SULA - Sula Vineyards
📢 Recent Corporate Announcements
Sula Vineyards Limited has scheduled its earnings conference call to discuss the financial results for the quarter and full year ended March 31, 2026. The call is slated for Thursday, May 7, 2026, at 4:00 PM IST. Senior management, including MD & CEO Rajeev Samant and CFO Abhishek Kapoor, will be present to interact with analysts and investors. This is a routine but essential event for assessing the company's annual performance and future outlook.
- Earnings conference call scheduled for May 7, 2026, at 4:00 PM IST.
- The call will cover financial performance for Q4 FY26 and the full fiscal year 2026.
- Management representation includes MD & CEO Rajeev Samant and CFO Abhishek Kapoor.
- Dial-in numbers for the call include +91 22 7115 8013 and +91 22 6280 1188.
- International toll-free numbers are available for Hong Kong, Singapore, USA, and UK.
Sula Vineyards Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited (the company's Registrar and Transfer Agent), confirms that all securities dematerialized or rematerialized during the quarter ended March 31, 2026, have been duly reported to the stock exchanges. This is a standard procedural filing required by all listed companies in India to ensure the integrity of electronic shareholding records. The filing indicates that the company is maintaining its regulatory compliance schedule.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- KFin Technologies Limited confirmed as the Registrar and Share Transfer Agent (RTA).
- Confirmation provided to both National Stock Exchange (NSE) and BSE Limited.
Sula Vineyards has signed a definitive agreement to acquire Chandon’s 19-acre wine estate in Dindori, Nashik, through its subsidiary Artisan Spirits Private Limited. The acquisition includes a world-class production facility with a 4.5 lakh litre capacity, scalable to 13 lakh litres, along with a premium visitor centre and banquet facility. This strategic move aims to replicate Sula's successful wine tourism model, which currently attracts over 3.5 lakh visitors annually. The transaction is an asset purchase expected to close by the end of Q1 FY27, excluding Chandon brand-related assets.
- Acquisition of a 19-acre premium wine estate and production facility in Dindori, Nashik from Moet Hennessy India.
- Current production capacity of 4.5 lakh litres per annum, with scalability up to 13 lakh litres.
- Strategic location 20 minutes from Nashik Airport, positioned to benefit from increased connectivity and the upcoming Kumbh Mela.
- Includes an ultra-premium visitor centre and 5 acres of vineyards to develop a new landmark destination wine resort.
- Deal expected to conclude by Q1 FY27, focusing on asset purchase without brand-related transfers.
Sula Vineyards Limited has announced the closure of its trading window for all directors and designated persons starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q4 and full-year financial results. The window will remain closed until 48 hours after the audited financial results for the period ending March 31, 2026, are declared. This is a standard regulatory procedure to prevent insider trading before sensitive financial data is made public.
- Trading window closure effective from Wednesday, April 1, 2026.
- Applies to all Directors, Designated Persons, and Connected Persons of Sula Vineyards.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- Window to reopen 48 hours after the official declaration of financial results.
Sula Vineyards' wholly-owned subsidiary, Artisan Spirits Private Limited, has entered into an agreement to acquire the assets of Domaine Chandon India from Moët Hennessy India (part of the LVMH group). The deal, valued at Rs 20 crore plus inventory costs, includes land, buildings, and machinery located in Dindori, Nashik. This strategic acquisition is situated near Sula's existing operations and is specifically designed to bolster the company's high-growth wine tourism segment. The transaction will be funded through a combination of internal accruals and debt.
- Acquisition of Domaine Chandon India's estate assets for a cash consideration of Rs 20 crore.
- Strategic purchase from Moët Hennessy India Private Limited, a subsidiary of the global LVMH group.
- Assets include land, buildings, and plant machinery located in the prime wine-growing region of Dindori, Nashik.
- The move aims to establish an additional destination for Sula's wine tourism, its strongest growth segment.
- Funding will be a mix of internal accruals and debt, with inventory value to be finalized at closing.
Sula Vineyards has received formal approval from the Central Government for the re-appointment of Mr. Rajeev Samant as Managing Director and CEO. The appointment is set for a three-year term effective from April 1, 2026, through March 31, 2029. This regulatory clearance was necessary under the Companies Act, 2013, as Mr. Samant qualifies as a non-resident. The move follows prior approvals from the Board in November 2025 and shareholders in December 2025, ensuring leadership continuity for the wine major.
- Central Government approval received on March 20, 2026, for the re-appointment of Mr. Rajeev Samant.
- The re-appointment is valid for a period of 3 years starting April 1, 2026, to March 31, 2029.
- Shareholders had previously approved the re-appointment and remuneration via Postal Ballot on December 12, 2025.
- Approval was required under Section 196 and Schedule V of the Companies Act, 2013, due to the MD's non-resident status.
Sula Vineyards reported a challenging Q3 FY26, primarily due to a tactical decision to significantly destock in Karnataka to right-size channel inventory. Despite this, the Wine Tourism segment delivered record performance with 34% YoY revenue growth and a 15% increase in footfalls. The company's premiumization strategy remains on track, with 'The Source' range now contributing 11% of Own Brand sales. Management noted that the India-EU FTA's duty reductions will only impact wines priced above a certain threshold, leaving 95% of Sula's current portfolio protected.
- Wine Tourism revenue grew 34% YoY, with room capacity increasing 50% to 154 keys.
- The Source premium range share increased from 8.5% to 11% of Own Brands in Q3.
- CSD channel sales surged 40% YoY during the first nine months of FY26.
- Maharashtra and Telangana markets have returned to growth following previous disruptions.
- India-EU FTA duty cuts apply only to wines above €2.5 CIF, protecting 95% of Sula's portfolio volume.
Sula Vineyards has officially released the audio recording of its earnings conference call held on February 9, 2026. The call addressed the company's un-audited financial results and operational performance for the third quarter and nine months ended December 31, 2025. This disclosure is a routine regulatory requirement under SEBI Listing Obligations. Investors can access the recording via the company's investor relations website to understand management's perspective on recent performance.
- Earnings call conducted on February 9, 2026, regarding Q3 and 9M FY26 results.
- Audio recording made available on the company's official investor relations portal.
- Compliance filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015.
Sula Vineyards Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events and information as per SEBI Regulation 30(5). The authorized officials include the CEO & MD Rajeev Samant, CFO Abhishek Kapoor, and Company Secretary Gayathri Iyer. This is a standard administrative update to ensure compliance with stock exchange listing obligations. The announcement does not impact the company's financial performance or business strategy.
- Designated 3 Key Managerial Personnel to determine materiality of events for stock exchange disclosures.
- Authorized officials include CEO Rajeev Samant, CFO Abhishek Kapoor, and CS Gayathri Iyer.
- Update is compliant with Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Contact details provided for investor relations via email and a dedicated Mumbai-based phone line.
Sula Vineyards Limited has appointed Ms. Gayathri Iyer as the Company Secretary and Compliance Officer, effective February 6, 2026. Ms. Iyer joins the company as a Key Managerial Personnel (KMP) and a member of the Senior Management team. She brings over 12 years of professional experience in corporate secretarial functions, having previously worked with major firms like Mahindra & Mahindra and Sun Pharmaceuticals. This appointment is intended to strengthen the company's governance and regulatory compliance framework.
- Ms. Gayathri Iyer appointed as Company Secretary and Compliance Officer effective February 6, 2026
- Brings over 12 years of experience in secretarial compliance across industries like Automobiles and Pharmaceuticals
- Previously associated with reputable organizations including Mahindra and Mahindra Limited and Sun Pharmaceuticals
- The appointment was recommended by the Nomination and Remuneration Committee and approved by the Board
Sula Vineyards reported a 9.7% YoY decline in Q3 FY26 revenue to INR 196 Cr, largely attributed to one-time tactical destocking in Karnataka. EBITDA saw a sharp decline of 39.8% to INR 32 Cr, with margins contracting to 16.3% from 24.5% last year. Conversely, the Wine Tourism segment achieved record revenue of INR 22 Cr, driven by a 17% increase in footfalls and the expansion of 'The Haven' resort. Management remains optimistic about a Q4 recovery, citing a rebound in the Maharashtra market and normalized operations in Telangana.
- Revenue from operations decreased 9.7% YoY to INR 196 Cr due to inventory correction in Karnataka.
- Wine Tourism revenue reached an all-time high of INR 22 Cr, growing 33.7% YoY.
- EBITDA margins compressed significantly by 816 bps to 16.3% during the quarter.
- Elite & Premium wine share remained stable at 80%, with 'The Source' range showing double-digit growth.
- Room capacity increased by 50% to 154 keys following the launch of Phase 2 of The Haven by Sula.
Sula Vineyards reported a weak set of numbers for Q3 FY26, with consolidated net profit plunging 67.6% year-on-year to ₹9.10 crore. Revenue from operations also declined by 9.7% YoY to ₹195.68 crore, compared to ₹216.64 crore in the same quarter last year. The company's profitability was further squeezed by a ₹1.70 crore exceptional impairment loss on brands and goodwill. While there was a seasonal sequential improvement from Q2, the overall nine-month performance shows a sharp decline in earnings compared to the previous fiscal year.
- Consolidated Revenue from operations fell 9.7% YoY to ₹195.68 crore in Q3 FY26.
- Net Profit declined sharply by 67.6% YoY to ₹9.10 crore from ₹28.06 crore.
- Recognized an exceptional impairment loss of ₹1.70 crore related to intangible assets and goodwill.
- Nine-month (9M FY26) net profit stands at ₹17.06 crore, down from ₹57.17 crore in 9M FY25.
- Basic EPS for the quarter dropped to ₹1.08 from ₹3.32 in the year-ago period.
Sula Vineyards Limited has announced its earnings conference call to discuss financial results for the quarter and nine months ended December 31, 2025. The call is scheduled for Monday, February 9, 2026, at 4:00 PM IST. Top management, including MD & CEO Rajeev Samant and CFO Abhishek Kapoor, will be present to address investor queries. This call is particularly relevant as it covers the peak holiday and tourism season for the company.
- Earnings call scheduled for February 9, 2026, at 4:00 PM IST.
- Focus on financial performance for Q3 and 9M FY 2026 ending December 31, 2025.
- Management representation by MD & CEO Rajeev Samant and CFO Abhishek Kapoor.
- Primary dial-in numbers provided are +91 22 7115 8013 and +91 22 6280 1188.
Sula Vineyards has clarified that the India-EU Free Trade Agreement (FTA) will have a limited impact on the domestic wine industry due to a Minimum Import Price (MIP) of €2.5 per 750 ml bottle. This threshold ensures that over 90% of Indian wines, which retail below ₹1,500, remain protected by the existing 150% import duty. For wines above the MIP, duty reductions are expected to be phased over 7-10 years, starting from ~75% after the first year and tapering to 20-30%. The company believes its market leadership and brand loyalty will safeguard its portfolio, with only the ultra-premium RASA range facing potential competition.
- Minimum Import Price (MIP) of €2.5 per 750 ml bottle CIF protects wines retailing below ₹1,500.
- Import duties for premium wines to be reduced from 150% to 20-30% over a 7-10 year phased period.
- Sula maintains over 50% market share in the domestic premium wine segment with 60+ labels.
- Over 90% of the Indian wine market is shielded from the proposed duty reductions.
Sula Vineyards has addressed a clarification sought by the National Stock Exchange regarding its financial submissions for the quarter ended September 30, 2025. The company had inadvertently filed its XBRL data under the 'Half Yearly' reporting category instead of the 'Quarterly' category. A rectified version of both Standalone and Consolidated Financial Results has now been submitted to the NEAPS portal. This correction is purely administrative and does not alter the previously reported financial performance numbers.
- NSE sought clarification on January 12, 2026, regarding XBRL filing discrepancies for the September 2025 quarter.
- The error involved selecting the incorrect 'Reporting Type' parameter during the initial digital submission.
- Company has filed revised Standalone and Consolidated XBRL reports on January 14, 2026.
- The rectification ensures full compliance with Regulation 33 of SEBI (LODR) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
In H1 FY26, Own Brands revenue was INR 226.4 Cr (down 6.4% YoY), Wine Tourism grew to INR 26.9 Cr (up 14.5% YoY), and Other segments including imported brands reached INR 4.6 Cr (up 10.1% YoY). Total revenue from operations for H1 FY26 was INR 258.0 Cr, a decline of 4.3% YoY from INR 269.7 Cr.
Geographic Revenue Split
Maharashtra, Karnataka, Telangana, New Delhi, and Goa collectively contribute over 75% of total revenue. Maharashtra is the largest market, while Telangana is the third largest. Sula is expanding in non-core markets like Haryana, Uttar Pradesh, Rajasthan, and West Bengal to reduce concentration risk.
Profitability Margins
Operating margins moderated significantly to 18.2% in H1 FY26 from 26.7% in H1 FY25. Gross margins fell to 66.4% in H1 FY26 from 74.9% YoY, impacted by a 150 bps hit from high-cost liquid inventory carryover and a 400-500 bps increase in COGS due to third-party sourcing for wine tourism.
EBITDA Margin
Operating EBITDA margin was 17.0% in H1 FY26, down 809 bps from 25.1% in H1 FY25. Operating EBITDA absolute value fell 35.2% YoY to INR 43.8 Cr. The decline was driven by higher selling and distribution expenses and a shift in product mix, partially offset by an 8% reduction in operating costs through disciplined management.
Capital Expenditure
Sula incurred INR 78 Cr in capex during FY25 for capacity expansion and renewable energy. Planned annual capex for FY26-FY28 is INR 30-35 Cr, primarily for maintenance, sustainability, and expanding wine tourism facilities like the Haven by Sula resort.
Credit Rating & Borrowing
ICRA and CRISIL maintain ratings with a stable outlook. Interest coverage ratio moderated to 5.1 times in FY25 from 6.7 times in FY24. Total debt/OPBDITA rose to 2.6 times as of March 31, 2025, from 2.1 times the previous year due to margin contraction.
Operational Drivers
Raw Materials
Grapes are the primary raw material, accounting for the bulk of wine production costs. High-cost grape inventory from the 2024 harvest season impacted gross margins by approximately 150 basis points as it was phased out through H1 FY26.
Import Sources
Grapes are sourced domestically from over 2,800 acres of vineyards located in Maharashtra (Nashik) and Karnataka. The company also imports international wine brands for its trading business, which accounts for approximately 2% of revenue.
Key Suppliers
Sula sources grapes through a network of contract farmers across 2,800 acres. It also recently transitioned to third-party sourcing for its wine tourism food and beverage operations to focus on core wine production.
Capacity Expansion
Current production capacity is 18.2 million liters (16.5m in Nashik, 1.7m in Karnataka). Sula is expanding its tank capacity to 19.2 million liters by the end of FY26 to support long-term volume growth.
Raw Material Costs
Cost of Goods Sold (COGS) rose 34.7% YoY in H1 FY26 to INR 69.2 Cr. This increase was driven by the transition to third-party sourcing for hospitality and the utilization of expensive grape stock from the previous harvest.
Manufacturing Efficiency
The company operates six manufacturing units (four in Nashik, two in Karnataka). Efficiency is being targeted through a 15.9 million liter production base that is currently being scaled to 19.2 million liters to improve operating leverage.
Logistics & Distribution
Sula utilizes an extensive network of 50 distributors and has the largest wine distribution network in India. Selling and distribution expenses increased in H1 FY26 as the company invested in expanding its footprint in non-core states like Telangana and Madhya Pradesh.
Strategic Growth
Expected Growth Rate
11%
Growth Strategy
Growth will be driven by premiumization (Elite & Premium brands share at 78%), expanding the CSD segment (sales doubled YoY in Q2 FY26), and increasing wine tourism capacity by adding 20 rooms at Haven by Sula. The company is also re-entering the imported wine distribution business to leverage its existing network.
Products & Services
Sula sells 60+ labels of wine across Elite, Premium, and Economy segments. It also provides hospitality services through wine resorts (The Source, Beyond by Sula, Haven by Sula) and wine tasting sessions.
Brand Portfolio
Sula, The Source, Dindori, Beyond Sula, Haven by Sula, and Rasa.
New Products/Services
Expansion of the CSD (Canteen Stores Department) portfolio from 5 to 9 labels contributed to a 100% YoY growth in that segment during Q2 FY26. New hospitality capacity at Haven by Sula is expected to commence in Q4 FY26.
Market Expansion
Targeting double-digit growth in states like Haryana, Uttar Pradesh, and Rajasthan. Sula is also focusing on increasing its presence in Madhya Pradesh and Telangana to capture emerging wine consumption trends.
Market Share & Ranking
Sula is the market leader in the Indian wine industry with a dominant market share of over 50%.
Strategic Alliances
Sula acquired a 100% shareholding in N D Wines Private Limited in Q1 FY25 to strengthen its manufacturing footprint in the Nashik region.
External Factors
Industry Trends
The industry is shifting toward premiumization and wine tourism. While the overall market faces regulatory hurdles, Sula is positioning itself as a lifestyle brand rather than just a liquor producer to capitalize on evolving societal attitudes.
Competitive Landscape
Sula competes with other domestic wineries and international imports. Despite lower S&D spend than some competitors, Sula continues to gain market share in key corporation markets.
Competitive Moat
Sula's moat is built on its 50%+ market share, a vast distribution network of 50+ distributors, and high entry barriers created by complex state-specific regulations and advertising bans that favor established incumbents.
Macro Economic Sensitivity
Demand is sensitive to urban discretionary spending and inflationary pressures, which caused a moderation in revenue growth to 5% in early FY25.
Consumer Behavior
There is an increasing trend toward wine tourism and premium wine consumption in urban centers, which Sula captures through its resorts and 'The Source' brand line.
Geopolitical Risks
Trade barriers and import duties on international wines favor Sula's domestic production, but changes in state-level policies act as internal 'geopolitical' risks within India.
Regulatory & Governance
Industry Regulations
The industry is highly regulated with extensive government controls on advertising, pricing, and distribution. State-specific retail license auctions (e.g., Telangana) can cause temporary total cessation of sales in those regions.
Environmental Compliance
Sula is investing in sustainability capex and renewable energy, though specific ESG compliance costs in INR are not detailed.
Taxation Policy Impact
Sula is subject to state-specific excise duties and VAT. The Wine Industrial Promotion Scheme (WIPS) provides a VAT refund in Maharashtra, with INR 20 Cr accrued in H1 FY26 and INR 70 Cr currently outstanding.
Legal Contingencies
Sula received a tax assessment order under the Central Sales Tax Act, 1956 for the period 2020-2021 from the Assistant Commissioner of State Tax, Nashik, in April 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the continuation of the WIPS subsidy beyond FY28 and the risk of unfavorable excise policy changes in Maharashtra and Karnataka, which could impact margins by over 500 bps.
Geographic Concentration Risk
High concentration risk with over 75% of revenue coming from just five states/regions: Maharashtra, Karnataka, Telangana, New Delhi, and Goa.
Third Party Dependencies
Increased dependency on third-party sourcing for wine tourism operations (COGS impact of 400-500 bps) and reliance on contract farmers for grape supply.
Technology Obsolescence Risk
Low risk of obsolescence in wine production, but the company is digitizing its distribution and direct-to-consumer sales channels to maintain its competitive edge.
Credit & Counterparty Risk
Receivables from the Telangana Government were overdue but partially recovered in October 2025; timely receipt of WIPS accruals from the Maharashtra government remains a key monitorable for cash flow health.