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What is the story about?
PVR INOX has fully exited Zea Maize Private Limited, the company behind premium popcorn and snacking brand 4700BC, selling its entire stake to Marico Limited
for ₹226.8 crore in an all-cash deal. The transaction marks the formal handover of a cinema-origin brand into the mainstream FMCG ecosystem.
Announced on January 26, 2026, the sale brings to a close PVR INOX’s nearly decade-long association with 4700BC—a brand it incubated from a gourmet popcorn offering inside multiplexes into a multi-channel packaged foods business with national and international reach.
What began as an in-cinema snack gradually evolved into a full-fledged consumer brand, now sold across modern retail outlets, e-commerce platforms, airlines and Indian Railways. The company said cinema-linked sales now account for only a small portion of the brand’s overall revenue, with the bulk coming from retail and digital channels.
PVR INOX acquired a majority stake in 4700BC in 2015 and spent the next decade scaling the business. Manufacturing capacity was expanded, the product portfolio widened to more than 10 snacking categories, and distribution extended beyond India into markets such as the UAE, Qatar and France. Revenues rose from ₹15 crore in FY21 to over ₹100 crore in FY25, implying a compound annual growth rate of about 47%. In FY25 alone, the company invested ₹44.7 crore to accelerate expansion.
The transaction values 4700BC at an enterprise value of around ₹250 crore, translating to an EV-to-revenue multiple of roughly 2.5 times FY25 sales. PVR INOX, which held 89.3% equity after accounting for ESOPs, received ₹220.68 crore against a total equity investment of ₹94.6 crore, generating an internal rate of return of approximately 24.5%.
For PVR INOX, the divestment strengthens the balance sheet, providing headroom to reduce debt and sharpen focus on its core cinema operations.
The company clarified that the sale does not affect its in-cinema food and beverage business, where popcorn remains the top-selling item. PVR INOX said it will continue to operate and innovate within its food offerings at theatres, including rolling out new in-house concepts such as its hot-dog brand Dogfather.
For Marico, the acquisition adds a fast-growing premium snacking brand at a time when India’s snacking market—estimated at ₹45,000 crore in FY23—is projected to expand to ₹85,000 crore by FY30, with premium categories growing at around 20% annually.
Under Marico’s FMCG platform, 4700BC is expected to benefit from wider distribution, faster innovation and deeper category expansion, while retaining its premium positioning—taking a cinema-born brand further into Indian households and global markets.
Announced on January 26, 2026, the sale brings to a close PVR INOX’s nearly decade-long association with 4700BC—a brand it incubated from a gourmet popcorn offering inside multiplexes into a multi-channel packaged foods business with national and international reach.
What began as an in-cinema snack gradually evolved into a full-fledged consumer brand, now sold across modern retail outlets, e-commerce platforms, airlines and Indian Railways. The company said cinema-linked sales now account for only a small portion of the brand’s overall revenue, with the bulk coming from retail and digital channels.
PVR INOX acquired a majority stake in 4700BC in 2015 and spent the next decade scaling the business. Manufacturing capacity was expanded, the product portfolio widened to more than 10 snacking categories, and distribution extended beyond India into markets such as the UAE, Qatar and France. Revenues rose from ₹15 crore in FY21 to over ₹100 crore in FY25, implying a compound annual growth rate of about 47%. In FY25 alone, the company invested ₹44.7 crore to accelerate expansion.
The transaction values 4700BC at an enterprise value of around ₹250 crore, translating to an EV-to-revenue multiple of roughly 2.5 times FY25 sales. PVR INOX, which held 89.3% equity after accounting for ESOPs, received ₹220.68 crore against a total equity investment of ₹94.6 crore, generating an internal rate of return of approximately 24.5%.
For PVR INOX, the divestment strengthens the balance sheet, providing headroom to reduce debt and sharpen focus on its core cinema operations.
The company clarified that the sale does not affect its in-cinema food and beverage business, where popcorn remains the top-selling item. PVR INOX said it will continue to operate and innovate within its food offerings at theatres, including rolling out new in-house concepts such as its hot-dog brand Dogfather.
For Marico, the acquisition adds a fast-growing premium snacking brand at a time when India’s snacking market—estimated at ₹45,000 crore in FY23—is projected to expand to ₹85,000 crore by FY30, with premium categories growing at around 20% annually.
Under Marico’s FMCG platform, 4700BC is expected to benefit from wider distribution, faster innovation and deeper category expansion, while retaining its premium positioning—taking a cinema-born brand further into Indian households and global markets.
