NSE: SULA · BSE: 543711
SULA VINEYARDS LIMITED
Produces and sells wines under its own brand portfolio in India, with Elite and Premium labels forming 78.4% of own-brand sales. Own brands make up 86% of revenue, distributed through retail, hospitality channels and the Canteen Stores Department, which is expanding to 14 listings. Wine Tourism — built around resort stays, vineyard visits and tastings at the Nashik winery properties — generated ₹113 crore in FY26 (~19% of revenue, per management), with over 4 lakh visitors and 154 resort keys in operation after the 50% addition of The Haven resort. The Source range grew 35% in Q4 FY26 and now contributes more than 10% of own brands across 8 labels. The cost stack is led by other operating expenses at 39.3% of revenue, raw materials (grapes and bottles) at 18.5% and employee costs at 15.4%, with a grape-mix shift currently flagged as a gross-margin headwind. The company has signed a binding agreement to buy Moet Hennessy's Domaine Chandon India estate in Dindori, Nashik for ₹20 crore to expand Wine Tourism capacity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Own brand wines (86%), Wine Tourism (19%). Branded consumer wine maker with premium positioning and an integrated winery-to-resort model.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 553 | 609 | 619 | 596 |
| EBITDA (ex other income) | 157 | 176 | 149 | 102 |
| margin % | 28.5 | 28.9 | 24.1 | 17.0 |
| Owners' profit | 84 | 93 | 70 | 26 |
| EPS, as reported (₹) | 10.19 | 11.06 | 8.32 | 3.04 |
| ROE % · ROCE % | 15.8 · 22.1 | 17.0 · 23.7 | 12.0 · 16.9 | 4.4 · 9.4 |
| Debt / equity (x) | 0.36 | 0.54 | 0.51 | 0.50 |
| Cash from operations | 88 | 121 | 58 | 101 |
| Capex | (69) | (59) | (67) | (32) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 141 | 217 | 133 | 118 | 258 | 196 | 143 | 121 |
| Profit before tax | 18 | 37 | 14 | 3 | 11 | 13 | 12 | 2 |
| Net profit | 14 | 28 | 13 | 2 | 8 | 9 | 9 | 1 |
| EPS (₹) | 1.72 | 3.32 | 1.55 | 0.23 | 0.94 | 1.08 | 1.02 | 0.13 |
Exhibit 3: 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 | 92,075 | 47.9 | 10.28 | 34.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 57,457 | 68.8 | 17.33 | 56.8 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 30,041 | 76.0 | 6.63 | 34.0 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,356 | 88.4 | 11.48 | 36.1 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,041 | — | 4.04 | 66.2 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,540 | 39.1 | 6.15 | 25.1 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,225 | 6.7 | 0.76 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,126 | 17.9 | 1.95 | 9.7 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.3 | 32.8 | 13 of 21 | 40% |
| P/B | 1.8 | 1.9 | 11 of 25 | 58% |
| ROCE | 5.0 | 3.7 | 13 of 26 | 52% |
| ROE | 4.4 | 5.6 | 14 of 25 | 46% |
| Debt / Equity | 0.5 | 0.5 | 13 of 25 | 50% |
| EBITDA margin | 15.7 | 6.4 | 4 of 23 | 86% |
| Revenue growth | 2.1 | 10.2 | 14 of 22 | 38% |
| Profit growth | (45.4) | 6.1 | 18 of 23 | 23% |
| Market cap | 1078 | 740 | 12 of 26 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for November 5 to approve September quarter results | results | low | — | — |
| 8 Oct 2026 · Sula Vineyards postal ballot results: director appointed, commission approved | management changes | medium | — | — |
| 8 Oct 2026 · Postal Ballot results: Chaitanya Rathi appointed as Non-Executive Non-Independent Director | management changes | medium | — | — |
| 6 Oct 2026 · Routine demat compliance certificate filed for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 FY26 results announcement | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper notice for dispatch of postal ballot to shareholders | compliance | minimal | — | — |
| 7 Sept 2026 · Postal Ballot: Appoint Chaitanya Rathi as Director and Approve Commission | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Sula Vineyards to attend DAM Capital Alcoholic Beverages Conference on 20 Aug 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Sula Vineyards Q1 FY27: 3% revenue growth, guides EBITDA margin recovery | investor communications | medium | — | — |
| 7 Aug 2026 · Earnings call audio for Q1 FY27 posted on website | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.