Q1. What is the business of Sunshine Picture Ltd?

Sunshine Pictures Ltd is a film, TV, and digital content production company engaged in creating, developing, producing, marketing, and distributing movies, web series, and serials, with a strong focus on commercially driven, technology-backed storytelling.

Q2. Why is the company raising funds via IPO?

The company is raising capital primarily to meet long-term working capital needs, support upcoming content projects, strengthen financial flexibility, and enhance overall business growth, while providing partial exit liquidity to promoters through the Offer for Sale.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO is ~₹ 282 Crore, including a Fresh Issue of ~ ₹ 173 Crore and an Offer for Sale of ~ ₹ 109 Crore. Post-approval, the shares will be listed on NSE and BSE platform, enabling broader market participation.

Q4. What are the risks to an investor?

Key risks include dependence on project success, unpredictable film revenues, high industry competition, potential production delays, cost overruns, and limited revenue stability, which could affect profitability and long-term financial performance.

Q5. What are the potential upsides?

The company’s strong FY24 performance, experienced promoters, expanding multi-format content pipeline, rising OTT demand, and industry growth create potential for long-term value creation, improved margins, and diversified revenue opportunities.

Q6. How to apply for the IPO?

Investors can apply through their broker’s IPO section using UPI, ASBA, or net-banking. They must select the IPO, choose lot quantity, complete UPI authentication, and wait for allotment confirmation.

Sunshine Picture Ltd

Closed

Sunshine Picture Ltd

Market Cap

₹ 1,121 Cr

IPO Issue Size

~ ₹ 282 Crore

Expected Price by IPOCorner

₹ 342 – 360

IPO Score

*Score varies on actual price

Sunshine Pictures Ltd is a creative film and media production company dedicated to producing high-quality visual content for entertainment and commercial use. With a strong focus on storytelling, innovation, and visual excellence, the company delivers films, advertisements, and digital media that captivate audiences.

Sunshine Picture Ltd was incorporated in the year 2007 & currently Vipul Amrutlal Shah is the MD of this company.

Commercial films (e.g., The Kerala Story, Commando series, Bastar – 10 films produced, 2 under-production); Web series (e.g., Humans, 2 produced, 2 pipeline); TV serials (e.g., Bhed Bharam – 2 produced, expected ₹49.5 Cr revenue from 150 episodes); Short films & digital content; Music label (Sunshine Music); VFX, 3D filming, post-production services; Talent management & social media monetization (162K YouTube subs, 91M+ views).

Sunshine Picture Ltd opens for subscription on 18th Aug & closes on 20th Aug. Price band for the IPO is ₹ 342 – 360 with a lot size of 41 Shares.

Year	2026
Networth	~₹ 145.13 Cr
Revenue	~₹ 76.27 Cr
EBITDA	~₹ 58.48 Cr
PAT	~₹ 40.02 Cr
EBITDA Margin	~78.65%
PAT Margin	~53.77%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	18-Aug
Close Date	20-Aug
Anchor Investor Bidding	17-Aug
Allotment Date	21-Aug
Refunds& Demat Credit	24-Aug
Tentative Listing Date	25-Aug

Use Of Proceeds

Purpose	Amount
Working Capital Requirement	~ ₹ 94 Cr
-	-
-	-
-	-
-	-
-	-

Financial Data

#	2024	2025	2026
Revenue (₹ Cr)	₹ 139.0	₹ 105.8	₹ 76.3
PAT (₹ Cr)	₹ 53.4	₹ 34.5	₹ 40.0
Asset (₹ Cr)	₹ 97.3	₹ 131.3	₹ 179.6
Net Worth (₹ Cr)	₹ 70.6	₹ 105.1	₹ 145.1

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
20-Aug	₹ 342 - 360	₹ 79	₹ 3,239
19-Aug	₹ 342 - 360	₹ 77	₹ 3,157
18-Aug	₹ 342 - 360	₹ 70	₹ 2,870
17-Aug	₹ 342 - 360	₹ 55	₹ 2,255
16-Aug	₹ 342 - 360	₹ 53	₹ 2,173

Pros

Strong promoter experience with proven film hits, enhancing business credibility and creative capability.
Expanding content pipeline across films, OTT series, and TV increases revenue diversification.
High FY24 profitability and strong RoNW indicate efficient operations and financial strength.
Industry demand for digital entertainment is rising, offering long-term growth potential.
Low debt and promoter-driven stability reduce financial risk for new investors.

Cons

Film and content performance is unpredictable, causing high revenue volatility.
Heavy dependence on a limited number of successful projects increases business risk.
Delays, cancellations, or cost overruns can significantly impact margins.
Competitive industry with established studios and OTT players pressures profitability.
No fixed recurring revenue model; earnings vary year-to-year based on project success.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Vipul Amrutlal Shah	~29.05%
Shefali Vipul Shah	~25%
Aryaman Vipul Shah	~22.97%
Maurya Vipul Shah	~22.97%
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	41 Shares	1	41 Shares	₹ 14,760
Retail (Max)	41 Shares	13	533 Shares	₹ 1,91,880
HNI (Min)	41 Shares	14	574 Shares	₹ 2,06,640
HNI (Max)	41 Shares	66	2,747 Shares	₹ 9,88,920
Big HNI (Min)	41 Shares	67	2,788 Shares	₹ 10,03,680

Key Performance Index (KPI)

ROE	31.99 %
ROCE	36.22 %
RoNW	27.58 %

Lead / Book Running Lead Managers

GYR Capital Advisors Pvt Ltd

Registrar (RTA)

Bigshare Services Private Limited

Q1. What is the business of Sunshine Picture Ltd?
Sunshine Pictures Ltd is a film, TV, and digital content production company engaged in creating, developing, producing, marketing, and distributing movies, web series, and serials, with a strong focus on commercially driven, technology-backed storytelling.
Q2. Why is the company raising funds via IPO?
The company is raising capital primarily to meet long-term working capital needs, support upcoming content projects, strengthen financial flexibility, and enhance overall business growth, while providing partial exit liquidity to promoters through the Offer for Sale.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO is ~₹ 282 Crore, including a Fresh Issue of ~ ₹ 173 Crore and an Offer for Sale of ~ ₹ 109 Crore. Post-approval, the shares will be listed on NSE and BSE platform, enabling broader market participation.
Q4. What are the risks to an investor?
Key risks include dependence on project success, unpredictable film revenues, high industry competition, potential production delays, cost overruns, and limited revenue stability, which could affect profitability and long-term financial performance.
Q5. What are the potential upsides?
The company’s strong FY24 performance, experienced promoters, expanding multi-format content pipeline, rising OTT demand, and industry growth create potential for long-term value creation, improved margins, and diversified revenue opportunities.
Q6. How to apply for the IPO?
Investors can apply through their broker’s IPO section using UPI, ASBA, or net-banking. They must select the IPO, choose lot quantity, complete UPI authentication, and wait for allotment confirmation.