reuters) - India's largest multiplex chain PVR Inox PVRL.NS on Thursday reported a three-fold increase in third-quarter profit, as a strong line-up of new films attracted movie-goers during the festive period.
The company, formed by the merger of PVR and Inox labels, posted a consolidated net profit of 359 million rupees ($4.10 million) in the quarter ended December 31, up from a year-ago profit of 128 million rupees.
Indians tend to splurge on new apparel, dining out and entertainment options during the October to December quarter, in which festivals such as Diwali and Christmas are celebrated.
A movie line-up of "Bhool Bhulaiyaa 3" and "Singham Again", which were new takes on old blockbuster films, increased ticket sale revenue by 5.8% and food and beverage revenue by 9.4%.
"Pushpa 2", which made history as the biggest blockbuster ever in Indian cinema alone brought in 36% of box office collections in the third quarter, the company said.
The biggest year-on-year rebound in box office sales was led by Hollywood, which has the smallest share in audience, with films such as 'Mufasa' and 'Venom: The Last Dance' driving ticket sales.
Overall revenue rose 11% to 17.17 billion rupees, while total expenses rose nearly 8%.
($1 = 87.5400 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Eileen Soreng)
Feb 6 (Reuters) - India's largest multiplex chain PVR Inox PVRL.NS on Thursday reported a three-fold increase in third-quarter profit, as a strong line-up of new films attracted movie-goers during the festive period.
The company, formed by the merger of PVR and Inox labels, posted a consolidated net profit of 359 million rupees ($4.10 million) in the quarter ended December 31, up from a year-ago profit of 128 million rupees.
Indians tend to splurge on new apparel, dining out and entertainment options during the October to December quarter, in which festivals such as Diwali and Christmas are celebrated.
A movie line-up of "Bhool Bhulaiyaa 3" and "Singham Again", which were new takes on old blockbuster films, increased ticket sale revenue by 5.8% and food and beverage revenue by 9.4%.
"Pushpa 2", which made history as the biggest blockbuster ever in Indian cinema alone brought in 36% of box office collections in the third quarter, the company said.
The biggest year-on-year rebound in box office sales was led by Hollywood, which has the smallest share in audience, with films such as 'Mufasa' and 'Venom: The Last Dance' driving ticket sales.
Overall revenue rose 11% to 17.17 billion rupees, while total expenses rose nearly 8%.
($1 = 87.5400 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Eileen Soreng)
India's PVR Inox "attractive" after HMPV scare-led correction, says broker
** Multiplex operator PVR Inox PVRL.NS ends 1.4% lower at 1,161 rupees
** PVRL has now shed 12% in five-session losing run
** Yes Securities says the correction was due to fear of HMPV outbreak and is "overdone"
** Says current stock price is "attractive"; retains "buy" call and TP 1,980 rupees
** Analysts on avg rate PVRL "buy", median TP 1825 rupees -LSEG data
(Reporting by Hritam Mukherjee in Bengaluru)
** Multiplex operator PVR Inox PVRL.NS ends 1.4% lower at 1,161 rupees
** PVRL has now shed 12% in five-session losing run
** Yes Securities says the correction was due to fear of HMPV outbreak and is "overdone"
** Says current stock price is "attractive"; retains "buy" call and TP 1,980 rupees
** Analysts on avg rate PVRL "buy", median TP 1825 rupees -LSEG data
(Reporting by Hritam Mukherjee in Bengaluru)
Indian cinema operator PVR Inox's results disappoint as streaming platforms hurt footfall
Oct 15 (Reuters) - India's largest multiplex chain PVR Inox PVRL.NS reported its third straight quarterly loss on Tuesday, as a ho-hum Bollywood lineup and rising demand for streaming services kept movie-watchers at home.
That hurt box-office collections and food and beverage sales at PVR Inox's outlets.
The company, formed by the merger of PVR and Inox labels, posted a consolidated net loss of 118 million rupees ($1.40 million) in the quarter ending Sept. 30 versus a year-ago profit of 1.66 billion rupees.
Analysts, on average, had expected a profit of 137.7 million rupees, data compiled by LSEG showed.
India's movie halls have been struggling to fill seats in recent quarters as consumers have curbed discretionary spending amid higher inflation, forcing multiplexes to introduce lower-priced weekday movie passes and cut popcorn prices.
The lack of compelling new movie releases has also added to their agony, making many multiplex chains resort to playing classics to win audiences.
In India, popular streaming platform Disney+ Hotstar is the market leader with 38 million users, while estimates showed Netflix NFLX.O has around 10 million.
PVR Inox's total revenue fell 19% to 16.22 billion rupees in the September quarter, with movie ticket sales dropping 25% and food and beverage sales 18% lower.
The occupancy rate fell to 25% from 32.3% in the year-ago period.
PVR Inox said it expects to add 110-120 screens in the year ending March 2025. So far this fiscal year, it has added 71 and closed 42 screens.
($1 = 84.0675 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Dhanya Skariachan and Mrigank Dhaniwala)
Oct 15 (Reuters) - India's largest multiplex chain PVR Inox PVRL.NS reported its third straight quarterly loss on Tuesday, as a ho-hum Bollywood lineup and rising demand for streaming services kept movie-watchers at home.
That hurt box-office collections and food and beverage sales at PVR Inox's outlets.
The company, formed by the merger of PVR and Inox labels, posted a consolidated net loss of 118 million rupees ($1.40 million) in the quarter ending Sept. 30 versus a year-ago profit of 1.66 billion rupees.
Analysts, on average, had expected a profit of 137.7 million rupees, data compiled by LSEG showed.
India's movie halls have been struggling to fill seats in recent quarters as consumers have curbed discretionary spending amid higher inflation, forcing multiplexes to introduce lower-priced weekday movie passes and cut popcorn prices.
The lack of compelling new movie releases has also added to their agony, making many multiplex chains resort to playing classics to win audiences.
In India, popular streaming platform Disney+ Hotstar is the market leader with 38 million users, while estimates showed Netflix NFLX.O has around 10 million.
PVR Inox's total revenue fell 19% to 16.22 billion rupees in the September quarter, with movie ticket sales dropping 25% and food and beverage sales 18% lower.
The occupancy rate fell to 25% from 32.3% in the year-ago period.
PVR Inox said it expects to add 110-120 screens in the year ending March 2025. So far this fiscal year, it has added 71 and closed 42 screens.
($1 = 84.0675 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Dhanya Skariachan and Mrigank Dhaniwala)
Pvr Inox Says Opening Of 5 Screen Multiplex At Coimbatore
Oct 2 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX LTD - OPENING OF 5 SCREEN MULTIPLEX AT COIMBATORE
Further company coverage: PVRL.NS
Oct 2 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX LTD - OPENING OF 5 SCREEN MULTIPLEX AT COIMBATORE
Further company coverage: PVRL.NS
India's PVR INOX hits over 8-month high; Anand Rathi hikes PT
** Multiplex operator PVR INOX PVRL.NS rises as much as 3% to 1,704.15 rupees, the highest since Jan. 4
** Anand Rathi Research retains "buy", raises PT from 1,750 rupees to 2,065 rupees, a 24.8% premium to last close
** Expects sequential improvement from Q2 and a good Q3 backed by several blockbusters
** About 10% of the new screens added in FY25 and 20-25% in FY26 would be in the form of management-fee and revenue-sharing models
** Mean rating of 20 brokerages is "buy"; their median PT is 1,754 rupees - LSEG
** PVRL gains 2.3% YTD
(Reporting by Meenakshi Maidas in Bengaluru)
** Multiplex operator PVR INOX PVRL.NS rises as much as 3% to 1,704.15 rupees, the highest since Jan. 4
** Anand Rathi Research retains "buy", raises PT from 1,750 rupees to 2,065 rupees, a 24.8% premium to last close
** Expects sequential improvement from Q2 and a good Q3 backed by several blockbusters
** About 10% of the new screens added in FY25 and 20-25% in FY26 would be in the form of management-fee and revenue-sharing models
** Mean rating of 20 brokerages is "buy"; their median PT is 1,754 rupees - LSEG
** PVRL gains 2.3% YTD
(Reporting by Meenakshi Maidas in Bengaluru)
India theatre chain PVR Inox's loss doubles as Bollywood movies flop
BENGALURU, July 19 (Reuters) - PVR Inox PVRL.NS, India's largest multiplex operator, reported a first-quarter loss that more than doubled on Friday due to fewer big-budget Bollywood releases and weak box office returns from the ones that did.
The company, formed by the merger of PVR and Inox in early 2023, posted a consolidated net loss of 1.79 billion rupees ($21.4 million) quarter, compared with a year-ago loss of 816 million rupees.
Movie releases dropped 13% drop in the quarter, PVR Inox said. Analysts have said that India's general elections and the popular Indian Premier League cricket tournament led to Bollywood releasing fewer Hindi movies between April and June.
Moreover, movies that were released, such as "Bade Miyan Chote Miyan", "Chandu Champion" and "Maidaan", did not fare well at the box office.
"The number of blockbusters also declined sharply this quarter, with only three films crossing the 1 billion rupee-mark compared to seven last year," said PVR Inox, which operates 1,754 screens across the country.
This hurt its two largest avenues of revenue -- movie ticket sales and food and beverages.
Ticket sales, which account for nearly half of total revenue, slid 14.5%. Food and beverages sales, which comprises 33% of the total, fell 6.1%.
As a result, PVR Inox's overall revenue fell almost 9% to 11.91 billion rupees.
Hollywood offered no respite either, as the industry saw fewer releases due to delays from a writers' strike last year.
Hollywood content has been delayed by four to eight months due to the strike, said Karan Taurani, an analyst at Elara Capital.
($1 = 83.6910 Indian rupees)
(Reporting by Varun Hebbalalu in Bengaluru; Editing by Rashmi Aich)
BENGALURU, July 19 (Reuters) - PVR Inox PVRL.NS, India's largest multiplex operator, reported a first-quarter loss that more than doubled on Friday due to fewer big-budget Bollywood releases and weak box office returns from the ones that did.
The company, formed by the merger of PVR and Inox in early 2023, posted a consolidated net loss of 1.79 billion rupees ($21.4 million) quarter, compared with a year-ago loss of 816 million rupees.
Movie releases dropped 13% drop in the quarter, PVR Inox said. Analysts have said that India's general elections and the popular Indian Premier League cricket tournament led to Bollywood releasing fewer Hindi movies between April and June.
Moreover, movies that were released, such as "Bade Miyan Chote Miyan", "Chandu Champion" and "Maidaan", did not fare well at the box office.
"The number of blockbusters also declined sharply this quarter, with only three films crossing the 1 billion rupee-mark compared to seven last year," said PVR Inox, which operates 1,754 screens across the country.
This hurt its two largest avenues of revenue -- movie ticket sales and food and beverages.
Ticket sales, which account for nearly half of total revenue, slid 14.5%. Food and beverages sales, which comprises 33% of the total, fell 6.1%.
As a result, PVR Inox's overall revenue fell almost 9% to 11.91 billion rupees.
Hollywood offered no respite either, as the industry saw fewer releases due to delays from a writers' strike last year.
Hollywood content has been delayed by four to eight months due to the strike, said Karan Taurani, an analyst at Elara Capital.
($1 = 83.6910 Indian rupees)
(Reporting by Varun Hebbalalu in Bengaluru; Editing by Rashmi Aich)
India's PVR Inox falls on wider-than-expected Q4 loss
** Shares of India's largest multiplex operator PVR Inox PVRL.NS fall as much as 2.6%, last down 1.4% at 1,297.3 rupees
** PVRL posts Q4 consol net loss of 1.3 bln rupees ($15.6 mln) vs analysts avg estimate of 835.9 mln rupees loss, per LSEG data
** Co announced strategic partnership with Devyani International DEVY.NS for operating food courts in shopping malls in India
** Shares of PVRL down in the last three weeks, losing ~10% during the period
** Stock trading below its 50-day, 100-day, and 200-day SMAs since January, indicating bearish sentiment
** Trading vol is 2.7x the 30-day daily avg, logging most active session since Aug. 14, 2023
** Avg rating of 22 analysts is "buy", median PT is 1,885 rupees, ~45% higher than current price - LSEG data
** Stock down ~22% YTD
($1 = 83.4870 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru)
** Shares of India's largest multiplex operator PVR Inox PVRL.NS fall as much as 2.6%, last down 1.4% at 1,297.3 rupees
** PVRL posts Q4 consol net loss of 1.3 bln rupees ($15.6 mln) vs analysts avg estimate of 835.9 mln rupees loss, per LSEG data
** Co announced strategic partnership with Devyani International DEVY.NS for operating food courts in shopping malls in India
** Shares of PVRL down in the last three weeks, losing ~10% during the period
** Stock trading below its 50-day, 100-day, and 200-day SMAs since January, indicating bearish sentiment
** Trading vol is 2.7x the 30-day daily avg, logging most active session since Aug. 14, 2023
** Avg rating of 22 analysts is "buy", median PT is 1,885 rupees, ~45% higher than current price - LSEG data
** Stock down ~22% YTD
($1 = 83.4870 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru)
Investec sees persisting 'gloom' for India's PVR Inox
** Unexciting big-screen content during fourth quarter signals persisting gloom for India's PVR Inox PVRL.NS, says brokerage Investec
** Jan-March period revenue will be the lowest quarterly rev for multiplex operator in FY24; audience behaviour unlikely to dramatically alter unless content is consistently compelling - Investec
** Says net screen additions in FY25 and FY26 to be likely lower than its previous estimates
** PVRL posted a loss and a drop in profit in two of the last three quarters of FY24
** Investec cuts PT from 1,797 rupees to 1,438 rupees, downgrades stock to "sell" from "hold"
** Co rated "buy" on average with median PT of 1,900 rupees - LSEG data
** Stock closes flat; dropped over 16% YTD after a near-4% slip in 2023
(Reporting by Hritam Mukherjee in Bengaluru)
** Unexciting big-screen content during fourth quarter signals persisting gloom for India's PVR Inox PVRL.NS, says brokerage Investec
** Jan-March period revenue will be the lowest quarterly rev for multiplex operator in FY24; audience behaviour unlikely to dramatically alter unless content is consistently compelling - Investec
** Says net screen additions in FY25 and FY26 to be likely lower than its previous estimates
** PVRL posted a loss and a drop in profit in two of the last three quarters of FY24
** Investec cuts PT from 1,797 rupees to 1,438 rupees, downgrades stock to "sell" from "hold"
** Co rated "buy" on average with median PT of 1,900 rupees - LSEG data
** Stock closes flat; dropped over 16% YTD after a near-4% slip in 2023
(Reporting by Hritam Mukherjee in Bengaluru)
Pvr Inox Got Order Demanding Duty Of 170.6 Million Rupees
April 2 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX LTD - GOT ORDER DEMANDING DUTY OF 170.6 MILLION RUPEES
PVR INOX LTD - CO REVIEWING ORDER, WOULD TAKE LEGAL RECOURSE TO CHALLENGE ORDER
Source text for Eikon: [ID:]
Further company coverage: PVRL.NS
April 2 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX LTD - GOT ORDER DEMANDING DUTY OF 170.6 MILLION RUPEES
PVR INOX LTD - CO REVIEWING ORDER, WOULD TAKE LEGAL RECOURSE TO CHALLENGE ORDER
Source text for Eikon: [ID:]
Further company coverage: PVRL.NS
Pvr Inox Opens 14 Screen Megaplex At Phoenix Mall, Patna
March 1 (Reuters) - PVR INOX Ltd PVRL.NS:
OPENING OF 14 SCREEN MEGAPLEX AT PHOENIX MALL, PATNA
Further company coverage: PVRL.NS
March 1 (Reuters) - PVR INOX Ltd PVRL.NS:
OPENING OF 14 SCREEN MEGAPLEX AT PHOENIX MALL, PATNA
Further company coverage: PVRL.NS
PVR Inox Posts Dec-Quarter Consol Net Profit 128 Million Rupees
Jan 31 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX DEC-QUARTER CONSOL NET PROFIT 128 MILLION RUPEES
PVR INOX DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 15.46 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: PVRL.NS
Jan 31 (Reuters) - PVR INOX Ltd PVRL.NS:
PVR INOX DEC-QUARTER CONSOL NET PROFIT 128 MILLION RUPEES
PVR INOX DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 15.46 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: PVRL.NS
PVR Inox Got GST Order With Demand, Interest, Penalty Of 225.3 Million Rupees
Jan 19 (Reuters) - PVR INOX Ltd PVRL.NS:
GOT GST ORDER WITH DEMAND, INTEREST, PENALTY OF 225.3 MILLION RUPEES
Source text for Eikon: ID:nBSE97Cxzf
Further company coverage: PVRL.NS
Jan 19 (Reuters) - PVR INOX Ltd PVRL.NS:
GOT GST ORDER WITH DEMAND, INTEREST, PENALTY OF 225.3 MILLION RUPEES
Source text for Eikon: ID:nBSE97Cxzf
Further company coverage: PVRL.NS
India's PVR Inox likely to see subdued Q3 performance - Investec
** Shares of India's largest multiplex operator PVR Inox PVRL.NS fall 3% to 1,599.70 rupees
** Brokerage Investec Equities says co likely to see subdued Q3 on weaker-than-expected performance of films such as "Animal" and "Salaar" and fewer blockbuster Hollywood films
** Trims EBITDA estimate for FY24E by 9.3% and profit after tax estimate by 71.7%
** Brokerage expects co to end FY24 with an average occupancy rate of 26% at its movie theatres, below earlier estimate of 28%
** Downgrades stock to "hold" from "buy" and reduces PT to 1,797 rupees, sightly higher than current stock price
** Stock set to decline for third straight session
** PVRL fell 3.6% in 2023
(Reporting by Meenakshi Maidas in Bengaluru)
** Shares of India's largest multiplex operator PVR Inox PVRL.NS fall 3% to 1,599.70 rupees
** Brokerage Investec Equities says co likely to see subdued Q3 on weaker-than-expected performance of films such as "Animal" and "Salaar" and fewer blockbuster Hollywood films
** Trims EBITDA estimate for FY24E by 9.3% and profit after tax estimate by 71.7%
** Brokerage expects co to end FY24 with an average occupancy rate of 26% at its movie theatres, below earlier estimate of 28%
** Downgrades stock to "hold" from "buy" and reduces PT to 1,797 rupees, sightly higher than current stock price
** Stock set to decline for third straight session
** PVRL fell 3.6% in 2023
(Reporting by Meenakshi Maidas in Bengaluru)
India's PVR Inox rises after Norges Bank adds stake via bulk deals
** Shares of PVR Inox PVRL.NS rise as much as 3.06% to a two-month high of 1,830.40 rupees apiece
** Stock up after a large global fund - Norges Bank on account of Government Pension Global - bought 666,183 shares of the multiplex operator (0.68% stake) at 1,753 rupees apiece via bulk deals on Friday, data from National Stock Exchange showed
** Norges Bank had held a 1.4% stake in PVRL at the end of September quarter - NSE data
** Plenty Private Equity Fund I and Plenty Private Equity FII I sold stake in the company
** Trading volume is 796,157 shares as of 2:42 p.m. IST, twice the 30-day avg - LSEG data
** The mean rating of 22 analysts tracking PVRL is 1.6, equivalent to "buy"
** PVRL shares up 6% in 2023 so far, including today's gains
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
** Shares of PVR Inox PVRL.NS rise as much as 3.06% to a two-month high of 1,830.40 rupees apiece
** Stock up after a large global fund - Norges Bank on account of Government Pension Global - bought 666,183 shares of the multiplex operator (0.68% stake) at 1,753 rupees apiece via bulk deals on Friday, data from National Stock Exchange showed
** Norges Bank had held a 1.4% stake in PVRL at the end of September quarter - NSE data
** Plenty Private Equity Fund I and Plenty Private Equity FII I sold stake in the company
** Trading volume is 796,157 shares as of 2:42 p.m. IST, twice the 30-day avg - LSEG data
** The mean rating of 22 analysts tracking PVRL is 1.6, equivalent to "buy"
** PVRL shares up 6% in 2023 so far, including today's gains
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
India's PVR Inox to see strong December after muted start to Q3 - Nuvama
** Shares of India's largest multiplex operator PVR Inox PVRL.NS up 1.1% to 1,717 rupees
** Brokerage Nuvama sees rebound in box office collections for PVRL in December, after a muted start to Q3 due to cricket world cup discouraging content flow
** Adds, upcoming films including "Animal" and "Aquaman and the Lost Kingdom" to show strong numbers; expects overall content slate to pick up
** To compensate for fewer movies released from October to mid-November, PVR Inox offered screening of the cricket world cup across 150 cinemas in 60 cities, which led to some benefits - brokerage
** Avg rating of 21 analysts tracking PVRL at "buy"; median PT is 2,035 rupees - LSEG data
** Including day's move, stock down 0.2% YTD
(Reporting by Kashish Tandon in Bengaluru)
** Shares of India's largest multiplex operator PVR Inox PVRL.NS up 1.1% to 1,717 rupees
** Brokerage Nuvama sees rebound in box office collections for PVRL in December, after a muted start to Q3 due to cricket world cup discouraging content flow
** Adds, upcoming films including "Animal" and "Aquaman and the Lost Kingdom" to show strong numbers; expects overall content slate to pick up
** To compensate for fewer movies released from October to mid-November, PVR Inox offered screening of the cricket world cup across 150 cinemas in 60 cities, which led to some benefits - brokerage
** Avg rating of 21 analysts tracking PVRL at "buy"; median PT is 2,035 rupees - LSEG data
** Including day's move, stock down 0.2% YTD
(Reporting by Kashish Tandon in Bengaluru)
CLSA recommends India's liquid large-cap stocks for growth
** CLSA recommends Indian large-cap liquid stocks for maximising capital protection and select mid-caps for growth opportunities
** Recommendations include Axis Bank AXBK.NS, Bharti Airtel BRTI.NS, Hindustan Unilever HLL.NS , ICICI Bank ICBK.NS, Mahindra & Mahindra MAHM.NS, NTPC NTPC.NS, Sun Pharma SUN.NS, UltraTech ULTC.NS, Tata Consultancy Services TCS.NS and State Bank of India SBI
** Says, stocks offer exposure to growth drivers, such as end of India's rate hike cycle in 2024, rural recovery in mid-2024 and RBI's move to protect rupee, ensuring external stability
** Adds mid-cap stocks such as Zomato ZOMT.NS, PVR Inox PVRL.NS, Delhivery DELH.NS, Prestige Estate PREG.NS and Paytm PAYT.NS also offer long-term value
** Says its picks are on three defensive principles - sectors that have already sold off or underperformed markets, traditional defensives, and stocks with a positive major event coming up
** India's economy will reach $29 tln in 2047 from current$3.4tn and $45 tln by 2052, surpassing Japan's nominal US-dollar GDP by 2027 - CLSA
(Reporting by Sethuraman NR in Bengaluru)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
** CLSA recommends Indian large-cap liquid stocks for maximising capital protection and select mid-caps for growth opportunities
** Recommendations include Axis Bank AXBK.NS, Bharti Airtel BRTI.NS, Hindustan Unilever HLL.NS , ICICI Bank ICBK.NS, Mahindra & Mahindra MAHM.NS, NTPC NTPC.NS, Sun Pharma SUN.NS, UltraTech ULTC.NS, Tata Consultancy Services TCS.NS and State Bank of India SBI
** Says, stocks offer exposure to growth drivers, such as end of India's rate hike cycle in 2024, rural recovery in mid-2024 and RBI's move to protect rupee, ensuring external stability
** Adds mid-cap stocks such as Zomato ZOMT.NS, PVR Inox PVRL.NS, Delhivery DELH.NS, Prestige Estate PREG.NS and Paytm PAYT.NS also offer long-term value
** Says its picks are on three defensive principles - sectors that have already sold off or underperformed markets, traditional defensives, and stocks with a positive major event coming up
** India's economy will reach $29 tln in 2047 from current$3.4tn and $45 tln by 2052, surpassing Japan's nominal US-dollar GDP by 2027 - CLSA
(Reporting by Sethuraman NR in Bengaluru)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
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What does PVR do?
PVR INOX Limited, a merger of PVR Limited and INOX, revolutionizes the movie experience in India by offering a wide range of premium cinematic content and diverse food and beverage options.
Who are the competitors of PVR?
PVR major competitors are Cineline India, Zee Entertainment, Tips Music, Saregama India, Network 18 Media Inv, Balaji Telefilms, PVP Ventures. Market Cap of PVR is ₹9,256 Crs. While the median market cap of its peers are ₹4,612 Crs.
Is PVR financially stable compared to its competitors?
PVR seems to be less financially stable compared to its competitors. Altman Z score of PVR is 1.54 and is ranked 7 out of its 8 competitors.
Does PVR pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. PVR latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has PVR allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is PVR balance sheet?
PVR balance sheet is weak and might have solvency issues
Is the profitablity of PVR improving?
The profit is oscillating. The profit of PVR is ₹21.6 Crs for TTM, -₹279.6 Crs for Mar 2025 and -₹32 Crs for Mar 2024.
Is the debt of PVR increasing or decreasing?
Yes, The net debt of PVR is increasing. Latest net debt of PVR is ₹627 Crs as of Sep-25. This is greater than Mar-25 when it was ₹443 Crs.
Is PVR stock expensive?
PVR is expensive when considering the PE ratio, however latest EV/EBIDTA is < 3 yr avg EV/EBIDTA. Latest PE of PVR is 413, while 3 year average PE is 15.84. Also latest EV/EBITDA of PVR is 5.16 while 3yr average is 16.02.
Has the share price of PVR grown faster than its competition?
PVR has given lower returns compared to its competitors. PVR has grown at ~3.71% over the last 10yrs while peers have grown at a median rate of 15.62%
Is the promoter bullish about PVR?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in PVR is 27.53% and last quarter promoter holding is 27.53%.
Are mutual funds buying/selling PVR?
The mutual fund holding of PVR is decreasing. The current mutual fund holding in PVR is 29.64% while previous quarter holding is 30.86%.