Ranveer Singh starrer Dhurandhar 2 lifts hopes for PVR-Inox stock; can it break KGF-2's record? PL Capital answers

The Indian multiplex space may be on the cusp of a major turnaround, driven by the massive early buzz around Ranveer Singh-starrer Dhurandhar: The Revenge.

According to Jinesh Joshi, Research Analyst at PL Capital, the film is already showing blockbuster-level traction even before its official release, raising expectations of record-breaking box office collections and a potential boost for theatre operator PVR INOX.

Despite a massive selloff in the broader Indian stock markets as wekk as its global peers, PVR Inox share price was trading in the green.

The multiplex stock jumped 2% to its day's high of ₹1,040 on BSE on Thursday, March 19. In comparison, the Indian benchmark indices, Nifty and Sensex were down over 2% each today following losses in global peers rising oil prices due to the prolonged US-Iran war. Meanwhile, US Fed kept interest rates unchanged in March meeting flagging inflation risks.

“We have a BUY on the stock with a TP of Rs1,274 (9.5x FY28E EBITDA),” said the brokerage. This implies an over 22% upside potential.

Advance booking trends

The film, headlined by the fictional character Hamza Ali Mazari, is slated for release on March 19, 2026, with strong advance trends signalling exceptional demand. As per Sacnilk data, the movie has already grossed ₹405 million ( ₹40.5 crore) in paid previews, while advance bookings for day one have crossed ₹290 million ( ₹29 crore).

“Given exciting initial trends, we believe the movie may well break into the ‘All Time Highest Hindi Advance Bookings’ list and achieve top-spot by toppling KGF-2,” Joshi said.

For context, KGF-2 currently holds the record with advance bookings of ₹407 million, followed by Baahubali 2 ( ₹375 million), Pushpa 2 ( ₹373 million), and Jawan ( ₹372 million). With current momentum, Dhurandhar: The Revenge is already within striking distance of the top spot.

Why Dhurandhar sequel could be a box office juggernaut

PL Capital believes the sequel has strong potential to outperform its predecessor, which had clocked approximately ₹8.4 billion ( ₹840 crore) in India. Several factors are driving this optimism.

First, the original film has built strong goodwill, creating a loyal audience base eager for the sequel. Second, the movie is expected to enjoy a largely solo release, as competing film Toxic has been postponed. Additionally, unlike the first part, the sequel will release in multiple languages including Hindi, Telugu, Tamil, Kannada, and Malayalam, significantly expanding its reach, stated the brokerage.

It further noted that the timing of the release is another major tailwind, coinciding with festive occasions such as Eid and Gudi Padwa, which typically drive higher footfalls. The film is also expected to command premium pricing, unlike the original which was a sleeper hit.

Another potential upside trigger is the possibility of a 24/7 screening model, including post-midnight shows, which could further boost collections, pointed out PL Capital.

Based on these factors, PL Capital has outlined multiple scenarios. In the bear case, the film is expected to match the prequel’s ₹8.4 billion collection. The base case pegs collections in the range of ₹8.4–10 billion, while the bull case sees it crossing ₹10 billion ( ₹1,000 crore).

What it means for PVR-INOX

The success of Dhurandhar: The Revenge could not come at a better time for the multiplex industry. So far, industry-wide box office collections for 4QFY26 stand at around ₹15 billion, significantly lower than ₹21.9 billion in 4QFY25 and ₹32.9 billion in 3QFY26.

“Dhurandhar: The Revenge has potential to salvage the quarter for PVR-INOX which otherwise appears to be a bit lukewarm,” Joshi noted.

The analyst highlighted that apart from Border-2, most recent Bollywood releases such as O’Romeo, Mardani-3, and The Kerala Story-2 have failed to generate strong audience traction.

As per the brokerage, if the film achieves the base case estimate of around ₹10 billion, and about 75% of collections are realised within the first two weeks, the total box office collections for the quarter could come close to 4QFY25 levels. This could help PVR-INOX maintain its historical market share of around 29–30%.

“We assume, Dhurandhar: The Revenge collects ~Rs10bn (base case scenario) and 75% of the collections accrue in the first 14-15 days, industry wide BO collections for the quarter will be similar to 4QFY25. Thus, Hamza’s revenge is likely to benefit PVR-INOX in 4QFY26E. We have a BUY on the stock with a TP of Rs1,274 (9.5x FY28E EBITDA),” it said.

With blockbuster buzz, strong advance bookings, and favourable release dynamics, Dhurandhar: The Revenge may not just dominate the box office—but also play a crucial role in reviving sentiment in the multiplex sector.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.