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HomeIPOSunshine Pictures

About Sunshine Pictures

Incorporated in 2007, Sunshine Pictures Limited is a film-making company that does the business of originating, developing, producing, creating, marketing, and distribution of films, TV serials, and web series.The company is a technology-oriented content generator with expertise in pioneering commercial films, from script development to production, creation of intellectual property, rights monetization, and distribution. The company has been making good films such as 'Force', 'Commando', 'Holiday', 'Force 2', 'Commando 2', and 'The Kerala Story', earning a commercial success and tackling social significance.The company has made ten commercially successful films (six co-made), two web series, two TV serials, and one short film. It is in the process of co-making two movies with Jio Studios and one web series for Doordarshan. The company co-produces projects or single-produces them with established studios. The company keeps a ratio of co-produced and standalone projects, matching risk and revenue possibilities, mostly for large-budget productions.The company is present on social media platforms such as YouTube, Instagram, and Facebook. It has 162,960 subscribers on YouTube, 9.18 crore views, and 104,500 followers on Instagram and Facebook, earning extra revenue in the form of content streaming. As of 15th December 2024, the company has a total workforce of 28 full-time staff.

Checklist Quality Analysis

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Sunshine Pictures

Sunshine Pictures

Open Date

Aug 18, 2026

Close Date

Aug 20, 2026

listed

Min Investment

₹14,760

Lot Size

41 Shares

Issue Size

₹282.14 Cr

Price Range

₹342 - ₹342

Listing Date

Aug 25, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹50(+13.89%)GMP
13.89%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Sunshine Pictures IPO - Issue Objectives

The company will use up to ₹112.50 crore for funding its working capital requirements. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Working capital

65.1%

General corporate purposes

34.9%

1

Working capital

The company will use up to ₹112.50 crore for funding its working capital requirements.

65.10%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

34.90%

IPO Subscription Status

QIB
123.52x
NII
197.04x
Individual
56.60x
Total
105.81x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Sunshine Pictures

In Cr.

Key Performance Indicator31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)31-Mar-22 (In Cr.)
Revenue139.46
EBITDA
Expenses
Profit After Tax52.45
Assets96.48
Net Worth69.7
Reserves69.58
Borrowing16.67

Sunshine Pictures - Promoter(s)

Vipul Amrutlal Shah

Shefali Vipul Shah

Aryaman Vipul Shah

Maurya Vipul Shah

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Balanced production model

The company uses both co-production and sole-production models. Co-productions allow the company to share the financial risk with its partners, while producing a project on its own gives it greater control over the intellectual property. It can then earn from multiple rights, including theatrical, OTT, music and other rights.

02

Established industry network

The company has more than 17 years of experience in the entertainment industry. During this period, it has built relationships with studios, talent agencies and creative professionals. Its experience and track record of commercially successful projects have also helped it secure repeat collaborations with major industry players.

03

Multiple content and revenue streams

The company has worked across films, television, web series, music and digital originals. This gives it several ways to generate revenue from its content, including theatrical releases, OTT rights, satellite rights and music. Successful projects can also be extended through sequels and adaptations, providing additional opportunities to monetise its intellectual property.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High customer concentration

Sunshine Pictures remains dependent on a relatively small group of customers. Its top five customers contributed 74.8% of FY26 revenue. This concentration means that any loss of a key customer or reduction in business from them could have a material impact on the company’s revenue.

02

High working capital intensity

The company’s net working capital stood at ₹126.46 crore in FY26, equivalent to 169.89% of FY26 revenue. The high working capital requirement means a significant amount of money remains tied up in the business, which could put pressure on liquidity.

Contact Details

Sunshine Pictures

A -102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (W), Mumbai, Maharashtra, 400053

+917039002911
compliance@sunshinepictures.in
http://www.sunshinepictures.in/

Registrar Contact Details

Bigshare Services Pvt Ltd

+91-22-6263 8200
ipo@bigshareonline.com
https://ipo.bigshareonline.com/ipo_status.html

Sunshine Pictures IPO - FAQs

Sunshine Pictures IPO is a Mainboard IPO. The issue is priced at 342-₹360. The minimum order quantity is 41 Shares. The IPO opens on 18 Aug, and closes on 20 Aug. Bigshare Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-08-14
  • Bidding Starts2026-08-18
  • Bidding Ends2026-08-20
  • Allotment Finalisation2026-08-21
  • Release of Funds2026-08-24
  • Demat Transfer2026-08-24
  • Listing2026-08-25
04

Growing film and digital content

India’s film entertainment industry increased from ₹7,200 crore in 2020 to ₹19,700 crore in 2023 and is expected to reach ₹23,800 crore by 2026, implying a CAGR of 6.5%. The addition of cinema screens, particularly in Tier II and Tier III cities, along with the continued expansion of OTT platforms, could create more opportunities for content producers such as Sunshine Pictures.

05

Rising demand for Indian content overseas

Overseas theatrical releases accounted for 10% of the Indian film entertainment market in 2023. The US, UK and Australia were among the key international markets. As Indian films find a larger audience overseas, Sunshine Pictures has an opportunity to expand its international distribution and reach new viewers.

06

Digital media expansion

Higher mobile penetration and access to affordable data are encouraging more people to consume entertainment through digital platforms. This gives Sunshine Pictures an opportunity to create content suited to digital audiences, use audience insights to understand viewing preferences and expand its presence in the digital entertainment space.

03

Negative operating cash flow

The company reported negative operating cash flow of ₹33.21 crore in FY26, mainly due to higher inventory and trade receivables. Continued pressure on operating cash flows could make it more difficult for the company to fund its day-to-day requirements internally.

04

Film and project execution risk

Film production involves considerable time and costs, and delays or cost overruns can affect the returns from a project. Any disruption in production or failure to complete a project as planned could therefore put pressure on profitability and cash flows.

05

Content and regulatory risk

A film’s release and commercial performance can be affected by audience objections, legal challenges, certification issues or bans. Such developments could delay a release, restrict its distribution or reduce the revenue generated from a project.

06

Dependence on film success

The company’s revenue and profitability can fluctuate depending on the timing and commercial performance of individual films. A poorly performing film, particularly one involving a significant investment, could have a meaningful impact on the company’s financial performance.