Sunshine Pictures IPO

About Sunshine Pictures IPO

The Sunshine Pictures IPO, a mainboard IPO, opens on Tuesday, August 18, 2026 and closes on Thursday, August 20, 2026. The allotment of shares will take place on Friday, August 21, 2026. The credit of shares to the demat account will take place on Monday, August 24, 2026. The initiation of refunds will take place on Monday, August 24, 2026. The listing of shares will take place on Tuesday, August 25, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 48,00,034 shares aggregating up to ₹173 crore. The offer for sale portion includes 30,37,157 shares of ₹10 aggregating up to ₹109 crore. The total number of shares and aggregate amount are 78,37,191 shares aggregating up to ₹282 crore.

Sunshine Pictures IPO's price band is set at ₹342 to ₹360 per share. The lot size for an application is 41. The minimum amount of investment required by a retail investor is ₹14,760 (41 shares) based on the upper price band.

Incorporated in 2007, Sunshine Pictures Limited is a Mumbai-based production house that originates, produces, markets, and distributes films, web series, and television serials.

Objectives of Sunshine Pictures IPO

• To meet the working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

India's media and entertainment sector is one of the country's fastest-growing consumer industries. It reached ₹2.78 trillion in CY2025, up from ₹2.55 trillion a year earlier, a year-on-year increase of about 9.1%. Digital media has now overtaken television as the largest revenue contributor. The sector employs roughly 2.75 million people directly and contributes close to 0.8% of India's GDP.

Sunshine Pictures operates in the film entertainment segment. That segment is projected to grow at a 7% CAGR, reaching ₹253 billion by 2028 from ₹205 billion in 2025. Theatrical demand stays firm. Domestic theatricals generated ₹130 billion in 2025, higher than ₹114 billion in 2024, helped by new screen additions in Tier II and Tier III cities.

Digital rights and OTT streaming deals are becoming a core revenue stream for producers. Hindi-language films remained the largest theatrical contributor, with collections rising from ₹55 billion in 2024 to ₹62 billion in 2025.

About Sunshine Pictures

Sunshine Pictures Limited was incorporated in 2007 and is headquartered in Andheri, Mumbai. As of the RHP date, it has produced thirteen commercial films, of which seven were co-produced with studios and six were self-produced. It has also delivered two web series, three TV serials, and one short film.

The company runs a fully digitised production workflow from script development to post-production. It uses digital-intermediate colour grading, Dolby Atmos mixing, and dedicated VFX pipelines. Chairman and Managing Director Vipul Amrutlal Shah has over 25 years of experience in the film industry. Two newer verticals, Sunshine Music and Sunshine Digital, add original music videos and web content to the slate.

Revenue is concentrated among a few buyers. In Fiscal 2026, the top five customers accounted for 74.81% of revenue from operations. The film 'Hisaab', co-produced with Jio Studios, and two solo projects are scheduled for release in Fiscal 2027.

Strengths of Sunshine Pictures

• The company has produced thirteen commercial films, two web series, three TV serials, and one short film since its incorporation in 2007.
  
• A de-risked portfolio combining self-produced titles and fixed fee co productions delivers assured revenue while retaining intellectual-property and profit share upside.
  
• A fully digitised, technology driven workflow spanning digital intermediate grading, Dolby Atmos mixing, and in-house VFX supports high production quality with tight cost control.
  
• Profit linked talent arrangements keep creative talent cost among the lowest in the industry as a share of total production cost.
  

Risks of Sunshine Pictures

• Revenue depends on unpredictable audience acceptance of each film or series, so a run of poorly received titles could sharply reduce income.
  
• The top five customers contributed 74.81% of Fiscal 2026 revenue from operations, creating heavy dependence on a small group of studios and distributors.
  
• Films require CBFC certification and may face public or legal objection, which can delay or block a release and reduce expected revenue.
  

Anchor Investor Bidding Date

Monday, August 17, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Bigshare Services Private Limited
E-mail: ipo@bigshareonline.com
Phone: +91 22-6263 8200

Book Running Lead Manager
GYR Capital Advisors Private Limited

Sunshine Pictures Contact Details
A - 102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road,
Andheri (W), Mumbai – 400 053, Maharashtra, India.
E-mail: compliance@sunshinepictures.in
Phone: +91 70390 02911

Sunshine Pictures Business Model

The company earns its revenue through the production and monetisation of films, web series, television serials, and associated content rights. It runs two models: self-produced titles, where it finances the entire film and retains all rights, revenues, and intellectual property; and co-productions, where it produces content for a reputable studio for a fixed fee while retaining a share of intellectual property and profit beyond an agreed threshold. Beyond theatrical release, the company monetises OTT, satellite, and music rights, and it has added music video and digital originals verticals through Sunshine Music and Sunshine Digital. In Fiscal 2026, production and distribution of films and associated rights contributed 89.68% of revenue from operations.

Sunshine Pictures Growth Trajectory

Sunshine Pictures's Total Income for FY26 was ₹76.27 crore, whereas in FY25 and FY24 it was ₹105.80 crore and ₹139.46 crore, respectively.

The Profit After Tax for FY26 was ₹40.02 crore, whereas in FY25 and FY24 it was ₹34.46 crore and ₹53.35 crore, respectively.

Their EBITDA for FY26 was ₹58.55 crore, whereas in FY25 and FY24 it was ₹50.76 crore and ₹73.97 crore, respectively.

Sunshine Pictures Market Position

Sunshine Pictures operates from Mumbai and distributes content across theatrical, satellite, digital, and music channels in India and overseas. Its buyer base consists of major studios and independent distributors, with the top five customers accounting for 74.81% of Fiscal 2026 revenue from operations.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹76.27 crore, ₹40.02 crore, and ₹58.55 crore, respectively.

How to apply for Sunshine Pictures IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.