India’s largest multiplex operator, PVR Inox, saw weaker box office revenue in FY25 due to fewer film releases, but food and beverage (F&B) sales helped cushion the impact. With new ventures in hot dog brands, food courts, and snack partnerships, the company is diversifying its revenue streams and preparing for stronger growth beyond cinema halls.
PVR Inox Limited, headquartered in Gurugram, Haryana, is India’s largest multiplex chain, operating in the entertainment and media sector. The company runs hundreds of cinema screens across the country while building strong ancillary revenues through food, beverages, advertising, and premium experiences.
In FY25, the company faced headwinds from a weaker movie pipeline and reduced footfalls, with admissions dropping from 15.14 crore in FY24 to 13.69 crore in FY25. Average Ticket Price (ATP) remained flat at ₹259, while revenue from movie tickets declined by 10 percent to ₹2,942.4 crore.
However, food and beverage sales cushioned the blow. Revenue from F&B fell only 8 percent to ₹1,733.5 crore, supported by higher spending per head (SPH), which grew 1.5 percent to ₹134. The company noted that F&B remained a “core growth vertical,” and initiatives such as introducing its in-house hot dog brand Dog Father, expanding non-vegetarian menus across 116 cinemas, and enhancing home delivery offerings supported steady performance.
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PVR Inox also broadened its presence beyond cinemas. In partnership with Devyani International, the company entered the mall-based food court segment, launching its first outlet in Kota, Rajasthan, with plans for up to nine more by FY26. Additionally, outdoor catering and corporate event services, along with home delivery of snacks, added fresh revenue streams. Monthly delivery sales via aggregators rose by 20 percent in FY25.
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The company also invested ₹44.7 crore in Zea Maize, the owner of the premium snack brand 4700 BC, to support capacity expansion and distribution growth. Zea Maize’s sales rose 35 percent in FY25, reaching ₹102 crore. With India’s snacking market projected to grow from ₹45,000 crore in FY23 to ₹85,000 crore by FY30, PVR Inox aims to capture a significant share in premium snacking categories.
In the first quarter of FY26, PVR Inox generated ₹491.9 crore in F&B revenue, further underlining its shift from being just a cinema operator to a diversified consumer business. With the company expanding its footprint in food, retail, and delivery, its strategy suggests a long-term pivot towards balancing box office uncertainty with more stable revenue streams.
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