Sunshine Pictures Limited IPO — the disclosed details

Sunshine Pictures Limited is running a mainboard IPO on BSE and NSE, open for bidding from Tuesday, August 18 to Thursday, August 20, 2026. This page restates what the company and the exchanges have publicly disclosed — the Red Herring Prospectus dated August 10, 2026, the abridged prospectus, and the price band, bid lot and offer parameters filed with NSE and BSE — and nothing more. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What institutional desks read first — the filed ratios

These are the company’s own quantitative disclosures from the “Basis for the Offer Price” chapter of the RHP dated August 10, 2026, restated as printed — this is not a valuation, and no view is offered on any of them.

Ratio, as filed	Value
Basic and diluted EPS (Rs, face value Rs 10, post-bonus)	FY2026: 15.19 · FY2025: 13.08 · FY2024: 20.24 · Weighted average: 15.33
P/E at the Floor Price	Printed as [•] for each of FY2026, FY2025, FY2024 and the weighted average EPS — the RHP’s own note says these “shall be provided post the fixing of the price band”
P/E at the Cap Price	Printed as [•], same note; the RHP itself carries no P/E number for the company
Industry P/E	Highest 81.00 · Lowest 8.68 · Industry Composite 44.84 — the issuer’s own computation, on closing prices as at July 24, 2026 divided by FY2026 diluted EPS
Return on Net Worth (%)	FY2026: 27.58 · FY2025: 32.80 · FY2024: 75.57 · Weighted average: 37.32
NAV per equity share (Rs, post-bonus)	55.08 as at March 31, 2026 · 39.88 as at March 31, 2025 · 26.79 as at March 31, 2024; NAV after the Offer at the Floor Price and at the Cap Price both printed as [•]

The RHP files its key performance indicators in the same chapter and states that they were approved and confirmed by a resolution of the Audit Committee dated July 27, 2026. Columns are Fiscal 2026 (standalone), Fiscal 2025 (consolidated) and Fiscal 2024 (consolidated), as headed in the RHP; amounts in Rs lakh:

KPI, as filed	FY2026	FY2025	FY2024
Revenue from operations (Rs lakh)	7,443.67	10,333.01	13,379.80
Growth in revenue from operations (%)	(27.96)	(22.77)	404.72
Total income (Rs lakh)	7,627.49	10,580.27	13,946.01
EBITDA (Rs lakh)	5,854.81	5,075.78	7,397.29
EBITDA margin (%)	78.65	49.12	55.29
Profit after tax (Rs lakh)	4,002.24	3,446.46	5,334.90
PAT margin (%)	53.77	33.35	39.87
Net worth (Rs lakh)	14,513.46	10,506.88	7,059.63
Return on equity (%)	31.99	39.24	108.99
Return on capital employed (%)	36.20	41.23	82.08
Debt-equity ratio	0.06	0.11	0.24
Net asset value per share (Rs, post-bonus)	55.08	39.88	26.79

The RHP names three listed companies in its peer-comparison table. All figures are for or as at the financial year ended March 31, 2026, as printed:

Listed peer	Face value (Rs)	CMP (Rs)	EPS (Rs)	P/E	RoNW (%)	NAV per share (Rs)	Total income (Rs lakh)
Sunshine Pictures Limited (own row)	10.00	—	15.19 basic and diluted	[•]	27.58	55.08	7,627.49
Panorama Studios International Limited	2.00	48.60	0.60	81.00	7.10	8.47	31,735.15
Baweja Studios Limited	10.00	28.55	3.29	8.68	5.52	59.73	6,951.01
Balaji Telefilms Limited	2.00	84.04	(4.09)	NA	(7.96)	51.22	22,116.73

What the RHP does not state: it discloses no EV/EBITDA multiple anywhere — neither for the company nor in the peer table — and no P/E or post-Offer NAV for the company itself, both of which are left as [•] pending finalisation of the Offer Price. Nothing in this section is computed by this site.

Two definitions need separating, because the RHP files both. The EBITDA line above is the RHP’s restated EBITDA, which appears in the Basis for the Offer Price chapter, the restated financial statements and the Other Financial Information. The “Our Business” chapter separately discloses an Operating EBITDA — defined as EBITDA less other income and exceptional items — of Rs 5,702.55 lakh, Rs 4,827.52 lakh and Rs 6,831.08 lakh for Fiscals 2026, 2025 and 2024, with margins of 76.61%, 46.72% and 51.06%. They are different metrics and are not interchangeable.

One internal inconsistency, stated so the figure above can be checked. The RHP’s industry-section KPI table prints the Fiscal 2025 PAT margin as 3.35. The Basis for the Offer Price table, the “Our Business” chapter and the RHP’s own narrative on the same page all state 33.35%, which is what the filed profit after tax and revenue for that year produce; 33.35% is the figure used here.

What the company does

Sunshine Pictures is a film and television production house. The RHP’s overview states that it was incorporated in 2007 and is “engaged in the business of originating, creating, developing, producing, marketing and distribution of films, TV serials and web series”. Its registered office is at Andheri (West), Mumbai, and its CIN is U55100MH2007PLC172341. The promoters are Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah and Maurya Vipul Shah.

The RHP states that the company’s debut production under its own banner was ‘Force’, and that it has since produced and distributed films including ‘Commando: A One-Man Army’, ‘Holiday: A soldier is never off duty’, ‘Force 2’, ‘Commando 2: The black money trail’ and ‘The Kerala Story’. As on the date of the RHP it reports thirteen commercial films — seven co-produced with studios and six self-produced — two web series, three TV serials and one short commercial film. In the pipeline it names the film ‘Hisaab’, in post-production with Jio Studios, a film tentatively titled ‘Samuk’, and a web series for Amazon Seller Services Private Limited tentatively titled ‘Nanavati vs Nanavati’.

The RHP describes a digitised workflow running from script development through post-production — digital script breakdown, budgeting, scheduling, DI colour grading, high-resolution editing, Dolby Atmos sound mixing and VFX pipelines — and describes the intellectual property created across its films, television programmes, web shows and its newer ‘Sunshine Music’ and ‘Sunshine Digital (Originals)’ verticals as a long-term asset base.

One sourcing note. The industry statements in the RHP are attributed to a “Report on Media & Entertainment Industry” dated December 27, 2024 and updated on July 27, 2026, prepared by Dun & Bradstreet Information Services India Private Limited, which was appointed on August 31, 2024 and which the RHP itself describes as “exclusively commissioned and paid for by us in connection with the Offer”.

The board has eight directors: one managing director, three whole-time directors including one woman director, and four independent directors. Vipul Amrutlal Shah is Chairman and Managing Director and Shefali Vipul Shah a whole-time director, both since July 14, 2007; Aryaman Vipul Shah and Maurya Vipul Shah are whole-time directors, both since August 13, 2024. The independent directors are Manmohan Ramanna Shetty, Kapil Bagla and Paresh Ganatra, appointed in September 2024, and Pawan S Bachani, appointed May 4, 2026. Sunil Karda is Chief Financial Officer and Dhwani Sanjay Vora is Company Secretary and Compliance Officer.

What the money is for

The offer has two parts. The fresh issue — up to 4,800,034 new shares — is money that goes to the company. The offer for sale — up to 3,037,157 existing shares from the two promoter selling shareholders — is money that goes to those sellers, not the company; the RHP states directly that the company will not receive any proceeds from the offer for sale and that those proceeds do not form part of the Net Proceeds.

The fresh-issue money has two stated objects:

Object of the fresh issue	Amount, as filed
Funding the working capital requirements of the Company	Up to Rs 11,250.00 lakh (Rs 112.50 crore) of the Net Proceeds, the whole of it scheduled for deployment in Fiscal 2027
General corporate purposes	Printed as [•], to be finalised with the Offer Price; the RHP states the amount will not exceed 25% of the Gross Proceeds

The two sellers, as filed:

Promoter selling shareholder	Offer for sale, up to	Share of the Offered Shares	Pre-Offer holding	Average cost of acquisition
Vipul Amrutlal Shah	2,031,388 shares	66.88%	7,654,994 shares (29.05%)	Rs 0.87 per share
Shefali Vipul Shah	1,005,769 shares	33.12%	6,587,134 shares (25.00%)	Rs 0.44 per share

Both costs of acquisition are certified by the statutory auditor, M/s Satyanarayan Goyal & Co. LLP, Chartered Accountants, under a certificate dated August 10, 2026. The consent letters and the board resolutions recording that consent are each dated December 25, 2024. Gross Proceeds, offer expenses and Net Proceeds are all printed as [•] in the RHP pending finalisation of the Offer Price. The company states the objects are to be funded entirely from Net Proceeds and internal accruals, so no firm arrangements of finance under Regulation 7(1)(e) are required, and CARE Ratings Limited is appointed Monitoring Agency under an agreement dated August 26, 2025.

What the RHP flags as risks

This is the company’s own risk-factor section, paraphrased. It is disclosure, not commentary.

• Audience acceptance cannot be predicted. The RHP’s first risk factor states the company cannot predict the economic success of its projects, because revenue depends primarily on public acceptance, which in turn depends on general public tastes, the actors and other key talent involved, promotion and marketing, competing releases, timing, critical acclaim and other factors it cannot predict with certainty. It names ‘Action Replay’, ‘Kuch Love Jaisa’ and ‘Bastar - The Naxal Story’ as past productions from which anticipated profits were not realised.
• Dependence on the Indian box office, and on retained rights. The RHP states that a significant portion of revenues is derived from the Indian box office success of its films, and that its ability to exploit and monetise a project is limited to the rights it retains or owns.
• Customer concentration. The RHP states the majority of revenue comes from its top five customers — the studios with which it co-produces and the independent distributors to whom it sells distribution rights — quantified at 74.81% of total revenue in Fiscal 2026, 99.83% in Fiscal 2025 and 83.09% in Fiscal 2024. It states it is unable to disclose their names because their consent was not received, and that losing them, or the revenue from them, could have a material adverse effect on its business, financial condition, results of operations and cash flow.
• Negative operating cash flow and working-capital intensity. The RHP states the company sustained negative cash flow used in operating activities in Fiscal 2026, primarily attributable to an increase in inventory levels and trade receivables, and separately that the business is working capital intensive, with net working capital of Rs 12,646.25 lakh as at March 31, 2026, equal to 169.89% of revenue from operations.
• Content objections and litigation. The RHP states some viewers or civil society organisations may find its film content objectionable. It cites the objections that followed the release of ‘The Kerala Story’ and the ban on its public exhibition in West Bengal, which was stayed by the Supreme Court, and, for ‘The Kerala Story 2 - Goes Beyond’, an interim stay by a Single Judge of the High Court of Kerala that was itself stayed by a Division Bench, together with a public interest litigation. It separately discloses contingent liabilities of Rs 3,172.96 lakh as at March 31, 2026, including an appeal filed under section 246A of the Income-tax Act, 1961 against an income tax order of Rs 1,882.19 lakh dated March 7, 2025 for assessment year 2020-21.
• Continuing promoter control. The RHP states the promoters and members of the promoter group will continue jointly to retain majority control after the offer, which will allow them to determine the outcome of matters submitted to shareholders for approval.
• Limited Main Board experience of the book running lead manager. The RHP carries a dedicated risk factor stating that the sole BRLM has previously completed only one public issue on the Main Board of a recognised stock exchange in India, that this is its second Main Board assignment, and that investors are advised to take the absence of prior Main Board experience into account.
• Delays and cost overruns. The RHP flags delays, cost overruns, cancellation or abandonment of the completion or release of films, web series or television serials as a risk to the business, and separately states that it does not own the hardware or equipment required for its content production.

The numbers as filed

Item	As filed
Issue size	Up to 7,837,191 equity shares of face value Rs 10 — Rs 282.14 crore at the Rs 360 cap
Fresh issue	Up to 4,800,034 shares — Rs 172.80 crore at the cap
Offer for sale	Up to 3,037,157 shares by the two promoter selling shareholders — Rs 109.34 crore at the cap
Share of post-offer capital	The RHP states the Offer will constitute 25.16% of the post-Offer paid-up equity share capital
Price band	Rs 342 to Rs 360 per share
Face value	Rs 10
Lot size	41 shares, and multiples of 41 thereafter
Minimum investment	Rs 14,022 at the floor (41 × Rs 342); Rs 14,760 at the cap (41 × Rs 360)
Maximum retail bid	Rs 2,00,000, per the RHP’s cap on a Retail Individual Bidder’s Bid Amount and NSE’s filed parameters
Employee reservation	None — the phrase does not appear in the RHP, and NSE records “Discount: NA”
Pre-Offer paid-up capital	26,348,750 equity shares
Post-Offer paid-up capital	Up to 31,148,784 equity shares

The RHP dated August 10, 2026 and the abridged prospectus both print the floor price, cap price, price band and bid lot as [•]; the band is fixed later, by a price band advertisement published at least two working days before the offer opens. The numerals 342 and 360 appear nowhere in the RHP as a price, the string “41 Equity Shares” appears nowhere in it at all, and the abridged prospectus contains no occurrence of 342, 360 or 41. The band and the lot on this page come from primary exchange sources instead: NSE’s filed “Security Parameters – Sunshine Pictures Limited - EQ (Mainboard) IPO” (pre-anchor), which prints both, and BSE’s public-issue record for the company, which prints the same band. Nothing on this page rests on a news report.

The rupee amounts are similarly not in the RHP, which prints every one of them as [•] because the price was not fixed when it was filed. The Rs 282.14 crore figure is the offer share count at the exchange-filed cap of Rs 360, and NSE’s own parameter sheet prints the identical Rs 2,82,13,88,760 as the maximum QIB bid value at that price. The minimum-investment figures are arithmetic from the exchange-filed lot and band. The Rs 112.50 crore figure that appears in press coverage is the working-capital object of the fresh issue, not the issue size. The rupee value of the offer, the P/E at the floor and cap, and the NAV after the offer will only be filled in the Prospectus filed with the Registrar of Companies.

Financials, from the restated financial information and the Basis for the Offer Price chapter (Rs lakh). The RHP heads Fiscal 2026 as standalone and Fiscals 2025 and 2024 as consolidated, with a footnote on the same table saying the figures are based on consolidated financials; the column headings are used here, because they agree with the restated statements:

Fiscal year	Revenue from operations	Total income	EBITDA	Profit after tax	Net worth
Fiscal 2026 (standalone)	7,443.67	7,627.49	5,854.81	4,002.24	14,513.46
Fiscal 2025 (consolidated)	10,333.01	10,580.27	5,075.78	3,446.46	10,506.88
Fiscal 2024 (consolidated)	13,379.80	13,946.01	7,397.29	5,334.90	7,059.63

Two further filed balance-sheet items sit behind those rows. Net working capital was Rs 12,646.25 lakh as on March 31, 2026, Rs 7,298.19 lakh as on March 31, 2025 and Rs 5,103.24 lakh as on March 31, 2024 — 169.89%, 70.63% and 38.14% of revenue from operations for those years. Contingent liabilities, filed as “other money for which the company is contingently liable”, were Rs 3,172.96 lakh, Rs 3,172.91 lakh and Rs 1,290.27 lakh at the same three dates.

Who can actually sell on listing day

On listing day, none of Sunshine Pictures’ pre-Offer share register is allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

Here is what this RHP itself locks up. All periods run from the date of Allotment, and all four durations are quoted from this issue’s own capital-structure chapter:

Who	Locked for, per this RHP
Minimum promoter’s contribution, under Regulation 16(1)(a) — the shareholder-wise table of locked shares and dates is printed as [•] and is to be completed in the Prospectus	Eighteen months
Promoter holding in excess of 20% of the fully diluted post-Offer capital	Six months
The entire pre-Offer capital, under Regulation 17, including promoter shares above the minimum contribution	Six months
Anchor investors — 50% of the shares allotted to them	90 days
Anchor investors — the remaining 50%	30 days

This issue applies the eighteen-month minimum-contribution lock, not the three-year version some RHPs carry. There is no capital-expenditure-linked variation anywhere in this document, and consistently with that, the stated objects of the fresh issue are working capital and general corporate purposes only. The RHP lists the usual Regulation 17 carve-outs — pre-Offer ESOP shares and shares held by a VCF, Category I or Category II AIF or FVCI — but sizes none of them, and none can apply here: the RHP states there are no shareholders other than the promoters and promoter group as on its date, its “Top 10 Shareholders (other than Promoters and Promoter Group)” row reads “Nil”, and the filed shareholding pattern shows promoters and promoter group holding the whole pre-Offer capital across 08 shareholders.

So every share that can trade on listing day is a share sold in this offer. The offer, at the Rs 360 cap:

Step	Shares	% of post-issue capital
Fresh issue	4,800,034	15.41%
Offer for Sale	3,037,157	9.75%
Total offer	7,837,191	25.16%
Post-issue capital	31,148,784	100.00%

The anchor book has not been allotted yet, so the rest of the count is a range:

Scenario	Anchor allotment, locked 30/90 days	Sellable on listing day	% of post-issue capital	Locked or not offered — the rest of the register
Anchor takes its filed maximum — up to 60% of the QIB portion	2,351,140	5,486,051	17.61%	25,662,733 (82.39%)
Zero anchor book — the theoretical maximum	0	7,837,191	25.16%	23,311,593 (74.84%)

Anchor bidding is scheduled for August 17, 2026, one working day before the offer opens, and the RHP provides that the company may, in consultation with the BRLM, consider participation by anchor investors — so the portion may also go unallotted, in which case the balance is added back to the Net QIB Portion. The final number lands with the anchor-allocation intimation filed with BSE and NSE on or after that date, and the range above collapses to a single row then.

Two qualifications that are not arithmetic. The table assumes the offer is fully subscribed at the cap; an under-subscribed or lower-priced book changes the counts. And the anchor clocks run from the date of Allotment, indicated as August 21, 2026, not from the listing date — so those two locks end in September and in November 2026, not thirty and ninety days after trading starts.

These figures come from the RHP’s capital-structure, offer-structure and shareholding chapters (printed pages 89, 93, 99 to 104 and 394) and from NSE’s filed pre-anchor Security Parameters, as of 15 August 2026.

Dates and mechanics

Event	Date
Anchor investor bid/offer period	Monday, August 17, 2026
Offer opens — bidding 10:00 a.m. to 5:00 p.m.	Tuesday, August 18, 2026
Offer closes — QIB and NIB closure 4:00 p.m., UPI mandate confirmation cut-off 5:00 p.m.	Thursday, August 20, 2026
Finalisation of basis of allotment with the designated stock exchange	On or about Friday, August 21, 2026 (indicative)
Demat credit, and initiation of refunds / unblocking of ASBA funds	On or about Monday, August 24, 2026 (indicative)
Commencement of trading, on BSE and NSE	On or about Tuesday, August 25, 2026 (indicative)

The RHP states that this timetable is indicative. It also reserves an option to close the bid/offer period for QIBs one working day before the closing date, in consultation with the BRLM; that option is not reflected in the operative exchange parameters, which state QIB and non-institutional closure on August 20, 2026.

The offer is a mainboard book-built issue under Regulation 6(1) of the SEBI ICDR Regulations, 2018 read with Rule 19(2)(b) of the SCRR. NSE is the designated stock exchange. The buckets, as filed and matched line-for-line by NSE’s parameter sheet:

Bucket	Shares	Share of the offer
QIB — not more than	3,918,576	49.9998%
— of which Anchor Investor Portion, up to	2,351,140	60% of the QIB portion
— of which Net QIB Portion	1,567,436	—
— of which mutual funds only, within the Net QIB Portion	78,372	5% of the Net QIB Portion
Non-Institutional — not less than	1,175,592	15.0002%
— of which bids above Rs 2,00,000 and up to Rs 10,00,000	391,864	one-third of the bucket
— of which bids above Rs 10,00,000	783,728	two-thirds of the bucket
Retail — not less than	2,743,023	35.0001%

Citing SEBI ICDR Notification No. SEBI/LAD-NRO/GN/2025/271 dated October 31, 2025, the RHP states that 40% of the anchor investor portion is reserved — 33.33% to domestic mutual funds and 6.67% to life insurance companies and pension funds. Under-subscription or non-allocation in the anchor portion is added back to the Net QIB Portion, and under-subscription in any category other than the QIB portion may be met by spill-over. Every application other than an anchor investor’s goes through ASBA, with the UPI mechanism for individual applications up to Rs 5,00,000; the sponsor bank is ICICI Bank Limited.

The sole book running lead manager is GYR Capital Advisors Private Limited, Ahmedabad (SEBI registration INM000012810) — the RHP’s own track record table for it shows one Main Board IPO, in FY2025-26, against 60 SME IPOs from FY2021-22 to FY2026-27, and the RHP carries that as a stated risk factor. The registrar is Bigshare Services Private Limited, Andheri East, Mumbai (SEBI registration INR000001385).

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Information as of 15 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.