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Dhurandar: The Revenge hit the theatres on Thursday, and expectations are high after the massive success of the first part. While audiences are excited, the release holds greater significance for PVR Inox Ltd and its shareholders.

The film is estimated to garner net domestic box office collection of around ₹100 crore on day one, supported by advance bookings and strong demand. The movie’s lifetime collections are estimated at ₹1,000-1,300 crore, which is no mean feat.

For PVR, a film of this scale pushes occupancy levels and average ticket prices higher. In the coming weeks, footfall may rise sharply and help keep Q4FY26 occupancy above 28%. This helps because Q4 was shaping up to be weak so far. Premium screens like IMAX and recliners are also likely to see higher demand, which helps PVR earn more per ticket.

“If we assume, Dhurandhar: The Revenge collects about ₹1,000 crore (base case scenario) and 75% of the collections accrue in the first 14-15 days, industry-wide BO (box office) collections for the quarter will be similar to Q4FY25,” said a note by PL Capital. Industry-wise net box office collection was about ₹2,200 crore in Q4FY25.

While this would be a big boost from one film, is it enough to drive PVR’s full-year performance? That’s where the concern is. After Dhurandhar 2, the near-term movie pipeline looks weak. Apart from Drishyam 3, there are not many big Hindi releases lined up. This means occupancies and revenues would be soft in Q1FY27. The multiplex business depends heavily on a steady flow of good content, and gaps in releases can hurt.

Nonetheless, the overall movie pipeline for 2026 and 2027 is strong across Hindi, regional, and Hollywood films. This should aid footfall growth. Plus, PVR is reducing debt. Its net debt has declined to around ₹365 crore from over ₹1,000 crore since its merger with Inox.

The company is also shifting towards an asset-light expansion strategy. It plans to add around 100 screens in FY26 and 150 screens in FY27, with a controlled capex of ₹350–400 crore. This means growth will come with lower capital intensity and better returns.

While the scenario is improving for long-term investors, risks loom. The stock is down 1.7% so far in 2026, significantly outperforming Nifty 500 index, which is down 11%, reflecting PVR investors’ expectations of a good recovery.

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