We are enclosing herewith transcript of the earning concall held on Tuesday, 2nd June, 2026.
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Fratelli Vineyards reported Q4 FY26 revenue of INR36 crores, up 13% year-on-year, and turned EBITDA-positive for the full year at INR1.06 crores versus an operating loss in FY25. Full-year FY26 revenue was largely flat at INR184 crores, held back by regulatory disruptions in Maharashtra, Telangana and Uttarakhand during H1, but the luxury portfolio (above INR2,000 MRP) grew 15% and flagship brand J'NOON grew 44%. The company highlighted its new RTD brand Shotgun as a second growth engine, selling ~100,000 cases (~INR18 crores) in its first year across 18 states, and plans to double the RTD business in FY27. Management guided for ~30% revenue growth in FY27, targeting ~INR240 crores, at which it expects net PAT breakeven, with a long-term aspiration of INR500 crores by 2030 at a 20% CAGR.
Positive for shareholders: management has guided to a clear profitability inflection in FY27, with operating leverage expected to drive margin expansion as fixed costs are largely in place. The RTD business and luxury/premium mix shift provide credible new growth drivers beyond the slow-growing core wine market, though near-term margin upside may be capped by RTD's lower ~70% gross margin versus wine.