• Owing to the superb content response at the box office (except in South India), estimate ~5% revenue and ~75% EBITDA (2% growth ex-Ind AS 116) YoY growth for PVR (including SPI Cinemas). Similarly, for INOX, estimate ~16% revenue and 98% EBITDA (21% growth ex-Ind AS 116) growth.

• Expect INOX to register ~70bps margin expansion YoY (ex-Ind AS 116) on account of growth in net box office and F&B revenues. For PVR, we anticipate EBITDA margin to contract 50bps owing to weak footfalls in Southern markets. PVR has higher exposure to South India than Inox.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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