🚫 Avoid
Listed
Media & Entertainment
Sunshine Pictures Limited IPO
₹282 Cr · Fresh Issue & OFS · Media & Entertainment
Price Band
₹342 – ₹360
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹282 Cr
Fresh Issue & OFS
Market Cap
₹1121.36 Cr
At upper band
P/E Ratio
28x
P/S: 15.1x
Listing Date
25 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
18 Aug 2026
✓
Closes
20 Aug 2026
✓
Allotment
21 Aug 2026
✓
Refund
24 Aug 2026
✓
Listing
25 Aug 2026
IPO India Hub: Strong Avoid
Conviction
3/10
The company faces severe revenue contraction (−26% CAGR over 2 years) and declining profitability despite a superficially attractive P/E of 28x. While margins remain exceptional at 52.5% NPM, the shrinking top line and high OFS (38.8%) signal deteriorating business momentum that valuation alone cannot justify.
Listing Performance
Issue Price
₹360
Allotment price
Listing Price
₹394
+9.44% on listing day
Current Price (CMP)
₹389.35
+8.2% vs issue
Listed On
25 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional net profit margins
The company maintains a 52.5% net profit margin and 49.12% EBITDA margin, among the highest in media and entertainment. This demonstrates strong pricing power and operational efficiency in content production or distribution.
✓ Strength
Strong balance sheet and returns
Debt-to-equity ratio of 0.11x is very conservative, and ROCE of 41.23% indicates efficient capital deployment. Promoter commitment remains high at 74.84% post-issue, reducing agency risk.
⚠ Risk
Severe revenue decline trend
Revenue has contracted from ₹139.5 Cr (FY-2) to ₹76.3 Cr (FY0), a −26% CAGR over two years. This sharp deterioration suggests loss of market share, project delays, or structural headwinds in the media business that are not being offset by margin expansion.
⚠ Risk
Declining profitability despite margins
Net profit fell from ₹53.4 Cr (FY-2) to ₹40.0 Cr (FY0), a −13.4% PAT CAGR, even as margins remained high. The company is generating lower absolute profits, which undermines the sustainability of current valuations and dividend capacity.
₹ Valuation
Valuation fair but growth trajectory weak
At 28x P/E, the company trades at 1.22× the niche sector midpoint of 23x, technically within acceptable range. However, the 15.1x P/S ratio combined with −26% revenue CAGR means investors are paying for a shrinking asset base; the high margin cannot compensate for volume loss.
👁 Watch
Monitor revenue stabilization post-listing
Investors must track quarterly revenue trends closely in FY27 and FY28 to confirm whether the decline has bottomed or continues. Any further contraction would signal structural business deterioration and justify significant downside re-rating.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Sunshine Pictures Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹74.44 Cr
Net Profit
₹40.02 Cr
Industry
Media & Entertainment
Issue Type
Fresh Issue & OFS
Promoters
VIPUL AMRUTLAL SHAH, SHEFALI VIPUL SHAH, ARYAMAN VIPUL SHAH AND MAURYA VIPUL SHAH
Lead Managers
GYR Capital Advisors
Quick Actions
Frequently Asked Questions
Avoid. The company faces severe revenue contraction (−26% CAGR over 2 years) and declining profitability despite a superficially attractive P/E of 28x. While margins remain exceptional at 52.5% NPM, the shrinking top line and high OFS (38.8%) signal deteriorating business momentum that valuation alone cannot justify.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹342 – ₹360.
The IPO opens on 18 Aug 2026. It closes on 20 Aug 2026. Allotment is expected on 21 Aug 2026. Refunds initiate on 24 Aug 2026. Listing on BSE and NSE is on 25 Aug 2026.
The lead managers for the IPO are GYR Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 25 Aug 2026 at ₹394 against an issue price of ₹360 (+9.44% on listing day). The current market price (CMP) is approximately ₹389.35 (+8.2% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 20 Aug 2026. The company faces severe revenue contraction (−26% CAGR over 2 years) and declining profitability despite a superficially attractive P/E of 28x. While margins remain exceptional at 52.5% NPM, the shrinking top line and high OFS (38.8%) signal deteriorating business momentum that valuation alone cannot justify.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 20 Aug 2026. The IPO is priced at a P/E of 28x. Market cap at issue price is ₹1121.36 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 20 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Sunshine Pictures Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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