Cashflow improves, but margin continues

Bank of America Securities maintained the “underperformance” rating of PVR-Inox Ltd., reducing its target price from Rs 990 to Rs 945.

In the fourth quarter of 2025, PVR-Inox reported a loss of 105 Rs of EBITDA that missed both Bofa and Street’s expectations. Revenues are on a steady pace, with 350 million admissions, average ticket prices and 11% increase from the previous year, with spending per head of Rs 125 rupees down 3% year-on-year.

However, the occupancy rate fell to 20.5%, down 2 points from the previous year. The EBITDA margin before impact from IND-AS adjustment was -0.8% versus BOFA estimate of 3.3%.

Net profit was present at a loss of Rs 105, wider than Bofa’s expected loss of Rs 66 trillion. Netscreen counts fell to 1,723 quarter, 1% per quarter, even if they opened five new screens during the quarter and closed 10.