SULA · price
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Sula Vineyards, India's largest wine company commanding 60%+ domestic elite & premium market share, has released its Annual Report for FY 2025-26 and Notice of the 23rd AGM scheduled for 25th June 2026. The year was a transition year impacted by softer demand, regional disruptions in Telangana and Karnataka, and one-off factors. However, Q4 FY26 saw recovery with Own Brands returning to growth (5% YoY). Wine Tourism crossed the INR 100 crore milestone for the first time (INR 113 crore, up 21% YoY), powered by 11% footfall growth and 50% expansion in resort keys to 154. Premiumization continued with Elite & Premium share rising to 78.4%. Net Debt was reduced to INR 280 crore and cash generation from operations jumped 70% YoY to INR 99 crore. The company launched its 3rd resort (The Haven), 3 new wines (Sula Muscat Blanc, The Source Chardonnay, The Source Grenache Red), and agreed to acquire Chandon's 19-acre estate in Dindori, Nashik. Renewable energy now constitutes 75% of total energy mix.
Sula navigated a challenging FY26 marked by demand softness and regional disruptions, but ended on an encouraging note with Q4 recovery and a strong Wine Tourism segment. The company's deleveraging progress, improving cash flow, and expanding premium portfolio position it for improved performance in FY27.