When you settle into a reclining seat at a PVR INOX LUXE screen or bite into a 4700BC popcorn, you are experiencing the vision of one man: Ajay Kumar Bijli. From a single crumbling single-screen theatre in South Delhi, he built India’s largest multiplex empire — PVR INOX Limited — now spanning nearly 1,800 screens across 111 cities. As of early 2026, that empire is worth close to ₹10,000 crore on the stock exchange, and Bijli himself is estimated to be worth around $450 million (approximately ₹3,750 crore).
This article gives you the most up-to-date breakdown of Ajay Bijli’s net worth, PVR INOX’s latest financials as of Q3 FY26, the strategic moves shaping the company in 2026, and the remarkable personal story behind one of India’s iconic business turnarounds.
Quick Facts: Ajay Bijli — At a Glance (2026)
| Detail | Information |
| Full Name | Ajay Kumar Bijli |
| Date of Birth | 1967, Delhi, India |
| Education | Hindu College, Delhi University; Harvard Business School (OPM) |
| Current Role | Managing Director, PVR INOX Limited |
| Company Founded | PVR Cinemas, 1995 |
| Estimated Net Worth (2026) | ~$450 Million (approx. ₹3,750 crore) |
| PVR INOX Market Cap (Mar 2026) | ~₹9,981 crore |
| Promoter Group Stake | ~27.5% (total promoter group) |
| Bijli Family Stake | ~6.07% (post share sale in 2024) |
| Total Screens (Feb 2026) | 1,798 screens across 355 properties |
| Employees (Feb 2026) | ~24,290 |
| Awards | IIFA Outstanding Contribution to Indian Cinema, 2024 |
| Family | Wife Selena; sons Aamer Krishan; daughters Niharika, Neha |
Ajay Bijli’s Net Worth in 2026: The Numbers Explained
As of March 2026, Ajay Bijli’s estimated net worth stands at approximately $450 million — roughly ₹3,750 crore. This figure is derived from multiple streams: his family’s direct shareholding in the listed PVR INOX entity, other investments, and personal assets.
Shareholding & Listed Value
Following a share sale in mid-2024, the Bijli family (Ajay Bijli, Selena Bijli, Nayana Bijli, Niharika Bijli, and Aamer Krishan Bijli) holds approximately 6.07% of PVR INOX’s voting capital. The total promoter group — which includes INOX promoters — holds 27.5%. With the company’s market cap at ~₹9,981 crore as of March 4, 2026, the Bijli family’s direct stake is valued at approximately ₹606 crore in listed shares alone. Other investments, unlisted assets, and personal holdings account for the remainder of his estimated ₹3,750 crore total net worth.
| Wealth Component | Estimated Value (2026) | Basis |
| Bijli Family PVR INOX Stake (~6.07%) | ~₹606 crore | ₹9,981 cr market cap, Mar 2026 |
| Other Promoter Group Holdings | Included in 27.5% total | FII 21.2%, DII 34.5%, Public 16.8% |
| Unlisted investments & assets | ~₹3,144+ crore (est.) | Industry & analyst estimates |
| Total Estimated Net Worth | ~$450M (~₹3,750 crore) | Multiple sources, 2025–26 |
Note: Net worth estimates are based on public filings, market data, and analyst estimates. Promoter stake details from BSE/NSE disclosures as of December 2025.
From Ashes to Empire: The Origin Story
Ajay Bijli’s journey is not just a business story — it is a story of survival. Born in Delhi in 1967 into a business family, his father Krishan Mohan Bijli ran Amritsar Transport Company, a trucking business originally founded by his grandfather in 1939. The family also owned a small cinema: Priya Cinema in Vasant Vihar, purchased in 1978.
Tragedy Strikes
Krishan Mohan Bijli passed away in 1992. Ajay was 22 at the time, suddenly responsible for the family’s businesses. Two years later, in 1994, a catastrophic warehouse fire tore through the transport company, destroying it nearly completely. With the trucking business gone, Ajay turned his full attention to the one asset that remained: Priya Cinema.
Building India’s Multiplex Revolution
Bijli renovated Priya Cinema — installing Dolby sound, refurbishing interiors, and introducing Hollywood films. In 1995, he partnered with Village Roadshow (Australia) to form PVR (Priya Village Roadshow) in a 60:40 joint venture. India’s first multiplex opened in 1997 at Saket, New Delhi, changing the country’s cinema culture overnight. After the 9/11 shock pushed Village Roadshow to exit, Bijli secured ₹80 crore from ICICI Ventures and continued expanding. PVR listed on NSE and BSE in January 2006 — and the rest is history.
PVR INOX: Key Milestones (1978–2026)
| Year | Milestone |
| 1978 | Bijli’s father buys Priya Cinema, Vasant Vihar, Delhi |
| 1992 | Father passes away; Ajay takes charge of family businesses aged 22 |
| 1994 | Warehouse fire destroys the transport business; Ajay pivots to cinema |
| 1995 | PVR founded as 60:40 JV with Village Roadshow, Australia |
| 1997 | India’s first multiplex opens at Saket, New Delhi |
| 2003 | Village Roadshow exits; ICICI Ventures invests ₹80 crore |
| 2006 | PVR lists on NSE and BSE (Jan 4, 2006) |
| 2012 | Acquires Cinemax (138 screens); launches IMAX in Bengaluru |
| 2016 | Acquires DT Cinemas (DLF) for ₹500 crore; launches 4DX in India |
| 2018 | Acquires SPI Cinemas (South India) for ₹850 crore |
| 2022 | Merger with INOX Leisure announced |
| Apr 2023 | PVR INOX merger effective; Bijli becomes MD of merged entity |
| FY25 | Net debt reduced 38% post-merger; 130 new screens added |
| Jan 2026 | Sells Zea Maize (4700BC popcorn brand) to Marico for ₹226.8 crore |
| Feb 2026 | 1,798 screens across 355 cinemas in 111 cities; record Q3 FY26 revenue |
PVR INOX Financial Performance: Latest 2025–26 Data
After enduring a bruising COVID era and integration costs from the INOX merger, PVR INOX posted its highest-ever quarterly revenue in Q3 FY26 (October–December 2025). Here is the full picture:
Q3 FY26 Quarterly Results (December 2025)
| Financial Metric | Q3 FY26 (Dec 2025) | YoY Change |
| Net Revenue | ₹1,879.80 crore | +9.46% YoY |
| Net Profit (PAT) | ₹95.70 crore | +166.57% YoY |
| PBIDT (Operating Profit) | ₹617.50 crore | +8.4% YoY |
| PBT (Pre-Tax Profit) | ₹164.00 crore | +255% YoY |
| EPS (per share) | ₹9.70 | Beat estimate of ₹9.15 |
FY26 Full Year & Company Snapshot (as of March 2026)
| Metric | Value | Source / Date |
| Market Capitalisation | ₹9,981 crore | NSE, Mar 4, 2026 |
| Share Price | ₹996.70 | NSE, Mar 4, 2026 |
| 52-Week High / Low | ₹1,249.70 / ₹830 | NSE |
| Analyst Avg. Target Price | ₹1,292.50 | 16 analysts; 81.25% Buy |
| Total Screens | 1,798 screens | 355 properties, 111 cities |
| Total Employees | ~24,290 | Feb 24, 2026 |
| Trailing 12M Revenue | ₹6,421.70 crore | 5paisa / Screener |
| F&B Revenue Target (FY26) | ₹2,000 crore | PVR INOX earnings call |
| Net Debt Reduction (post-merger) | -38% vs Mar 2023 | From ₹14,304M to ₹9,522M |
| Promoter Holding | 27.5% | BSE, Dec 2025 |
| FII Holding | 21.2% | BSE, Dec 2025 |
| DII / Mutual Fund Holding | 34.5% / 29.64% | BSE, Dec 2025 |
Note: Revenue figures are consolidated. FY26 full-year profit remains negative (-₹280.6 crore) due to H1 weakness; Q3 FY26 marks a decisive inflection with highest-ever quarterly profit.
How PVR INOX Makes Money: Revenue Breakdown
PVR INOX is much more than a ticket seller. Its diversified revenue model across five major streams provides resilience against volatile film release calendars — and its food & beverage arm is increasingly the star performer.
| Revenue Source | % of Total Revenue (Approx.) |
| Movie Ticket Sales | ~46–52% |
| Food & Beverages (F&B) | ~29–30% |
| Advertising Income | ~6–15% |
| Convenience Fees | ~6% |
| Film Production / Distribution & Other | Remaining ~6% |
Two developments in 2025–26 stand out. First, PVR INOX sold its 4700BC popcorn brand (via subsidiary Zea Maize) to Marico for ₹226.8 crore in January 2026 — a strategic move to unlock capital and sharpen focus on core cinema operations. Management noted this will have no material impact on in-cinema F&B revenues. Second, the F&B business is on track to hit ₹2,000 crore for FY26, representing a significant premium revenue driver as Spend per Head continues to grow.
Strategic Moves Defining PVR INOX in 2026
1. Asset-Light & FOCO Expansion
Ajay Bijli has pivoted the expansion model toward an asset-light, franchise-owned company-operated (FOCO) approach. Of the 96 new screens targeted for FY26, approximately 50% are being opened under the FOCO model — meaning PVR INOX does not deploy its own capital for fit-out. By February 2026, the company had already opened 79 of its 96 targeted screens for the year, including a new 7-screen PXL multiplex at Inorbit Mall, Hubballi.
2. Tier-II & Tier-III City Push
Having saturated major metros, PVR INOX is now aggressively expanding into smaller cities. This dovetails with the FOCO model, as local franchise partners provide the capital while PVR INOX provides brand, technology, and operational expertise. With 111 cities currently covered, the opportunity in India’s 500+ Tier-II and III towns remains largely untapped.
3. Box Office Momentum
Q3 FY26 was powered by strong films including Dhurandhar, and management confirmed January 2026 continued the momentum with Border 2 releasing on January 26. Bijli said in the February 2026 earnings call that even mid-budget films are performing well on the strength of storytelling — a healthy sign that PVR INOX’s business is not solely dependent on mega-blockbusters.
4. Balance Sheet Repair
Net debt has fallen by 38% since the merger closed, from ₹14,304 million in March 2023 to ₹9,522 million by March 2025. The ₹226.8 crore cash from the Marico transaction is expected to further reduce debt, improve free cash flow, and strengthen the balance sheet heading into FY27.
Investor Scorecard: What’s Working vs. What to Watch (2026)
| What’s Working ✅ | What to Watch ⚠️ |
| Record Q3 FY26 revenue of ₹1,879.80 crore | Full FY26 net profit still negative (-₹280.6 cr) |
| Net profit up 167% YoY in Q3 FY26 | Stock down 11.2% over 6 months (as of Mar 2026) |
| Net debt down 38% since INOX merger | Bijli family stake now relatively low at ~6.07% |
| FOCO model conserves capital; 79/96 screens added | OTT competition continues to compress theatrical windows |
| 81.25% of analysts rate the stock ‘BUY’ | Analyst avg target ₹1,292 vs. current ₹997 — large gap to close |
| 4700BC sale (₹226.8 cr) strengthens balance sheet | Real estate & rental costs rising 20–30% annually |
| Momentum carries into Jan 2026 (Border 2, Dhurandhar) | Revenue guidance of ₹17.03 cr for Q4 FY26 vs ₹18.80 cr in Q3 |
PVR Nest: The Social Side of Ajay Bijli
Beyond the balance sheet, Ajay Bijli has long championed the PVR Nest initiative — the company’s CSR arm, co-founded in 2006. Operating over 20 dedicated centres including Pink Toilets and Garima Grih facilities, PVR Nest has reached more than 500,000 people through urban sanitation and vocational skills programmes. In 2025, PVR Nest partnered with VFS Global to launch skilling programmes targeting women from urban slums. The company won the Fortune India Leadership Award in the Women Empowerment Through CSR category in 2025.
Frequently Asked Questions (FAQs)
Q1. What is Ajay Bijli’s net worth in 2026?
Ajay Bijli’s net worth is estimated at approximately $450 million (around ₹3,750 crore) as of early 2026. His Bijli family stake in PVR INOX is ~6.07%, worth approximately ₹606 crore at current market cap; the remainder comes from other investments and personal assets.
Q2. Who owns PVR INOX in 2026?
PVR INOX is a publicly listed company. The total promoter group holds 27.5% as of December 2025, which includes the Bijli family (led by Ajay Bijli) and the INOX promoter group (Jain family). Domestic institutional investors (DIIs) own 34.5%, FIIs hold 21.2%, and public shareholders hold 16.8%.
Q3. What is PVR INOX’s market cap in March 2026?
PVR INOX’s market capitalisation stands at approximately ₹9,981 crore as of March 4, 2026, with a share price of ₹996.70. The 52-week range is ₹830 to ₹1,249.70.
Q4. How many screens does PVR INOX have in 2026?
As of February 20, 2026, PVR INOX operates 1,798 screens across 355 properties in 111 cities across India and Sri Lanka — making it the fifth-largest listed multiplex chain globally.
Q5. Did PVR INOX make a profit in FY26?
Q3 FY26 (Oct–Dec 2025) was highly profitable, with net profit of ₹95.70 crore — up 167% year-on-year. However, on a full-year trailing basis, the company still shows a net loss of ~₹280.6 crore, reflecting a weak H1 FY26. Management guidance and analyst consensus suggest a return to sustainable annual profitability in FY27.
Q6. Why did Ajay Bijli sell PVR INOX shares?
In mid-2024, Ajay Bijli sold 3.25 lakh equity shares (0.33% stake) in the open market. This is a routine occurrence for promoters and does not indicate a change in strategic direction. The Bijli family’s total holding post-sale stands at 6.07%.
