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Sunshine Pictures

• Sunshine Pictures is coming out with a 100% book building; initial public offering (IPO) of 78,37,191 shares of face value Rs 10 each in a price band Rs 342-360 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 18, 2026 and will close on August 20, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 34.20 times of its face value on the lower side and 36.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Dhwani Sanjay Vora.

Profile of the company

Sunshine Pictures, incorporated in year 2007, is a production-house engaged in the business of originating, creating, developing, producing, marketing and distribution of films, TV serials and web series (Projects). Since its incorporation, it has produced various prominent works in modern Indian cinema. Its debut production ‘Force’, under its banner was a box office hit. Since then, it has produced and distributed prominent, commercial and socially relevant films such as ‘Commando: A One-Man Army’, ‘Holiday: A soldier is never off duty’, ‘Force 2’, ‘Commando 2: The black money trail’, ‘The Kerala Story’, etc. Its production, ‘The Kerala Story’ emerged as the highest return-on-investment blockbuster in 2023, reflecting the company’s ability to balance commercial appeal with critical acclaim.

It is a technology-driven content creator and specializes in multi-formats commercial films, emphasizing innovation in storytelling and production techniques. As its business process, it engages in research & development of scripts, end-to-end production of content, intellectual property creation, monetization of rights and distribution. Its proven track record of producing high-quality and commercially successful content has earned its credibility and repeat collaborations with major industry players. It strives to continuously deliver high-quality multi-faceted content to the industry and its audience at large, as well as promote newcomers, actors, composers, directors and others who have the potential to contribute to the Indian film industry. 

A major portion of its revenue depends upon the box office success of its films and streaming deals with OTT platforms. Its revenue from operations includes revenue from; i) production and distribution of films and associated rights; ii) production and distribution of OTT/TV Serials and associated rights; and iii) other income comprising of income from music rights exploitation, talent management, social media platforms such as Youtube, Instagram and music label. 

Proceed is being used for: 

• Meeting the working capital requirements
• General corporate purposes 

Industry overview

India's media and entertainment (M&E) sector operates under a dynamic regulatory landscape shaped by various government policies and regulations. These regulations are essential for maintaining content standards, protecting intellectual property, and ensuring ethical business practices. Indian media and entertainment (M&E) sector demonstrated substantial growth in CY 2025, increasing by Rs 230 billion from Rs 2.55 trillion in CY 2024 to Rs 2.78 trillion in CY 2025, representing around 9.1% y-o-y growth. Between CY 2022 and CY 2026, the sector has expanded at a compound annual growth rate (CAGR) of around 6.3%, rising from Rs 2.24 trillion to a projected Rs 2.86 trillion. The M&E sector contributes around 0.8% of India’s GDP, provides direct employment to around 2.75 million people, and indirect employment to over 10 million people. 

Meanwhile, the Indian film industry, commonly known as Bollywood, has emerged as a global cinematic force, captivating audiences worldwide with its unique blend of vibrant storytelling, larger-than-life characters, and intricate dance sequences. Over the years, Bollywood has evolved significantly, adapting to new technologies and trends while preserving its rich cultural heritage. From the golden age of classic cinema to the modern era of digital platforms, the Indian film industry has consistently produced films that resonate with audiences across cultures and generations. The industry's ability to blend traditional storytelling with contemporary themes and aesthetics has contributed to its enduring popularity and global reach.

The film entertainment segment is expected to grow at a CAGR of 7%, reaching Rs 253 billion by 2028, up from Rs 205 billion in 2025. Theatrical revenues are likely to remain strong, with an increasing number of screen installations, especially in Tier II and III cities, driving growth. High-end multiplexes offering premium experiences will cater to affluent audiences, while affordable cinemas will target the middle-class audience. Digital rights and streaming deals with OTT platforms are becoming a major revenue stream for the film industry. With many films opting for direct-to-digital releases, OTT platforms will continue to support the growth of the film segment by acquiring digital rights.

Pros and strengths 

Differentiated and robust business model: The company is in the business of originating, creating, developing, producing and marketing motion pictures and audio-visual content. It does this in a manner that maximizes the monetization potential of an individual film while keeping the costs under control across the film production value chain, thereby reducing the commercial risk and optimizing its profit. Public perception of the profitability of movie making is influenced by whether a movie is a ‘hit’ or a ‘flop’ based on box-office collections. This perspective is fundamentally tied to traditional production methods. In contrast, it has a differentiated business model that has embraced innovative structures to significantly reduce risk and deliver positive outcomes on the top-line as well as bottom-line. At the core of this model is its ability to construct a de-risked business portfolio consisting of standalone productions and co-produced content across all formats, which deliver growth as well as cash flows and earnings. 

High-quality standards: It is a technology-driven content creator and specializes in multi-formats commercial films, emphasizing innovation in storytelling and production techniques. Its commitment to quality and the use of technology, particularly in post-production work has resulted in high-quality filmography that is recognized by its peers and talents in the industry, and which makes it the preferred production house of some of the top studios in the country.

Experienced promoters supported by senior management team: It is led by its Promoter and Managing Director, Vipul Amrutlal Shah, who possesses extensive experience of over 25 years in film industry and is a prominent film producer and director of films, TV serials and web shows. His debut as a director in Hindi film industry was with the movie ‘Aankhen’ which was one of the blockbuster hit of year 2002 followed by ‘Waqt: The Race Against Time’, ‘Namastey London’, ‘London Dreams’ and his production, ‘Singh Is Kinng’, amongst other box office hits. Under the leadership of Vipul Amrutlal Shah, it has established itself as a reputed production house, delivering content that enriches lives of the audiences and sets new benchmarks in storytelling. It is also guided by its individual Promoter and Whole Time Director, Shefali Vipul Shah. Its other Promoters and Whole Time Directors i.e. Aryaman Vipul Shah and Maurya Vipul Shah who joined under its succession planning strategy represents and offer fresh perspectives and contemporary industry insights and are working towards scaling the future of the company. 

Established track record and long-standing relationships in the industry: Incorporated in the year 2007, it is a production-house engaged in the business of production, distribution of films and web series. Since its incorporation, it has produced various prominent works in modern Indian cinema. Its debut production ‘Force’, under its banner was a box office hit. Since then, it has produced and distributed prominent, commercial and socially relevant films such as ‘Commando: A One-Man Army’, ‘Holiday: A soldier is never off duty’, ‘Force’, ‘Force 2’, ‘Commando 2: The black money trail’, ‘Human (web series)’ ‘The Kerala Story’, ‘The Kerala Story 2 Goes Beyond’ etc. Its productions have garnered widespread recognition, earning prestigious awards. The Kerala Story emerged as the highest return-on-investment blockbuster in 2023, reflecting the company’s ability to balance commercial appeal with critical acclaim.

Risks and concerns

Uncertainty in commercial success of projects: It is a production-house engaged in the business of originating, creating, developing, producing, marketing and distribution of films, web series and TV serials. It cannot predict the economic success of its projects as the revenue derived from its films/web-series depends primarily upon its acceptance by the public, which cannot be accurately predicted. The popularity and economic success of its projects depends on many factors including general public tastes, the actors and other key talent involved, the promotion and marketing of the project, the quality and acceptance of other competing programmes released into, or channels existing in, the marketplace at or near the same time, the availability of alternative forms of entertainment and leisure time activities, general economic conditions, the genre and specific subject matter of the film, its critical acclaim, the breadth and format of its initial release and other tangible and intangible factors, all of which can change, and are factors that it cannot predict with certainty and which may be beyond its control. 

Dependence on box office performance: In India, a relatively high percentage of a film’s overall revenues tend to be derived from theatre box office sales and in particular, from such sales in the first week of a film’s release. Indian domestic box office receipts may also be an indicator of a film’s expected success in other distribution channels. As such, poor box office receipts from its sole production films could have a significant adverse impact on its results of operations in both the year of release of the relevant films and in the future for revenues expected to be earned through other distribution channels. For instance, in the past it has witnessed poor box office receipts for its films such as ‘Action Replayy’ and ‘Bastar’. 

High working capital requirements: Its business requires a high amount of working capital. As on March 31, 2026, the company’s net working capital requirement consisted of Rs 12,646.25 lakh which constitutes 169.89% of revenue from operations. Further, as on March 31, 2025, the company’s net working capital consisted of Rs 7298.19 lakh which constituted 70.63% of revenue from operations as against Rs 5103.24 lakh as on March 31, 2024, which constituted 38.14% of revenue from operations. Its working capital requirements have increased in recent years because it has undertaken a growing number of projects within a similar time frame and due to the general growth of its business. Further, its working capital requirements may further increase if its payment terms do not include advance payments, or such contracts have payment schedules that shift payments towards the end of a project or if there is delayed advance payment. For instance, the time taken to initiate a project from the date of inception generally varies between 6 to 18 months which results in increased net working capital requirements. 

Film content may attract objections from viewers or organisations: Some viewers or civil society organisations may find its film content objectionable. It is possible that some viewers in India or abroad may object to its film, web series or TV serial content based on religious, political, ideological or any other positions held by such viewers. Viewers or civil society organisations, including interest groups, political parties, religious fundamentalist or other organisations may assert legal claims, seek to ban the exhibition of its films, protest against it or its films or object in a variety of other ways. For instance, after the release of its film ‘Kerala Story’, it faced certain objections from religious fundamentalist and other group and the public exhibition of the film was banned in the state of West Bengal by its government. It challenged such prohibitions before the Supreme Court of India which in turn stayed the order issued by the Government of West Bengal. Similarly in relation to its film ‘The Kerala Story 2 - Goes Beyond’, a Single Judge of the High Court of Kerala granted an interim stay on its release in the State of Kerala pursuant to writ petitions challenging the certification granted by the Central Board of Film Certification (CBFC). 

Outlook

Sunshine Pictures is in the business of originating, creating, developing, producing and marketing motion pictures and audio-visual content. It does this in a manner that maximizes the monetization potential of an individual film while keeping the costs under control across the film production value chain, thereby reducing the commercial risk and optimizing its profit. On the concern side, it derives the majority of its revenue from its top 5 customers i.e. the Studios and independent distributors. Any loss of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flow.

The issue has been offering 78,37,191 shares in a price band of Rs 342-360 per equity share. The aggregate size of the offer is around Rs 268.03 crore to Rs 282.14 crore based on lower and upper price band respectively. Minimum application is to be made for 41 shares and in multiples thereon. On performance front, its revenue from operations decreased by 27.96% to Rs 7,443.67 lakh in fiscal 2026, from Rs 10,333.01 lakh in fiscal 2025. However, its profit after tax increased by 16.13% to Rs 4,002.24 lakh in fiscal 2026 from Rs 3,446.46 lakh in fiscal 2025.

Meanwhile, India’s economic growth will increase spending power and drive greater consumption of entertainment across theatres as well as digital devices. Increasing number of screens across the country with penetration in the Hindi-speaking markets in the Northern part of the Country will enable more screen time per release, generate higher box office revenues and spur greater demand for entertaining content tailored for audiences in Tier 2 and Tier 3 cities. In addition, to respond to rapidly changing tastes and the emergence of new demographic cohorts and regional consumption patterns, it intends to produce a more diverse mix of films catering to different genres, and across multiple formats to meet different preferences and to maximize coverage. This includes expanding into categories such as drama, thriller, comedy, biopics, historical fiction, socially-relevant cinema, and family entertainment, among others.