Sunshine Pictures
Sunshine Pictures Limited is a technology-driven content creator 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
✓
Close
Aug 20
✓
Allotment
Aug 21
✓
Refund
Aug 24
✓
Demat
Aug 24
✓
Listing
Aug 25
✨ AI Analysis & Prediction
+10.4%
predicted listing gain
The baseline GMP of 13.89% is adjusted downward due to zero institutional subscription data and declining revenue trends, but bolstered by exceptional ROE/ROCE and a very low debt-to-equity ratio. The significant fresh issue component (61%) mitigates the structural penalty usually associated with promoter offloading.
💪 Strengths
- Exceptional profitability with PAT margin of 53.77%
- Very low debt-to-equity ratio of 0.06
- Proven track record with hits like The Kerala Story
⚠️ Weaknesses
- Consistent decline in annual revenue over the last three years
- Small permanent employee base
🚀 Opportunities
- Expansion into web series for Doordarshan and partnerships with Jio Studios
- Monetization of social media channels with millions of views
🛡️ Threats
- High volatility and unpredictability of the film industry
- Dependence on a few successful titles for profit sustainability
🎯 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 player in the Indian entertainment industry. The company has built a robust portfolio by focusing on high-impact content creation, spanning script development, intellectual property creation, and rights monetization. Over the years, it has transitioned from traditional film production to a diversified content hub.
The company's business model revolves around the creation and distribution of commercial cinema and digital content. It has a proven track record of producing highly popular films, including 'The Kerala Story', 'Force', 'Commando', 'Holiday', and 'Force 2'. By controlling the process from development to distribution, the company maximizes its monetization of intellectual property.
Beyond theatrical releases, Sunshine Pictures has expanded into the digital and television space with the production of web series and TV serials. It is currently co-producing two films with Jio Studios and is developing a web series for Doordarshan, showcasing its ability to partner with major industry platforms.
Operational scale is supported by a lean team of 28 permanent employees as of December 15, 2024. The company also leverages a strong social media presence across YouTube, Instagram, and Facebook, with over 162,960 YouTube subscribers and 9.18 crore views, which creates additional diversified revenue streams.
The company is led by its promoters: Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, and Maurya Vipul Shah, who have steered the organization from a boutique production house to a mainboard IPO candidate.
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 to ₹360 per share, with a minimum retail lot size of 41 shares requiring an investment of ₹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 Crores as per the reported objects, indicating a heavy focus on scaling future productions.
Financial performance shows a mixed trend; while 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 suggests a significant improvement in operational efficiency and margin management despite a shrinking top line.
Valuation metrics are strong in terms of efficiency, with a reported 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. However, the declining revenue trend is a critical point for investors to monitor.
Key strengths include a high PAT margin of 53.77% and a strong track record of producing commercially successful blockbusters. The risk profile is primarily linked to the inherent volatility of the entertainment industry and the reliance on hit-driven revenue models.
From an investor's perspective, the IPO offers a blend of high profitability and low debt, but the declining revenue trend warrants a cautious approach. The inclusion of a significant fresh issue suggests growth intentions, though the overall sentiment remains neutral.