Sunshine Pictures
Sunshine Pictures Limited is a technology-driven content creator specializing in the production, marketing, and distribution of commercial films, TV serials, and web series. The company operates in the media and entertainment sector, managing the full lifecycle of content from script development to rights monetization.
Price Band
₹342 - ₹360
Lot Size
41 Shares
Issue Size
₹282.14 Cr
Fresh Issue
₹172.80 Cr
OFS
₹109.34 Cr
Registrar
AI Sentiment Score
Listing Price
₹395.90
vs Issue: ₹360 (+9.97%)
📅 IPO Timeline
✓
Open
Aug 18
✓
Close
Aug 20
✓
Allotment
Aug 21
✓
Refund
Aug 24
✓
Demat
Aug 24
✓
Listing
Aug 25
✨ AI Analysis & Prediction
+10.4%
predicted listing gain
The listing gain is adjusted slightly upward from the GMP baseline due to exceptional financial quality (high ROE/ROCE and negligible debt). However, the gain is capped by a declining revenue trend over the last three years and a lack of institutional subscription data to drive a larger pop.
💪 Strengths
- High ROE (31.99%) and ROCE (36.2%)
- Very low debt-to-equity ratio of 0.06
- Strong portfolio of hit movies like 'The Kerala Story'
⚠️ Weaknesses
- Consistent decline in total revenue from 2024 to 2026
- Small permanent employee base of 28
🚀 Opportunities
- Expansion into web series for Doordarshan
- Collaboration with Jio Studios for new films
- Monetization of digital social media presence
🛡️ Threats
- High volatility and hit-or-miss nature of the entertainment industry
- Intense competition from OTT platforms and other production houses
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding the working capital requirements of the Company | ₹940.00 |
| General Corporate Purposes | TBD |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 134.00 Cr | Rs 103.00 Cr | Rs 74.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 52.00 Cr | Rs 35.00 Cr | Rs 40.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 67.00 Cr | Rs 49.00 Cr | Rs 57.00 Cr |
| Borrowings (₹ Cr) | Rs 17.00 Cr | Rs 11.00 Cr | Rs 9.00 Cr |
| Total Assets (₹ Cr) | Rs 96.00 Cr | Rs 131.00 Cr | Rs 180.00 Cr |
| ROCE % | 118.00% | 48.00% | 41.00% |
Debt/Equity
0.06
📋 Live Subscription Status
QIB
123.52x
NII
194.27x
Retail
56.60x
Total
105.81x
Updated: Aug 25, 2026 5:03 PM
💼 Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in 2007, Sunshine Pictures Limited has evolved into a prominent name in the Indian entertainment industry. Over nearly two decades, the company has established a track record of creating high-impact commercial cinema and digital content, leveraging a technology-driven approach to production and intellectual property creation.
The company's business model is comprehensive, covering the entire value chain of content creation, including script development, production, and the strategic monetization of rights. Its portfolio includes highly popular commercial films such as 'The Kerala Story', 'Force', 'Commando', 'Holiday', 'Force 2', and 'Commando 2', which have solidified its market position.
Beyond feature films, Sunshine Pictures has diversified its output to include two web series and two TV serials, ensuring a presence across multiple viewing platforms. The company is currently expanding its footprint through collaborations with major entities like Jio Studios for two films and a web series project for Doordarshan.
In addition to traditional broadcasting and theatrical releases, the company has successfully tapped into digital social media ecosystems. With over 1.62 lakh YouTube subscribers and over 9 crore views, the company generates supplementary revenue streams through YouTube, Instagram, and Facebook.
Operationally, the company maintains a lean structure with 28 permanent employees as of December 15, 2024. The promoter group consists of Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, and Maurya Vipul Shah, who steer the creative and strategic direction of the firm.
Sunshine Pictures is launching a Mainboard IPO to raise approximately ₹282.14 Crores. The issue is structured as a combination of a fresh issue of ₹172.80 Crores and an Offer for Sale (OFS) of 30,37,157 equity shares. The price band is set between ₹342 and ₹360 per share, with a minimum retail lot size of 41 shares amounting to ₹14,760. The IPO opens on August 18, 2026, and closes on August 20, 2026, with listing scheduled for August 25, 2026, on both the BSE and NSE.
The proceeds from the fresh issue are primarily earmarked for funding the working capital requirements of the company, totaling ₹940.00 Crores (as per reported figures), indicating a significant push toward scaling operational liquidity for future productions.
Financial performance shows a mixed trend; while the Net Profit (PAT) grew from ₹34.46 Crores in 2025 to ₹40.02 Crores in 2026, the total revenue has seen a consistent decline from ₹139.46 Crores in 2024 to ₹76.27 Crores in 2026. This suggest a shift toward higher-margin content or a consolidation of project scales.
Valuation metrics are strong in terms of efficiency, with an ROE of 31.99% and ROCE of 36.20%. The company maintains a very healthy balance sheet with a Debt-to-Equity ratio of 0.06, minimizing financial risk for new investors. The basic EPS for FY2026 stands at ₹15.19.
Key strengths include a proven track record of blockbuster hits and a diversified content portfolio across TV, Web, and Cinema. However, the declining revenue trend is a point of concern that investors should monitor. Additionally, the presence of an OFS means a portion of the issue is promoter offloading rather than capital infusion.
Overall, the IPO presents a balanced proposition. While the financial efficiency and low debt are attractive, the revenue volatility inherent in the film industry requires a long-term perspective. Investors should weigh the creative success of the studio against the current revenue trajectory.