About the Company: Creative Content Studio & Film Production House
Incorporated in 2007, Sunshine Pictures Limited is a technology-driven production company engaged in originating, creating, developing, producing, marketing, and distributing commercial feature films, television serials, and web series.
The company covers the entire content lifecycle including script development, film production, intellectual property (IP) creation, rights monetization, and multi-platform distribution. Sunshine Pictures has produced high-profile commercial titles such as ‘Force’, ‘Commando’, ‘Holiday’, ‘Force 2’, ‘Commando 2’, and ‘The Kerala Story’. To date, it has created ten commercial films (six co-produced), two web series, two TV serials, and one short film. It is currently co-producing projects with Jio Studios and producing content for Doordarshan.
Established studio track record in commercial feature films, OTT web series, and television broadcasts.
Flexible business model balancing sole productions with strategic co-production arrangements (e.g., Jio Studios) to manage capital risk.
Digital presence across streaming platforms, including active social media channels generating ancillary streaming revenues.
Compact and specialized core team of 28 full-time employees as of June 30, 2026.
The company’s promoters are Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, and Maurya Vipul Shah.
Financial Trends & Performance
Sunshine Pictures Ltd.’s restated consolidated financial performance for recent fiscal years shows strong profit margins and cash flow generation capabilities:
| Period Ended | 31 Mar 2025 (Consolidated) | 31 Mar 2024 (Consolidated) |
|---|---|---|
| Total Assets | ₹131.28 Cr | ₹97.38 Cr |
| Total Income | ₹105.80 Cr | ₹139.46 Cr |
| Profit After Tax (PAT) | ₹34.46 Cr | ₹53.35 Cr |
| EBITDA | ₹50.76 Cr | ₹73.97 Cr |
| Net Worth | ₹105.07 Cr | ₹70.60 Cr |
| Reserves and Surplus | ₹78.72 Cr | ₹70.47 Cr |
| Total Borrowings | ₹11.16 Cr | ₹16.67 Cr |
All figures in ₹ Crore | Source: Chittorgarh / DRHP (Restated Consolidated)
Key Performance Indicators & Valuation (FY2026)
Competitive Strengths
Proven Creative Track Record: History of producing box-office successes and culturally impactful films.
High Return Ratios: Robust operational efficiency reflected in an ROCE of 36.20% and ROE of 31.99% in FY26.
Disciplined Debt & Capital Structure: Low leverage position with a Debt-to-Equity ratio of 0.06.
Multi-Platform Monetization: Diversified distribution streams encompassing theatrical release, OTT licensing, television rights, and digital content streaming.
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
IPO Structure & Use of Proceeds
The ₹282.14 Cr issue comprises a Fresh Issue of ₹172.80 Cr (48,00,034 shares) and an Offer for Sale of ₹109.34 Cr (30,37,157 shares) by promoter selling shareholders Vipul Amrutlal Shah and Shefali Vipul Shah. The fresh proceeds are proposed to be utilized as follows:
Bidding opens on August 18, 2026 and closes on August 20, 2026. Minimum retail application lot size is fixed at 41 shares (₹14,760 based on the upper price band).
Sunshine Pictures Limited brings a high-margin media production house model to the public market, backed by strong studio co-productions and IP ownership.
The company exhibits high profit margins (EBITDA margin of 78.65% in FY26) alongside low leverage (Debt/Equity of 0.06). Raising ₹172.80 Cr in fresh capital primarily to finance working capital for upcoming film and OTT production pipelines supports future growth. Investors looking for media and entertainment content studio plays can evaluate this issue considering its valuation and upcoming production schedule.
