Sunshine Pictures IPO

Strengths · 7

• 01The company owns the rights to the content it makes, so one film can keep earning for years through satellite, digital and music rights.
• 02It has a hit record. The Kerala Story, Force, Commando and Holiday were commercially successful films.
• 03Margins are high because it is an IP business and not a fixed asset business. EBITDA was Rs 50.76 crore on total income of Rs 105.80 crore in FY2025.
• 04The company is almost debt free. Total borrowing was only Rs 11.16 crore as on 31 March 2025, and it came down from Rs 16.67 crore a year before.
• 05Net worth improved from Rs 70.60 crore to Rs 105.07 crore between FY2024 and FY2025.
• 06It works with established studios. Two films are being co-produced with Jio Studios and one web series is being made for Doordarshan.
• 07Co-production spreads the risk on high budget films instead of putting the full cost on the company.

Risks · 8

• 01The latest year shown in the offer document was weaker. Total income fell from Rs 139.46 crore in FY2024 to Rs 105.80 crore in FY2025, and profit after tax fell from Rs 53.35 crore to Rs 34.46 crore.
• 02This is the costliest of the current mainboard issues on earnings. At the upper band of Rs 360 the post issue P/E is about 32.55 times on an EPS of Rs 11.06.
• 03Film income is lumpy and cannot be predicted. One good film can lift a whole year and one failure can wipe out the profit of that year.
• 04The company is very small in people terms, with only 28 full time employees, so the business depends heavily on a few key persons and on the promoters.
• 05Only ten films have been made so far and six of them were co-produced, so the number of fully own productions is small.
• 06Success depends on public taste, star availability, release date clashes and censor clearance, none of which are in the company control.
• 07A part of the issue is an offer for sale, so that money goes to the selling shareholders and not to the company.
• 08Competition is heavy from large studios and from OTT platforms that now produce their own content.

Sunshine Pictures Limited was started in 2007. It is a film and content production company. The company develops the script, produces the film or show, creates the intellectual property, and then earns from selling and licensing those rights.

The company has made films such as Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story. Till now it has produced ten commercial films, of which six were co-produced with other studios, along with two web series, two TV serials and one short film. At present it is co-producing two films with Jio Studios and making one web series for Doordarshan.

The company works both as a sole producer and as a co-producer. For big budget projects it takes a partner so that the risk and the return are shared. It also earns from its own social media and streaming presence, with about 1,62,960 YouTube subscribers and 1,04,500 followers on Instagram and Facebook. As on 30 June 2026 it had 28 full time employees.

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