Multiplexes reported strong footfalls during the December quarter, driven by the blockbuster run of Dhurandhar, while broadcasters continued to face weak advertising revenues, according to a quarterly preview by Nuvama Institutional Equities
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FRANCIS MASCARENHAS/Reuters
While multiplexes witnessed strong footfalls during the December quarter, aided by Dhurandhar’s strong run at the box office, broadcasters saw muted ad revenues, according to the quarterly preview report released by Nuvama Institutional Equities.
The report said PVR INOX’s revenue and EBITDA are expected to grow 5% and 11% YoY, with best-ever ATP up 3% YoY/11% QoQ, on the back of Dhurandhar and Kantara Chapter -1.
As per the latest numbers, the movie has grossed ₹825.70 crore at the box office, within touching distance of becoming the highest-earning Indian film of all time.
Ad revenues weak
Meanwhile, the report noted that ad revenue continues to remain weak for broadcasters.
“ Ad revenue to decrease for a seventh consecutive quarter due to slower-than-expected FMCG ad spends,” it added.
Q4 recovery hopes
The report also forecasted that Q4 would be better than Q3 for all media companies. “For PVRINOX, Q4 pipeline includes Dhurandhar 2, Jana Nayagan (Vijay), Toxic (Yash), and The Raja Saab (Prabhas). Similarly, Saregama has key Bollywood releases. Ad revenue shall report a gradual improvement in Q4 for broadcasters,” it added.
Published on January 6, 2026
