Ramayana: Part 1 has opened like a film that can change an exhibition quarter, not just a weekend. The film recorded ₹64.85 crore in India net on day one across 25,200 shows, with gross collections at ₹77.50 crore. Early figures from trade tracker Sacnilk put day two at another ₹16.88 crore net, taking cumulative India net to ₹81.73 crore and gross to ₹97.42 crore, with final day two collections still to be reported.
The early numbers matter because Elara Capital had set a high bar in its October 31 report: a ₹800 crore domestic net base case for the film, with ₹1,000 crore as an optimistic scenario. The first two days are directionally strong, but they do not settle which scenario holds. That will be decided by the second weekend and beyond.
Why PVR INOX is watching closely
At an estimated 38% share of Hindi box office, a ₹800 crore Ramayana run would convert into roughly ₹300 crore in ticket revenue for PVR INOX. That makes the film one of two titles, alongside Avengers: Doomsday, on which Elara is pinning its Q3FY27 expectations. The two releases account for 62% of collections from five large films in the quarter.
- Drishyam 3 and Jailer 2: ₹800 crore combined India net already collected.
- Ramayana: ₹800 crore estimated domestic net.
- Avengers: Doomsday: ₹600 crore expected, releasing December 17.
- King: ₹250 crore expected, releasing December 24.
- Other films: another ₹150 crore, taking PVR INOX Q3 ticket revenue to ₹1,130 crore.
By Elara’s arithmetic, the five large releases could generate ₹2,600 crore in domestic net collections, with ₹980 crore accruing to PVR INOX before other films are added.
Occupancy and a high base
PVR INOX occupancy has been improving: 23% in FY25, 26.2% in FY26 and 30.4% in Q2FY27. For Q3FY27, Elara expects occupancy to hold at 28–29% or higher if the slate delivers. Q3 ticket revenue is pegged at ₹1,130 crore, up 12% from ₹1,010 crore a year earlier. Q4 is projected at ₹800 crore, helped by Golmaal 5, Love & War, Naagzilla and spillover from King and English releases.
Half-year ticket revenue would land near ₹1,930 crore, up 6% year on year, but below the ₹2,080 crore run-rate Elara says is needed for its full-year estimate of ₹4,080 crore. The comparison is also against Dhurandhar, which collected about ₹850 crore in India. A strong Ramayana showing can offset that high base; a soft second weekend cannot.
What to track next
For media planners and exhibition watchers, the operative number is not the opening day but the hold. If Ramayana and Avengers sustain beyond opening weekend, occupancy, ancillary spend and revenue estimates get firmer. If they taper, the full-year ticket revenue target becomes harder to defend.
Source: Business Media Private Limited
