Sunshine Pictures IPO
Sunshine Pictures IPO is a mainboard IPO raising ₹282 Cr at ₹342 – ₹360 a share. It listed on 25 Aug 2026 at ₹396, +10.0% against its issue price of ₹360, and trades at ₹510 today (+41.6% since issue). It was subscribed 106× in total.
105.8 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Sunshine Pictures Limited is a Mumbai-based film and content production house incorporated in 2007. It originates, develops, produces, markets and distributes Hindi-language commercial films, TV serials and web series, either on its own or as a co-producer with larger studios. It has also recently launched two digital verticals — Sunshine Music and Sunshine Digital (Originals) — for YouTube music videos and short-form web series.
How it earns
Primarily through producing and distributing films, web series/TV serials and associated rights (theatrical, OTT, satellite, music, sequels and other derivative rights); supplemented by music rights exploitation, talent management income and social-media/YouTube revenues.
Who buys
Co-production and distribution partners named in the prospectus: Fox Star Studios India (Force, 2011), Reliance Big Entertainment (Commando, Holiday, Commando 2), Cape of Good Films (Holiday), Viacom18 (Force 2), PEN India (Commando 2), Phantom Films (Commando 3), Zee Entertainment Enterprises (Sanak) and Jio Studios (upcoming Hisaab). OTT/web-series buyers include Disney+ Hotstar (Human, Commando web series) and Amazon Seller Services Private Limited (Nanavati vs Nanavati). No customer-concentration percentages are disclosed.
Scale
18 years in operation since 2007; 13 commercial films produced to date (7 co-produced, 6 self-produced), 2 web series, 3 TV serials and 1 short film; 36 original music videos on YouTube with 1,96,000 subscribers (1,32,000 Instagram followers; 1,06,000 on Facebook); pipeline of 6 films and 2 web series including co-productions with Jio Studios and Amazon Seller Services.
What it says sets it apart
- De-risked co-production model: partners get distribution; Sunshine receives a fixed fee plus a share of IP, profit above a threshold and downstream OTT/TV income, providing earnings visibility regardless of box-office outcome.
- Profit-sharing deal structure with lead actors (fixed fee plus a share of profits instead of full market upfront) keeps creative-talent cost among the lowest in the industry versus the industry norm of 40-70% of production cost.
- Diversified IP monetisation per project: theatrical, OTT, satellite, music, remakes, sequels/prequels, spin-offs, local and foreign-language dubbings, web-series spin-offs, stage plays and merchandising — music and derivative streams carry little incremental cost.
- Data-driven greenlighting using audience analytics, genre, regional/linguistic viewership and OTT consumption data before approving projects.
- Portfolio-level risk cap: no single project is allowed to exceed 30% of total annual budget, and on-set accountants plus in-house editing are used to control production spend.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs360 / stated EPS Rs15.19 (FY2026 (year ended March 31, 2026) basic and diluted EPS, restated standalone/consolidated, post-bonus adjustment (213:1 on Dec 25, 2024), face value ₹10). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Mixed: restated standalone for FY2026 (consolidated not presented), restated consolidated for FY2025 and FY2024). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹74 Cr-28% | ₹40 Cr+16% | 53.8% | ₹145 Cr | ₹9 Cr |
| FY2025 | ₹103 Cr-23% | ₹34 Cr-35% | 33.4% | ₹105 Cr | ₹11 Cr |
| FY2024 | ₹134 Cr | ₹53 Cr | 39.9% | ₹71 Cr | ₹17 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 197× their allocation. Retail: 57×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by GYR Capital Advisors Private Limited — median +41.5% across the 29 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 1 Oct 2026.
What to watch
- Priced at 23.7× earnings — 47% below the median of the peers the issuer itself names.
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track SUNSHINE PICTURES LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.