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Sunshine Pictures
Mainboard · NSE open
Closes tomorrow · 20 Aug 2026
₹78
GMP* · 19 Aug, 05:20 pm
Price Band
₹342 – ₹360
Issue Size
₹282 Cr
1 lot at upper band
₹14,760
Lot Size
41
Open
18 Aug 2026
Close
20 Aug 2026
Allotment
—
Listing
25 Aug 2026
Scheduled dates
- Open18 Aug 2026
- Close20 Aug 2026
- Refund24 Aug 2026
- Demat credit24 Aug 2026
- Listing25 Aug 2026
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹78 9 sessions
Subscription (times)
Latest per-category subscription · as of 19 Aug, 05:20 pm IST.
QIB 0.14x
NII 35.59x
BHNI 28.40x
SHNI 47.48x
RII 21.28x
Total 18.13x
About Sunshine Pictures
Sunshine Pictures Limited is a production house incorporated in 2007, engaged in originating, creating, developing, producing, marketing and distributing films, TV serials and web series. The company is a technology-driven content creator specializing in multi-format commercial films with emphasis on innovation in storytelling and production techniques. The company leverages fully digitized workflows from script development to post-production and adopts a data-driven approach for project evaluation using audience analytics and market trends. The company operates through both co-production partnerships with reputable studios and standalone productions, maintaining a balanced portfolio to optimize revenue while managing risk.
www.sunshinepictures.in ↗Strengths
- Experienced Promoters supported by Senior Management teamThe company is led by Promoter and Managing Director Vipul Amrutlal Shah with over 25 years of film industry experience, supported by senior management team with strong creative background and vast industry experience.
- Established Track Record and long-standing relationships in the industryThe company has produced 13 commercial films, 2 web series, 3 TV serials since 2007, with The Kerala Story emerging as the highest return-on-investment blockbuster in 2023, establishing credibility with major industry players.
- Differentiated and Robust Business ModelThe company operates a de-risked business portfolio with standalone productions and co-produced content, maximizing monetization potential while keeping costs controlled through prudential approach and portfolio diversification.
- High-quality standardsThe company is a technology-driven content creator specializing in multi-formats commercial films, emphasizing innovation in storytelling and production techniques, making it the preferred production house of top studios.
Risk Factors
- Dependence on Audience Acceptance and Unpredictable RevenueThe company's success is primarily dependent on audience acceptance of its films, web series and TV serials, which is extremely difficult to predict and inherently risky. Revenue derived from projects depends on public acceptance, which cannot be accurately predicted, and the company has experienced losses from underperforming films like Action Replay, Kuch Love Jaisa, and Bastar – The Naxal Story.
- Dependence on Indian Box Office Success and Limited Rights ExploitationThe company derives a significant portion of revenues from Indian box office success, with 89.68% of Fiscal 2026 revenue from film production and distribution. Poor box office receipts could significantly impact results, and the company's ability to exploit and monetize projects is limited to the rights retained or owned.
- Customer Concentration RiskThe company derives majority of revenue from top 5 customers (studios and distributors), with 74.81% of Fiscal 2026 revenue from top 5 customers. Loss of key customers or adverse developments in relationships could negatively impact business operations and financial condition.
- Negative Cash Flows from Operating ActivitiesThe company sustained negative cash flow from operating activities of ₹3,320.63 lakhs in Fiscal 2026, primarily due to increased inventory levels and trade receivables. There can be no assurance that cash flows will be positive in future, creating adverse impact on ability to meet working capital and debt obligations.
- High Working Capital RequirementsThe business is working capital intensive, with net working capital of ₹12,646.25 lakhs as of March 31, 2026, constituting 169.89% of revenue from operations. High working capital requirements may strain resources and require additional financing, with total borrowings of ₹909.42 lakhs as of March 31, 2026.
- Content Objections and Regulatory RestrictionsSome viewers or civil society organizations may find the company's film content objectionable, leading to legal claims, exhibition bans, or protests. The company faced objections and bans for 'Kerala Story' in West Bengal and legal challenges for 'The Kerala Story 2', which could materially affect business and reputation.
Objects of the Issue
- To meet the Working Capital RequirementsThe company proposes to utilize proceeds from the Fresh Issue towards funding long-term working capital requirements to manage day-to-day operations and support dynamic production cycle in the film production industry.112.50 crores
- General Corporate PurposesThe balance Net Proceeds will be utilized for general corporate purposes including strategic initiatives, partnerships, joint ventures, acquisitions, funding growth opportunities, brand building, and repayment of borrowings.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 76.27 | — | 40.02 | — | 179.64 | 145.13 | -33.21 |
| 31/03/2025 | 105.80 | -24.1% | 34.46 | -35.4% | 131.28 | 105.07 | 28.47 |
| 31/03/2024 | 139.46 | — | 53.35 | — | 97.38 | 70.60 | 31.60 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 27.52
- ROCE
- 41.23%
- Shares / Lot
- 41
- Minimum Bid
- 41 shares
- Refund
- 24 Aug 2026
- Credit to Demat
- 24 Aug 2026
- ISIN
- INE1B3O01011
- CIN
- U55100MH2007PLC172341
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead Managers
- GYR Capital Advisors Pvt.Ltd.
- Registered Office
- A - 102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (W), Mumbai – 400 053, Maharashtra, India
Management
Vipul Amrutlal ShahMD
Shefali Vipul ShahDirector
Aryaman Vipul ShahDirector
Maurya Vipul ShahDirector
Manmohan Ramanna ShettyDirector
Kapil BaglaDirector
Pawan S BachaniDirector
Paresh GanatraDirector
Dhwani Sanjay VoraCOO
Sunil KardaCFO
Ravichand Govind NallappaCOO
Aashin A. ShahVP of Marketing
Ranjan Kumar SahuDirector of Operations
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.