Sunshine Pictures IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Sunshine Pictures

Price band

₹342 – ₹360

Lot size

41 shares

Min investment

₹14,760

Issue size

₹282.14 Cr

About the company

Sunshine Pictures Limited was started in 2007. It is a film and content production company. The company develops the script, produces the film or show, creates the intellectual property, and then earns from selling and licensing those rights. The company has made films such as Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story. Till now it has produced ten commercial films, of which six were co-produced with other studios, along with two web series, two TV serials and one short film. At present it is co-producing two films with Jio Studios and making one web series for Doordarshan. The company works both as a sole producer and as a co-producer. For big budget projects it takes a partner so that the risk and the return are shared. It also earns from its own social media and streaming presence, with about 1,62,960 YouTube subscribers and 1,04,500 followers on Instagram and Facebook. As on 30 June 2026 it had 28 full time employees.

Sunshine Pictures Limited is a film and content production company that owns the rights to what it makes. Its films include Force, Commando, Holiday and The Kerala Story, and it is currently co-producing two films with Jio Studios and a web series for Doordarshan.

IPO details

Issue price: ₹360
Price band: ₹342 – ₹360
Face value: ₹10
Lot size: 41
Min investment: ₹14,760
Issue size: ₹282.14 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7892
NSE symbol: SUNSHINE.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	41	₹14,760
Retail (Max)	13	533	₹1,91,880
S-HNI (Min)	14	574	₹2,06,640
B-HNI (Min)	68	2,788	₹10,03,680

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII	Not less than 15% of the Net Offer

Objects of the issue

1Funding the working capital requirements of the Company940.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2025	31 Mar 2024
Assets	131.28	97.38
Total Income	105.80	139.46
Profit After Tax	34.46	53.35
EBITDA	50.76	73.97
NET Worth	105.07	70.60
Reserves and Surplus	78.72	70.47
Total Borrowing	11.16	16.67

Key performance indicators

P/E Ratio

28.02

EPS (₹)

12.85

RoE

31.99%

RoCE

36.20%

RoNW

27.58%

PAT Margin

53.77%

EBITDA Margin

78.65%

Debt / Equity

0.06

NAV (₹)

55.08

✓ Strengths

• The company owns the rights to the content it makes, so one film can keep earning for years through satellite, digital and music rights.

• It has a hit record. The Kerala Story, Force, Commando and Holiday were commercially successful films.

• Margins are high because it is an IP business and not a fixed asset business. EBITDA was Rs 50.76 crore on total income of Rs 105.80 crore in FY2025.

• The company is almost debt free. Total borrowing was only Rs 11.16 crore as on 31 March 2025, and it came down from Rs 16.67 crore a year before.

• Net worth improved from Rs 70.60 crore to Rs 105.07 crore between FY2024 and FY2025.

• It works with established studios. Two films are being co-produced with Jio Studios and one web series is being made for Doordarshan.

• Co-production spreads the risk on high budget films instead of putting the full cost on the company.

⚠ Risks

• The latest year shown in the offer document was weaker. Total income fell from Rs 139.46 crore in FY2024 to Rs 105.80 crore in FY2025, and profit after tax fell from Rs 53.35 crore to Rs 34.46 crore.

• This is the costliest of the current mainboard issues on earnings. At the upper band of Rs 360 the post issue P/E is about 32.55 times on an EPS of Rs 11.06.

• Film income is lumpy and cannot be predicted. One good film can lift a whole year and one failure can wipe out the profit of that year.

• The company is very small in people terms, with only 28 full time employees, so the business depends heavily on a few key persons and on the promoters.

• Only ten films have been made so far and six of them were co-produced, so the number of fully own productions is small.

• Success depends on public taste, star availability, release date clashes and censor clearance, none of which are in the company control.

• A part of the issue is an offer for sale, so that money goes to the selling shareholders and not to the company.

• Competition is heavy from large studios and from OTT platforms that now produce their own content.

Promoters & holding

Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah and Maurya Vipul Shah

Pre-issue promoter holding

100%

Post-issue promoter holding

74.84%

Data refreshed 07 Nov 2026, 05:05 pm IST. GMP is unofficial market sentiment, not investment advice.