we hereby submit the Transcript of Earning concall held on Tuesday 18, 2025 on the operation and financial performance of the Company Q2H1FY26
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Fratelli Vineyards reported Q2 FY26 revenue of INR 46.3 crores, broadly flat YoY, while EBITDA improved to INR 1.47 crores from INR 1.32 crores, with the business turning EBITDA positive in the quarter. Gross margins held steady at ~79%. The company now holds about one-third of the Indian wine market, with its luxury segment growing 18% YoY and capturing over 50% share. Its newly launched wine-based RTD product, Shotgun, has scaled to a 6% market share in 6 months and is present in 6,000 touch points across 11 states, contributing ~INR 10 crores in H1 FY26 revenue. Management outlined INR 100 crore planned CAPEX (70% for a boutique resort on its vineyard, 30% for brand building and balance sheet), to be funded via equity rather than additional debt given existing borrowings of ~INR 120 crores at ~10% cost. Telangana and Karnataka disruptions impacted ~4-5% of top line but are expected to normalize by December 1.
The flat top line and marginal EBITDA improvement suggest near-term pressure, but management's confidence in 10-15% revenue growth this year, margin expansion via operating leverage as revenue approaches INR 210-215 crores, and the strong traction in Shotgun RTD point to a positive medium-term setup. Shareholders should watch for the planned equity fundraise announcement, which will be a key near-term catalyst.