Sunshine Pictures Ltd IPO
Entertainment
Price Band
₹342 – ₹360
Lot Size
41
Minimum Bid Quantity
41
Minimum Investment
₹14760
Issue Size
₹282.14Cr
Opens
2026-08-18
Closes
2026-08-20
Listing
25-08-2026
Subscription Status
Qualified Institutional Buyers
123.52 x
Non-Institutional Investor
196.83 x
Retail Individual Investor
55.74 x
Total
105.34 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1B3O01011
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Sunshine Pictures is a production house engaged in the creation, development, production, marketing, and distribution of films, television serials, and web series. The company undertakes projects as a sole producer as well as through co-production arrangements with other studios. Its activities include script research and development, content production, intellectual property creation, monetisation of content rights, and distribution. As of the date of the RHP, it had produced 13 commercial films, two web series, three television serials and one short commercial film. The company has also launched Sunshine Music and Sunshine Digital (Originals), covering original music videos and digital content. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale. Proceeds from the offer for sale segment will be directed to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding the working capital requirements of the Company - Rs 112.50 crore General corporate purposes
Pros
- • 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.
Cons
- • 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.
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