Sunshine Pictures Limited, incorporated in 2007, is a production house engaged in creating, producing, marketing and distributing films, TV serials and web series, along with script development, IP creation and rights monetisation.
The company has produced and distributed notable films including ‘Force’, ‘Commando: A One-Man Army’, ‘Holiday: A Soldier Is Never Off Duty’, ‘Force 2’, ‘Commando 2: The Black Money Trail’ and ‘The Kerala Story’. As of 10 August 2026, it had produced 13 commercial films, 2 web series, 3 TV serials and 1 short commercial film.
The company follows standalone and co-production models, with standalone projects retaining full rights and co-productions helping reduce risk and provide revenue visibility.
The company earns revenue from film production, OTT/web series, TV serials, music rights, and digital platforms, supported by its Sunshine Music and Sunshine Digital verticals.
The company is currently co-producing ‘Hisaab’ with Jio Studios, producing ‘Samuk’, and producing the web series ‘Nanavati vs Nanavati’ for Amazon Seller Services. It also has six films and two web series in its production pipeline.
As of June 2026, Sunshine Pictures had 28 full-time employees across various departments.
Sunshine Pictures IPO – Details
| IPO Opening Date | 18 August 2026 |
| IPO Closing Date | 20 August 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 78,37,191 Shares Worth ₹282.14 Crore Fresh Issue: 48,00,034 Shares Worth ₹172.80 Crore Offer For Sale: 30,37,157 Shares Worth ₹109.34 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹342 – ₹360 per share |
| Market Lot | 41 Shares |
| Min Order | 41 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Bigshare Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Sunshine Pictures IPO – Date Schedule
| IPO Open Date | 18 August 2026 |
| IPO Close Date | 20 August 2026 |
| Basis of Allotment | 21 August 2026 |
| Initiation of Refund | 24 August 2026 |
| Credit of Shares to Demat Account | 24 August 2026 |
| IPO Listing Date | 25 August 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 20, 2026 |
Sunshine Pictures IPO – Lots Size & Price
| 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 |
| S-HNI (Max) | 67 | 2747 | ₹9,88,920 |
| B-HNI (Min) | 68 | 2788 | ₹10,03,680 |
Competitive Strength
- 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.
Company Promoters
- Vipul Amrutlal Shah
- Shefali Vipul Shah
- Aryaman Vipul Shah
- Maurya Vipul Shah
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 (Consolidated) | ₹139.46 Cr | ₹68.40 Cr | ₹53.35 Cr | ₹16.67 Cr |
| 31 March 2025 (Consolidated) | ₹105.80 Cr | ₹59.59 Cr | ₹34.46 Cr | ₹11.16 Cr |
| 31 March 2026 (Standalone) | ₹76.27 Cr | ₹21.90 Cr | ₹40.02 Cr | ₹9.09 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 31.99% |
| ROCE | 36.20% |
| Debt/Equity | 0.06 |
| RoNW | 27.58% |
| PAT Margin | 53.77% |
| EBITDA Margin | 78.65% |
| NAV | 55.08 |
| Price to Book Value | 6.54 |
| Pre IPO | Post IPO | |
| EPS (₹) | 13.08 | 11.06 |
| P/E (X) | 27.52 | 32.55 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding the working capital requirements of the Company. | ₹940.00 |
| General Corporate Purposes. |
Sunshine Pictures IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 2 | Panorama Studios International Ltd | 81.00 |
| 2 | 10 | Baweja Studios Limited | 8.68 |
| 3 | 2 | Balaji Telefilms Limited | NA |
✅Strengths
- Experienced management with strong industry expertise.
- Established track record with successful films and industry relationships.
- Diversified business model through standalone and co-production projects.
- Multiple revenue streams from theatrical, OTT, TV and music rights.
- Growing digital presence through Sunshine Music and Sunshine Digital.
⚠️Risks
- Unpredictable film success due to changing audience preferences.
- Revenue fluctuations based on project timing and box-office performance.
- Intense competition from larger studios and OTT platforms.
- Dependence on key talent for successful content production.
- Changing technology and piracy may impact competitiveness and revenues.
Sunshine Pictures IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 74.84% |
Sunshine Pictures IPO Prospectus
Company Contact Information
| Sunshine Pictures Limited A -102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (W), Mumbai, Maharashtra, 400053 Phone: +91 70390 02911 Email: compliance@sunshinepictures.in Website: https://sunshinepictures.in/ |
Sunshine Pictures IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: 8657578989/8069219065/8069219060 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Sunshine Pictures IPO Lead Manager(s)
| 1. GYR Capital Advisors Pvt. Ltd. |
Sunshine Pictures IPO FAQs
| What is the Sunshine Pictures IPO? Sunshine Pictures IPO is a main-board IPO. The issue is priced at ₹342 to ₹360 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Sunshine Pictures IPO open? The IPO is to open on 18 August 2026 for QIB, NII, and Retail Investors. |
| What is Sunshine Pictures IPO investors’ portion? The investors’ portion is QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Sunshine Pictures IPO Size? Sunshine Pictures IPO size is ₹282.14 Crore. |
| What are the Sunshine Pictures IPO Minimum and maximum lot sizes for Retail? The minimum bid is 41 Shares with ₹14,760, while the maximum bid is 533 Shares with ₹1,91,880. |
| What is the Sunshine Pictures IPO Allotment Date? Sunshine Pictures IPO allotment date is 21 August 2026. |
| What is the Sunshine Pictures IPO Listing Date? Sunshine Pictures IPO listing date is 25 August 2026. The IPO is to be listed on the BSE and the NSE. |
