PVR-INOX Q2 Results Review - Sequential Recovery; Q3 Likely To Be Robust: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.After weak Q1 due to elections, IPL and T20 Cricket World Cup, PVR-Inox Ltd. saw a recovery in occupancy to 25.7% in Q2 FY25 (from 20.3% in Q1), though it remained weak YoY due to a high base.Revenue recovered sharply QoQ by 36% (in line; down 19% YoY on high base), aided by strong responses to movies like Stree 2 and Kalki 2898 AD. Ebitda (pre-Ind-AS 116) bounced back to green at Rs 1.9 billion (10% beat) versus a loss of Rs 378 million in Q1. Margin expanded to 11.5% (75 bp beat).We expect Q3 to be robust with the release of several tentpole movies, such as Pushpa 2, Bhool Bhulaiyaa 3, and Singham Again. However, PVR’s business remains highly sensitive to occupancy trends, which are dependent on the quality of content (not in PVR’s control). Although the management sounded upbeat about the FY26 content pipeline, we note that even a 200-300 bp blip in occupancy could derail the company’s screen economics. We keep our FY25/FY26 revenue estimates broadly unchanged but revise our Ebitda estimates by +7%/-4%. Reiterate Neutral with a target price of Rs 1,750 (based on ~15 times pre-Ind-AS 116 Dec’26E Ebitda)..Click on the attachment to read the full report:.PVR-INOX Q2 Results Review - G.O.A.T New And Re-Releases Paved Way To Robust Staging: IDBI Capital.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

PVR-INOX Q2 Results Review - Sequential Recovery; Q3 Likely To Be Robust: Motilal Oswal

The brokerage expects Q3 to be robust with the release of several tentpole movies, such as Pushpa 2, Bhool Bhulaiyaa 3, and Singham Again.

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PVR-INOX Q2 Results Review - Sequential Recovery; Q3 Likely To Be Robust: Motilal Oswal

The brokerage expects Q3 to be robust with the release of several tentpole movies, such as Pushpa 2, Bhool Bhulaiyaa 3, and Singham Again.

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