CLSA has maintained its ‘Outperform’ rating on PVR Inox, raising optimism about the stock’s outlook following a strong first-quarter performance. The brokerage has set a target price of ₹1,920.
Q1FY26 revenue came in at ₹1,470 crore, up 18% quarter-on-quarter and 23% year-on-year, beating CLSA’s estimates. Admissions rose to 34 million, reflecting an 11% QoQ and 12% YoY increase. The company also saw an 8% YoY rise in Average Ticket Price (ATP), resulting in a 23% YoY surge in movie ticket sales.
The box office continued to perform well, with gross box office collections (GBOC) for both Bollywood and Hollywood content increasing by 38–72% YoY in the June quarter.
Encouragingly, the management noted that July admissions hit an 18-month high, indicating strong momentum has continued into the second quarter. CLSA believes this recovery, along with upcoming content and operational leverage, could support margin expansion and earnings recovery ahead.
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