🚫 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: Avoid
Conviction
3/10
The company faces a severe revenue contraction of -26% over two years, signalling structural business deterioration that outweighs its currently strong margins and low debt. While the P/E of 28x at 1.22× sector midpoint appears reasonable, the collapsing top line and modest PAT CAGR of -13.4% indicate the business is in decline, making valuation support irrelevant.
Listing Performance
Issue Price
₹360
Allotment price
Listing Price
₹394
+9.44% on listing day
Current Price (CMP)
₹407.45
+13.2% vs issue
Listed On
25 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profitability and capital efficiency
The company delivers a net profit margin of 52.5% and EBITDA margin of 49.12%, with ROCE of 41.23%, demonstrating highly efficient operations and pricing power in its niche. These metrics place the company in the top tier of Indian media and entertainment operators.
✓ Strength
Fortress balance sheet and strong GMP signal
Debt-to-equity of 0.11x is exceptionally low, and the 13.89% grey market premium exceeds the SME threshold of 10%, suggesting retail confidence. Promoter commitment remains high at 74.84% post-issue, with only 38.8% OFS, reducing dilution risk.
⚠ Risk
Severe and sustained revenue decline
Revenue has collapsed from ₹139.5 Cr (FY-2) to ₹76.3 Cr (FY0), a -26% two-year CAGR, indicating loss of market share, client attrition, or structural headwinds in the media business. This is not a cyclical dip but a multi-year deterioration that raises questions about competitive positioning and business model sustainability.
⚠ Risk
Deteriorating profitability despite margin resilience
Net profit has fallen from ₹53.4 Cr to ₹40.0 Cr over two years (PAT CAGR -13.4%), meaning the company is not reinvesting in growth or facing cost pressures. The 52.5% margin masks the fact that absolute earnings are shrinking, which will eventually pressure valuations post-listing.
₹ Valuation
Fair valuation undermined by negative growth trajectory
At 28x P/E (1.22× the 23x niche sector midpoint) and 15.1x P/S, the company trades at a modest premium justified only by its 52.5% NPM. However, a -26% revenue CAGR and declining profits mean the company is paying for past quality, not future growth—a classic value trap in a shrinking business.
👁 Watch
Monitor quarterly revenue and client retention post-listing
Investors must track Q1 FY27 revenue and client concentration data closely. Any further sequential decline or loss of major clients would confirm structural decline and justify significant downside from listing levels.
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 a severe revenue contraction of -26% over two years, signalling structural business deterioration that outweighs its currently strong margins and low debt. While the P/E of 28x at 1.22× sector midpoint appears reasonable, the collapsing top line and modest PAT CAGR of -13.4% indicate the business is in decline, making valuation support irrelevant.
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 ₹407.45 (+13.2% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 20 Aug 2026. The company faces a severe revenue contraction of -26% over two years, signalling structural business deterioration that outweighs its currently strong margins and low debt. While the P/E of 28x at 1.22× sector midpoint appears reasonable, the collapsing top line and modest PAT CAGR of -13.4% indicate the business is in decline, making valuation support irrelevant.
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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