Connplex Cinemas Ltd Q2 FY26 – From Popcorn to Profits: The Multiplex That Turned Small Town Dreams into ₹22 Cr Reality Show

1. At a Glance

Grab your popcorn, because Connplex Cinemas Ltd has turned small-town entertainment into big-time returns. Incorporated in 2015 and now valued at a spicy₹478 crore market cap, this cinematic player has grown faster than an interval snack line. The company, trading at₹250 per share, has seen a29.5% jump in just 3 months, proving that sometimes, watching movies can be more profitable than making them.

For Q2 FY26 (September 2025), Connplex reported₹64.1 crore in salesand₹13 crore in PAT, a year-on-year growth of57% in revenueand36% in profit. That’s what happens when you combine Bollywood masala with solid execution. WithROE at 124%,ROCE at 163%, and almost zero debt (Debt: ₹1.77 crore), Connplex is practically saying — “We don’t borrow, we earn.”

But here’s the real plot twist: despite these blockbuster results, the company paysno dividend. Instead, it’s reinvesting every rupee back into expanding screens, projectors, and — hopefully — more comfortable seats.

So is this Gujarat-born multiplex revolution the next PVR for Tier 3 India, or just another flashy trailer? Let’s roll the reel.

2. Introduction

Once upon a time, small-town moviegoers had to choose between mosquitoes and muffled speakers. EnterConnplex Cinemas Ltd, a disruptor that decided India’s Tier 2 and Tier 3 cities deserved Dolby Atmos too. Headquartered in Ahmedabad, this company took the multiplex concept and served it with Gujarati efficiency — cost-effective, franchised, and surprisingly profitable.

Connplex isn’t your run-of-the-mill movie chain. It’s part theatre builder, part content distributor, part F&B seller, and part real-estate developer (because subleasing properties is also part of the script). Their model reads like a Bollywood screenplay: franchise-driven expansion, multiple cinema formats, and a brand that now flickers across83 screens nationwide.

The business thrives on franchise revenue and screen setups, not just ticket sales. Think of it as “MakeMyTrip meets PVR” — they don’t just screen movies; they help others open the theatres to screen them. In FY25,51% of revenuecame from “income from setting up cinemas.” That’s not entertainment — that’s entrepreneurship.

While industry biggies like PVR INOX focus on metros, Connplex quietly built an empire inBaroda, Patna, Rajkot, Bhagalpur, and beyond. Now, as OTT fatigue settles in and cinema footfalls bounce back post-COVID, Connplex is capitalizing on small-town aspirations and big-screen dreams.

Question for you: would you rather watchJawanat ₹400 in Mumbai, or at ₹150 in Bhagalpur — with the same Dolby sound?

3. Business Model – WTF Do They Even Do?

Connplex’s business model is like a thali — everything’s on the plate: ticket sales, F&B, advertising, and setting up new theatres.

Here’s the lineup:

• Development of Theatres:They design and build cinemas for franchisees. This alone contributesover 50% of revenue.
• Franchise Partnerships:Two types — FOFO (Franchise-Owned, Franchise-Operated ~63 screens) and FOCO (Franchise-Owned, Company-Operated ~3 screens).
• Revenue Sharing:They take a slice from ticket sales, popcorn, ads, and sometimes even from the birthday party booked in Screen 2.
• F&B Expansion:The company doesn’t just sell popcorn — it delivers it. Yes, Connplex has partnered with delivery apps to serve their snacks at home.
• Advertisement Revenue:On-screen ads, digital displays, and local promotions add an extra 1.4% to revenue.

Connplex operates acrossthree cinema formats— Express (compact), Signature (premium), and Luxuriance (luxury). This segmentation allows it to adapt to space constraints, income levels, and the “how-fancy-do-you-want-your-chair” factor.

The genius is in the geography. While PVR burns millions per metro screen, Connplex thrives in smaller towns with lower rentals and higher occupancy. Think of it as PVR’s frugal cousin who still makes more per rupee invested.

4. Financials Overview

Let’s decode the cinematic math of Q2 FY26.

Commentary:Connplex’s numbers are tighter than a multiplex ticketing line on a Salman Khan release day. Revenue jumped 57%, EBITDA margins expanded from 24% to 28%, and