Despite a sharper-than-expected decline in moviegoers during FY25, PVR Inox — India’s largest multiplex chain — managed to keep revenues afloat by leaning into its Food & Beverage (F&B) offerings, according to company filings and annual reports. The cinemas business faced headwinds from a fallout of the 2023 Hollywood strikes and a softer line-up of mainstream Indian films. Footfalls dropped significantly — ticket sales earnings plunged from Rs. 3,258 crore in FY24 to approximately Rs. 2,942 crore last year, accounting for a Rs. 316 crore fall. Admissions fell nearly 10%, shrinking from 15.14 crore to 13.69 crore overall.
PVR Inox’s popcorn power: Despite ticket sales dropping Rs. 316 cr, F&B spends rise 1.5%
Yet the silver lining came from concessions. Not only did the average ticket price remain stable at Rs. 259, but the average spend per customer on F&B rose 1.5% — from Rs. 132 to Rs. 134. This helped F&B income decline at a lower rate of around Rs. 153 crore, compared to the sharper drop in ticketing revenue. Overall, cinema food revenues dropped from Rs. 1,886 crore to Rs. 1,733 crore. The company clearly doubled down on its F&B business as a growth lever. It launched its first proprietary brand, ‘Dog Father’ hot dogs and rolled out non-vegetarian menus across 116 Inox screens. In a strategic pivot beyond cinemas, PVR Inox entered a joint venture with Devyani International to operate food courts in malls — one has launched in Kota, Rajasthan, with 7 to 9 more planned in FY26.
The home delivery and outdoor catering segments too showed momentum, with aggregator-led deliveries increasing 20% to an average Rs. 2 crore per month in sales. A standout success came from a key snack investor, Zea Maize, which owns the premium popcorn brand ‘4700 BC.’ Its revenues surged nearly 35%, reaching Rs. 102 crore in FY25. With expansion plans into retail and modern trade, the brand is tapping into India’s rapidly growing snacks sector, projected to double from Rs. 45,000 crore in FY23 to Rs. 85,000 crore by 2030. Premium offerings in the segment are forecast to grow even faster.
To facilitate this boost, PVR Inox invested Rs. 44.7 crore in Zea Maize during FY25, earmarking funds for production scale-up as well as hiring leadership for sales and marketing.
Amid the cinema slowdown, PVR Inox’s adaptive strategy underscores the shift toward an integrated entertainment experience — one where popcorn and concessions play a key role in driving business even when ticket sales dip.
Also Read: PVR INOX ignites screens with fiery Kantara-themed logo ahead of Chapter 1 release
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