Sunshine Pictures IPO
Listed +9.4%18–20 Aug 2026
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Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹90 of every ₹100 of sales comes from its "Production and distribution of Films and associated rights" segment.
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2Is it growing, and is profit turning into cash?Sales fell 44% from FY 2024 to FY 2026 (₹134 cr → ₹74.4 cr). Over 3 years it made ₹128 cr of profit and brought in ₹26.9 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.06 for every ₹1 of its own money. The line for other is ₹2.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹39 goes to existing shareholders selling. At ₹360 you pay about ₹24 for every ₹1 of last year's profit. The listed peers the document names: ₹45 (middle of 2).
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5Who controls it, and what is on record?Promoters own 100% before the IPO. The document discloses 5 legal matters.
From the draft document. The final prospectus may change it.
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Latest update:
Listed at ₹394 vs ₹360 issue price (+9.4%) · Day-one close ₹369 · Subscribed 105.81× (QIB 123.5× · NII 197.0× · Retail 56.6×) · Price band ₹342–₹360 · Closed 20 Aug 2026 · Listed 25 Aug 2026 (Confirmed)
How it actually listed
₹394 on open, against a ₹360 issue price +9.4%
It ended its first day at ₹369 (+2.6% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹394 and closed at ₹369, per the BSE's price archive.
We were not recording a grey-market premium before it listed.
What Sunshine Pictures does
Sunshine Pictures Limited is an Indian production house engaged in originating, developing, producing, marketing, and distributing feature films, television programmes, web shows, and all forms of audio-visual content.
Sunshine Pictures financials
Rs crore · Annual| FY 2024 | FY 2025 | FY 2026 | ||
|---|---|---|---|---|
| Sales | 134 | 103 | 74 | |
| Operating Profit | 74 | 51 | 59 | |
| OPM % | 55.3% | 49.1% | 78.7% | |
| Net Profit | 53 | 34 | 40 | |
| Total Debt | 17 | 11 | 9 |
Sunshine Pictures IPO offer structure
Total: ₹282 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- To meet the Working Capital Requirements: ₹113 cr
- General Corporate Purposes
Sunshine Pictures promoters and holding
- Vipul Amrutlal Shah: Chairman and Managing Director
- Shefali Vipul Shah: Whole-time director
- Aryaman Vipul Shah: Whole-time director
- Maurya Vipul Shah: Whole-time director
Sunshine Pictures risks and strengths
- Our success is primarily dependent on audience acceptance of our film, web series and TV serials, which is extremely difficult to predict and therefore inherently risky. (p.33)
- We are dependent on the Indian box office success of our films from which a significant portion of our revenues are derived and our ability to exploit and monetize our project is limited to the rights that we retain or own. (p.35)
- We derive the majority of our revenue from our top 5 customers i.e. the Studios and independent distributors. (p.39)
2 more the company lists
- We have sustained negative cash flows from operating activities in the past and may experience earnings declines or operating losses or negative cash flows from operating activities in the future. (p.41)
- Our business is working capital intensive. If we experience insufficient cash flows to enable us to make required payments on our debt or fund working capital requirements, there may be an adverse effect on our results of operations. (p.42)
Sunshine Pictures peer comparison: DRHP median P/E 44.8x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Panorama Studios International Ltd | — | 81.0x | — | — | DRHP |
| Baweja Studios Limited | — | 8.7x | — | — | DRHP |
| Balaji Telefilms Limited | — | — | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Sunshine Pictures market and competition
The Indian production house landscape is marked by the presence of established giants and emerging players. Production houses like Balaji Telefilms and Sunshine Pictures are also making notable strides by focusing on innovative storytelling and creating content for both theatrical releases and streaming platforms.
Sunshine Pictures outlook, as the document states it
We plan to gradually increase that number [of new films and web series] every year in the medium and longer term. To create more content, we will expand our organization’s sourcing and production capacity by expanding our writer pool and hiring young talent.
Sunshine Pictures IPO: common questions
When does the Sunshine Pictures IPO open and close?
The Sunshine Pictures IPO is open from 18 Aug 2026 to 20 Aug 2026.
What is the Sunshine Pictures IPO price band?
The price band is ₹342–₹360 per share.
How much is the Sunshine Pictures IPO subscribed?
As of 10 Oct 2026 the total subscription is 105.81×.
When does the Sunshine Pictures IPO list?
The listing date is 25 Aug 2026.
How do I check the Sunshine Pictures IPO allotment status?
On the allotment status page published by the registrar named in the offer document and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →