Sunshine Pictures IPO
Last updated:
Sunshine Pictures IPO Price Range is ₹342 - ₹360, with a minimum investment of ₹14,760 for 41 shares per lot.
Subscription Rate
4.33x
as on 18 Aug 2026, 08:01PM IST
Minimum Investment
₹14,760
/ 41 shares
IPO Status
Live
Price Band
₹342 - ₹360
Bidding Dates
Aug 18, 2026 - Aug 20, 2026
Issue Size
₹282.14 Cr
Lot Size
41 shares
Min Investment
₹14,760
Listing Exchange
BSE
IPO Doc
Sunshine Pictures IPO Application Timeline
Objectives of IPO
- The IPO of Sunshine Pictures Limited is worth ₹282.14 crore. This includes a fresh issue of up to ₹172.8 crore and an offer for sale of ₹109.34 crore. Money from the fresh issue goes to the company to fund its business, while money from the offer for sale goes directly to the selling shareholders, including founders Vipul Amrutlal Shah and Shefali Vipul Shah. The company plans to use the fresh issue proceeds for the purposes below.
- It plans to use up to ₹112.50 crore from the fresh issue to cover its everyday business expenses. In the movie business, costs come much earlier than revenue, as the company has to pay actors and crew, rent equipment, and arrange shooting locations well before it earns from theatres or streaming deals. So far, it has produced 13 commercial movies, 2 web series, 3 TV shows, and 36 music videos, with 6 movies and 2 web series currently in the pipeline. As the number of projects has grown, so have its cash needs. Working capital - the money needed to keep the business running - rose from ₹51.03 crore in FY24 to ₹72.98 crore in FY25 and ₹126.46 crore in FY26.
- The remaining fresh issue proceeds will be used for broader business needs. The company may use this money for strategic moves such as partnerships, joint ventures, acquisitions, brand-building and advertising, and repayment of borrowings, excluding loans from its promoters or promoter group.
Financial Performance of Sunshine Pictures
The company’s FY26 financial statements are shown on a standalone basis because it sold its entire stake in its two associate companies, De Novo Hospitality and Force Productions LLP, during FY25. This means there were no other companies left to consolidate. While earlier years were reported on a consolidated basis, the numbers are still fully comparable across all three years. Under Indian Accounting Standards (Ind AS), investments in associates are accounted for using the equity method. In simple words, the associate’s revenue and expenses are not added line by line to the company’s accounts; only its share of net profit is recorded. Since the company’s share of profits from both associates was nil in FY24 and 2025, the consolidated numbers were effectively the same as standalone numbers, making the three years directly comparable.
Operating revenue fell from ₹133.80 crore in FY24 to ₹103.33 crore in FY25, and then to ₹74.44 crore in FY26. This decline mainly reflects the company’s movie release cycle. FY24 and FY25 were unusually strong years, helped by the major monetization of The Kerala Story and Bhed Bharam, respectively. FY26 was more of a normal year, with fewer projects reaching billing milestones. Even with lower revenue, net profit fell from ₹53.35 crore in FY24 to ₹34.46 crore in FY25, before recovering to ₹40.02 crore in FY26. This recovery was largely driven by a 73.27% fall in operating costs to ₹13.63 crore, as ₹67.70 crore of ongoing production costs were recorded as closing media inventory. In other words, these costs were pushed into future periods, which temporarily lifted reported profit.
This treatment of content costs pushed the operating EBITDA margin up to 76.61% and the profit margin to 53.77% in FY26. At the same time, total assets grew steadily from ₹97.38 crore in FY24 to ₹131.28 crore in FY25, reaching ₹179.64 crore in FY26. The increase mainly came from higher working capital needs, as more projects being developed at the same time led to larger content inventories and trade receivables. Meanwhile, total borrowings fell from ₹16.67 crore in FY24 to ₹11.16 crore in FY25, and further to ₹9.09 crore in FY26.
Strengths and Risks
Strengths
It follows a two-part strategy, combining co-productions with standalone films. Co-productions like Hisaab offer fixed fees and shared risks, while solo films like The Kerala Story give it the chance to keep 100% of the profits.
The company delivers unusually strong standalone margins. In FY26, its operating EBITDA margin was 76.61%, while its PAT margin (profit left after all expenses) stood at 53.77%, resulting in a profit after tax of ₹40.02 crore.
Its balance sheet remains in a comfortable position. As of March 31, 2026, its net worth stood at ₹145.13 crore, against total borrowings of just ₹9.09 crore. This resulted in a very low debt-to-equity ratio of 0.06.
The company is backed by experienced industry professionals. Founder Vipul Amrutlal Shah has over 25 years of filmmaking experience and has directed several blockbusters. His reputation helps the company build strong industry relationships and attract well-known acting talent.
The company is gradually reaching more audiences outside India. In FY26, standalone export revenue from selling distribution rights overseas rose to ₹10.01 crore, contributing 13.45% of its total operating revenue, compared to just 3.2% in FY24.
The company also makes good use of the capital invested in the business. In FY26, it reported a strong Return on Net Worth (RoNW) of 27.58% and standalone Return on Capital Employed (RoCE) of 36.54%, showing that it can generate healthy returns from the money invested in the business.
Risks
The company depends heavily on a small number of studios and distributors. In FY26, its top 5 customers generated 74.81% of total operating revenue, worth ₹55.69 crore. Losing even one major relationship could have a serious impact on its financial performance.
The company has struggled to generate steady positive cash flow. In FY26, operating cash flow fell deeply negative to ₹33.21 crore, mainly because large amounts of money were tied up in content production and unpaid customer dues.
The company takes a long time to collect payments, and the situation has worsened. The trade receivables reached ₹66.51 crore in FY26, while receivable days, the time taken to collect money from customers, jumped from 11 days in FY24 to 233 days in FY26, mainly due to project billings being raised late in the quarter.
Its content inventory is difficult to convert into cash quickly. With fewer projects being released, inventory days climbed sharply to 1,328 days in FY26. Media content under production alone stood at ₹67.70 crore, out of total inventory of ₹75.06 crore.
The company also faces sizeable unresolved legal claims. It has contingent liabilities, potential payments that may arise if disputes go against it, of ₹31.73 crore. This includes a disputed income tax order of ₹18.82 crore and a CGST service tax demand of ₹12.90 crore.
Revenue can be uneven because the business depends on individual movie releases and their success. The company’s revenue from operations fell 27.96% in FY26 to ₹74.44 crore, showing how a year without a major blockbuster can lead to sharp swings in business performance.
How to Apply for Sunshine Pictures IPO on INDmoney
- Download the INDmoney app and complete your KYC.
- Go to INDstocks → IPO, or just search “IPO”.
- Tap on Sunshine Pictures IPO from the list of live IPOs.
- View key details like price band, lot size, and dates.
- Tap Apply Now and choose your number of lots.
- Use INDpay UPI for instant mandate tracking.
- Your funds will be blocked until the share allotment is finalized.
Listed Competitors of Sunshine Pictures
Company | Operating Revenue (₹ Cr) | EBITDA Margin | Profit (₹ Cr) | P/E Ratio | Return on Equity | Return on Capital Employed | Net Asset Value Per Share (₹) | Debt-Equity Ratio |
Sunshine Pictures | ₹74.44 Cr | 78.65% | ₹40.02 Cr | 28.02 | 31.99% | 36.20% | ₹55.08 | 0.06 |
₹308.50 Cr | 10.50% | ₹15.67 Cr | 81.00 | 7.59% | 7.30% | ₹8.47 | 0.59 | |
₹68.94 Cr | 17.51% | ₹6.07 Cr | 8.68 | 5.67% | 7.58% | ₹59.73 | 0.35 | |
₹210.83 Cr | -25.08% | -₹49.65 Cr | N/A | -7.75% | -9.74% | ₹51.22 | 0.03 |
Sunshine Pictures Shareholding Pattern
| Promoters & Promoter Group | 100% | |
| Name | Role | Stakeholding |
| Vipul Amrutlal Shah | Promoter | 29.05% |
| Shefali Vipul Shah | Promoter | 25% |
| Aryaman Vipul Shah | Promoter | 22.97% |
| Maurya Vipul Shah | Promoter | 22.97% |
| Others | 0.01% |
About Sunshine Pictures
Instead of selling physical products, it sells entertainment. It packages its stories and sells the rights or permission to watch or listen to them across theatres, TV, and the internet. Its customers are the middlemen who bring this entertainment to you, such as movie theatres, TV channels, streaming platforms like Zee Studios, Jio Studios, and Amazon, and digital music platforms.
It mainly operates in India, but also sells its movie rights to overseas distributors. In FY26, overseas sales brought in ₹10.01 crore, or 13.45% of total revenue. Its growing content library includes 13 commercial movies (7 co-produced and 6 self-produced), 2 web series, 3 TV shows, and 36 music videos. It also runs a YouTube channel with over 167,000 subscribers and more than 104.04 million views.
It makes money in three main ways: selling theatrical rights at the box office, selling streaming and broadcasting rights to digital platforms and TV channels, and licensing music.
Customers work with the company because of its experienced leadership. It is led by veteran filmmaker Vipul Amrutlal Shah, who has over 25 years of experience and has directed popular films like Namastey London and Singh Is Kinng, along with award-winning actress Shefali Vipul Shah.
What makes the business interesting is how it balances risk in two ways:
1) Partnering Up (Co-productions): It works with established studios to make big-budget films, sharing the costs and risks while creating a more stable earnings base.
2) Going Solo (Standalone productions): It fully funds films on its own. When a movie becomes a blockbuster, like The Kerala Story, it can keep 100% of the profits and retain the rights.
Looking ahead, it plans to produce more content at the same time, grow its music label Sunshine Music, invest in post-production and VFX studios, and explore virtual reality (VR).
For more details, visit here: https://sunshinepictures.in
Know more about Sunshine Pictures
Sunshine Pictures IPO Review: High Margins, But Where Is the Cash?
Sunshine Pictures IPO review covering its business, growth opportunity, risks, valuation, GMP, and cash flow to assess whether its strong profits justify the IPO price.
Frequently Asked Questions of Sunshine Pictures IPO
What is the size of the Sunshine Pictures IPO?
What is the allotment date of the Sunshine Pictures IPO?
What are the open and close dates of the Sunshine Pictures IPO?
What is the lot size of Sunshine Pictures IPO?
When will my Sunshine Pictures IPO order be placed?
Can we invest in Sunshine Pictures IPO?
What would be the listing gains on the Sunshine Pictures IPO?
What is 'pre-apply' for Sunshine Pictures IPO?
Who are the promoters of Sunshine Pictures?
Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, and Maurya Vipul Shah are the promoters of Sunshine Pictures. They are the key creative and business minds behind the company and together own 99.99% of its pre-IPO equity share capital.
Who are the competitors of Sunshine Pictures?
Sunshine Pictures operates in a highly competitive entertainment industry. Its main listed peers for financial comparison are Panorama Studios International Ltd, Baweja Studios Limited, and Balaji Telefilms Limited. It also competes with large unlisted players such as Yash Raj Films, Dharma Productions, and Maddock Films Private Limited.
How does Sunshine Pictures make money?
Sunshine Pictures earns money by producing and distributing movies, web series, TV shows, and music. In FY26, it generated ₹74.44 crore in total operating revenue. Movie production and distribution was its biggest business, contributing ₹66.76 crore, or 89.68% of total revenue.