India’s largest cineplex chain, PVR INOX, has pulled off a major financial reversal, posting a ₹100 crore profit this quarter, a drastic recovery after bleeding nearly ₹12 crore last year. Over 40 million people showed up—but occupancy ratios are still struggling to cross 30%.

To fix this, PVR INOX is expanding into new, non-metro markets like Gangtok and Raipur. But there's a major twist: the company is no longer footing the bill for expansion.

Taking a page from hospitality giants like Marriott, PVR INOX is embracing an asset-light franchise model. Partners will now bankroll everything from projectors to seating, while PVR INOX manages the brand and operations. We explore this strategic shift—how it hedges risk, frees up capital, and whether betting on multiplexes in the age of OTT is a "Hail Mary" move.

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