Sula Vineyards Limited has informed the Exchange regarding a press release dated August 06, 2025, titled "Sula Vineyards (NSE: SULA) Reports Stable Q1FY26 Revenue, Wine Tourism Soars with 22% YoY Growth delivering a Record Q1".
SULA · price
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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 on a reported basis, but up 0.2% YoY after excluding a one-time WIPS benefit of INR 10.4 Cr booked in Q1 FY25. Own Brands revenue fell 10.8% to INR 102.3 Cr due to urban demand softness and lower trade placement in Maharashtra caused by pre-loading of spirits ahead of an excise duty hike. Wine Tourism was the bright spot, growing 22% YoY to a record INR 13.7 Cr, supported by 82% resort occupancy (vs 70% earlier) and 6% higher per-guest spends. EBITDA came in at INR 18.3 Cr, down 46.1% on a reported basis, with adjusted EBITDA margin contracting 440 bps to 15.5%. The company is betting on new launches like Sula Muscat Blanc, The Source Moscato, and the upcoming 'The Haven by Sula' resort to drive growth.
Headline numbers look weak on a reported basis, but the like-for-like revenue is essentially flat and the tourism story remains strong, which is a positive. However, the sharp EBITDA margin compression and muted Own Brands growth in core market Maharashtra are concerns; near-term stock reaction may be cautious until urban demand and the excise duty-driven disruption normalise.