Multiplex operator PVR INOX targets annual expansion of up to 175 screens starting fiscal 2028

PVR INOX, operating as the largest multiplex operator in India, announced plans to open 150 to 175 new screens annually beginning in fiscal year 2028. Chief Financial Officer Gaurav Sharma shared in an exclusive interview with ETCFO that this target marks an increase from the 90 to 100 screens scheduled for development during the current year. The company intends to execute the majority of this upcoming expansion through asset-light models, specifically utilizing franchise agreements and developer-funded structures rather than direct capital outlays.

Asset-light expansion allows retail businesses to scale their physical footprint by shifting real estate acquisition costs onto property developers or local partners. Under traditional leasing or ownership models, cinema operators face heavy upfront capital expenditure and long-term debt liabilities to build out projection rooms and seating. By shifting to franchise and developer-funded arrangements, the operator mitigates capital risk while sharing operational revenues, altering historical balance sheet commitments and return-on-capital metrics.

Corporate finance professionals and analysts must review projected capital expenditure allocations and balance sheet leverage when evaluating exhibition sector equities. Stakeholders should track forthcoming quarterly disclosures and investor presentations for progress updates on developer partnerships and regional expansion metrics. Ultimately, shifting toward an asset-light model influences long-term cash flow stability and dividend capacity for retail investors and institutional funds.