PVR INOX Sells 4700BC to Marico for ₹226.8 Crore

PVR INOX has sold its entire stake in Zea Maize Private Limited, the maker of premium popcorn and snacking brand 4700BC, to Marico Limited for ₹226.8 crore in an all-cash transaction, marking the brand’s full transition from cinemas to FMCG scale.

The deal, announced on January 26, 2026, brings to a close PVR INOX’s decade-long role in building 4700BC from a gourmet popcorn offering inside multiplexes into a multi-channel packaged foods brand present across modern retail, e-commerce, airlines and Indian Railways.

Over the last few years, 4700BC has successfully scaled beyond cinemas, building a strong multi-channel presence across modern retail, digital commerce, and institutional channels. “Today, the bulk of sales comes from outside cinemas,” says Gaurav Sharma, CFO of PVR INOX, in an interview to OPEN Digital. He added that the brand’s next phase of growth requires deeper FMCG capabilities and a wider distribution network, strengths that Marico brings to the table.

PVR INOX took a majority stake in 4700BC in 2015 and spent the next decade quietly building it. Manufacturing was scaled, retail reach expanded, the portfolio grew to over 10 snacking categories, and the brand pushed beyond India into markets from the UAE and Qatar to France, turning a cinema snack into a global FMCG label. The brand’s revenue rose from ₹15 crore in FY21 to over ₹100 crore in FY25, delivering a CAGR of 47%, the company claimed. In FY25 alone, PVR INOX invested ₹44.7 crore to accelerate scale-up efforts.

Financially, the transaction values 4700BC at an enterprise value of ₹250 crore, translating to an EV-to-revenue multiple of ~2.5x based on FY25 sales. PVR INOX held 89.3% equity after accounting for management ESOPs. Against a total equity investment of ₹94.6 crore, the company received ₹220.68 crore, generating an IRR of ~24.5%.

For PVR INOX, the divestment strengthens its balance sheet, enabling debt reduction and sharper focus on its core cinema operations.

The sale not only provides substantial returns for shareholders but also strengthens PVR INOX’s balance sheet, freeing up capital to reduce borrowing and fund its core cinema operations. 

So, a natural question arises: does selling 4700BC mean popcorn is no longer part of PVR INOX’s DNA? 

Not exactly. “When we say 4700BC is ‘non-core,’ it doesn’t mean popcorn is non-core to PVR INOX,” Sharma clarified, adding that only ₹13–14 crore of revenue comes from cinema sales. The remaining comes from modern retail, e-commerce, and other channels. 4700BC, he underlines, has become a full-fledged FMCG brand, requiring capabilities that PVR-INOX doesn’t have in-house.

The company clarified that the sale does not impact its in-cinema food and beverage business, where popcorn remains the top-selling item. “The sale does not impact in-cinema popcorn sales, which will continue as before,” he pointed out, adding that PVR INOX continues to experiment with new in-cinema food brands, including hot-dog concept Dogfather.

For Marico, the acquisition adds a fast-growing premium snacking brand at a time when India’s snacking market—valued at ₹45,000 crore in FY23—is projected to grow to ₹85,000 crore by FY30, with premium snacks expanding at a 20% CAGR.

Under Marico’s FMCG platform, 4700BC is expected to accelerate distribution, innovation and category expansion while retaining its premium positioning, taking a cinema-born brand deeper into Indian households and global markets.