India’s largest multiplex chain, PVR Inox, navigated a turbulent fiscal year 2025 by strategically leveraging its Food & Beverage (F&B) division to counter a sharp decline in box office revenues. According to the company’s annual filings, a significant drop in moviegoer footfalls led to a Rs. 316 crore plunge in Ticket Sales. Despite this, the company demonstrated remarkable resilience by increasing customer spending on concessions, proving that in the modern cinema business, what happens at the snack counter is just as important as what happens on screen.
A Challenging Year At The Box Office
The 2025 fiscal year was marked by significant headwinds for PVR Inox. The after-effects of the 2023 Hollywood strikes and a relatively soft lineup of mainstream Indian films resulted in a noticeable dip in audience attendance. Overall admissions fell by nearly 10%, dropping from 15.14 crore in FY24 to 13.69 crore. This directly impacted the company’s primary revenue stream, with ticket sales earnings falling from Rs. 3,258 crore to approximately Rs. 2,942 crore. The stable average ticket price of Rs. 259 was not enough to offset the sharp decline in the sheer volume of moviegoers visiting the cinemas.
How ‘Popcorn Power’ Saved The Day
The financial silver lining came from the concessions stand. While fewer people walked through the doors, those who did were spending more on food and drinks. The average spend per customer on F&B saw a 1.5% increase, rising from Rs. 132 to Rs. 134. This crucial uptick helped cushion the overall financial blow. PVR Inox actively bolstered this segment by launching its own proprietary brand, ‘Dog Father’ hot dogs, and introducing non-vegetarian menus across 116 Inox-branded screens. The standout performer was the premium Popcorn brand ‘4700 BC,’ owned by Zea Maize, in which PVR Inox is a key investor. The brand’s revenues surged by an impressive 5% to reach Rs. 102 crore in FY25.
Strategic Expansion Beyond The Cinema Hall
PVR Inox’s strategy extends beyond simply selling more snacks inside its theatres. The company is actively diversifying its F&B operations into standalone businesses. A major step in this direction is a joint venture with Devyani International to operate full-scale food courts in shopping malls, with the first one already operational in Kota, Rajasthan, and several more planned for the next fiscal year. Furthermore, the company’s home delivery and catering segments have shown strong momentum, with sales from aggregators growing by 20% to an average of Rs. 2 crore per month. This adaptive strategy highlights a clear shift towards an integrated entertainment experience, where F&B plays a pivotal role in driving growth, independent of box office performance.
About PVR Inox
PVR INOX Limited is the largest multiplex cinema chain in India, formed through the merger of PVR Cinemas and INOX Leisure. It operates hundreds of screens across the country, offering a premium movie-watching experience. The company’s business model focuses on both film exhibition and a robust, diversified Food & Beverage (F&B) division.
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