Sunshine Pictures IPO was a Mainboard Book Built public issue by Sunshine Pictures Limited. The public issue comprised a fresh issue of 48,00,034 equity shares aggregating to ₹172.80 crore and an Offer for Sale of up to 30,37,157 equity shares. The total Sunshine Pictures IPO issue size was approximately ₹282.14 crore. The equity shares were proposed to be listed on both BSE and NSE.
Sunshine Pictures IPO Price was fixed in the range of ₹342 to ₹360 per equity share with a face value of ₹10 per share. The IPO opened for subscription on August 18, 2026 and closed on August 20, 2026. The anchor investor bidding date was August 17, 2026. The basis of allotment was finalised on August 21, 2026, refunds were initiated on August 24, shares were credited to successful applicants on August 24, and the listing was scheduled for August 25, 2026.
Sunshine Pictures Limited is an Indian film production and entertainment company engaged in originating, developing, producing, marketing and distributing films, television serials, web series and related content. The company was incorporated in 2007 and has developed capabilities across content creation, intellectual property development, rights monetisation and distribution.
The company has worked on commercially recognised films including Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story. Its business model covers film production and associated rights, web series and television content, as well as digital and music-related activities.
Sunshine Pictures operates through a content-led business model in which the company originates or participates in projects and monetises associated intellectual property through theatrical, satellite, digital, music and other distribution channels. It has experience working through both standalone and co-production models.
The Indian entertainment and media industry is supported by increasing digital consumption, growth in OTT platforms, expansion of regional content, theatrical demand, television consumption and increasing monetisation opportunities for intellectual property. However, film production remains a project-based business and individual project performance can result in significant fluctuations in revenue and profitability.
Investors should therefore carefully evaluate Sunshine Pictures’ content pipeline, project execution, customer concentration, cash flows, financial performance, valuation and risks before making an investment decision.
IPO Details
| Information | Details |
|---|---|
| IPO Name | Sunshine Pictures IPO |
| Company Name | Sunshine Pictures Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹342 to ₹360 Per Share |
| Issue Size | ₹282.14 Crore |
| Fresh Issue | ₹172.80 Crore |
| Offer for Sale | ₹109.34 Crore |
| IPO Open Date | 18 August 2026 |
| IPO Close Date | 20 August 2026 |
| Anchor Investor Bidding | 17 August 2026 |
| Basis of Allotment | 21 August 2026 |
| Refund Initiation | 24 August 2026 |
| Shares Credited to Demat Account | 24 August 2026 |
| Listing Date | 25 August 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 41 Equity Shares |
| Retail Minimum Investment | ₹14,760 |
| Retail Maximum Investment | ₹1,91,880 |
| S-HNI Minimum Investment | ₹2,06,640 |
| S-HNI Maximum Investment | ₹9,88,920 |
| B-HNI Minimum Investment | ₹10,03,680 |
| Registrar | Bigshare Services Private Limited |
| Book Running Lead Manager | GYR Capital Advisors Private Limited |
The company intends to utilise the net proceeds from the fresh issue primarily towards funding its working capital requirements and for general corporate purposes. The proceeds from the Offer for Sale will be received by the respective selling shareholders and will not accrue to the company.
Sunshine Pictures IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 17 August 2026 |
| IPO Opening Date | 18 August 2026 |
| IPO Closing Date | 20 August 2026 |
| Basis of Allotment | 21 August 2026 |
| Refund Initiation | 24 August 2026 |
| Shares Credited to Demat Account | 24 August 2026 |
| Listing Date | 25 August 2026 |
The Sunshine Pictures IPO allotment was scheduled for August 21, 2026. Refunds and demat credits were scheduled for August 24, followed by listing on BSE and NSE on August 25, 2026.
Sunshine Pictures IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | 50% |
| Non-Institutional Investors (NII) | 15% |
| Retail Individual Investors (RII) | 35% |
| Anchor Investors | Up to 30% of the issue |
The QIB portion included an anchor investor allocation. The public issue allocation provided 15% for non-institutional investors and 35% for retail individual investors.
Sunshine Pictures IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 41 Shares | ₹14,760 |
| Retail Maximum | 13 Lots | 533 Shares | ₹1,91,880 |
| S-HNI Minimum | 14 Lots | 574 Shares | ₹2,06,640 |
| S-HNI Maximum | 67 Lots | 2,747 Shares | ₹9,88,920 |
| B-HNI Minimum | 68 Lots | 2,788 Shares | ₹10,03,680 |
The application amounts shown above are calculated using the upper Sunshine Pictures IPO Price of ₹360 per equity share. The minimum bid size was 41 shares and bids could be placed in multiples of 41 shares.
About Sunshine Pictures Limited
Sunshine Pictures Limited is a film production and entertainment company involved in originating, developing, producing, creating, marketing and distributing entertainment content. The company operates across films, television serials, web series and associated intellectual property.
The company was incorporated in 2007 and has built its business around content creation and monetisation. Its film portfolio includes commercially recognised titles such as Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story.
The company has produced and co-produced commercial films and has also worked on web series, television serials and short-form content. Its business activities extend beyond production into marketing and distribution of content and monetisation of associated rights.
Sunshine Pictures has experience with both standalone productions and co-production arrangements. The company has also developed a digital presence through platforms including YouTube, Instagram and Facebook, providing additional avenues for audience engagement and content monetisation.
As of June 30, 2026, Sunshine Pictures had 28 full-time employees. The company’s operations are supported by experienced promoters and senior management with backgrounds in the Indian entertainment industry.
Business Operations
Sunshine Pictures operates an integrated entertainment content business.
- Film Production – The company originates, develops and produces commercial films across different genres and formats.
- Film Co-Production – Sunshine Pictures participates in co-production arrangements with established entertainment and media companies.
- Film Distribution – The company participates in marketing and distribution of films and associated content.
- Film Rights Monetisation – Revenue can be generated through theatrical, satellite, digital, music and other rights associated with films.
- Web Series – The company develops and produces web-based entertainment content.
- Television Serials – Sunshine Pictures has experience in television serial production and associated rights.
- Digital Content – The company maintains digital channels and creates content for online audiences.
- Music Rights – Music and related intellectual property provide additional monetisation opportunities.
- Intellectual Property Creation – The company develops and owns or participates in entertainment intellectual property generated through its projects.
- Content Marketing – The company undertakes marketing and promotional activities to support the commercial performance of its projects.
Industry Overview
India’s entertainment and media industry is undergoing significant changes due to increasing digital consumption, growth in OTT platforms, expanding internet penetration and changing audience preferences.
Theatrical cinema continues to remain an important part of the entertainment ecosystem, while digital and OTT platforms have created additional opportunities for content producers. Satellite television, music streaming, digital advertising and social-media distribution have also expanded the number of channels through which entertainment content can be monetised.
The growth of regional content and demand for differentiated stories has further increased opportunities for production companies with established content-development capabilities.
However, the entertainment industry remains highly competitive and project dependent. The financial performance of an individual film or web series can differ significantly based on audience response, release timing, competition, marketing expenditure, distribution arrangements and content quality.
Content producers also face risks from changing consumer preferences, delays in production, regulatory requirements, piracy, changing digital distribution models and concentration of revenue among a limited number of customers or projects.
Business Strategy
Sunshine Pictures focuses on developing commercially viable entertainment content while maintaining multiple routes for content monetisation.
The company follows a combination of standalone production and co-production models. This approach enables the company to participate in projects with different levels of investment and risk.
Sunshine Pictures also focuses on developing intellectual property that can generate revenue through multiple rights categories, including theatrical, satellite, digital and music rights.
The company aims to strengthen its position by developing quality content, maintaining relationships with industry participants and expanding its presence across films, television, web series and digital platforms.
Its digital presence provides an additional channel for audience engagement and content distribution. The company can also use digital platforms to build awareness around its content and strengthen its connection with audiences.
The fresh issue proceeds are primarily intended to support working capital requirements. Adequate working capital is important for a film production company because production, marketing and distribution activities can require substantial funds before revenue from content rights is realised.
Sunshine Pictures IPO Financial Information
A company’s financial performance provides important insights into revenue generation, profitability, operating margins, assets, borrowings and cash-flow requirements.
Sunshine Pictures reported total income of ₹139.46 crore in FY2024, ₹105.80 crore in FY2025 and ₹76.27 crore in FY2026. Revenue from operations declined during the period, while profitability improved in FY2026 compared with FY2025.
Sunshine Pictures Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹133.80 Crore | ₹103.33 Crore | ₹74.44 Crore |
| Total Income | ₹139.46 Crore | ₹105.80 Crore | ₹76.27 Crore |
| EBITDA | ₹73.97 Crore | ₹50.76 Crore | ₹58.55 Crore |
| Profit Before Tax | ₹71.07 Crore | ₹46.23 Crore | ₹54.06 Crore |
| Profit After Tax | ₹53.35 Crore | ₹34.46 Crore | ₹40.02 Crore |
| Net Worth | ₹70.60 Crore | ₹105.07 Crore | ₹145.13 Crore |
| Total Assets | ₹97.38 Crore | ₹131.28 Crore | ₹179.64 Crore |
| Total Borrowings | ₹16.67 Crore | ₹11.16 Crore | ₹9.09 Crore |
The company reported a decline in total income from ₹139.46 crore in FY2024 to ₹76.27 crore in FY2026. However, PAT increased from ₹34.46 crore in FY2025 to ₹40.02 crore in FY2026.
Net worth increased from ₹70.60 crore in FY2024 to ₹145.13 crore in FY2026, while total borrowings declined from ₹16.67 crore to ₹9.09 crore over the same period.
The financial performance highlights the project-based nature of the business. Revenue can fluctuate depending on the timing and commercial performance of individual films and other content projects.
Sunshine Pictures IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors evaluate profitability, operating efficiency, capital utilisation and leverage.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 31.99% |
| Return on Capital Employed (ROCE) | 36.20% |
| Return on Net Worth (RoNW) | 27.58% |
| EBITDA Margin | 78.65% |
| PAT Margin | 53.77% |
| Debt-to-Equity Ratio | 0.06 |
| Earnings Per Share (EPS) | ₹15.19 |
| Net Asset Value (NAV) Per Share | ₹55.08 |
| Price to Earnings (P/E) | 23.70x |
The company reported strong return ratios and a low debt-to-equity ratio as of FY2026. Its EBITDA margin and PAT margin were also high. However, investors should interpret these ratios in the context of the company’s project-based revenue model and the fluctuations in film and content revenues.
At the upper price band of ₹360 per share and FY2026 EPS of ₹15.19, the pre-issue P/E was approximately 23.70x. On a post-issue basis, the P/E was approximately 28.02x based on the reported FY2026 earnings.
Objects of the Sunshine Pictures IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Funding the working capital requirements of the company.
- General corporate purposes.
- Meeting issue-related expenses as applicable.
The working capital component was identified as the principal object of the fresh issue, with approximately ₹112.50 crore proposed towards working capital requirements. The remaining proceeds are intended for general corporate purposes and issue-related requirements as specified in the offer documents.
The working capital requirement is important for Sunshine Pictures because film production and content-related projects may require significant expenditure before monetisation of associated rights and revenues.
The proceeds from the Offer for Sale will be received by the selling shareholders and will not be available to the company for its operations.
Sunshine Pictures IPO Listing Performance
Sunshine Pictures shares were scheduled to be listed on BSE and NSE on August 25, 2026. The final issue price was fixed at ₹360 per equity share.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 25 August 2026 |
| Issue Price | ₹360 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing price will determine the initial market performance of Sunshine Pictures shares against the IPO issue price. Investors should distinguish between short-term listing performance and the company’s long-term operating performance.
Sunshine Pictures IPO Subscription Status
The Sunshine Pictures IPO received exceptionally strong demand during the three-day bidding period.
Sunshine Pictures IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 123.52x |
| Non-Institutional Investors (NII) | 197.04x |
| Retail Individual Investors (RII) | 56.60x |
| Employee Category | Not Separately Reported |
| Total Subscription | 105.81x |
The total Sunshine Pictures IPO Subscription Status reached 105.81 times. The NII category was subscribed 197.04 times, QIBs 123.52 times and retail investors 56.60 times. The final demand reflected exceptionally high investor participation across categories.
Strong subscription indicates high market interest in the issue, although subscription levels alone do not determine the long-term investment performance of the company.
Sunshine Pictures IPO GMP
Sunshine Pictures IPO GMP was an unofficial indicator of market sentiment before listing. Grey-market premiums changed during the IPO period and remained positive after the issue closed.
Before listing, the reported Sunshine Pictures IPO GMP was around ₹68 per share on August 23, 2026. At the upper issue price of ₹360, this indicated an unofficial estimated price of approximately ₹428 per share.
GMP is not regulated by the stock exchanges or SEBI and should not be treated as a guaranteed listing price. Actual listing performance can differ substantially from grey-market indications.
Investors should therefore evaluate the company’s financial performance, business model, valuation and risks rather than relying only on Sunshine Pictures IPO GMP.
Sunshine Pictures IPO Review
Sunshine Pictures IPO offered investors exposure to India’s film production and entertainment content industry through an established content-production company.
One of the company’s important strengths is its experience in developing and producing commercially recognised entertainment content. Its portfolio includes films such as Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story.
The company also operates across several content formats, including films, television serials, web series and digital content. This provides multiple potential avenues for monetising intellectual property.
Another positive factor is the company’s relatively low financial leverage. Total borrowings declined from ₹16.67 crore in FY2024 to ₹9.09 crore in FY2026, while net worth increased substantially over the same period.
However, the financial performance also highlights important concerns. Total income declined from ₹139.46 crore in FY2024 to ₹76.27 crore in FY2026. Revenue from operations declined from ₹133.80 crore to ₹74.44 crore over the same period.
The company remained profitable, with PAT of ₹40.02 crore in FY2026, but the entertainment business is inherently dependent on the commercial success and timing of individual projects.
Customer concentration is another important risk. The top five customers accounted for approximately 74.81% of revenue from operations in FY2026. Such concentration means that losing or reducing business from major customers could materially affect revenue and cash flows.
The company also reported negative operating cash flow of approximately ₹33.21 crore in FY2026, primarily associated with increases in inventory and trade receivables. This is an important factor investors should monitor because accounting profitability does not necessarily translate into immediate cash generation.
Valuation is another consideration. At the upper price band, the pre-issue P/E was approximately 23.70x based on FY2026 EPS, while the post-issue P/E was approximately 28.02x. Investors should compare the valuation with the company’s historical earnings, content pipeline and industry peers.
Overall, Sunshine Pictures has an established presence in content production, experienced promoters, low leverage and a profitable business model. At the same time, declining revenue, project-based earnings, customer concentration and cash-flow volatility are important risks.
Sunshine Pictures IPO Strengths
- Established presence in India’s film and entertainment industry.
- Experienced promoters and senior management.
- Track record across films, television and web series.
- Portfolio includes commercially recognised films.
- Multiple content monetisation opportunities.
- Experience with both standalone and co-production models.
- Low debt-to-equity ratio of 0.06 in FY2026.
- Net worth increased significantly between FY2024 and FY2026.
- Profitable business with FY2026 PAT of ₹40.02 crore.
- Strong FY2026 ROE and ROCE.
- Digital content presence provides additional audience and monetisation opportunities.
- Fresh issue proceeds are intended to strengthen working capital.
Sunshine Pictures IPO Risk Factors
- Film production is a project-based business with unpredictable revenue cycles.
- Commercial performance of individual films can materially affect financial results.
- Revenue declined during FY2024-FY2026.
- Significant customer concentration exists.
- The top five customers contributed a substantial portion of FY2026 revenue.
- Negative operating cash flow was reported in FY2026.
- Changes in audience preferences can affect content performance.
- Film production and marketing costs can increase project risk.
- Competition in the entertainment industry is intense.
- OTT and digital distribution models are continuously changing.
- Piracy can adversely affect content monetisation.
- Delays in production or release schedules may affect cash flows.
- Dependence on key creative and managerial personnel.
- Valuation needs to be assessed against the company’s project-based earnings profile.
Sunshine Pictures IPO Promoters
Sunshine Pictures Limited is promoted by Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah and Maurya Vipul Shah.
The promoters held 100% of the company’s share capital before the IPO. Following the issue, promoter and promoter group shareholding was expected to reduce to approximately 74.84%.
The promoters have experience in the Indian film and entertainment industry and have been associated with the development and production of Sunshine Pictures’ content portfolio.
Sunshine Pictures IPO Promoters Details
| Promoter | Designation / Role |
|---|---|
| Vipul Amrutlal Shah | Chairman & Managing Director |
| Shefali Vipul Shah | Whole Time Director |
| Aryaman Vipul Shah | Whole Time Director |
| Maurya Vipul Shah | Whole Time Director |
The promoter group held 2,63,48,750 equity shares before the IPO, representing 100% of the pre-issue share capital. The post-issue promoter and promoter group holding was expected to be approximately 74.84%.
Sunshine Pictures IPO Management Team
The company is managed by a team with experience in film production, entertainment, finance and corporate management.
| Name | Designation |
|---|---|
| Vipul Amrutlal Shah | Chairman & Managing Director |
| Aryaman Vipul Shah | Whole Time Director |
| Maurya Vipul Shah | Whole Time Director |
| Shefali Vipul Shah | Whole Time Director |
| Sunil Karda | Chief Financial Officer |
| Dhwani Sanjay Vora | Company Secretary & Compliance Officer |
The management team is responsible for content development, film production, business strategy, financial management and corporate compliance.
Sunshine Pictures IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, coordinating refunds and demat credit, and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | Bigshare Services Private Limited |
| Website | https://www.bigshareonline.com |
| IPO Allotment Status | https://ipo.bigshareonline.com/ipo_status.html |
| Email ID | [email protected] |
| Contact Number | 8657578989 / 8069219065 / 8069219060 |
Bigshare Services Private Limited was appointed as the registrar to the Sunshine Pictures IPO.
Sunshine Pictures IPO Lead Manager Details
The Book Running Lead Manager was responsible for managing the IPO process, coordinating regulatory requirements and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Manager | GYR Capital Advisors Private Limited |
| Website | https://www.gyrcapitaladvisors.com |
| Contact Person | Vinayak Morbale |
| Email ID | [email protected] |
| Investor Grievance Email | [email protected] |
GYR Capital Advisors Private Limited acted as the Book Running Lead Manager for the Sunshine Pictures IPO.
Sunshine Pictures Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Sunshine Pictures Limited |
| Registered Office | A-102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (West), Mumbai, Maharashtra – 400053 |
| Website | https://sunshinepictures.in |
| Email ID | [email protected] |
| Contact Number | +91 70390 02911 |
The company’s registered office is located in Andheri West, Mumbai, Maharashtra.
How to Check Sunshine Pictures IPO Allotment Status
Investors can check the Sunshine Pictures IPO Allotment Status through the registrar’s official website or the relevant stock exchange facilities after the basis of allotment is finalised.
Through Bigshare Services Private Limited
- Visit the official Bigshare IPO allotment portal.
- Select Sunshine Pictures IPO from the IPO list.
- Choose PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
Through NSE
- Visit the official NSE IPO bid verification facility.
- Select the relevant IPO.
- Enter the required PAN or application details.
- Complete the required verification.
- Submit the information to check the application status.
The Sunshine Pictures IPO allotment was scheduled for August 21, 2026, while refunds and demat credits were scheduled for August 24, 2026.
Sunshine Pictures IPO Conclusion
Sunshine Pictures IPO provided investors with an opportunity to invest in an established Indian film production and entertainment company with experience across films, web series, television content and digital media.
The company has an established content portfolio and has been associated with commercially recognised films. Its ability to operate through both standalone and co-production models provides flexibility in developing entertainment projects.
Financially, Sunshine Pictures remained profitable during the reported periods. FY2026 PAT stood at ₹40.02 crore, while net worth increased to ₹145.13 crore and borrowings declined to ₹9.09 crore. These figures indicate a relatively low-leverage balance sheet.
However, revenue declined from ₹139.46 crore of total income in FY2024 to ₹76.27 crore in FY2026. The project-based nature of the entertainment business means that financial results can vary significantly depending on the timing and success of individual projects.
Customer concentration and cash-flow performance also require careful attention. The top five customers accounted for approximately 74.81% of FY2026 revenue from operations, while the company reported negative operating cash flow during FY2026.
The IPO valuation also needs to be considered carefully. At the upper price band of ₹360, the pre-issue P/E was approximately 23.70x and the post-issue P/E was approximately 28.02x based on FY2026 earnings.
The Sunshine Pictures IPO Subscription Status was exceptionally strong, with the issue receiving 105.81 times overall subscription. The NII category recorded the highest subscription at 197.04 times, followed by QIBs at 123.52 times and retail investors at 56.60 times.
Overall, Sunshine Pictures has experienced promoters, an established entertainment track record, profitable operations and low financial leverage. Investors should nevertheless carefully evaluate the company’s declining revenue, project concentration, customer concentration, cash-flow volatility and IPO valuation before making an investment decision.
Sunshine Pictures IPO FAQs
What is Sunshine Pictures IPO?
Sunshine Pictures IPO was the Mainboard public issue of Sunshine Pictures Limited, an Indian film production and entertainment company involved in films, television, web series and digital content.
What was the Sunshine Pictures IPO Price?
The Sunshine Pictures IPO Price band was ₹342 to ₹360 per equity share. The final issue price was ₹360 per share.
What was the Sunshine Pictures IPO issue size?
The total Sunshine Pictures IPO issue size was approximately ₹282.14 crore, comprising a fresh issue of ₹172.80 crore and an Offer for Sale of approximately ₹109.34 crore.
What was the Sunshine Pictures IPO Lot Size?
The Sunshine Pictures IPO Lot Size was 41 equity shares. At the upper price band of ₹360, the minimum retail investment was ₹14,760.
When did the Sunshine Pictures IPO open and close?
The IPO opened for subscription on August 18, 2026 and closed on August 20, 2026.
What was the Sunshine Pictures IPO GMP?
The reported Sunshine Pictures IPO GMP was around ₹68 per share on August 23, 2026. GMP is an unofficial indicator and does not guarantee the actual listing price.
What was the Sunshine Pictures IPO Subscription Status?
The Sunshine Pictures IPO Subscription Status showed an overall subscription of 105.81 times. QIBs subscribed 123.52 times, NIIs 197.04 times and retail investors 56.60 times.
When was the Sunshine Pictures IPO Allotment?
The Sunshine Pictures IPO Allotment was scheduled to be finalised on August 21, 2026. Refunds and shares credited to demat accounts were scheduled for August 24, 2026.
Who was the registrar for Sunshine Pictures IPO?
Bigshare Services Private Limited was the registrar to the Sunshine Pictures IPO.
What does Sunshine Pictures Limited do?
Sunshine Pictures Limited is engaged in originating, developing, producing, marketing and distributing films, television serials, web series and related entertainment content.
