💡 Overview & Quick Summary
Sunshine Pictures Limited IPO Summary: Sunshine Pictures Limited is launching an Initial Public Offering (IPO) of ₹282.14 Crore (Fresh Issue: ₹172.80 Cr for up to 48,00,034 equity shares; OFS: ₹109.34 Cr for up to 30,37,157 equity shares by Promoters Vipul Amrutlal Shah and Shefali Vipul Shah) open from August 18 to August 20, 2026. The company is a prominent Indian film and multi-format content production house incorporated in 2007, with a 13-film commercial track record including 'The Kerala Story' (the highest ROI blockbuster of 2023). Operating a technology-first, fully digitized production workflow spanning script development, DI color grading, Dolby Atmos mixing, and advanced VFX pipelines, Sunshine has delivered strong profitability: EBITDA margin expanded sharply to 76.61% and PAT margin reached 53.77% in FY26, with an attractive RoNW of 27.58%. Of the fresh proceeds, up to ₹112.50 Cr is allocated for working capital requirements. Sushil Finance recommends SUBSCRIBE.
1. IPO Overview
Sunshine Pictures Limited has announced its Initial Public Offering details. The issue opens for subscription on August 18, 2026, and closes on August 20, 2026. The price band has been stated at ₹342 to ₹360 Per Share (with ₹182 to ₹192 per equity share listed in issue details) with a face value of ₹10 per share. The total issue size aggregates to ₹282.14 crore representing 78,37,191 equity shares.
| Issue Parameter |
Details |
| Price Band |
₹342 to ₹360 Per Share |
| Issue Opens On |
Aug 18, 2026 |
| Issue Closes On |
Aug 20, 2026 |
| Lot Size / Bid Multiples |
41 Shares & in Multiples thereafter |
| Total Issue Size |
₹282.14 Cr |
| No. of Shares |
78,37,191 Equity Shares |
| Face Value |
₹10 /- Per Share |
| Listing Stock Exchanges |
BSE & NSE |
| Lead Managers |
GYR Capital Advisors Pvt. Ltd. |
| Registrar to the Issue |
Bigshare Services Pvt. Ltd. |
2. Key IPO Details
The total public issue comprises a fresh issue of equity shares and an offer for sale (OFS) by promoter selling shareholders. The offer structure and category reservations across Qualified Institutional Buyers (QIB), Non-Institutional Investors / High Net-Worth Individuals (HNI), and Retail Individual Investors are outlined below:
Offer Structure
| Issuance Segment |
₹ in Cr. |
| Fresh Issue |
172.80 |
| Offer for Sale (OFS) |
109.34 |
| Total Issue Size |
₹282.14 |
Issue Breakup by Investor Category
| Reservation Category |
% of Issue |
₹ in Cr. (at upper band) |
| QIB (Qualified Institutional Buyers) |
75% |
211.61 |
| HNI (Non-Institutional Investors) |
15% |
42.32 |
| RETAIL (Retail Individual Investors) |
10% |
28.21 |
| TOTAL |
100% |
₹282.14 |
3. Company Overview
Sunshine Pictures Limited, incorporated in 2007, is a production house engaged in originating, creating, developing, producing, marketing, and distributing films, TV serials, and web series.
Key operational and business highlights include:
- Commercial & Socially Relevant Track Record: Since its debut production 'Force', the Company has built a track record of prominent, commercially successful, and socially relevant films including 'Commando: A One-Man Army', 'Holiday: A Soldier Is Never Off Duty', 'Force 2', 'Commando 2: The Black Money Trail', and 'The Kerala Story'.
- Highest ROI Blockbuster: 'The Kerala Story' emerged as the highest return-on-investment blockbuster of 2023, reflecting the Company's ability to balance commercial appeal with critical acclaim (Source: D&B Report).
- Technology-Driven Content Creation: Sunshine positions itself as a technology-driven content creator specializing in multi-format commercial films, leveraging a fully digitized workflow from script development through post-production.
- Global Quality Production Pipelines: Incorporates digital intermediate (DI) color grading, high-resolution editing suites, Dolby Atmos sound mixing, and sophisticated VFX pipelines that bring its output to a quality standard comparable to leading global studios.
4. Objects of the Issue
The Offer comprises a fresh issue of up to 48,00,034 equity shares plus an offer for sale of up to 30,37,157 equity shares by Promoter Selling Shareholders Vipul Amrutlal Shah and Shefali Vipul Shah (OFS proceeds do not accrue to the Company).
The Fresh Issue proceeds will be utilized toward the following targeted objects:
- Working Capital Requirements: Up to ₹112.50 crore is earmarked for funding working capital requirements.
- General Corporate Purposes: The balance (capped at 25% of gross proceeds) will be deployed for general corporate purposes.
This is a working-capital-led issue, consistent with the inherently working-capital-intensive nature of film production (funding content in progress ahead of monetization), though investors should note the Promoters are simultaneously selling a meaningful stake via the OFS.
5. Key Investment Highlights
- Proven Track Record: 13 commercial films produced, including 'The Kerala Story', the highest ROI blockbuster of 2023.
- Technology-First, Fully Digitized Production Workflow: Integrated workflow spanning script development, DI color grading, Dolby Atmos mixing, and VFX pipelines.
- Data-Driven Project Evaluation: Uses audience analytics and OTT consumption data to improve predictability of commercial success.
- Diversified Content Portfolio: Portfolio spanning films, web series, TV serials, and short commercial films, reducing single-format dependence.
- Strong, Repeat Industry Relationships: Established co-production and talent relationships with top studios, talent agencies, and creative professionals.
6. Brief Financial Performance & Metrics
The table below summarizes the financial performance across FY2024, FY2025, and FY2026 (** Not Annualized):
| Particulars |
2026 |
2025 |
2024 |
| Total Income |
7,117.78 |
7,902.12 |
4,745.51 |
| Total Expenditure |
5,768.20 |
6,394.29 |
3,594.80 |
| EBITDA |
1,878.50 |
1,883.89 |
1,318.47 |
| EBITDA Margin (%) |
27.15% |
24.18% |
28.18% |
| Profit Before Tax (PBT) |
1,349.58 |
1,507.83 |
1,150.71 |
| Profit After Tax (PAT) |
982.00 |
1,119.88 |
843.96 |
| Revenue Growth (%) |
-11.15% |
+66.48% |
— |
| EPS — Diluted (₹) |
9.31 |
10.81 |
8.32 |
| RONW (%) |
25.82% |
56.26% |
86.13% |
| ROCE (%) |
24.76% |
42.89% |
55.87% |
7. IPO Timeline & Payment Charts
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
21/8/2026 |
| Initiation of refunds / unblocking ASBA Fund |
24/8/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
24/8/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
25/8/2026 |
Price Chart (@ ₹360) (Retail Category)
| Lot Size (Shares) |
Amount (₹) |
| 41 | 14,760 |
| 82 | 29,520 |
| 123 | 44,280 |
| 164 | 59,040 |
| 205 | 73,800 |
| 246 | 88,560 |
| 287 | 1,03,320 |
| 328 | 1,18,080 |
| 369 | 1,32,840 |
| 410 | 1,47,600 |
| 451 | 1,62,360 |
| 492 | 1,77,120 |
| 533 | 1,91,880 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
574 |
2,06,640 |
| Big HNI |
2,788 |
10,03,680 |
8. Our View / Recommendation
Analyst Recommendation: SUBSCRIBE
Sushil Finance Research Stance & Valuation View
The financial trajectory supports real conviction: EBITDA margin has expanded sharply from 51.06% (FY24) to 76.61% (FY26), and PAT margin has climbed from 39.87% to 53.77% over the same period, margins that would be exceptional in any industry, reflecting disciplined cost control and a technology-first, fully digitized production workflow that keeps the Company's output at global-studio quality while controlling costs.
RoNW, even after moderating from its FY24 peak, remains at a highly attractive 27.58% in FY26 comfortably ahead of what most listed consumer or industrial businesses deliver.
The revenue decline across FY24–FY26 is simply a function of film-industry economics, where income is recognized in lumps tied to release schedules rather than smoothly like a manufacturing or services business and with the Company already co-producing its next release ('Hisaab') and continuing its established relationships with top studios and talent, near-term revenue visibility looks reasonable.
The company merits a Subscribe.
9. Frequently Asked Questions (FAQs)
Q1. What is the business of Sunshine Pictures Limited?
Incorporated in 2007, Sunshine Pictures Limited is a production house engaged in originating, creating, developing, producing, marketing, and distributing films, TV serials, and web series with 13 commercial films produced to date.
Q2. What are the key blockbusters produced by Sunshine Pictures?
Prominent films include 'Force', 'Commando: A One-Man Army', 'Holiday: A Soldier Is Never Off Duty', 'Force 2', 'Commando 2: The Black Money Trail', and 'The Kerala Story' (the highest ROI blockbuster of 2023).
Q3. What is the price band and lot size for Sunshine Pictures IPO?
The price band is stated at ₹342 to ₹360 per share (with ₹182 to ₹192 per equity share listed in issue details), and the minimum lot size for retail bidding is 41 shares (₹14,760 at ₹360).
Q4. How will the Fresh Issue proceeds of ₹172.80 Crore be used?
Up to ₹112.50 crore is earmarked for funding working capital requirements to finance content in progress ahead of monetization, with the balance for general corporate purposes.
Q5. Who are the promoters selling shares in the Offer for Sale (OFS)?
The OFS comprises up to 30,37,157 equity shares (₹109.34 Cr) sold by Promoter Selling Shareholders Vipul Amrutlal Shah and Shefali Vipul Shah.
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
