Pursuant to Regulation 30 read with para A of part A of Schedule III of the SEBI (LODR) Regulations, 2015, please find enclosed Annual Report of the Company for the Financial Year 2024- 25.
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Fratelli Vineyards (formerly Tinna Trade) has filed its 17th Annual Report for FY2024-25 and announced its AGM for September 24, 2025, held via video conferencing. The company completed its transition to a pure-play wine business through a share-swap with Tinna Trade. Revenue declined 15.6% to ₹181.92 crore from ₹215.56 crore, and the company swung to a loss of ₹12.83 crore (vs. ₹9.30 crore profit last year), with EBITDA collapsing from ₹28.64 crore to just ₹0.23 crore due to higher investments in branding, capacity, and supply chain changes. Despite weak topline, gross margin improved 200 bps to 79.02%, and premium wines contributed over 70% of revenues. Net worth rose 45.9% to ₹140.64 crore, supported by a recent capital infusion from the share-swap. Management guided for 15-20% annual revenue growth targeting ₹500 crore by 2030, backed by expanded 5.4 million litre winery capacity, new product launches (Pinot Noir, SHOTGUN RTD), and plans for a luxury wine tourism resort at Akluj.
The sharp earnings decline and swing to loss are likely to weigh on near-term sentiment, even though the company highlights the weakness as temporary and tied to one-time supply chain transition costs and heavy reinvestment. Shareholders should note the growing debt (₹95.39 crore borrowings) and negative return on equity of -10.83%, but may find comfort in improved gross margins, premiumisation, and the long-term growth targets outlined by management.