Credit Rating- Revision

Credit rating outlook on PVR INOX bank loan facilities upgraded to positive from stable; rating affirmed at IND AA. - Positive outlook reflects improved operating profitability, credit ratios, and ROCE in FY26 and 1HFY27. - Business profile strengthened by revenue diversification and lower break-even occupancy. - Capital-light capex strategy and higher profits reduced financial debt; net cash position achieved in 1HFY27. - Sustained growth expected from strong content pipeline and operating leverage. - Liquidity supported by INR6 billion cash and capital-light expansion plans. - Risks include volatile box office performance and capital-intensive nature. - Rating sensitive to operational improvements and maintaining net leverage below 3.0x.