BSE: 541741
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. 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
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading in Agro Commodities | 1 | 0.4 |
| Wine manufacturing and sales | 181 | 99.6 |
| Total, before eliminations | 182 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 89,211 | 46.4 | 9.96 | 33.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 55,582 | 66.6 | 16.76 | 54.9 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 31,387 | 79.3 | 6.93 | 35.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,588 | 89.4 | 11.62 | 36.5 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,448 | — | 4.17 | 68.1 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,604 | 39.6 | 6.22 | 25.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,209 | 6.7 | 0.75 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,143 | 18.1 | 1.97 | 9.8 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 3.8 | 1.9 | 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 | 517 | 726 | 15 of 26 | 44% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · New ISINs assigned for rights issue shares and entitlements | corporate actions | medium | — | — |
| 27 Oct 2026 · Fratelli Vineyards opens Rs 29.87 crore rights issue | corporate actions | high | — | — |
| 26 Oct 2026 · Rights issue of up to ₹29.87 crore approved; record date is October 30 | corporate actions | high | — | — |
| 25 Oct 2026 · Rights Issue Committee to finalise issue terms | corporate actions | medium | — | — |
| 7 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · Rights Issue committee meeting deferred pending BSE approval | corporate actions | medium | — | — |
| 5 Oct 2026 · Fratelli Vineyards files draft offer for Rs 30 crore rights issue | corporate actions | high | — | — |
| 1 Oct 2026 · Rights Issue Committee meeting on Oct 7 to decide issue price, entitlement ratio | corporate actions | medium | — | — |
| 1 Oct 2026 · Rights Issue up to Rs 30 cr and CFO change at Fratelli Vineyards | board shareholder meetings | low | — | — |
| 29 Sept 2026 · AGM 2026 results: all 4 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.