Sunshine Pictures Ltd.
SUNSHINEMainboard
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Overview
Sunshine Pictures Limited is an Indian media and entertainment production house (incorporated in 2007) that originates, develops, produces, markets and distributes feature films, television serials and web series. The company operates through a mix of sole-productions (full IP ownership) and co-productions (risk-sharing with studios), and also monetizes content through multiple rights streams such as theatrical, OTT, satellite and music; it has expanded into music and digital originals under Sunshine Music and Sunshine Digital (Originals).
Opening Date
Aug 18, 2026
Closing Date
Aug 20, 2026
Listing Date
Aug 25, 2026
IPO Type
Mainboard
IPO Status
Open
Issue Size
282.14 Cr
Fresh Issue
172.8 Cr
Offer for Sale
109.34 Cr
Price Band
₹342 - ₹360
Lot Size
41
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
23.7
EPS
15.19
ROE
31.99%
ROCE
36.2%
RONW
27.58%
Debt to Equity Ratio
0.06
PAT Margin
53.77%
EBITDA Margin
78.65%
P/B
6.54
Bull vs Bear
Bull case
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Co-production deals can provide contractually assured fees, so one film flop may hurt less than pure box-office bets.
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Tight cost controls and profit-share talent deals can limit upfront cash burn, helping profits even when a release is only average.
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Multiple monetisation routes beyond theatres can extend earning life of content, making each successful title a longer-lasting asset.
Bear case
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Success depends on audience acceptance, which is hard to predict; a few weak releases can quickly hit profits because costs are paid upfront.
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Heavy reliance on Indian box office and rights retained means a poor opening week can reduce not just ticket revenue but also later OTT and TV value.
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Promoters keep majority control after the offer, so minority shareholders may have limited influence over decisions that affect governance and capital use.
Net takeaway
This is a project-led content business where long-term value comes from building a repeatable pipeline and monetising rights across theatres and digital. The upside is a model that mixes safer co-productions with higher-upside owned films, plus cost discipline. But the business can swing with audience taste and box-office openings, and promoter control limits investor influence. The key thing to monitor is consistency of releases and cash flow conversion as projects scale.
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