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INVESTOR UPDATE : Q2 FY’27 INVESTOR UPDATE Q2 & H1 FY’27October 28th, 2026
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INVESTOR UPDATE : Q2 FY’27 This presentation has been prepared for general information purposes in respect of PVR INOX Limited (“Company”) together with its subsidiaries and joint venture (together, with the “Company”, the “Group”) only, without regard to any specific objectives, suitability, financial situations and needs of any particular person and does not constitute any recommendation or form part of any offer or invitation, directly or indirectly, in any manner, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Group to be construed as legal, accounting or tax advice. This presentation has not been approved and will not or may not be reviewed or approved by any statutory or regulatory authority in India or by any Stock Exchange in India. This presentation contains certain forward-looking statements relating to the business, financial performance, strategy and results of the Group and/ or the industry in which it operates. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, sometimes identified by the words including, without limitation “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements, including those cited from third party sources, contained in this presentation are based on numerous assumptions and are uncertain and subject to risks. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Group nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation and are not guarantees of future performance. As a result, the Group expressly disclaims any obligation or undertaking to release any update or revisions to any forward- looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward looking statements are based. Given these uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. Certain numbers in these presentations and materials have been subject to routine rounding off and accordingly figures shown as total in tables and diagrams may not be an arithmetic aggregation of the figures that precede them. The information contained in these presentations and materials are only current as of the dates specified herein and have not been independently verified. None of the Group, its directors, promoters or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise in connection with this presentation, and makes no representation or warranty, express or implied, for the contents of this presentation including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this presentation or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. Past performance is not a guide for future performance. The information contained in this presentation is current, and if not stated otherwise, made as of the date of this presentation. The Group undertakes no obligation to update or revise any information in this presentation as a result of new information, future events or otherwise. Any person/ party intending to provide finance/ invest in the shares/ businesses of the Group shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. Disclaimer 2
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INVESTOR UPDATE : Q2 FY’27 This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, or any other applicable law in India. This presentation is strictly confidential and may not be copied or disseminated, reproduced, re-circulated, re-distributed, published or advertised in any media, website or otherwise, in whole or in part, and in any manner or for any purpose. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. Accordingly, any persons in possession of the aforesaid should inform themselves about and observe any such restrictions. By reviewing this presentation, you agree to be bound by the foregoing limitations. You may not repackage or sell the presentation. Information contained in a presentation hosted or promoted by the Group is provided “as is” without warranty of any kind, either expressed or implied, including any warranty of fitness for a particular purpose. By accessing this presentation, you accept this disclaimer and any claims arising out of or in connection with this presentation shall be governed by the laws of India and only the courts in Gurugram, India, and no other courts shall have jurisdiction over the same. Disclaimer 3
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INVESTOR UPDATE : Q2 FY’27 Index 4 02 INDUSTRY UPDATE 8 01 Q2 FY’27 RESULTS HIGHLIGHTS 5 03 RESULTS ANALYSIS 13 04 BALANCE SHEET AND CASH FLOW 18 05 SCREEN GROWTH OUTLOOK 22 07 CONTENT LINEUP 31 06 ANNEXURES 26
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INVESTOR UPDATE : Q2 FY’27 Q2 FY’27 RESULTS HIGHLIGHTS
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INVESTOR UPDATE : Q2 FY’27 ✦ N O W S H O W I N G ✦ HIGHEST EVER Q2 FY’27 — the biggest quarter of all time R E V E N U E INR 21,327 Mn +17% Y o Y E B I T D A INR 4,752 Mn (22.3% Margin) +44% Y o Y P A T INR 2,733 Mn (12.8% Margin) +111 % Y o Y H1 FY’27 — the biggest half-year of all time INR 37,750 Mn +15% Y o Y INR 7,048 Mn (18.7% Margin) +56% Y o Y INR 3,438 Mn (9.1% Margin) +233% Y o Y The Numbers are excluding the impact of Ind AS 116. PAT is from Continuing Operations.
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INVESTOR UPDATE : Q2 FY’27 7 Q2 FY’27 H1 FY’27 ATP(INR)Admits(Mn) & Occupancy % SPH(INR) 262 298 Q2FY'26 Q2FY'27 +4% 134 153 Q2FY'26 Q2FY'27 +14%44.5 46.3 Q2FY'26 Q2FY'27 +14% 28.7% 30.4% ATP(INR)Admits(Mn) & Occupancy % SPH(INR) 259 287 H1FY'26 H1FY'27 +6% 140 156 H1FY'26 H1FY'27 +11%78.5 82.9 H1FY'26 H1FY'27 +11% 25.4% 27.9% Key Operating Highlights Charts Not to Scale
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INVESTOR UPDATE : Q2 FY’27 INDUSTRY UPDATE
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INVESTOR UPDATE : Q2 FY’27 37% 34% 14% 19% 49% 47% H1 FY'26 H1 FY'27 Hindi + Hindi Dubbed English Regional 22% 23% 23% 21% 31% 25% 24% 22% 9% H1 FY'26 H1 FY'27 500 Cr+ 200-500 Cr 100-200 Cr 40-100 Cr 0-40 Cr H1 FY’26 Hindi EnglishHindi Dubbed Regional INR Cr 6,241 +600 +162 Industry GBOC Up 22% YoY +108 7,618 H1 FY’27 English Gains Share 22% GROWTH Source: Ormax Media, Company Estimates H1 FY’27 Industry Box Office Up 22% on a Wider Content Slate 9 +506 Performance is broad-based • Blockbusters and a deeper content slate drove growth • English drove ~44% of incremental GBOC, lifting its share to 19% • India GBOC grew 22% YoY, led by English and regional cinema Broader and More Resilient Box Office Performance
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INVESTOR UPDATE : Q2 FY’27 Q2 FY’27: Biggest Quarter of all Time 10 Source: Ormax Media; Company estimates. 01 INDUSTRY GROSS BOX OFFICE | Q2 FY’27 INR4,443 Cr 02 INDUSTRY GROWTH MOMENTUM SUSTAINED Q1 FY’27 +20% Q2 FY’27 +23% 03 ENGLISH CINEMA | ~23% in Q2 FY’27 INR 1,024 Cr FIRST TIME QUARTERLY GBOC CROSSED INR 4,000 Cr. 20%+ GROWTH IN BOTH QUARTERS Up 87% YoY; First 1000 Cr. English Quarter Q2 India GBOC YoY Growth Q2 FY’25 Q2 FY’26 Q2 FY’27 4,443 INR Cr 3,604 3,154
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INVESTOR UPDATE : Q2 FY’27 11 India GBOC* | PVR INOX GBOC (INR Cr.) H O L L Y W O O D B O X O F F I C E ( I n d u s t r y ) KEY DRIVERS OF GROWTH India’s highest- grossing English film ever: INR 608 Cr THE ODYSSEY EVIL DEAD BURN 548 1,024 Q2 FY'26 Q2 FY'27 233 | 142 39 | 16 608 | 275 Hollywood’s Best Year Yet in India, Led by Record-Breaking Spider-Man +87% • Franchise and non-franchise films together drove strong box office growth • Premium formats in strong demand as audiences seek immersive experiences • Dubbed versions are taking English films beyond the metros (Spider-Man dubbed version contributed ~36% of its GBOC) INR Cr SPIDER-MAN : BRAND NEW DAY AVENGERS ENDGAME ENCORE 28 | 16 *Movie Collections are from 1st July 2026 to 30th Sep 2026
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INVESTOR UPDATE : Q2 FY’27 12 351 | 140 Hindi & Regional: Rooted Stories, Star Spectacles and a Streaming Hit on the Big Screen *Hindi Includes Hindi Dubbed H I N D I * INR 1,553 Cr +12% Y o Y Rooted Faith Based Story Built on Word of Mouth HANUMAN ANSH First Hindi Web Series Turned Cinema Blockbuster MIRZAPUR THE MOVIE 200 | 67 FRANCHISE SEQUEL HITS 177 | 59 267 | 100 R E G I O N A L INR 1,866 Cr +12% Y o Y STAR SPECTACLES 296 | 77 Toxic (Kannada) 199 | 33 Jan Nayagan (Tamil) 222 | 25 Irumudi (Telugu) AUTHENTIC REGIONAL BLOCKBUSTERS 187 | 26 Bethlehem Kudumba Unit (Malayalam) India GBOC | PVR INOX GBOC (INR Cr.) 141 | 29 Vishwanath & Sons (Tamil) *Movie Collections are from 1st July 2026 to 30th Sep 2026
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INVESTOR UPDATE : Q2 FY’27 RESULTS ANALYSIS Born on Streaming, Blockbuster in Cinemas
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INVESTOR UPDATE : Q2 FY’27 Particulars (INR Mn) Q2 FY’27 Q2 FY’26 Y-o-Y Growth H1 FY’27 H1 FY’26 Y-o-Y Growth Screen Count* (at the end of the period) 1,797 1,757 2.3% 1,797 1,757 2.3% Weighted Average Screens Excluding Management/FOCO Screens 1,717 1,700 1.0% 1,718 1,695 1.4% Sale of Movie Tickets 11,604 9,834 18.0% 19,976 17,060 17.1% Sale of Food & Beverages 6,682 5,648 18.3% 12,260 10,427 17.6% Advertisement Income 1,310 1,256 4.3% 2,383 2,352 1.3% Convenience Fees (2) 845 676 25.0% 1,464 1,157 26.5% Other Operating Income(1) 610 582 4.8% 1,190 1,496 -20.5% Other Income(3) 276 191 44.5% 477 377 26.5% Total Income 21,327 18,187 17.3% 37,750 32,869 14.8% 14 Revenue Analysis Note: Above financial numbers are after excluding the impact of Ind AS 116 – ‘Leases’. Q2 FY'26 and H1 FY’26 restated after removing the financials of Zea Maize Pvt Ltd. , which was divested on 29th Jan 2026. *Screen Count includes Management( FOCO) Screens. 1) Other operating income drop in H1FY’27 mainly due to decrease in movie distribution income in Q1FY’27. In Q2 FY’27 PVR INOX Pictures distributed Batwara 1947,Jan Nayagan ,Bethlehem Kudumba Unit amongst others. 2) Convenience Fee has witnessed higher growth due to increase in online penetration from 68.6% in Q2 FY’26 to 72.0% in Q2 FY’27supplemented by increase in Admits and ATP. Online penetration has increased from 66.6% in H1FY’26 to 70.8% in H1FY’27. 3) The increase in other income was primarily due to reversal of old provisions.
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INVESTOR UPDATE : Q2 FY’27 Particulars (INR Mn) Q2 FY’27 Q2 FY’26 Y-o-Y Growth H1 FY’27 H1 FY’26 Y-o-Y Growth Weighted Average Screens (Excluding Management/FOCO Screens) 1,717 1,700 1.0% 1,718 1,695 1.4% Variable Cost FHC (%) 44.5% 45.5% -94 bps 44.3% 45.7% -137 bps COGS (%) 21.5% 21.7% -23 bps 21.3% 22.5% -115 bps Fixed Cost Rent(1) 3,651 3,272 11.6% 7,057 6,442 9.5% CAM 1,007 932 8.0% 2,010 1,859 8.1% Personnel 1,926 1,833 5.1% 3,695 3,459 6.8% Electricity & Water / Utilities(2) 1,119 1,046 7.0% 2,217 2,065 7.4% Other Expenses ex Movie Dist., Print 2,058 1,903 8.1% 3,824 3,614 5.8% Total Fixed Expenses (excluding Movie Distribution) 9,761 8,986 8.6% 18,803 17,439 7.8% Movie Dist., Print charges 412 429 -4.0% 858 1,523 -43.7% Total Fixed Expenses (including Movie Distribution) 10,173 9,415 8.1% 19,661 18,962 3.7% 15 Expense Analysis (1) Fixed Rent Escalation in Q2 FY’27 and in H1 FY27 was 7.1% and 5.0%, respectively. The balance increase was on account of increase in variable rental. (2) Electricity costs increased by 7% YoY, primarily driven by higher operating hours, increased electricity tariffs in select states (Karnataka and Maharashtra) and higher cooling requirements due to elevated temperatures. Note: Above financial numbers are after excluding the impact of Ind AS 116 – ‘Leases’. Q2 FY'26 and H1 FY’26 restated after removing the financials of Zea Maize Pvt Ltd. , which was divested on 29th Jan 2026.
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INVESTOR UPDATE : Q2 FY’27 16 Merger synergies, cost discipline and capital efficiency have structurally lifted margins and returns A Structurally Stronger Business Post Merger (1) Figures for FY’20 are Proforma for PVR & INOX combined Pre Covid Present Occupancy % EBITDA % 32.0% 17-18% 30.4% 22.3% -160 to -410 bps FY’20 (1) Q2 FY’27 < H1 FY’27 27.9% 18.7% ROCE % 13% 16.5% (TTM Sep’26)< Note: Above financial numbers are after excluding the impact of Ind AS 116 – ‘Leases’ Refer Annexure 4 for ROCE% Calculation
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INVESTOR UPDATE : Q2 FY’27 17 Revenue Initiatives: Grow Footfalls, Extend Food Occasions and Event-led Monetisation 01 D R I V E F O O T F A L L S Value-led ticketing Weekday morning shows @ ₹99 Friday first shows @ ₹149 Front rows from ₹79 Brand-led campaigns 02 E X T E N D F & B O C C A S I O N S Food beyond cinemas Expanding Home delivery Launched Grab & Go counters Outdoor catering In-house food brand 03 A L T E R N A T E C O N T E N T Events-led monetisation Live events Telecast programming Sporting Events
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INVESTOR UPDATE : Q2 FY’27 BALANCE SHEET AND CASH FLOW
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INVESTOR UPDATE : Q2 FY’27 19 Strong Free Cash Flow Generation EBITDA 7,048 Working Capital & Other Adj. 734 Capex 1,323 Finance Cost 424 Free Cash Flow 6,035 Share BuyBack 3,000 Surplus Cash 449 ROBUST OPERATING CASH FLOWS AND REDUCED CAPEX INTENSITY DRIVING STRONG FREE CASH GENERATION H1 FY’27 (Consolidated) All Figures in INR Mn Debt Repayment 2,586 Note: Above financial numbers are after excluding the impact of Ind AS 116 – ‘Lease Accounting’
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INVESTOR UPDATE : Q2 FY’27 FY2023 FY2024 FY2025 FY2026 H1 FY'27 Balance Sheet Strength and Capital Allocation Priorities 20 14,304 -1,407 NET DEBT Maintained Positive Net Cash post maiden Share Buyback of INR 3,000 Mn in Sep’26 Note: Above financial numbers are after excluding the impact of Ind AS 116 – ‘Leases’ All Figures in INR Mn Capital Allocation Priorities* 1 Maintain balance sheet strength • Net Debt / LTM EBITDA within 0.5x post any Distribution 2 Invest for growth • New screens, premium formats and technology; value accretive opportunities • Maintain a high-quality circuit 3 Distribute surplus cash • Expected ~30% of annual Surplus Cash Flow**, via dividend and/or buyback at Board’s discretion *Policy approved by the Board, October 2026 **Surplus Cash Flow: EBITDA adjusted for working capital, less taxes, finance cost, capex and growth investments, plus any disposal proceeds, less scheduled debt repayment. EBITDA and Net Debt exclude Ind AS 116. Statement of intent; any distribution remains at the Board’s discretion.
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INVESTOR UPDATE : Q2 FY’27 ROCE Improvement 21 -11.7% 4.1% 6.1% -0.3% 10.2% 16.5% ROCE Improvement Accelerating Recovery Cyclical dip Breakout Compound PVR INOX Merger Announced Integration Completed and Merger Synergies Realised Weak Year -external, not structural Pivot Towards Capital Light Growth Model Strong FCF Generation and Debt Reduction Net cash Positive and Share Buyback Note: Above financial numbers are after excluding the impact of Ind AS 116 – ‘Leases’ Refer Annexure 4 for Calculation of ROCE% Restructuring FY2024 FY2025 FY2026 H1 FY’27 TTM FY2023FY2022
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INVESTOR UPDATE : Q2 FY’27 SCREEN GROWTH OUTLOOK
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INVESTOR UPDATE : Q2 FY’27 New Screen Additions Update 23 ON TRACK TO OPEN 90-100 NEW SCREENS IN FY’27 # CINEMAS OPENED IN H1FY’27 MODEL OPENING DATE SCREENS 1. PVR Mall 11, Jabalpur Asset Light 30-Jul-26 3 2. INOX Brigade Utopia Asset Light 28-Aug-26 6 3. ICON Mall Muzaffarpur SMART Cinema, Bihar Asset Light 4-Sep-26 4 4. PVR Central Mall, Soul Spirit, Bangalore Leased 8-Sep-26 3 5. PVR DLF Summit Plaza, Gurgaon Asset Light 17-Sep-26 3 6 PVR My Moon, Kochi Asset Light 25-Sep-26 5 NEW SCREENS OPENED IN H1 FY’27 24 23% 64% 13% Breakup By Model Type ~100 Screens Screen Growth Outlook FY’27 Lease Model Asset Light Model FOCO Model
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INVESTOR UPDATE : Q2 FY’27 24 SMART Cinemas: Unlocking Under-Screened India Through Capital-Light Growth MAKING CINEMA ACCESSIBLE. MAKING GROWTH SCALABLE. Affordable smart model to capture Tier 3 & Tier 4 markets Market opportunity across ~300 cities and ~1,000 screens Capital-efficient capex and opex FIRST CINEMA OPENED IN MUZAFFARPUR, BIHAR A S C A L A B L E F O R M A T D E S I G N E D F O R U N D E R P E N E T R A T E D M A R K E T S
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INVESTOR UPDATE : Q2 FY’27 South 34% North 27% Central 11% West 20% East 8% Regional Distribution of 1,797 screens Metro 49% Tier I 29% Tier II 13% Tier III 9% ASSAM 4 CINEMAS | 14 SCREENS JAMMU & KASHMIR 2 CINEMAS | 5 SCREENS PUNJAB 17 CINEMAS | 90 SCREENS UTTARAKHAND 3 CINEMAS | 16 SCREENS CHANDIGARH 3 CINEMAS | 15 SCREENS UTTAR PRADESH 28 CINEMAS | 145 SCREENS HARYANA 22 CINEMAS | 100 SCREENS DELHI 28 CINEMAS | 114 SCREENS JHARKHAND 4 CINEMAS | 15 SCREENS GUJARAT 25 CINEMAS | 119 SCREENS CHHATTISGARH 6 CINEMAS | 26 SCREENS ODISHA 7 CINEMAS | 29 SCREENS RAJASTHAN 18 CINEMAS | 73 SCREENS MADHYA PRADESH 10 CINEMAS | 55 SCREENS MAHARASHTRA 51 CINEMAS | 264 SCREENS GOA 4 CINEMAS | 14 SCREENS KARNATAKA 38 CINEMAS | 236 SCREENS KERALA 7 CINEMAS | 47 SCREENS COLOMBO 1 CINEMA | 9 SCREENS WEST BENGAL 18 CINEMAS | 72 SCREENS TELANGANA 22 CINEMAS | 132 SCREENS ANDHRA PRADESH 11 CINEMAS | 44 SCREENS PUDUCHERRY 1 CINEMA | 5 SCREENS TAMIL NADU 23 CINEMAS | 142 SCREENS BIHAR 3 CINEMAS | 11 SCREENS Note 2: South Includes Sri Lanka Note 1: Includes 19 Management Properties With 71 Screens. Screen Portfolio as on date SIKKIM 1 CINEMA | 3 SCREENS LADAKH 1 CINEMA | 2 SCREENS 25 MAKING THE BRAND ‘ASPIRATIONAL’ & ‘AFFORDABLE’ Diversified Network of 1,797 Screens in 114 Cities City Tier Distribution 1,797 screens
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3 ANNEXURES
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INVESTOR UPDATE : Q2 FY’27 Particulars (INR Mn) Q2 FY’27 7 Q2 FY’26 Reported Ind-AS 116 Impact Ind-AS 116 Adjusted Reported Ind-AS 116 Impact Ind-AS 116 Adjusted Total Income 21,393 66 21,327 18,344 157 18,187 Expenses 13,358 -3,217 16,575 11,849 -3,038 14,887 EBITDA 8,035 3,283 4,752 6,495 3,195 3,300 EBITDA Margin 37.6% 22.3% 35.4% 18.1% Depreciation & Amortization(1) 2,959 2,045 914 3,161 2,010 1,151 EBIT 5,076 1,238 3,838 3,334 1,185 2,149 Finance Costs 1,565 1,375 190 1,881 1,471 410 Share in net loss of JV -3 -3 -2 -2 PBT 3,508 -137 3,645 1,451 -286 1,737 Corporate Tax 877 -35 912 369 -72 441 PAT from continuing operations 2,631 -102 2,733 1,082 -214 1,296 PAT Margin from Continuing operations 12.3% 12.8% 5.9% 7.1% Loss before tax from discontinued operations(2) 27 27 Profit/ (Loss) for the year 2,631 -102 2,733 1,055 -214 1,269 PAT Margin 12.3% -154.6% 12.8% 5.8% -136.3% 7.0% EPS - Basic (INR) 26.82 27.86 11.03 13.21 EPS - Diluted (INR) 26.74 27.77 10.98 13.15 Annexure 1: Result Summary (Consol) – Q2 FY’27 vs Q2 FY’26 (2) Discontinued Operations are of Zea Maize Pvt Ltd. , which was divested on 29th Jan 2026. (1) Q2 FY’27 depreciation is lower by INR 211 Mn due to a prospective revision in useful lives of projectors (10 to 15 years) andlaptops/desktops (3 to 5 years) under Ind AS 8. EPS is based on PAT from Continuing Operations 27
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INVESTOR UPDATE : Q2 FY’27 Particulars (INR Mn) H1 FY’27 7 H1 FY’26 Reported Ind-AS 116 Impact Ind-AS 116 Adjusted Reported Ind-AS 116 Impact Ind-AS 116 Adjusted Total Income 37,876 126 37,750 33,161 292 32,869 Expenses 24,295 -6,407 30,702 22,308 -6,050 28,358 EBITDA 13,581 6,533 7,048 10,853 6,342 4,511 EBITDA Margin 35.9% 18.7% 32.7% 13.7% Depreciation & Amortization (1) 6,104 4,071 2,033 6,238 3,965 2,273 EBIT 7,477 2,462 5,015 4,615 2,377 2,238 Finance Costs 3,210 2,786 424 3,793 2,944 849 Share in net loss of JV -2 -2 -3 -3 PBT 4,265 -324 4,589 819 -567 1,386 Corporate Tax 1,069 -82 1,151 211 -143 354 PAT from continuing operations 3,196 -242 3,438 608 -424 1,032 PAT Margin from Continuing operations 8.4% 9.1% 1.8% 3.1% Loss before tax from discontinued operations(2) 98 98 Profit/ (Loss) for the year 3,196 -242 3,438 510 -424 934 PAT Margin 8.4% -192.1% 9.1% 1.5% -145.3% 2.8% EPS - Basic (INR) 32.57 35.04 6.18 10.49 EPS - Diluted (INR) 32.47 34.92 6.16 10.46 Annexure 2: Result Summary (Consol) – H1 FY’27 vs H1 FY’26 28 (2) Discontinued Operations are of Zea Maize Pvt Ltd. , which was divested on 29th Jan 2026. (1) Q2 FY’27 depreciation is lower by INR 211 Mn due to a prospective revision in useful lives of projectors (10 to 15 years) andlaptops/desktops (3 to 5 years) under Ind AS 8 EPS is based on PAT from Continuing Operations
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INVESTOR UPDATE : Q2 FY’27 Annexure 3: Balance Sheet # Includes Investments, Other Bank balances and Bank deposits (under ‘Other Financial Assets’) 29 Particulars (INR Mn) Sep 30, 2026 Mar 31, 2026 Total Shareholder funds 73,899 73,787 Equity Share Capital 961 982 Other Equity 72,938 72,805 Non-Controlling Interest 0 0 Total Debt 5,009 7,586 Long Term Borrowings 3,164 4,592 Short Term Borrowings 1,845 2,994 Lease Liability 58,079 60,205 Other Non Current Liabilities 420 1,590 Total Sources of Funds 1,37,407 1,43,168 Net Fixed Assets Incl. CWIP 29,582 30,349 Goodwill 57,367 57,367 Right of Use assets (ROU) 43,701 46,329 Other Non Current Assets 9,693 10,905 Cash & Cash Equivalents# 6,416 5,967 Current Assets 5,384 5,206 Less: Current Liabilities 14,736 12,955 Net Current Assets -9,352 -7,749 Total Assets 1,37,407 1,43,168
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INVESTOR UPDATE : Q2 FY’27 Particulars (INR Mn) FY2020(1) FY2022(1) FY2023 FY2024 FY2025 FY2026 TTM H1 FY2027 Gross Debt (A) 14,523 15,915 17,927 17,177 14,908 7,586 5,009 Net worth after Adjusting for Merger Goodwill & Ind AS 116 (B) (Refer Calculation Below) 33,889 36,993 35,803 37,835 37,111 41,325 41,939 Total Capital Employed (A)+(B) 48,412 52,908 53,730 55,012 52,019 48,911 46,948 EBIT 6,210 -6,205 2,177 3,380 -133 4,992 7,769 ROCE % (EBIT / Capital Employed) 12.8% -11.7% 4.1% 6.1% -0.3% 10.2% 16.5% Reported Net worth (X) 21,021 20,619 73,295 73,232 70,534 73,787 73,899 ROU Assets 51,466 48,131 53,746 54,917 49,923 46,329 43,701 Lease Liabilities 64,333 64,505 62,592 65,858 62,838 60,205 58,079 Net ROU assets (Y) -12,868 -16,374 -8,846 -10,941 -12,915 -13,876 -14,378 Ind AS 116 Adjusted Net worth (X)-(Y) 33,889 36,993 82,141 84,173 83,449 87,663 88,277 Less: PVRINOX Merger Goodwill 46,338 46,338 46,338 46,338 46,338 Net worth Adjusted for Merger Goodwill & Ind AS 116 33,889 36,993 35,803 37,835 37,111 41,325 41,939 30 Note: Above financial numbers are after excluding the impact of Ind AS 116 – ‘Leases’. EBIT is excluding the impact of exceptional items (1) FY2020 and FY2022 are proforma PVR + INOX combined Annexure 4: ROCE% Calculation
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3 CONTENT LINEUP
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INVESTOR UPDATE : Q2 FY’27 Content Lineup 32
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