Sunshine Pictures
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 123.52×
- Big non-institutionalbNII · above ₹10 lakh
- 198.42×
- Small non-institutionalsNII · ₹2–10 lakh
- 192.89×
- Retail individualRII · up to ₹2 lakh
- 54.63×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 25 Aug 2026 | ₹50 | +13.89% | ₹1,600 | ₹410 | ₹2,050 |
| 24 Aug 2026 | ₹50 | +13.89% | ₹1,600 | ₹410 | ₹2,050 |
| 23 Aug 2026 | ₹65 | +18.06% | ₹2,000 | ₹425 | ₹2,665 |
| 22 Aug 2026 | ₹68 | +18.89% | ₹2,100 | ₹428 | ₹2,788 |
| 21 Aug 2026 | ₹62 | +17.22% | ₹1,900 | ₹422 | ₹2,542 |
| 20 Aug 2026 | ₹80 | +22.22% | ₹2,500 | ₹440 | ₹3,280 |
| 19 Aug 2026 | ₹77 | +21.39% | ₹2,400 | ₹437 | ₹3,157 |
| 18 Aug 2026 | ₹77 | +21.39% | ₹2,400 | ₹437 | ₹3,157 |
| 17 Aug 2026 | ₹73 | +20.28% | ₹2,300 | ₹433 | ₹2,993 |
| 16 Aug 2026 | ₹54 | +15.00% | ₹1,700 | ₹414 | ₹2,214 |
| 15 Aug 2026 | ₹50 | +13.89% | ₹1,600 | ₹410 | ₹2,050 |
| 14 Aug 2026 | ₹50 | +13.89% | ₹1,600 | ₹410 | ₹2,050 |
| 13 Aug 2026 | ₹30 | +8.33% | ₹900 | ₹390 | ₹1,230 |
| 12 Aug 2026 | ₹17 | +4.72% | ₹500 | ₹377 | ₹697 |
| 11 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹360 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 18 Aug 2026 – 20 Aug 2026
- Listing date
- 25 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹342 – ₹360
- Lot size
- 41 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹282 Cr
- Fresh issue
- ₹173 Cr 48,00,034 shares
- Offer for sale
- ₹109 Cr 30,37,157 shares
- Market cap at offer price
- ₹1,121 Cr
- Promoter holding
- 100.00% → 74.84% pre-issue → post-issue
- ISIN
- INE1B3O01011
- CIN
- U55100MH2007PLC172341
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- A - 102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (W), Mumbai – 400 053, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 15,67,436 | 28.57% | 28.57% |
| Anchor investor · within QIB | 23,51,140 | — | 42.86% |
| NII (HNI) | 11,75,592 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 7,83,728 | — | 14.29% |
| sNII < ₹10L · within NII | 3,91,864 | — | 7.14% |
| Retail (RII) | 27,43,023 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 54,86,051 | — | 100.00% |
Net offer to the public of 54,86,051 shares, out of a total issue of 54,86,051. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 41 shares per lot, in multiples, at ₹360
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 41 | ₹14,760 |
| Retail (max) | 13 | 533 | ₹1,91,880 |
| S-HNI (min) | 14 | 574 | ₹2,06,640 |
| S-HNI (max) | 67 | 2,747 | ₹9,88,920 |
| B-HNI (min) | 68 | 2,788 | ₹10,03,680 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹360 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 15.19 | 12.85 |
| P/E (×) | 23.70 | 28.02 |
| Price to book (×) | 9.03 | — |
| Market cap | — | ₹1,121 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 32.80%
- ROCE
- 41.23%
- Debt / equity
- 0.11
- PAT margin
- 33.35%
- EBITDA margin
- 49.12%
- NAV per share
- ₹39.88
- Price to book
- 9.03
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 76.27 | 105.8 | 139.46 |
| Revenue from operations | 74.44 | 103.33 | 133.8 |
| Other income | 1.84 | 2.47 | 5.66 |
| Total expenses | 21.9 | 59.59 | 68.4 |
| Operating profit | 54.37 | 46.21 | 71.06 |
| Operating margin | 71.29% | 43.68% | 50.95% |
| Profit before tax | 54.06 | 46.23 | 71.06 |
| Profit after tax | 40.02 | 34.46 | 53.35 |
| PAT margin | 52.47% | 32.57% | 38.25% |
| Balance sheet | |||
| Total assets | 179.64 | 131.28 | 97.38 |
| Current assets | 151.68 | 99.13 | 62.24 |
| Current liabilities | 32.18 | 23.48 | 26.55 |
| Total liabilities | 34.5 | 26.21 | 26.78 |
| Net worth | 145.13 | 105.07 | 70.6 |
| Current ratio | 4.71× | 4.22× | 2.34× |
| Return on equity | 27.58% | 32.80% | 75.57% |
| Cash flow | |||
| Operating cash flow | -33.21 | 28.47 | 31.6 |
| Investing cash flow | 25.94 | -10.81 | -29.97 |
| Financing cash flow | -3.9 | -7.35 | -0.66 |
| Net cash flow | -11.16 | 10.31 | 0.97 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 To meet the Working Capital Requirements ₹113 Cr
The company proposes to utilize proceeds from the Fresh Issue towards funding long-term working capital requirements to manage day-to-day operations and support dynamic production cycle in the film production industry.
2 General Corporate Purposes —
The balance Net Proceeds will be utilized for general corporate purposes including strategic initiatives, partnerships, joint ventures, acquisitions, funding growth opportunities, brand building, and repayment of borrowings.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Vipul Amrutlal Shah | Promoter Selling Shareholder | 20,31,388 | ₹0.87 |
| Shefali Vipul Shah | Promoter Selling Shareholder | 10,05,769 | ₹0.44 |
2 sellers offering 30,37,157 shares.
About Sunshine Pictures
Sunshine Pictures Limited operates in the Indian media and entertainment industry as a production company focused on content creation across multiple platforms. Originally incorporated as 'Energetic Films Private Limited' on July 14, 2007, the company was renamed 'Sunshine Pictures Private Limited' in 2010 and converted to a public limited company in September 2024. The company's business model involves producing standalone films and co-producing with reputable studios, creating original OTT content and web series, producing television serials, and generating revenue through theatrical distribution, streaming rights, OTT platform deals, music rights exploitation, and other ancillary services. The company's financial performance shows revenue from operations of ₹7,443.67 lakhs in Fiscal 2026 (standalone basis), with a diverse portfolio of 13 commercial films (6 self-produced, 7 co-produced), 2 web series, 3 TV serials, and 1 short film released to date.
Management
Vipul Amrutlal Shah
MD
Shefali Vipul Shah
Director
Aryaman Vipul Shah
Director
Maurya Vipul Shah
Director
Manmohan Ramanna Shetty
Director
Kapil Bagla
Director
Pawan S Bachani
Director
Paresh Ganatra
Director
Dhwani Sanjay Vora
COO
Sunil Karda
CFO
Ravichand Govind Nallappa
COO
Aashin A. Shah
VP of Marketing
Ranjan Kumar Sahu
Director of Operations
Strengths
As stated in the offer document
Experienced Promoters supported by Senior Management team
The company is led by Promoter and Managing Director Vipul Amrutlal Shah with over 25 years of film industry experience, supported by senior management team with strong creative background and vast industry experience.
Established Track Record and long-standing relationships in the industry
The company has produced 13 commercial films, 2 web series, 3 TV serials since 2007, with The Kerala Story emerging as the highest return-on-investment blockbuster in 2023, establishing credibility with major industry players.
Differentiated and Robust Business Model
The company operates a de-risked business portfolio with standalone productions and co-produced content, maximizing monetization potential while keeping costs controlled through prudential approach and portfolio diversification.
High-quality standards
The company is a technology-driven content creator specializing in multi-formats commercial films, emphasizing innovation in storytelling and production techniques, making it the preferred production house of top studios.
Risk factors
As stated in the offer document
Dependence on Audience Acceptance and Unpredictable Revenue
The company's success is primarily dependent on audience acceptance of its films, web series and TV serials, which is extremely difficult to predict and inherently risky. Revenue derived from projects depends on public acceptance, which cannot be accurately predicted, and the company has experienced losses from underperforming films like Action Replay, Kuch Love Jaisa, and Bastar – The Naxal Story.
Dependence on Indian Box Office Success and Limited Rights Exploitation
The company derives a significant portion of revenues from Indian box office success, with 89.68% of Fiscal 2026 revenue from film production and distribution. Poor box office receipts could significantly impact results, and the company's ability to exploit and monetize projects is limited to the rights retained or owned.
Customer Concentration Risk
The company derives majority of revenue from top 5 customers (studios and distributors), with 74.81% of Fiscal 2026 revenue from top 5 customers. Loss of key customers or adverse developments in relationships could negatively impact business operations and financial condition.
Negative Cash Flows from Operating Activities
The company sustained negative cash flow from operating activities of ₹3,320.63 lakhs in Fiscal 2026, primarily due to increased inventory levels and trade receivables. There can be no assurance that cash flows will be positive in future, creating adverse impact on ability to meet working capital and debt obligations.
High Working Capital Requirements
The business is working capital intensive, with net working capital of ₹12,646.25 lakhs as of March 31, 2026, constituting 169.89% of revenue from operations. High working capital requirements may strain resources and require additional financing, with total borrowings of ₹909.42 lakhs as of March 31, 2026.
Content Objections and Regulatory Restrictions
Some viewers or civil society organizations may find the company's film content objectionable, leading to legal claims, exhibition bans, or protests. The company faced objections and bans for 'Kerala Story' in West Bengal and legal challenges for 'The Kerala Story 2', which could materially affect business and reputation.
Company Analysis
from RHPSunshine Pictures Limited is an India-based production house engaged in originating, creating, developing, producing, and distributing films, web series, and TV serials primarily for theatrical, OTT, and broadcast audiences in India.
Sunshine Pictures Limited operates in the Indian media and entertainment industry as a production company focused on content creation across multiple platforms. Originally incorporated as 'Energetic Films Private Limited' on July 14, 2007, the company was renamed 'Sunshine Pictures Private Limited' in 2010 and converted to a public limited company in September 2024. The company's business model involves producing standalone films and co-producing with reputable studios, creating original OTT content and web series, producing television serials, and generating revenue through theatrical distribution, streaming rights, OTT platform deals, music rights exploitation, and other ancillary services. The company's financial performance shows revenue from operations of ₹7,443.67 lakhs in Fiscal 2026 (standalone basis), with a diverse portfolio of 13 commercial films (6 self-produced, 7 co-produced), 2 web series, 3 TV serials, and 1 short film released to date.
Objects of the Issue
- To meet the Working Capital Requirements Up to ₹11,250.00 lakhs p.112
- General Corporate Purposes [●] p.112
Issue Structure
- Total Issue
- Up to 78,37,191 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 48,00,034 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 30,37,157 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares having face value of ₹10 each and in multiples of [●] Equity Shares
- Face Value
- ₹10 each
Business Model
Sunshine Pictures operates through dual production models: (1) Standalone Production Model where the company finances entire films, executes end-to-end production, marketing and promotion, and bears all risks relating to completion and commercial success, generating revenues from theatrical box office (particularly first-week collections), streaming platform deals, music rights exploitation, and other distribution channels; (2) Co-Production Model where the company partners with reputable studios to produce films for a fixed contractual fee, with the studio holding exploitation rights while the company earns predetermined revenues regardless of box-office outcomes. Revenue sources include: production and distribution of films and associated rights (89.68% in FY2026), production and distribution of OTT/TV serials and associated rights (1.32% in FY2026), and other income from music rights exploitation, talent management, and social media platforms (8.99% in FY2026).
Business Segments
SWOT Analysis
- • Experienced Promoters with established track record(p.123)
- • Long-standing relationships in the industry(p.123)
- • Differentiated and robust business model(p.123)
- • Successful commercial films with high ROI(p.37)
- • Diversified revenue streams from multiple content platforms(p.36)
- • Dependence on top 5 customers for majority of revenue(p.26)
- • Sustained negative cash flows from operating activities(p.42)
- • Outstanding contingent liabilities from tax disputes(p.47)
- • Related party transactions and potential conflicts of interest(p.41)
- • High inventory levels and project concentration risk(p.115)
- • Growth in digital streaming and OTT platforms(p.153)
- • Expansion of regional cinema and multilingual content(p.153)
- • Global reach and international distribution(p.153)
- • Rising demand for VFX and animation content(p.149)
- • Government incentives and rebates for film production(p.152)
- • Piracy and unauthorized digital distribution of content(p.48)
- • Intense competition from established production houses and international studios(p.55)
- • Regulatory censorship and content restrictions(p.52)
- • Fluctuating box office performance and audience preferences(p.29)
- • External economic shocks and geopolitical disruptions(p.138)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vipul Amrutlal Shah | Promoter | 29.05% | [●] |
| Shefali Vipul Shah | Promoter | 25.00% | [●] |
| Aryaman Vipul Shah | Promoter | 22.97% | [●] |
| Maurya Vipul Shah | Promoter | 22.97% | [●] |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Sunshine Pictures THIS ISSUE | 15.19 | 55.08 | 28.02, computed at the offer price | 9.03, computed at the offer price | 27.58% |
| 0.60 | 8.47 | 81.00 | 6.00 | 7.10% | |
| 3.29 | 59.73 | 8.68 | 0.47 | 5.52% | |
| -4.09 | 51.22 | — | 1.65 | -7.96% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.