With Dhurandhar Boom And Avatar Release, PVR INOX Eyes Record Q3 Collections

For India’s multiplex business, December is less about the calendar and more about whether audiences will step out, spend, and stay long enough to make the numbers work. The box office run of Dhurandhar has emerged as a defining factor in PVR INOX’s strong year-end performance, helping the multiplex chain convert December into one of its best months of the year, according to Gautam Dutta, the Chief Executive Officer – Revenue and Operations at PVR INOX.

The film, which has crossed Rs 400 crore in collections, outperformed initial internal estimates of Rs 200-250 crore and delivered sustained footfalls beyond its opening week.

Dutta said the success of Dhurandhar was always anticipated, even if the final numbers exceeded expectations. "It was never classified as a sleeper hit for us. Given the way the film was mounted and the star power involved, we always saw it as a big film," he added.

What surprised the multiplexes, however, was the way the film continued to grow. According to Dutta, Dhurandhar saw its second week outperform the first, mostly driven by strong word-of-mouth. "The film opened up in layers like an onion. Different audiences came in for different reasons — the cast, the music, the styling — but once people watched it, they realised it was far more than an action film," he said.

The strong December showing followed quite a mixed October–November period. While October benefited from festive releases around Diwali, November relied on fewer big-ticket titles. Dutta added that regional cinema played a key role in holding footfalls during a quieter month.

December, however, was always expected to be pivotal. With Dhurandhar leading the month and Avatar releasing on Friday, PVR INOX had visibility on a strong finish.

Beyond ticket sales, the film’s impact has spilled over into ancillary revenues. Longer runtimes for Dhurandhar boosted food and beverage consumption, while advertising demand also surged. A similar response is expected of Avatar, whose run time is 3 hours and 17 minutes. "Today, we are refusing advertising with Dhurandhar and Avatar because all inventory is sold out," Dutta said, adding that around 17–18 minutes of advertising per show has already been pre-booked.

Brokerages are now assessing whether the box-office momentum could translate into earnings upgrades. PL Capital said there is a strong possibility of industry-wide collections breaching Rs 3,000 crore in Q3FY26, a threshold crossed only three times since the pandemic. They analysed that historically, quarters crossing this mark have coincided with healthy margins for PVR INOX. The firm said that the implied earnings trajectory suggests revisions could be on the horizon for FY26.

In the same note, PL Capital said Dhurandhar has 'turned the tables' for the company, contributing an estimated Rs 380 crore so far and potentially reaching lifetime collections of Rs 400–500 crore. "If one were to strip Dhurandhar out of industry-wide collections, the ‘Secret Santa’ element for the quarter goes missing," the brokerage noted.

Looking ahead, the company expects the momentum to carry into the March quarter, supported by a packed release calendar across Hindi, regional and Hollywood titles. While Dutta cautioned that film performance remains inherently unpredictable, he said the combination of strong content and higher footfalls positions PVR INOX for a strong finish to the financial year.