Intermediate
Case Study: PVR Inox Merger, Consolidation in a Struggling Sector
An India-first case study of the 2022 to 2023 merger of PVR and INOX Leisure into PVR INOX Ltd, the country's largest multiplex operator. Built for experienced retail investors, mutual fund investors, and salaried professionals who want to judge a listed company going through a merger. Covers multiplex unit economics, the COVID shutdown that forced the deal, the all-stock swap ratio, the approval path through SEBI, the exchanges and NCLT, Ind AS 116 lease accounting, promised versus delivered synergies, content-driven revenue swings, screen rationalisation, and the OTT threat. Ends with a reusable checklist for mergers in struggling sectors and a hands-on analysis of the PVR INOX stock on screener.in.
Multiplex Unit EconomicsATP, SPH and OccupancyCOVID and Operating LeverageShare Swap RatiosMerger Approval Process in IndiaInd AS 116 Lease AccountingMerger SynergiesLease Liabilities and DebtAsset-Light ModelsOTT and Theatrical WindowsEvaluating Mergers
MODULES
5
DURATION
4 Hours
TRACK
Stock Market Basics
What You'll Master
Break down how a multiplex earns money from tickets, food and beverages, and advertising, and read ATP, SPH and occupancy
Explain why a near-zero revenue year pushed two rivals with different playbooks into a merger
Work out what a 3:10 share swap means for a shareholder of each company
Trace an Indian merger through board approval, SEBI and the exchanges, shareholder votes, NCLT and the CCI question
Separate pre-Ind AS 116 and post-Ind AS 116 EBITDA and see why reported multiplex EBITDA can mislead
Test management's synergy promises against the numbers the combined company actually reported
Assess how box office content, screen closures, and OTT windows shape post-merger performance
Apply a checklist to judge any merger in a struggling sector, and analyse PVR INOX yourself on screener.in
Access Level
LEARNER
Everything included
Full Text Playbooks
Actionable Exercises
Mobile Reading Mode
Lifetime Updates