Fratelli Vineyards Limited

Manufactures and sells wines through its wholly owned subsidiary Fratelli Wines Private Limited, with the premium-and-above band contributing over 70% of FY26 revenue. The luxury segment (above INR2,000 MRP) grew 15% in FY26, led by flagship J'NOON at +44%, while the newly launched Shotgun ready-to-drink (RTD) brand sold about 100,000 cases in its first year across roughly 9,000 outlets in 18 states. Exports doubled to 15 countries in FY26, with management targeting 5% of revenue from exports from FY27 onwards. Performance was uneven across the year: Q4 FY26 revenue grew 13% YoY to INR36.3 cr with EBITDA breakeven at INR1.06 cr, while 9M FY26 revenue was INR147 cr held back by first-half regulatory disruptions in Maharashtra, Telangana, Uttarakhand and Delhi. FY27 guidance is approximately 30% revenue growth to roughly INR240 cr, where PAT breakeven is expected, with a 10-12% EBITDA margin target and a longer-term Vision 2030 of INR500+ cr at 20%+ EBITDA margins. The cost shape is dominated by other operating expenses (63.0% of FY26 revenue) and materials (30.3%), with employees at 19.4% and depreciation at 4.9%; capex was INR12.31 cr (6.8% of revenue) in FY26 with INR6-10 cr earmarked for FY27.