as attached
SULA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Sula Vineyards returned to growth in Q4 FY26 with revenue up 7% YoY to ₹142 crore, driven by 5% growth in Own Brands and 17% growth in Wine Tourism. The elite and premium portfolio led with double-digit growth, with The Source brand growing 35% in Q4. Wine Tourism crossed the ₹100 crore revenue milestone for the first time, now comprising ~19% of total revenue. The company signed a binding agreement to acquire Chandon's 19-acre estate in Dindori, Nashik for Wine Tourism expansion. EBITDA remained largely flat due to higher wine grape costs (grape mix shift to ~100% wine grapes vs ~80% last year) and absence of the ₹3 crore one-time gain from Q4 FY25. Net debt reduced marginally to ₹280 crore from ₹285 crore. Management guided that grape cost pressure will persist for 1-2 more quarters but expressed quiet optimism on margin improvement going forward, helped by cost reduction measures and growing Wine Tourism contribution.
Q4 marked a positive turnaround with 4 straight months of growth, easing concerns about demand recovery. Wine Tourism emerging as a strong growth engine (~20% of revenue) and the upcoming Chandon acquisition signal strategic focus on higher-margin hospitality. Margin pressure from grape costs is temporary but limits near-term profitability gains.