IPO Overview
Incorporated in 2007, Sunshine Pictures Limited is a film and content production company engaged in the business of originating, developing, producing, creating, marketing, and distributing films, TV serials, and web series. The company covers the entire content lifecycle including script development, film production, intellectual property (IP) creation, rights monetisation, and multi-platform distribution. Sunshine Pictures has produced high-profile commercial titles such as ‘Force’, ‘Commando’, ‘Holiday’, ‘Force 2’, ‘Commando 2’, and ‘The Kerala Story’. To date, it has produced thirteen commercial films, two web series, three TV serials, and one short film. The company runs a fully digitised production workflow from script development to post-production, using digital-intermediate colour grading, Dolby Atmos mixing, and dedicated VFX pipelines. Two newer verticals — Sunshine Music and Sunshine Digital — add original music videos and web content to the slate.
The company is now launching its Mainboard IPO on BSE and NSE. The ₹282.14 crore issue comprises a Fresh Issue of ₹172.80 crore (48,00,034 shares) and an Offer for Sale of ₹109.34 crore (30,37,157 shares) by promoter selling shareholders Vipul Amrutlal Shah and Shefali Vipul Shah. The IPO is priced in a band of ₹342 to ₹360 per share, with a lot size of 41 shares and a minimum retail investment of ₹14,760. The IPO opens on 18 August 2026 and closes on 20 August 2026, with listing expected on 25 August 2026 on BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 18 August 2026 |
| IPO Close Date | 20 August 2026 |
| Allotment Date | 21 August 2026 (Expected) |
| Refund Initiation | 24 August 2026 |
| Credit to Demat | 24 August 2026 |
| Listing Date | 25 August 2026 (Tentative) |
| Price Band | ₹342 – ₹360 per share |
| Face Value | ₹10 per share |
| Lot Size | 41 shares |
| Minimum Investment (Retail) | ₹14,760 (1 lot = 41 shares) |
| Issue Size | ₹282.14 crore |
| Fresh Issue | 48,00,034 shares (₹172.80 crore) |
| Offer For Sale (OFS) | 30,37,157 shares (₹109.34 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The OFS portion of ₹109.34 crore will see promoter selling shareholders Vipul Amrutlal Shah and Shefali Vipul Shah offloading their stakes. The company will not receive any proceeds from the OFS component — only fresh issue proceeds will flow to the company.
Objects of the Issue (Fund Utilization)
The fresh proceeds of ₹172.80 crore are proposed to be utilised as follows: ₹94 crore towards funding working capital requirements of the company, with the remainder towards general corporate purposes.
- Working capital requirements — ₹94 crore
- General corporate purposes — remaining proceeds
Note: High working capital requirements are characteristic of this business — net working capital stood at ₹126.46 crore (169.89% of revenue from operations) as of March 2026, as film productions require significant upfront capital before revenues are realised.
Lead Managers & Registrar
- Book Running Lead Manager: GYR Capital Advisors Private Limited
- Registrar to the Issue: Bigshare Services Private Limited
- Email: [email protected]
- Phone: +91 22-6263 8200
Promoters & Management
The company is promoted by Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, and Maurya Vipul Shah. Chairman and Managing Director Vipul Amrutlal Shah has over 25 years of experience in the Indian film industry, having helmed blockbuster franchises like Commando and Force, making him one of the most commercially successful producers in Hindi cinema.
Company Details
Sunshine Pictures has capabilities across the entire content value chain, covering script development, production, marketing, IP creation, and monetisation of content rights. It generates revenue through multiple channels, including theatrical releases, OTT platforms, satellite broadcasting, and music rights across domestic and international markets.
Content Formats:
- Feature Films (Commercial & Co-productions)
- Web Series (OTT platforms)
- Television Serials
- Short Films
- Original Music Videos (Sunshine Music)
- Digital Content (Sunshine Digital)
Key Productions:
- Force, Force 2
- Commando, Commando 2
- Holiday
- The Kerala Story
Key Capabilities:
- Fully digitised production workflow from script development to post-production, including digital-intermediate colour grading, Dolby Atmos mixing, and dedicated VFX pipelines.
- Mix of standalone and co-production projects, helping manage production risks while sharing costs and potential returns with studio partners such as Jio Studios.
Office Address:
- A-102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (W), Mumbai – 400 053, Maharashtra
Team Size: As of June 30, 2026, the company has a total strength of 28 full-time employees.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹105.80 | ₹34.46 |
| FY26 | ₹76.27 | ₹40.02 |
Key Financial Metrics
- EBITDA Margin: ~78.65% in FY26 — exceptionally high for a media production company.
- Borrowings limited to ₹9.09 crore against net worth of ₹145.13 crore — Debt-to-Equity ratio of just 0.06, indicating a very comfortable balance sheet.
- ROCE: 36.20% | ROE: 31.99% in FY26 — strong return ratios reflecting efficient capital use.
- Revenue declined from ₹105.80 crore (FY25) to ₹76.27 crore (FY26), though PAT grew from ₹34.46 crore to ₹40.02 crore — indicating improved profitability despite lower revenue.
Company Strengths
- Established studio track record in commercial feature films, OTT web series, and television broadcasts — with proven blockbuster productions across multiple franchises.
- Exceptionally high EBITDA margin of ~78.65% and low leverage (Debt-to-Equity of 0.06) — strong and disciplined financial profile.
- Diversified content portfolio spanning feature films, web series, television serials, and short films, reducing dependence on any single format.
- De-risked portfolio combining self-produced titles and fixed-fee co-productions, delivering assured revenue while retaining IP and profit-share upside.
- Multi-platform monetisation across theatrical release, OTT licensing, television rights, and digital content streaming in India and overseas.
- Experienced promoter Vipul Amrutlal Shah with over 25 years of film industry expertise and a strong network with studios and distributors.
Key Risks & Challenges
- Revenue decline in FY26: Revenue dropped from ₹105.80 crore (FY25) to ₹76.27 crore (FY26) — indicating dependence on the timing and success of film releases.
- Negative operating cash flow of -₹33.21 crore in FY26 — a significant concern as it reflects the heavy upfront cash burn involved in film production.
- Revenue is highly concentrated — the top five customers accounted for 74.81% of revenue from operations in FY26, leaving the company exposed to client-level risk.
- Content objections can lead to bans or legal challenges — as seen with ‘The Kerala Story’ facing bans in certain regions — posing regulatory and reputational risk.
- OFS component: A portion of ₹109.34 crore goes to promoters exiting, which does not benefit the company directly.
- Tiny team: With only 28 full-time employees, the business is highly dependent on key individuals — especially the promoter — creating key-man risk.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
