Diwali dhamaka: Ramayana opens strong, but Rs 1,000 crore budget leaves little room for error
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Diwali dhamaka: Ramayana opens strong, but Rs 1,000 crore budget leaves little room for error
Multiplexes like PVR INOX have a lot riding on Ramayana with the film expected to contribute 31% to the theatre chain’s December quarter box office business.
Maryam Farooqui
November 06, 2026 / 08:24 IST
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Ramayana has broken records at the box office, but for a film carrying a Rs 1,000-crore price tag, a big opening is only the beginning of the battle.
The Ranbir Kapoor, Sai Pallavi and Yash-starrer has taken a strong start, with early estimates putting its first-day Hindi box-office collections at around Rs 72 crore. This makes it the biggest pre-Diwali opening for a Hindi film, surpassing the long-standing record held by Aamir Khan’s Thugs Of Hindostan that opened at Rs 50.75 crore,Happy New Year at Rs44.97 crore,Salman Khan’s Tiger 3, which collected Rs 44 crore on its opening day.
However, the opening has fallen short of the Rs 80-crore business that the film was expected to generate. It is also behind the record-breaking start of Dhurandhar: The Revenge, which collected over Rs 100 crore on its first day.
The four-day opening period is expected to generate around Rs 210 crore, with trade estimates pointing to a further pick-up in collections after the festive period.
But the scale of Ramayana’s investment raises the bar considerably. The first instalment, currently in theatres, is estimated to have been made at a cost of around Rs 1,000 crore, while the two-part franchise carries a reported combined budget of Rs 4,000 crore. This makes it one of the most expensive projects in Indian cinema.
For a film of this scale, sustaining collections beyond the opening weekend will be crucial.
Its performance will also have a bearing on the December-quarter business of multiplex operators, particularly PVR INOX, which is counting on a strong line-up of big releases to drive footfalls and box-office collections.
Ramayana is among the biggest releases in PVR INOX’s December-quarter box-office pipeline.
According to estimates by Elara Capital, five major releases — Jailer 2, Drishyam 3, Ramayana, Shah Rukh Khan-starrer King and Avengers: Doomsday — are expected to contribute around Rs 980 crore to the multiplex chain’s box-office collections in Q3 FY27.
Ramayana and Avengers: Doomsday alone are estimated to account for 62% of this contribution. While Ramayana’s domestic net collections are expected at Rs 800 crore and Rs 600 crore for Avengers, the two films could collectively generate Rs 1400 crore in India net box office collections. At PVR INOX’s 38% Hindi and 51% English share, from its recent investor updates, this translates into nearly Rs 610 crore.
Ramayana and Avengers: Doomsday alone are estimated to account for 62% of this contribution, translating into nearly Rs 610 crore with an estimated collection of Rs 800 crore and
These two films are also expected to provide a cushion to occupancy levels if other releases underperform.
PVR INOX’s occupancy improved from 23% in FY25 to 26.2% in FY26, while it reached 30.4% in Q2 FY27, reflecting stronger footfalls driven by theatrical content.
For Q3 FY27, occupancy is expected to remain healthy at 28-29% or higher, supported by the strong release pipeline. The estimated Rs 610-crore box-office contribution from Ramayana and Avengers: Doomsday is expected to provide additional support to collections.
Ticket sales revenue for the third quarter of FY27 is estimated at Rs 1,130 crore for the multiplex chain, up 12% year on year. For the second half of FY27, box-office collections are estimated at Rs 1,930 crore, with Q4 FY27 contributing an estimated Rs 800 crore out of Rs 1,650 crore total industry box office business.
The December quarter has already seen healthy box-office activity, with releases such as Rajinikanth’s Jailer 2 and Ajay Devgn’s Drishyam 3 contributing to theatrical collections.
Jailer 2 has collected around Rs 467 crore, while Drishyam 3 has generated nearly Rs 380 crore,
However, Ramayana’s performance remains particularly important given its scale and the expectations riding on the film.
The real test will be whether the film can sustain its momentum after the opening weekend.
Maryam Farooqui is Senior Correspondent at Moneycontrol covering media and entertainment, travel and hospitality. She has 11 years of experience in reporting.
first published: Nov 6, 2026 08:24 am
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Maryam Farooqui
