Sunshine Pictures IPO

The Sunshine Pictures mainboard IPO is open between 18 Aug 2026 and 20 Aug 2026, offered at a price band of ₹342–360 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹282.14 crore. Retail investors bid in lots of 41 shares, a minimum application of ₹14,760.

Issue structure

The offer combines a fresh issue of ₹172.8 crore with an offer for sale (OFS) of ₹109.34 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding the working capital requirements of the company (₹112.5 crore), alongside general corporate purposes.

Financials

In FY2026, Sunshine Pictures reported revenue of ₹76.27 crore and a net profit of ₹40.02 crore. Revenue declined from ₹139.46 crore in FY2024 to ₹76.27 crore in FY2026 (-45.0%). Net worth stood at ₹145.13 crore at the end of FY2026. At the upper band, that puts the issue at roughly 23.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 28.02× post-issue earnings and 6.54× book value, against a return on net worth of 27.58% and a debt-to-equity ratio of 0.06. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Baweja Studios and Panorama Studios International, with a median peer P/E of about 44.8×. The issue's own post-issue P/E works out to 28.02×.

Promoters

The promoters of the company are <p>Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, Maurya Vipul Shah</p>. Promoter holding stands at 100% before the issue and comes down to 74.84% after listing.

Grey market premium (GMP)

In the unofficial grey market, Sunshine Pictures shares are quoted at a premium of ₹65 implying an expected listing around ₹425, about +18.1% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Sunshine Pictures IPO was subscribed 105.81 times overall. The strongest demand came from non-institutional investors (NII) at 197.04 times, with qualified institutional buyers (QIB) at 123.52× and retail investors at 56.6×.

What to weigh

When evaluating the Sunshine Pictures IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Sunshine Pictures

Incorporated in 2007, Sunshine Pictures Limited is a production company engaged in the business of originating, creating, developing, producing, marketing, and distributing films, TV serials, and web series. The company is a technology-driven content creator specializing in innovative commercial films, covering script development, production, intellectual property creation, rights monetization, and distribution. The company has produced notable films like &lsquo;Force&rsquo;, &lsquo;Commando&rsquo;, &lsquo;Holiday&rsquo;, &lsquo;Force 2&rsquo;, &lsquo;Commando 2&rsquo;, and &lsquo;The Kerala Story&rsquo;, achieving commercial success and addressing social relevance. The company has produced ten commercial films (six co-produced), two web series, two TV serials, and one short film. It is currently co-producing two films with Jio Studios and producing one web series for Doordarshan. The company produces projects either as a sole producer or co-producer with reputable studios. It maintains a mix of co-produced and standalone projects, balancing risk and revenue potential, particularly for high-budget productions. The company is active on social media platforms like YouTube, Instagram, and Facebook. It has 162,960 YouTube subscribers, 9.18 crore views, and 104,500 followers across Instagram and Facebook, generating additional revenue from content streaming. As of December 15, 2024, the company has a total strength of 28 full-time employees. Competitive Strengths: Experienced Promoters supported by Senior Management team Established Track Record and long-standing relationships in the industry Differentiated and Robust Business Model High quality standards