Sunshine Pictures IPO

Sunshine Pictures Limitedsunshinepictures.in

ListedMainboardCommunication ServicesNSE · BSE

Price band: ₹342 – ₹360
Issue size: ₹282 Cr
Lot size: 41 sh
Bidding: 18 – 20 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Sunshine Pictures is a Mumbai production house behind Hindi feature films and series, and the record describes a model of selling distribution rights rather than tickets: films and associated rights were 89.68% of FY26 revenue from operations of Rs 74.44 Cr, and the top five customers 74.81% of it. Revenue fell in both periods the record covers, from Rs 133.80 Cr in FY24 to Rs 103.33 Cr in FY25 and Rs 74.44 Cr in FY26, while profit after tax went from Rs 53.35 Cr to Rs 34.46 Cr and then Rs 40.02 Cr. The Rs 282.14 Cr issue, banded at Rs 342 to Rs 360, was 61.25% fresh capital (Rs 172.80 Cr) and 38.75% an offer for sale (Rs 109.34 Cr); on 20 August 2026, the only subscription day the record carries, it stood at 105.81 times overall. It listed on 25 August 2026 at Rs 395.90, 9.97% above the band top of Rs 360, closed that first day at Rs 369.20, and last traded at Rs 390.60 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

67Balanced

IPOVista score

Profitable but slow-growing

63% of the scoring model was backed by disclosed data for Sunshine Pictures, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2007 · Andheri (West), Mumbai, Maharashtra · 28 employees

Sunshine Pictures is a Mumbai production house that originates, develops, produces and sells the distribution rights to Hindi feature films, web series and television serials. It was incorporated in July 2007 as Energetic Films Private Limited, became Sunshine Pictures Private Limited in 2010, and took its present name in 2024. Its debut production was Force; later titles include Commando: A One Man Army, Holiday: A Soldier Is Never Off Duty, Force 2, Commando 2 and The Kerala Story. As at the prospectus date it had produced thirteen commercial films — seven co-produced with studios, six self-produced — plus two web series, three TV serials and one short film. It has since added music and YouTube originals verticals, and had 28 people on its own payroll in June 2026.

The company sells rights, not tickets: studios and independent distributors buy theatrical, OTT, satellite and music rights, so revenue arrives in lumps tied to release dates. Films and associated rights were 89.68% of FY26 revenue from operations of Rs 74.44 crore, and the top five customers were 74.81% of it. Production is outsourced — 150 to 300 crew per project against 28 payroll staff — which keeps fixed costs low but ties output to the slate. The structural constraint is working capital: a project cycle runs 15 to 30 months, and net working capital at 31 March 2026 was Rs 126.46 crore, or 169.89% of revenue from operations.

The company on paper

Legal name: Sunshine Pictures Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 14 Jul 2007
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U55100MH2007PLC172341
Sector: Communication Services · Hindi feature-film and web-series production and rights distribution
Employees: 28
Registered office: Andheri (West), Mumbai, Maharashtra
Promoters: Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, Maurya Vipul Shah
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 74.8%
Website: sunshinepictures.in

The numbers

Financial performance

Revenue has compounded at −25.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

61% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹173 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹109 Cr
Total issue size: ₹282 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 25.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription105.81×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹360.00
Listed at: ₹395.90
Listing gain: up 10.0%
Since listing: down 3.5%
Against the issue price: up 6.1%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 41
At cut-off price: ₹360.00
Amount blocked: ₹14,760

One lot is 41 shares at ₹14,760. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~2%

chance of one lot, per application

Retail subscription: 56.60×
Applicants per share available: 56.6× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹395.90

listed at, 10.0% against the issue price

Issue price: ₹360.00
Premium said: —
If allotted 41 shares: ₹1,472

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit after tax was Rs 40.02 Cr in FY26 against Rs 34.46 Cr in FY25, a rise of 16.13%, on revenue 27.96% lower at Rs 74.44 Cr against Rs 103.33 Cr.
EBITDA margin was 78.65% in FY26 (Rs 58.55 Cr on Rs 74.44 Cr), against 49.12% in FY25 (Rs 50.76 Cr on Rs 103.33 Cr) and 55.28% in FY24 (Rs 73.97 Cr on Rs 133.80 Cr).
Net worth rose in both periods on record, from Rs 70.60 Cr in FY24 to Rs 105.07 Cr in FY25 (up 48.82%) and Rs 145.13 Cr in FY26 (up 38.13%), while total borrowings fell in both, from Rs 16.67 Cr to Rs 11.16 Cr and then Rs 9.09 Cr. Borrowings were 23.61%, 10.62% and 6.26% of net worth in those three years.
On the final day, the only subscription day the record carries, the book stood at 105.81 times overall: non-institutional 197.04 times, qualified institutional 123.52 times and retail 56.60 times.

What to weigh against it

Revenue fell in both periods the record covers: Rs 133.80 Cr in FY24, Rs 103.33 Cr in FY25 (down 22.77%) and Rs 74.44 Cr in FY26 (down a further 27.96%). FY26 revenue was 44.36% below FY24.
Concentration is high on both axes the record measures. Films and associated rights were 89.68% of FY26 revenue from operations of Rs 74.44 Cr, and the top five customers 74.81% of it; the record names no customers.
Net working capital at 31 March 2026 was Rs 126.46 Cr, which the record puts at 169.89% of FY26 revenue from operations of Rs 74.44 Cr and which is 87.14% of FY26 net worth of Rs 145.13 Cr. The record gives a project cycle of 15 to 30 months and describes revenue as arriving in lumps tied to release dates.
Production is outsourced, with the record citing 150 to 300 crew per project against 28 people on the company's own payroll in June 2026.

Easy to miss in the prospectus

The record's financial history ends at FY26, where revenue was Rs 74.44 Cr against Rs 103.33 Cr in FY25 and Rs 133.80 Cr in FY24; later annual disclosures would show whether that pattern held.
Net working capital of Rs 126.46 Cr at 31 March 2026 sat against net worth of Rs 145.13 Cr and borrowings of Rs 9.09 Cr; subsequent balance sheets would show how those three moved.
The record's price data stops at 23 October 2026, when the share last traded at Rs 390.60, 8.50% above the band top of Rs 360 and 5.80% above the first-day close of Rs 369.20.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Sunshine Pictures — Prospectus dated 2026-08-2121 Aug 2026Filed after pricing, with every placeholder filled in.Opens on sunshinepictures.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: GYR Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Sunshine Pictures's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Sunshine Pictures Limited — Prospectus dated 21 August 2026 (company website, PDF; text extracted locally with pdftotext) · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 18 Aug 2026
Closes: 20 Aug 2026
Allotment: 21 Aug 2026
Lists: 25 Aug 2026
Revenue (FY26): ₹74.44 Cr
Profit (FY26): ₹40.02 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.