Sunshine Pictures Limited
Closed18–20 Aug 2026
Updated 2026-08-21 (IST)
Business overview
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.
Profit & Loss
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| FY2024 | FY2025 | FY2026 | ||
|---|---|---|---|---|
| Sales | 134 | 103 | 74 | |
| Operating Profit | — | — | — | |
| OPM % | — | — | — | |
| Net Profit | — | — | — | |
| Total Debt | 17 | 11 | 9 |
Promoters
- 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
Strengths & risks
Company-stated strengths and disclosed risk factors from the offer document.
- Experienced Promoters supported by Senior Management team (p.198)
- Established Track Record and long-standing relationships in the industry (p.199)
- Differentiated and Robust Business Model (p.200)
- 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. (p.35)
- We derive the majority of our revenue from our top 5 customers i.e. the Studios and independent distributors. (p.39)
- We have sustained negative cash flows from operating activities in the past and may experience them in the future. (p.41)
- Our business is working capital intensive. (p.42)
Peer comparison — DRHP median P/E 44.8x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Panorama Studios International Ltd | Rs 45.67 -0.6% | 62.0x | 13.4% | 19.4% | live |
| Baweja Studios Limited | — | 8.7x | — | — | DRHP |
| Balaji Telefilms Limited | Rs 91.43 -0.2% | -52.3x | 9.9% | -2.0% | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Market & competition
The company operates in the competitive Indian production house landscape alongside established giants like Yash Raj Films, Dharma Productions, and Reliance Entertainment, as well as players like Balaji Telefilms.
Future outlook
The company plans to gradually increase its production capacity by expanding its writer pool, commissioning more story ideas, and hiring and grooming young talent. It also plans to produce a more diverse mix of films across multiple formats and genres to broaden its audience base.
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Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
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