PVR Inox Q1 FY27 Results (NSE: PVRINOX)
Signal: Loss reversed
The read
Margin inflected up for the 6th consecutive quarter, with OPM expanding 420bps YoY to 34.2%, driven by operating leverage and lower finance costs; net profit turned positive as revenue grew 11.9% YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,622.2 Cr | 11.9% | 4.8% |
| EBIT | ₹240.2 Cr | 87.7% | |
| Net profit | ₹56.5 Cr | N/A | |
| EPS | ₹5.75 | N/A | |
| EBIT margin | 34.2% |
P&L walk
Revenue grew 11.9% YoY, driven by content slate; EBITDA margin expanded 420bps to 34.2% on operating leverage and lower finance costs; net profit turned positive from a loss a year ago.
Key positives
- Revenue growth of 11.9% YoY to ₹16,222 million, with net profit turnaround to ₹565 million from loss of ₹474 million a year ago.
- OPM expanded 420bps YoY to 34.2%, marking the 6th consecutive quarter of margin expansion (since Q4FY25).
- Finance costs declined 14% YoY to ₹1,645 million, aiding bottom line.
- Employee cost and depreciation grew slower than revenue, indicating operating leverage.
Key concerns
- Movie exhibition cost as % of revenue increased to 21.3% from 19.3% YoY, suggesting higher revenue share to producers.
- Depreciation remains high at 19.4% of revenue, though declining slightly YoY.
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