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PVR Inox reports higher Q3 revenue, profit jumps
MUMBAI: It appears PVR Inox is finally enjoying its “happily ever after” on the balance sheet, as the multiplex giant’s latest financial script reads more like a blockbuster than a flop. For the quarter ending 31 December 2025, the company reported consolidated revenue of Rs. 18,798 million, a healthy increase from Rs. 17,173 million in the same period last year. With footfalls steady and concession counters busy, the company’s total income for the quarter stood at Rs. 19,196 million, suggesting that the appeal of the big screen remains intact.
While the top-line growth offers a feel-good headline, the deeper narrative is more layered. Consolidated net profit for the quarter came in at Rs. 957 million, a strong jump from Rs. 359 million a year earlier. However, for the nine-month period ending December 2025, the company still reported a consolidated net loss of Rs. 1,546 million, indicating that the broader financial journey is not entirely out of the woods.
Across business segments, movie exhibition continued to be the primary revenue engine, generating Rs. 18,153 million during the quarter. The production and distribution segment contributed Rs. 1,178 million, while other segments added Rs. 395 million to the overall performance. Together, these divisions underscored the company’s reliance on theatrical operations while maintaining support from allied businesses.
The quarter also featured an exceptional item of Rs. 446 million on a consolidated basis, and Rs. 423 million on a standalone basis. This was largely attributed to the incremental impact of India’s new Labour Codes, which have consolidated 29 existing laws into four new frameworks. The adjustment reflects the company’s effort to align with the updated regulatory environment.
In a notable post-quarter development, PVR Inox disposed of its entire 93.27 per cent stake in subsidiary Zea Maize Private Limited for Rs. 2,268 million. The transaction was completed after the reporting period, meaning it did not affect the quarter’s adjustments, but it signals a move toward a leaner and more focused corporate structure.
Key financial ratios pointed to improving efficiency. The debt-to-equity ratio dropped to 0.15 from 0.23 a year earlier, indicating reduced reliance on borrowing. Interest service coverage rose sharply to 18.58 from 12.08, suggesting stronger capacity to meet interest obligations. Meanwhile, the operating margin for the quarter held steady at 32.36 per cent.
As the final credits roll on 2025, PVR Inox appears to be regaining its footing. With consolidated total expenses for the nine-month period at Rs. 50,436 million, management’s focus remains on balancing costs while sustaining audience momentum. The trading window is set to reopen on 7 February 2026, and investors will be watching closely to see whether the next quarter delivers another hit.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
