Sunshine Pictures
Sunshine Pictures Limited is a technology-driven content creator and production house operating in the media and entertainment sector. The company specializes in originating, producing, marketing, and distributing commercial films, TV serials, and web series.
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, 2026
✓
Close
Aug 20, 2026
✓
Allotment
Aug 21, 2026
✓
Refund
Aug 24, 2026
✓
Demat
Aug 24, 2026
✓
Listing
Aug 25, 2026
📈 Grey Market Premium (GMP) Trendline
Daily consensus GMP movement (₹) recorded across market sources
✨ AI Analysis & Prediction
🔒 Final Reconciled Estimate
Locked post-listing with actual debut performance
Sunshine Pictures displays an established operational footprint with expanding revenue streams (95.3% CAGR) and a defensible value proposition.
💪 Strengths
- Demonstrated operational revenue trajectory with resilient top-line growth (95.3% CAGR).
- Established customer relationships and market position across target industry sectors.
- Sound operational capital returns with Return on Capital Employed (ROCE) at 46.1%.
⚠️ Weaknesses
- Exposure to input cost fluctuations and broader macroeconomic supply chain cycles.
- Working capital requirements to support continuous capacity expansion.
- Competitive landscape from both established incumbents and specialized regional players.
🚀 Opportunities
- Industry tailwinds from rising domestic capex and infrastructure spending.
- Operating leverage potential allowing margin expansion as manufacturing utilization rises.
- Geographic diversification and entry into higher-margin specialized product lines.
🛡️ Threats
- Sectoral regulatory shifts and evolving statutory compliance requirements.
- Aggressive pricing actions by domestic competitors impacting gross margins.
- Broader market equity volatility and liquidity fluctuations.
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding the working capital requirements of the Company | ₹940.00 |
| General Corporate Purposes | TBD |
📊 Financial Overview & Growth Trajectory
Multi-year operational scale & net profitability trajectory
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 27.00 Cr | Rs 134.00 Cr | Rs 103.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 2.00 Cr | Rs 53.00 Cr | Rs 34.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 4.00 Cr | Rs 68.00 Cr | Rs 48.00 Cr |
| Borrowings (₹ Cr) | Rs 7.00 Cr | Rs 17.00 Cr | Rs 11.00 Cr |
| Total Assets (₹ Cr) | Rs 39.00 Cr | Rs 97.00 Cr | Rs 131.00 Cr |
| ROE % | 0.00% | 0.00% | 0.00% |
| ROCE % | 46.10% | 46.10% | 46.10% |
| Debt / Equity | 0.00 | 0.00 | 0.00 |
Company P/E
41.8x
Industry P/E
48.1x
Debt/Equity
0.10
⚖️ Valuation Benchmark Range
🟢 Attractively Priced vs Industry Peers
Industry 48.1x
IPO 41.8x
0x (Deep Value)
65x (High Multiple)
📋 Live Subscription Status
QIB
123.52x
NII
198.42x
Retail
56.60x
Total
105.81x
🎯 Retail Allotment Probability
1.8% Odds
1 in 56.6 chance (~1.8% probability per PAN)
SEBI Rule: Under SEBI lottery allotment rules, applying for multiple lots under Retail does NOT increase your lottery odds. All valid retail applicants have identical 1-lot odds per PAN.
Updated: Sep 12, 2026 2:29 PM
💼 Issue Structure & Reservation Quota
Capital Structure
₹282.1 Cr
Issue Size
Fresh (61.2%)
OFS (38.8%)
Reservation Quota
100%
Allocation
QIB (50%)
NII (15%)
Retail (35%)
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 leading player in the Indian entertainment landscape. Over nearly two decades, the company has established a track record of creating high-impact commercial content, focusing on script development, intellectual property creation, and rights monetization.
The company's business model is centered on the end-to-end production of audiovisual content. Its portfolio includes 10 commercial films, 2 web series, and 2 TV serials. Notable successes such as 'The Kerala Story', 'Force', 'Commando', and 'Holiday' have solidified its market position as a creator of commercially viable cinema.
Beyond traditional cinema, Sunshine Pictures has diversified its reach through digital platforms. The company maintains a strong social media presence across YouTube, Instagram, and Facebook, with over 1.6 lakh YouTube subscribers and 9.18 crore views, creating additional revenue streams through digital monetization.
Operationally, the company remains lean, employing 28 permanent staff as of December 15, 2024. It continues to scale its operations through strategic collaborations, currently co-producing two films with Jio Studios and developing a web series for Doordarshan.
The company is led by its promoters: Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, and Maurya Vipul Shah, who have steered the firm from a boutique production house to a diversified content studio.
Sunshine Pictures is launching a Mainboard IPO to raise approximately ₹282.14 crore. The issue is structured as a combination of a fresh issue of ₹172.80 crore 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 totaling ₹14,760. The IPO is scheduled to open on August 18, 2026, and close on August 20, 2026, with listing on the BSE and NSE on August 25, 2026.
The proceeds from the fresh issue are primarily earmarked for funding the working capital requirements of the company, amounting to ₹940.00 crore (as per listed objects, though the total issue size is smaller, suggesting intensive capital needs for upcoming projects).
Financial performance presents a mixed picture. While the company reported a net profit of ₹40.02 crore in 2026, its revenue has shown a steady decline from ₹139.46 crore in 2024 to ₹105.80 crore in 2025, and further down to ₹76.27 crore in 2026. Despite the revenue dip, PAT margins remain exceptionally high at 53.77% for 2026.
From a valuation perspective, the company boasts strong efficiency metrics with an ROE of 31.99% and ROCE of 36.2%. It maintains a very healthy balance sheet with a debt-to-equity ratio of 0.06. When compared to peers like Panorama Studios and Balaji Telefilms, Sunshine Pictures shows superior current profitability and asset quality.
Key strengths include a proven track record of hit films and a lean cost structure. However, the declining revenue trend and the volatility inherent in the film production industry remain significant risks. Investors should balance the high margins against the unpredictability of content success and the declining top-line growth.