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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Wine manufacturing and sales (100%), Shotgun ready-to-drink (RTD), Trading in Agro Commodities, Trading in Steel Abrasives. Asset-heavy wine maker with rising RTD mix; revenue exposed to state-level alcohol regulation and excise
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 488 | 303 | 245 | 302 | 181 |
| EBITDA (ex other income) | 9 | 2 | 1 | (6) | (8) |
| margin % | 1.9 | 0.7 | 0.6 | (2.0) | (4.3) |
| Owners' profit | 2 | (3) | (2) | (14) | (25) |
| EPS, as reported (₹) | 2.03 | (3.64) | (1.92) | 4.22 | 5.75 |
| ROE % · ROCE % | 4.9 · 17.4 | (7.3) · 2.0 | (5.3) · 9.6 | (10.9) · (4.4) | (18.3) · (7.2) |
| Debt / equity (x) | 0.60 | 1.00 | 0.96 | 0.65 | 0.88 |
| Cash from operations | — | — | 3 | (7) | 4 |
| Capex | — | — | (0) | (41) | (12) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 150 | 62 | 58 | 32 | 37 | 46 | 64 | 35 |
| Profit before tax | (0) | (4) | (4) | (15) | (8) | (4) | (5) | (9) |
| Net profit | (0) | (3) | (3) | (11) | (6) | (3) | (9) | (7) |
| EPS (₹) | 0.67 | (0.67) | (0.78) | 3.44 | 1.35 | 0.76 | 2.01 | 1.63 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading in Agro Commodities | 1 | 0.4 |
| Wine manufacturing and sales | 181 | 99.6 |
| Total, before eliminations | 182 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 1,01,138 | 52.6 | 11.29 | 37.5 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Fratelli Vineyards to meet GIA Alco Bev Day Group virtually on Sept 11 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Public notice for dispatch of 18th AGM notice via email | compliance | minimal | — | — |
| 7 Sept 2026 · Fratelli Vineyards sends AGM notice letters to non-registered email holders | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY 2025-26 submitted; AGM set for September 29, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · 18th AGM on Sep 29, 2026; ESOP Scheme 2026 approval on agenda | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Newspaper ad for 18th AGM notice published on September 5, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Fratelli Vineyards Board Approves ESOP Scheme 2026 | capital market events | medium | — | — |
| 27 Aug 2026 · Fratelli Vineyards board to consider ESOP Scheme 2026 on Sept 1 | capital market events | low | — | — |
| 23 Aug 2026 · Postal ballot notice dispatched, newspaper notice published | compliance | minimal | — | — |
| 22 Aug 2026 · Fratelli Vineyards postal ballot to raise authorized share capital | corporate actions | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 58,503 |
| 70.1 |
| 17.64 |
| 57.8 |
| 18.2 |
| 22.1 |
| 15.1 |
| 6.0 |
| UNITED BREWERIES LTD | 33,182 | 83.9 | 7.33 | 37.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 17,790 | 81.2 | 10.55 | 33.3 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,916 | — | 4.33 | 70.3 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,917 | 41.8 | 6.57 | 26.7 | 15.3 | 17.5 | 18.3 | 17.3 |
| GLOBUS SPIRITS LTD | 2,443 | 20.6 | 2.24 | 10.9 | 8.4 | 8.5 | 16.7 | 6.9 |
| G M BREWERIES LTD | 2,077 | 22.6 | 1.93 | 9.8 | 14.5 | 19.0 | — | 6.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.6 | 23.8 | 11 of 24 | 57% |
| P/B | 4.2 | 2.2 | 16 of 25 | 38% |
| ROCE | (14.3) | 3.7 | 25 of 26 | 4% |
| ROE | (18.3) | 5.6 | 23 of 25 | 8% |
| Debt / Equity | 0.9 | 0.5 | 20 of 25 | 21% |
| EBITDA margin | (11.4) | 6.4 | 21 of 23 | 9% |
| Revenue growth | 10.6 | 10.2 | 10 of 22 | 57% |
| Profit growth | 35.6 | 6.1 | 7 of 23 | 73% |
| Market cap | 565 | 858 | 15 of 26 | 44% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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