1. Opening Hook
Connplex finally rang the bell at Dalal Street and decided to throw popcorn at the numbers. First-ever earnings call post-listing, and management walked in like a star after interval—confident, loud, and armed with slides. Screens multiplied faster than movie sequels, footfalls surged, and everyone suddenly loves Tier-3 towns again. EBITDA, however, quietly lost some weight, probably jogging behind expansion plans.
This concall felt less like a finance lecture and more like a trailer for a franchise universe—mini-theatres, luxury recliners, and Bihar doing better box office than metros. Somewhere between IPO cash, projector discounts, and franchisee confusion, things got interesting.
Stick around. The real drama isn’t the revenue pop—it’s how Connplex plans to make money when the construction dust settles.
2. At a Glance
- Revenue up 57% – Box office revival plus construction billing doing a double role.
- EBITDA up 39% – Growth showed up, margins came late to the party.
- EBITDA margin down 366 bps – Expansion costs said “surprise.”
- PAT up 36% – Profits smiled, but not too widely.
- Footfalls up 69% – India still prefers cinemas over OTT doomscrolling.
- Screens at 83 – Netflix builds content, Connplex builds screens faster.
3. Management’s Key Commentary
“We delivered strong momentum in H1FY26.”
(IPO glow + expansion hangover, but momentum sounds cooler 😏)
“We added 17 new screens and more are awaiting licenses.”
(Screens are ready, babus are not.)
“Our asset-light franchise model enables rapid expansion.”
(We grow fast, franchisees pay the CapEx.)
“Occupancy improved to 32% from 30%.”
(Every extra seat filled is now a KPI.)
“Revenue grew 57% YoY driven by ticketing, F&B, ads, and construction.”
(Basically, everything moved except margins.)
“EBITDA margins declined due to higher operational and expansion costs.”
(Growth isn’t free, sadly.)
“We operate in underserved towns, not competing with PVR.”
(Different battleground, different popcorn.)
“Franchise fee is one-time; royalty is recurring.”
