Sunshine PicturesIPO Review — Financials, Valuation & Peers
A data-only look at the Sunshine Pictures IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 139.46 | 53.35 | 73.97 | 70.6 | 97.38 | 16.67 | — |
| FY 2025 | 105.8 | 34.46 | 50.76 | 105.07 | 131.28 | 11.16 | — |
| FY 2026 | 76.27 | 40.02 | 58.55 | 145.13 | 179.64 | 9.09 | 15.19 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 23.7x
- P/E (post-issue)
- 28.02x
- RoNW
- 27.58%
- RoE
- 31.99%
- RoCE
- 36.2%
- Debt / Equity
- 0.06
- EPS (pre-issue)
- ₹15.19
- EPS (post-issue)
- ₹12.85
- EBITDA Margin
- 78.65%
- PAT Margin
- 53.77%
- P/BV
- 6.54x
- NAV / share
- ₹55.08
- Market Cap
- ₹1,121.36 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Sunshine Pictures | 15.19 | 55.08 | — | 27.58% | — | Consolidated |
| Balaji Telefilms | -4.09 | 51.22 | — | -7.96% | 1.65x | Consolidated |
| Baweja Studios | 3.29 | 59.73 | 8.68x | 5.52% | 0.47x | Consolidated |
| Panorama Studios International | 0.6 | 8.47 | 81x | 7.1% | 6x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, Maurya Vipul Shah</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 74.84%
- Dilution
- 25.16%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Avoid |
Third-party analyst views on the Sunshine Pictures IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the Sunshine Pictures IPO drew 9 institutional investors committing a combined ₹84.64 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to UNI GROWTH FUND (₹20 crore), ASIO FUND VCC,THE-SUB FUND 4 (₹10 crore) and KHANDELWAL FINANCE PVT.LTD. (₹10 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 20 Sept 2026, with the remainder locked until 19 Nov 2026.
Analyst view tally
For the Sunshine Pictures IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "Avoid". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Sunshine Pictures operates at an EBITDA margin of 78.65% and a net (PAT) margin of 53.77% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 36.2% and a return on equity (RoE) of 31.99%. At the upper band, the post-issue market capitalisation works out to about ₹1,121.36 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
Frequently asked questions
- What is the reservation split in the Sunshine Pictures IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Sunshine Pictures and what is their holding?
- The promoters are <p>Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, Maurya Vipul Shah</p>. Promoter holding is 100% before the issue and 74.84% after listing.
- What is the P/E ratio of the Sunshine Pictures IPO?
- At the upper price band, the Sunshine Pictures IPO is valued at 23.7× pre-issue earnings and 28.02× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Sunshine Pictures IPO?
- The net proceeds go primarily toward funding the working capital requirements of the company, among 2 disclosed objects.