About Sunshine Pictures IPO
Sunshine Pictures Limited is set to launch its IPO for public subscription on August 18, 2026, and will remain open until August 20, 2026.
The Sunshine Pictures IPO price band is set at ₹342–₹360 per equity share. The allotment for this IPO will be out on August 21, 2026.
This IPO is a ₹282.14 crore book-building issue, comprising a fresh issue of 48 lakh shares and an OFS component, with a face value of ₹10 each.
Sunshine Pictures is known for producing The Kerala Story, one of the highest-grossing Hindi films of 2023.
Business Overview of Sunshine Pictures
Sunshine Pictures Limited, incorporated in 2007 and headquartered in Andheri (West), Mumbai, is a production house engaged in originating, creating, developing, producing, marketing, and distributing films, TV serials, web series, and related services.
The company has produced 13 commercial films, 2 web series, 3 TV serials, and 1 short film since its incorporation.
In FY26, production and distribution of films and associated rights contributed 89.68% of revenue from operations.
Key Highlights of Sunshine Pictures Limited Include:
| Particulars | Details |
|---|---|
| Incorporated | 2007 |
| Headquarters | Andheri (West), Mumbai |
| Promoters | Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, Maurya Vipul Shah |
| Key Production | The Kerala Story (2023) |
| Revenue Model | Film production, distribution rights, co-production fees |
| Employees (Jun 2026) | 28 full-time |
| Revenue FY26 | ₹76.27 crore (total income) |
| PAT FY26 | ₹40.02 crore |
Sunshine Pictures IPO Date, Price, and Other Details
The following are the details of the upcoming Sunshine Pictures Limited IPO.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹282.14 crore |
| Offer Type | Fresh issue of 48 lakh shares + OFS |
| Price Band | ₹342 to ₹360 per share |
| Issue Dates | Opens: Aug 18, 2026 · Closes: Aug 20, 2026 |
| Minimum Bid Lot | 1 lot of 41 shares |
| Minimum Investment (Retail) | ₹14,760 (at upper band) |
| Allotment Date | Aug 21, 2026 |
| Listing Date | Aug 25, 2026 |
| Face Value | ₹10 per share |
| Lead Manager (BRLM) | GYR Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Listing Exchanges | NSE & BSE |
Sunshine Pictures IPO Reservation: Who Can Apply?
| Investor Category | Lots | Shares | Amount (at ₹360) |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹14,760 |
| Retail (Max) | 13 | 533 | ₹1,91,880 |
| sNII (Min) | 14 | 574 | ₹2,06,640 |
| QIB | As applicable | — | — |
Strengths and Risks of Sunshine Pictures IPO
Here is a brief business analysis (as per RHP) below:
Strengths
- Established track record with The Kerala Story — one of the highest-grossing Hindi films of 2023.
- Sunshine Pictures showed strong FY26 profitability, with a PAT of ₹40.02 crore on total income of ₹76.27 crore, with an exceptionally high EBITDA margin of 78.65%.
- Very low leverage with borrowings of only ₹9.09 crore against net worth of ₹145.13 crore, giving a D/E ratio of just 0.06.
- De-risked portfolio combining self-produced titles (with IP and profit-share upside) and fixed-fee co-productions (providing assured revenue).
- Experienced promoter Vipul Amrutlal Shah has over three decades of experience in the Indian film industry.
Risks
- Revenue is highly project-dependent and declining. Profitability depends on the timing and success of a few projects each year.
- Total income dropped from ₹139.46 crore (FY24) to ₹76.27 crore (FY26).
- This industry is highly dependent on box-office performance. Audience acceptance is extremely difficult to predict and inherently risky. Poor box-office performance directly impacts revenue.
- Heavy customer concentration, with the top 5 customers contributing 74.81% of FY26 revenue, indicating high dependence on a small group of studios and distributors.
- There are certain regulatory risks, while content may face CBFC certification delays, public objections, or regional bans (as experienced with The Kerala Story).
- Operating cash flow was negative (₹-33.21 crore) in FY26, driven by high working capital tied up in content production.
Future Plans/Strategies
- Fund the working capital requirements of the Sunshine Pictures using fresh issue proceeds.
- Develop and produce the upcoming content pipeline, including 'Hisaab' (co-production with Jio Studios) and two solo projects for FY27.
- General corporate purposes with remaining proceeds.
Sunshine Pictures IPO Objectives – How Will the Funds Be Used?
The Sunshine Pictures IPO includes a fresh issue component. The company will receive proceeds only from the fresh issue.
| Objective | Amount (₹ crore) |
|---|---|
| Funding working capital requirements | Majority of fresh issue proceeds |
| General corporate purposes | Balance |
Promoter Shareholding of Sunshine Pictures IPO
The promoters are Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, and Maurya Vipul Shah.
| Promoter | Pre-Issue Holding (%) |
|---|---|
| Vipul Amrutlal Shah | 29.05 |
| Shefali Vipul Shah | 25.00 |
| Aryaman Vipul Shah | 22.97 |
| Maurya Vipul Shah | 22.97 |
| Total | 99.99% |
Financial Performance (₹ in crores) of Sunshine Pictures IPO
Here's the table outlining the financial performance of Sunshine Pictures Limited from FY 2024 to FY 2026.
(in crores)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|
| Assets | 131.28 | 97.38 |
| Total Income | 105.80 | 139.46 |
| Profit After Tax | 34.46 | 53.35 |
| EBITDA | 50.76 | 73.97 |
| NET Worth | 105.07 | 70.60 |
| Reserves and Surplus | 78.72 | 70.47 |
| Total Borrowing | 11.16 | 16.67 |
Key Performance Metrics of Sunshine Pictures
As per the RHP, the following are the key performance metrics of Sunshine Pictures:
| KPI | Values (FY 2025-26) | Values (FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 31.99 % | 39.24% |
| Net Asset Value (NAV) | 55.08 | 39.88 |
| Price/Earnings (P/E) Ratio | - | — |
| Earnings Per Share (EPS - Diluted) | 15.19 | 13.08 |
| EBITDA Margin (%) | 76.61% | 46.72% |
| PAT Margin (%) | 53.77% | 33.35% |
| Debt to Equity Ratio | 0.06 | 0.11 |
Registrar of Sunshine Pictures IPO
The Registrar of Sunshine Pictures IPO is Bigshare Services Pvt. Ltd.
You can check the allotment of Sunshine Pictures on this portal: https://www.bigshareonline.com
Lead Manager of Sunshine Pictures IPO
GYR Capital Advisors Pvt. Ltd. is the book-running lead manager handling the IPO process of Sunshine Pictures Limited.
