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Sunshine Pictures Ltd IPO
Sunshine Pictures Ltd
₹14,022 /41 sharesMinimum investment
IPO details
Minimum investment
₹14,022
Price range
₹342 - ₹360
Lot size
41
Issue size
282
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
18 Aug 2026
IPO open date
20 Aug 2026
IPO close date
21 Aug 2026
Allotment date
21 Aug 2026
Funds unblock or debit
25 Aug 2026
Tentative listing date
About
Founded in
2007
MD/CEO
Mr. Vipul Amrutlal Shah
Parent organisation
Sunshine Pictures Ltd
Sunshine Picture Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
As of the date of the RHP, Sunshine Pictures had produced 13 commercial films, including seven co-produced and six self-produced films, along with two web series, three TV serials and one short commercial film.
The company has produced and distributed films such as Force, Commando: A One-Man Army, Holiday: A Soldier Is Never Off Duty, Force 2, Commando 2, and The Kerala Story. The Kerala Story generated Rs 147.04 crore in revenue for the company and was the highest return-on-investment blockbuster in 2023.
The company follows a mix of standalone and co-produced projects. For co-productions, it partners with studios under fixed-fee arrangements and claims to retain a share of the intellectual property, profits beyond certain thresholds and downstream income from OTT and television rights, which provides greater visibility over earnings.
For self-produced projects, the company retains the intellectual property and associated rights, allowing it to earn from theatrical releases as well as OTT, satellite television and music rights. It can also monetise successful content through remakes, sequels, prequels, spin-offs, regional and foreign-language versions, and other derivative formats.
The company claims to control production costs through in-house story development and editing, a lean corporate structure, and on-set accountants to track expenses. It also negotiates lower upfront fees with certain lead actors in exchange for a share of profits and outsources activities such as dubbing, sound, and VFX.
The company has projects across different stages of development and production. These include Hisaab, being co-produced with Jio Studios, Nanavati vs Nanavati, being produced for Amazon Seller Services, and Samuk, while another six films and two web series are in its production pipeline.
The company has expanded into music and digital content through Sunshine Music and Sunshine Digital (Originals). As of the date of the RHP, its YouTube channel had 36 original music videos, while its social media presence included around 1.96 lakh YouTube subscribers, 1.32 lakh Instagram followers and 1.06 lakh Facebook followers.
The company derives a significant portion of its revenue from films and associated rights. Revenue from this segment stood at Rs 66.76 crore (standalone), Rs 53.81 crore (consolidated) and Rs 130.83 crore (consolidated), accounting for 89.68%, 52.08% and 97.78% of revenue from operations in FY26, FY25 and FY24, respectively. Poor box-office performance could therefore materially affect its revenue and profitability.
The top five customers of the company contributed Rs 55.69 crore (74.81%) (standalone), Rs 103.15 crore (99.83%) (consolidated), and Rs 111.17 crore (83.09%) (consolidated) to the revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, expand the customer base, or a loss of business from these customers could adversely affect the company’s revenue, cash flows, and liquidity.
The company recorded negative operating cash flow of Rs 33.21 crore in FY26, primarily due to an increase in inventory and trade receivables. Investors should keep a watch on this trend. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company operates on a project-based model, resulting in fluctuations in revenue depending on the timing and commercial performance of individual projects. Revenue from operations declined from Rs 133.80 crore (consolidated) in FY24 to Rs 103.33 crore (consolidated) in FY25 and Rs 74.44 crore (standalone) in FY26. Such fluctuations may make its future financial performance difficult to predict.
The company is exposed to delays and cost overruns in its productions. Its film Hisaab, which was initially scheduled for release in the first quarter of calendar year 2025, has been delayed and is now scheduled for release in FY27. Further delays, cancellations, or cost overruns could defer revenue recognition and increase funding requirements.
The company has faced objections and legal proceedings relating to the content of some of its films. The Kerala Story was banned from public exhibition by the West Bengal government before the order was stayed by the Supreme Court, while The Kerala Story 2 – Goes Beyond also faced proceedings concerning its release in Kerala. Similar restrictions or litigation could affect theatrical releases, revenue, and reputation.
The company and its promoters, directors, and KMPs are involved in several outstanding legal proceedings. These include eight direct and indirect tax proceedings involving the company amounting to Rs 31.74 crore, besides criminal, civil, and regulatory proceedings where the amounts involved are partly unascertainable. Adverse outcomes could result in additional liabilities and legal costs.
The company does not own most of the equipment required for content production and relies on third-party rentals for cameras, lights, grips, picture vehicles, and other equipment. It incurred equipment-hiring costs of Rs 2.64 crore (standalone), Rs 4.46 crore (consolidated) and Rs 2.66 crore (consolidated), accounting for 4.09%, 9.02% and 4.15% of total expenses in FY26, FY25 and FY24, respectively. Any difficulty in obtaining equipment could affect production schedules.
Application details
For Sunshine Picture IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹342 - ₹360 | Upto ₹2 Lakhs | 41 |
| High Networth Individual | ₹342 - ₹360 | ₹2 - ₹5 Lakhs | 41 |