Transcript of earning call held on February 16, 2026 on the financial and operational performance of the company for the third quarter and nine months period ended on December 31, 2025. (Q3 & 9M FY26)
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Fratelli Vineyards reported Q3 FY26 revenue of INR65 crores, up 8% year-on-year, with EBITDA rising sharply to INR5.5 crores (margin 8.6%) from INR1.6 crores a year earlier. For 9M FY26, revenue was broadly flat at around INR147 crores, held back by regulatory disruptions in Maharashtra, Telangana, and Uttarakhand during H1, though Q3 showed clear normalization. The luxury segment grew 13% in Q3 and 20% over 9M, with flagship J'NOON up 53% year-to-date and Sette up about 10%; premium-and-above wines now contribute around 73% of bottle business revenue. Management guided to 10–12% EBITDA margins for FY27, 7% revenue growth for FY26, and said RTD brand Shotgun is on track to hit 100,000 cases (INR20 crore-plus revenue) by March 2026. On the India-EU FTA, import duties will phase down over several years but only affect wines above EUR2.5 per bottle, a band that represents just about 7% of Fratelli's revenue where it already holds over 55% market share.
The Q3 margin recovery and explicit FY27 EBITDA guidance of 10–12% are positive for sentiment, but flat 9M revenue and the looming EU FTA keep the near-term picture mixed. Investors should watch for normalization in disrupted states, Shotgun RTD scale-up, and progress on the new wine tourism/hospitality project.