Sula Vineyards Limited has informed the Exchange regarding a press release dated July 11, 2025, titled "Sula Vineyards (NSE: SULA) records Steady Revenue in Q1 FY26; Wine Tourism Shines with Strong Double-Digit Growth".
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Awaiting price reaction for this filing.
Sula Vineyards reported Q1 FY26 revenue from operations of INR 118.3 Cr, down 7.9% YoY from INR 128.4 Cr, but essentially flat (+0.2%) once adjusted for a one-time INR 10.4 Cr WIPS unwinding benefit in Q1 FY25. Own Brands revenue fell 10.8% to INR 102.3 Cr, hurt by weak urban consumption and a temporary trade pre-loading effect after Maharashtra hiked excise duties on spirits (wine duties unchanged). Wine Tourism was the standout, growing 21.8% to INR 13.7 Cr — its highest-ever Q1 — driven by higher footfalls, record resort occupancy, and the new Samruddhi Highway cutting Mumbai–Nashik travel time. Sula also launched 'Sula Muscat Blanc' (India's first low-alcohol Muscat at 7.5% ABV) and won four Silver medals at the Decanter World Wine Awards 2025.
Underlying core business is stable, with the headline revenue dip largely explained by a base-effect one-time item; the wine tourism momentum and unchanged wine excise duties are positives, though weak Own Brands growth in urban markets remains a near-term concern for shareholders.