PIPVR Inox532689Quarterly results

Q2 FY27 earnings call: best-ever revenue, EBITDA and PAT; 90-100 screens targeted in FY27

Transcript of the Q2 FY27 earnings call held on 28 October 2026.

By ScoutQuest · Tue 3 Nov 2026, 6:16 PM IST · 2 min read

Total income

INR2,133 crores (+17%)

EBITDA

INR475 crores (+44%), margin 22.3%

PAT

INR273 crores (more than doubled)

The company shared the transcript of its Q2 FY27 earnings conference call, where management discussed the September quarter and half-year results, the balance sheet, expansion plans and the film slate ahead.

Quarter described as the best ever

• Total income on an Ind AS 116 adjusted basis grew 17% to INR2,133 crores.
• EBITDA rose 44% to INR475 crores, with EBITDA margin expanding about 420 basis points to 22.3%.
• PAT more than doubled to INR273 crores. Management said this was its best ever quarter for revenue, EBITDA and PAT and the sixth consecutive quarter of year-on-year revenue growth.

Footfall and spend per guest

• 46.3 million guests during the quarter, up 4% year-on-year, with occupancy at 30.4%.
• Average ticket price reached INR298 and food and beverage spend per head INR153, each up 14% year-on-year.

First half and balance sheet

• H1 total income of INR3,775 crores (up 15%), EBITDA of INR705 crores (up 56%) and PAT of INR344 crores (up 233%).
• H1 free cash flow of INR604 crores; INR259 crores of debt repaid.
• A maiden share buyback of INR300 crores was completed in September; net cash stood at INR141 crores at end-September against INR81 crores in June.
• Return on capital employed improved to 16.5% on a trailing 12-month basis from 10.2% in FY26.

Screen network and expansion guidance

• 24 new screens across 6 new cinemas were opened in H1, predominantly under asset-light models, while 25 screens were exited, the majority loss-making.
• The network now spans 1,797 screens across 114 cities in India and Sri Lanka.
• Management said it remains on track to open 90 to 100 new screens in FY27, with the bulk in the second half and mainly in capital-light formats.
• The first SMART Cinema opened in Muzaffarpur, Bihar in September; two or three more are expected this fiscal.

Capital allocation and dividend distribution policy

• The Board approved a broader capital allocation framework with three priorities: invest for growth in new screens, premium formats and technology; keep net debt-to-EBITDA within 0.5x after any distribution; and return around 30% of annual surplus cash flow to shareholders through dividends, buybacks or a combination, with timing and quantum at the Board's discretion.

Demand, pricing offers and content

• Industry gross box office collections reached INR4,433 crores in the quarter, up 23% year-on-year and the first time the industry crossed INR4,000 crores in a quarter; H1 industry collections were INR7,618 crores, up 22%.
• Value offers include weekday morning shows at INR99, Friday first shows at INR149 and front row seats from INR79.
• The upcoming slate includes Ramayana: Part 1 and King, followed by Love & War and Golmaal 5, regional titles Kaaka and Fauji, and Hollywood releases including Avengers: Doomsday and Dune: Part Three.

Management's closing message was that the company enters the second half of FY27 with record earnings, a structurally stronger margin profile, a net cash balance sheet and a content calendar it described as exciting.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev