NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
DRChoksey Report
Sunshine Pictures IPO: 10 Key Things To Know Before You Subscribe
1. IPO Dates:
Sunshine Pictures IPO opens today, August 18, 2026 and closes on Aug. 20. The shares are scheduled to list on NSE, BSE on August 25, 2026.
2. IPO Size:
The Rs 282.14 crore IPO comprises of fresh issue of 48 lakh equity shares worth Rs 172.80 crore and Offer for Sale (OFS) of 30.37 lakh equity shares worth Rs 109.34 crore.
3. Price Band:
The IPO price band has been fixed at Rs 342-360 per share. At the upper end, Sunshine Pictures' post-issue market capitalisation is estimated at about Rs 1,121.36 crore. The minimum bid size for retail investors is 41 shares, requiring an investment of Rs 14,760 at the upper end of the price band.
ALSO READ: Shankesh Jewellers IPO Opens Today: 10 Key Things To Know Before You Subscribe
4. Investor Reservation:
Up to 50% of the issue is earmarked for QIBs, while at least 15% is reserved for NIIs and at least 35% for retail investors.
5. Peer Comparison
Panorama Studios, Baweja Studios, Balaji Telefilms are the other listed peer in the sector.
6. About the company
Led by filmmaker Vipul Amrutlal Shah, Sunshine Pictures operates across films, television and web series. It has produced 13 commercial films, including six self-produced films and seven co-productions.
7. Financial Performance:
Revenue from operations declined from Rs 133.80 crore in FY24 to Rs 74.44 crore in FY26, while FY26 PAT stood at about Rs 40.02 crore. This highlights the inherently lumpy nature of a project-driven film business.
8. Key Risks:
Investors should watch the company's dependence on the success of individual releases, unpredictable audience acceptance and high customer concentration. Its top five customers accounted for 87.76% of FY26 revenue. Project delays, cost overruns and dependence on key creative talent are other risks.
9. Key Strategies
Increase Production Capacity
Diversify the Content Portfolio
Launch Adjacent Businesses
Embrace New-Age Digital Media.
ALSO READ: Sunshine Pictures IPO Gets Fully Subscribed On Day 1; Check GMP
10. Valuation
At the upper price band of Rs 360, Deven Choksey values the company at around 28 times FY26 earnings, based on post-dilution EPS of Rs 12.85. The brokerage has a Subscribe recommendation from a long-term investment perspective.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
