PVR INOX: Short-term film relief, South expansion key for growth: Karan Taurani

• PVR INOX experiences short-term relief from improving movie occupancies, driven by the festive season and major film releases.
• Box office recovery is uneven, with big-budget films performing well but small and mid-budget movies underperforming.
• Expansion into South India is a key positive, as southern films consistently drive better occupancies and offer dubbing opportunities.
• Occupancy levels are crucial for earnings growth, with Q3 projected at 27-28% but full-year at 26% due to weak Q4 Hindi content.
• Elara Capital has an 'accumulate' rating on PVR INOX with a target price of ₹1,225.

Why It Matters: PVR INOX's stock future depends on South India growth and consistent film hits.