{"id":14501,"date":"2026-08-18T09:32:19","date_gmt":"2026-08-18T09:32:19","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14501"},"modified":"2026-08-18T09:52:18","modified_gmt":"2026-08-18T09:52:18","slug":"sunshine-pictures-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/","title":{"rendered":"Sunshine Pictures IPO: The Studio Behind &#8216;The Kerala Story&#8217;"},"content":{"rendered":"<p>Sunshine Pictures Limited,\u00a0<mark data-color=\"#ffe599\">the studio behind The Kerala Story<\/mark>, is filing a \u20b9282 Cr IPO on August 18, 2026. Sunshine runs its entire production business with 28 employees and released just one film in FY26.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Tgcm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png 1456w\" alt=\"\" width=\"589\" height=\"450.2451923076923\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/e459d6ef-29ad-485c-b85b-0f82b4309918_1680x1284.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1113,&quot;width&quot;:1456,&quot;resizeWidth&quot;:589,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"introduction\">Introduction<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>One of the key drivers for India\u2019s media and entertainment sector is:<\/p>\n<ol>\n<li><mark data-color=\"#ffe599\">Rising screen counts in Tier II and III cities<\/mark><\/li>\n<li>Growing practice of\u00a0<mark data-color=\"#ffe599\">monetising a film across OTT<\/mark>\u00a0rather than through the box office alone.<\/li>\n<\/ol>\n<p>Sunshine Pictures Limited operates within this filmed entertainment segment as a Mumbai-based production house.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"business-model-explained\">Business Model Explained<\/h2>\n<p>Sunshine Pictures was incorporated in 2007 and is led by couple duo Vipul Shah and Shefali Shah.<\/p>\n<p>As of FY26, the company has produced\u00a0<mark data-color=\"#ffe599\">18 projects<\/mark>:<\/p>\n<ul>\n<li>13 commercial films;<br \/>\nof which 7 were co-produced with established studios, 6 were self-produced<\/li>\n<li>2 web series<\/li>\n<li>3 TV serials<\/li>\n<li>1 short film (which did not generate any revenue)<\/li>\n<\/ul>\n<p>Its most successful film \u201cThe Kerala Story\u201d released in 2023,\u00a0<mark data-color=\"#ffe599\">contributed 24% of cumulative revenue from all projects.<\/mark><\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ogd7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png 1456w\" alt=\"\" width=\"633\" height=\"299.54464285714283\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:689,&quot;width&quot;:1456,&quot;resizeWidth&quot;:633,&quot;bytes&quot;:115112,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/211666496?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26bc1718-30ee-4ee4-af06-e928e8798e98_2224x1052.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"lets-take-a-vc-fund-for-example\">Let\u2019s Take a VC Fund For Example!<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<blockquote><p><em>Think of their business model comparable to that of a VC firm where most of the gains come from\u00a0<strong>one successful outlier<\/strong>.<\/em><\/p><\/blockquote>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jXyb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba75944b-a1fe-4887-8028-e56ee828961d_921x552.png 1456w\" alt=\"\" width=\"631\" height=\"378.18892508143324\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/ba75944b-a1fe-4887-8028-e56ee828961d_921x552.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:552,&quot;width&quot;:921,&quot;resizeWidth&quot;:631,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<h6><em>Disclaimer: The above illustration is for example purpose only and does not reflect any particular fund\u2019s financial position.<\/em><\/h6>\n<p>The company follows two production models.<\/p>\n<ol>\n<li><mark data-color=\"#ffe599\">Sole production<\/mark>: Finances the entire film keeps the full upside from theatrical release, OTT, television and music rights.<\/li>\n<li><mark data-color=\"#ffe599\">Co-production<\/mark>: Partners with a studio such as Zee Studios, Reliance Entertainment or Jio Studios, produces the film for a fixed fee regardless of box office outcome, and retains a share of intellectual property and profit for a mutually decided time period.<\/li>\n<\/ol>\n<p>The company does not own studios or production facilities and outsources them.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics-per-project-basis\">Unit economics (Per project basis)<\/h2>\n<ul>\n<li>Per-project revenue rose sharply between FY24 and FY25 because the same or fewer releases carried a larger co-production fee.<\/li>\n<li>The jump in EBITDA margin to 77% in FY26 came\u00a0<mark data-color=\"#ffe599\">from a fall in operational cost as company monetised their past content<\/mark>\u00a0and a single fixed-fee release rather than fresh, cash-intensive production.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff-from-revenue-to-pat\">The Financial Stuff: From Revenue to PAT<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ke0C!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png 1456w\" alt=\"\" width=\"595\" height=\"388.6298076923077\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/ec92d063-2c04-42a6-bf94-9d59effb99d6_2048x1338.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:951,&quot;width&quot;:1456,&quot;resizeWidth&quot;:595,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Revenue from operations fell in both FY25 and FY26 after a 405% jump in FY24 driven by\u00a0<strong>The Kerala Story<\/strong>, showing how<mark data-color=\"#ffe599\">\u00a0dependent the topline is on the scale of a small number of releases.<\/mark><\/li>\n<li>The anomaly worth flagging is that PAT margin rose to 54% in FY26 even as revenue nearly halved from its FY24 level, this was driven by a sharp fall in operational cost as a proportion of revenue rather than by revenue growth.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Revenue streams:<\/mark><\/strong><mark data-color=\"#ffe599\">\u00a0<\/mark>Films remain the dominant revenue source in most years, but FY25 shows how a single large TV serial (Bhed Bharam) can flip the mix.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rw1t!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png 1456w\" alt=\"\" width=\"618\" height=\"381.4491525423729\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/a07b557a-40c9-4677-8359-6cc09e3c830a_708x437.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:437,&quot;width&quot;:708,&quot;resizeWidth&quot;:618,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Revenue by production type:\u00a0<\/mark><\/strong>Self-produced content, where Sunshine Pictures bears full risk but keeps full upside, has contributed majority of revenue across the three years.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Q7aq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png 1456w\" alt=\"\" width=\"609\" height=\"376.8605769230769\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/fd95bfc9-966d-4806-aa5a-75e47c015b24_2048x1268.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:901,&quot;width&quot;:1456,&quot;resizeWidth&quot;:609,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"sunshine-pictures-peers\">Sunshine Pictures\u2019 Peers<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NNcK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png 1456w\" alt=\"\" width=\"647\" height=\"243.06936813186815\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/100fc9ff-5eae-4cfe-bb0d-2c7109c82ce6_2048x770.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:547,&quot;width&quot;:1456,&quot;resizeWidth&quot;:647,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Sunshine\u2019s\u00a0<strong>RoE of 32%<\/strong>\u00a0indicates productive capital allocation.<\/li>\n<li>Sunshine maintains an incredibly low\u00a0<strong>Debt-Equity ratio of 0.06<\/strong><\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p><strong>Audience acceptance is unpredictable<br \/>\n<\/strong>Their revenue depends primarily on public acceptance of its films, web series and TV serials,\u00a0<mark data-color=\"#ffe599\">which is difficult to predict.<\/mark><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"future-plans\">Future plans<\/h2>\n<ul>\n<li>The company is building a bigger production pipeline with 11 new projects extending up to FY29.<\/li>\n<li>Among the big name stars\u00a0<mark data-color=\"#ffe599\">Akshay Kumar<\/mark>\u00a0is being cast for \u2018Samuk\u2019, while casting details about other films were not mentioned.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!jFQz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png 1456w\" alt=\"\" width=\"601\" height=\"601.8255494505495\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1458,&quot;width&quot;:1456,&quot;resizeWidth&quot;:601,&quot;bytes&quot;:332251,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/211666496?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4798008c-04ce-4401-8a23-67392e2d6d51_2368x2372.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>Sunshine Pictures is a promoter-led Mumbai production house with a nearly two-decade track record, a low-debt balance sheet, and a business model that mixes fully self-financed films with fixed-fee co-productions to balance risk and upside.<\/p>\n<p>Its growth will depend on whether the company can create more blockbusters like \u2018The Kerala Story\u2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sunshine Pictures Limited,\u00a0the studio behind The Kerala Story, is filing a \u20b9282 Cr IPO on August 18, 2026. Sunshine runs its entire production business with 28 employees and released just one film in FY26. IPO Summary Introduction One of the key drivers for India\u2019s media and entertainment sector is: Rising screen counts in Tier II [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sunshine Pictures IPO: The Studio Behind &#039;The Kerala Story&#039; - InCred Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sunshine Pictures IPO: The Studio Behind &#039;The Kerala Story&#039; - InCred Money\" \/>\n<meta property=\"og:description\" content=\"Sunshine Pictures Limited,\u00a0the studio behind The Kerala Story, is filing a \u20b9282 Cr IPO on August 18, 2026. Sunshine runs its entire production business with 28 employees and released just one film in FY26. IPO Summary Introduction One of the key drivers for India\u2019s media and entertainment sector is: Rising screen counts in Tier II [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-18T09:32:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-18T09:52:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"362\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Varun Shah\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Varun Shah\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/\"},\"author\":{\"name\":\"Varun Shah\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\"},\"headline\":\"Sunshine Pictures IPO: The Studio Behind &#8216;The Kerala Story&#8217;\",\"datePublished\":\"2026-08-18T09:32:19+00:00\",\"dateModified\":\"2026-08-18T09:52:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/\"},\"wordCount\":615,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp\",\"keywords\":[\"Blogs\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/\",\"name\":\"Sunshine Pictures IPO: The Studio Behind 'The Kerala Story' - InCred Money\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp\",\"datePublished\":\"2026-08-18T09:32:19+00:00\",\"dateModified\":\"2026-08-18T09:52:18+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp\",\"contentUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp\",\"width\":650,\"height\":362},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/sunshine-pictures-ipo\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sunshine Pictures IPO: The Studio Behind &#8216;The Kerala Story&#8217;\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\",\"name\":\"InCred Money\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\",\"name\":\"Varun Shah\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"caption\":\"Varun Shah\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/in\\\/varun-shah-5b5570a4\\\/\"],\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/author\\\/varunshah\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Sunshine Pictures IPO: The Studio Behind 'The Kerala Story' - InCred Money","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/","og_locale":"en_US","og_type":"article","og_title":"Sunshine Pictures IPO: The Studio Behind 'The Kerala Story' - InCred Money","og_description":"Sunshine Pictures Limited,\u00a0the studio behind The Kerala Story, is filing a \u20b9282 Cr IPO on August 18, 2026. Sunshine runs its entire production business with 28 employees and released just one film in FY26. IPO Summary Introduction One of the key drivers for India\u2019s media and entertainment sector is: Rising screen counts in Tier II [&hellip;]","og_url":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/","og_site_name":"InCred Money","article_published_time":"2026-08-18T09:32:19+00:00","article_modified_time":"2026-08-18T09:52:18+00:00","og_image":[{"width":650,"height":362,"url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp","type":"image\/webp"}],"author":"Varun Shah","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Varun Shah","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/#article","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/"},"author":{"name":"Varun Shah","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52"},"headline":"Sunshine Pictures IPO: The Studio Behind &#8216;The Kerala Story&#8217;","datePublished":"2026-08-18T09:32:19+00:00","dateModified":"2026-08-18T09:52:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/"},"wordCount":615,"commentCount":0,"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp","keywords":["Blogs"],"articleSection":["IPO"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/","url":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/","name":"Sunshine Pictures IPO: The Studio Behind 'The Kerala Story' - InCred Money","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/#primaryimage"},"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp","datePublished":"2026-08-18T09:32:19+00:00","dateModified":"2026-08-18T09:52:18+00:00","author":{"@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52"},"breadcrumb":{"@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/#primaryimage","url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp","contentUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/e45f2878-e969-42fc-894f-dd09d712b59f_650x362.webp","width":650,"height":362},{"@type":"BreadcrumbList","@id":"https:\/\/www.incredmoney.com\/blog\/sunshine-pictures-ipo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.incredmoney.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Sunshine Pictures IPO: The Studio Behind &#8216;The Kerala Story&#8217;"}]},{"@type":"WebSite","@id":"https:\/\/www.incredmoney.com\/blog\/#website","url":"https:\/\/www.incredmoney.com\/blog\/","name":"InCred Money","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.incredmoney.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52","name":"Varun Shah","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","caption":"Varun Shah"},"sameAs":["https:\/\/www.linkedin.com\/in\/varun-shah-5b5570a4\/"],"url":"https:\/\/www.incredmoney.com\/blog\/author\/varunshah\/"}]}},"_links":{"self":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=14501"}],"version-history":[{"count":3,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14501\/revisions"}],"predecessor-version":[{"id":14505,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14501\/revisions\/14505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media\/14502"}],"wp:attachment":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=14501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=14501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=14501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}