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Sula Vineyards Q2 FY27 results: net profit up 1.6% to ₹8.09 crore, revenue down 43.6%
Sula Vineyards Limited reported consolidated Q2 FY27 revenue of ₹145.44 crore, down 43.6% from Q2 FY26, while EBITDA fell 37.1% to ₹27.51 crore. Net profit rose 1.6% to ₹8.09 crore and EBITDA margin improved 1.9 percentage points to 18.9%, compared with the year-ago quarter. The board also approved a hotel construction at York Winery and a proposed move into de-alcoholised wine.
Key points
- Consolidated revenue was ₹145.44 crore in Q2 FY27, down 43.6% from ₹257.95 crore in Q2 FY26.
- EBITDA was ₹27.51 crore, down 37.1% from ₹43.76 crore, while EBITDA margin rose to 18.9% from 17.0%.
- Net profit was ₹8.09 crore, up 1.6% from ₹7.96 crore, and basic EPS was ₹0.95 against ₹0.94.
- Against Q1 FY27, revenue rose 20.4% to ₹145.44 crore and net profit increased from ₹1.06 crore to ₹8.09 crore.
- The board approved a proposed diversification into de-alcoholised wine and hotel construction at York Winery, subject to applicable approvals.
How did Sula Vineyards perform in Q2 FY27?
Sula Vineyards reported consolidated revenue of ₹145.44 crore in Q2 FY27, down 43.6% from ₹257.95 crore in Q2 FY26. EBITDA was ₹27.51 crore, down 37.1% from ₹43.76 crore, but its margin increased 1.9 percentage points to 18.9% from 17.0%.
Net profit was ₹8.09 crore, up 1.6% from ₹7.96 crore, while basic EPS increased to ₹0.95 from ₹0.94. Compared with Q1 FY27, revenue rose 20.4% to ₹145.44 crore, EBITDA rose 65.7% to ₹27.51 crore and net profit rose from ₹1.06 crore to ₹8.09 crore. On a standalone basis, revenue was ₹125.33 crore and net profit was ₹6.14 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 145.44 | 120.79 | 257.95 | −43.6% | +20.4% |
| Other income | 0.95 | 2.38 | 1.81 | −47.5% | −60.1% |
| Total expenses | 135.47 | 121.65 | 248.93 | −45.6% | +11.4% |
| EBITDA | 27.51 | 16.60 | 43.76 | −37.1% | +65.7% |
| EBITDA margin | 18.9% | 13.7% | 17.0% | +1.9 pp | +5.2 pp |
| Profit before tax | 10.92 | 1.52 | 10.83 | +0.8% | +618.4% |
| Tax | 2.83 | 0.46 | 2.87 | −1.4% | +515.2% |
| Net profit | 8.09 | 1.06 | 7.96 | +1.6% | +663.2% |
| EPS (₹) | 0.95 | 0.13 | 0.94 | +1.1% | +630.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sula Vineyards' costs and profit?
Total expenses fell 45.6% to ₹135.47 crore from ₹248.93 crore in Q2 FY26. Cost of materials declined ₹7.52 crore to ₹13.73 crore, employee cost fell ₹24.76 crore to ₹21.75 crore, finance costs declined ₹8.90 crore to ₹7.16 crore, depreciation fell ₹8.30 crore to ₹10.38 crore and other expenses decreased ₹48.16 crore to ₹50.35 crore. Other income was down ₹0.86 crore at ₹0.95 crore, while tax was down ₹0.04 crore at ₹2.83 crore. There was no exceptional item. PBT rose ₹0.09 crore to ₹10.92 crore, and net profit increased ₹0.13 crore to ₹8.09 crore.
Against Q1 FY27, total expenses rose ₹13.82 crore to ₹135.47 crore. Other expenses increased ₹3.76 crore to ₹50.35 crore, cost of materials rose ₹1.33 crore to ₹13.73 crore and tax increased ₹2.37 crore to ₹2.83 crore. Employee cost fell ₹0.26 crore to ₹21.75 crore, finance costs declined ₹0.02 crore to ₹7.16 crore and other income fell ₹1.43 crore to ₹0.95 crore. There was no exceptional item, and PBT rose ₹9.40 crore to ₹10.92 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 13.73 | 21.25 | −7.52 | −35.4% |
| Employee cost | 21.75 | 46.51 | −24.76 | −53.2% |
| Finance costs | 7.16 | 16.06 | −8.90 | −55.4% |
| Depreciation | 10.38 | 18.68 | −8.30 | −44.4% |
| Other expenses | 50.35 | 98.51 | −48.16 | −48.9% |
| Total expenses | 135.47 | 248.93 | −113.46 | −45.6% |
| Other income | 0.95 | 1.81 | −0.86 | −47.5% |
| Tax | 2.83 | 2.87 | −0.04 | −1.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹1057.77 crore, down from ₹1095.52 crore at 31 March 2026, while total equity was ₹581.06 crore against ₹587.4 crore. Borrowings rose to ₹308.89 crore from ₹294.07 crore and cash declined to ₹2.9 crore from ₹7.19 crore. Inventories fell to ₹161.28 crore from ₹200.91 crore, trade receivables rose to ₹259.0 crore from ₹237.19 crore, and trade payables fell to ₹46.13 crore from ₹95.7 crore.
For H1 FY27, operating cash flow was ₹4.9 crore, compared with ₹4.11 crore in H1 FY26. Investing cash flow was ₹9.94 crore against negative ₹21.94 crore, while financing cash flow was negative ₹19.13 crore against ₹24.51 crore. Capital expenditure was ₹17.89 crore, compared with ₹21.22 crore in the year-earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,058 | 1,096 |
| Total equity | 581.06 | 587.40 |
| Borrowings | 308.89 | 294.07 |
| Cash and equivalents | 2.90 | 7.19 |
| Inventories | 161.28 | 200.91 |
| Trade receivables | 259 | 237.19 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 4.90 | 4.11 |
| Cash from investing | 9.94 | −21.94 |
| Cash from financing | −19.13 | 24.51 |
| Capital expenditure | 17.89 | 21.22 |
Source: Company's results filing (XBRL).
How has Sula Vineyards done over the last 8 quarters?
Revenue over the reported eight quarters peaked at ₹257.95 crore in Q2 FY26 and bottomed at ₹118.29 crore in Q1 FY26. It was ₹145.44 crore in Q2 FY27, higher than ₹120.79 crore in the preceding quarter but below the year-ago level.
Net profit reached its high of ₹28.06 crore in Q3 FY25 and its low of ₹1.06 crore in Q1 FY27. It recovered to ₹8.09 crore in Q2 FY27 from ₹1.06 crore in the previous quarter. The EBITDA margin bottomed at 13.7% in Q1 FY27 and rose to 18.9% in Q2 FY27, below the 24.5% peak reached in Q3 FY25.
How did other Breweries & Distilleries companies do?
Six other Breweries & Distilleries companies were compared for revenue growth, with a median revenue growth of 2.1% as of 5 November 2026. One peer grew more slowly than Sula Vineyards, while five grew faster. Across seven peers for which profit was compared, four reported higher profit.
| Sula Vineyards revenue growth (YoY) | −43.6% |
|---|---|
| Median of 6 other Breweries & Distilleries companies | +2.1% |
| Companies with slower revenue growth than Sula Vineyards | 1 of 6 |
| Companies with faster revenue growth than Sula Vineyards | 5 of 6 |
| Companies whose net profit rose | 4 of 7 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sula Vineyards' revenue in Q2 FY27?
Revenue from operations was ₹145.44 crore, down 43.6% from ₹257.95 crore in Q2 FY26 (consolidated).
Did Sula Vineyards make a profit in Q2 FY27?
Yes. Net profit was ₹8.09 crore, against a net profit of ₹7.96 crore in Q2 FY26.
What was Sula Vineyards' EPS in Q2 FY27?
Basic earnings per share were ₹0.95, against ₹0.94 in Q2 FY26.
When did Sula Vineyards announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting Scheduled To Be Held On Thursday, 5Th November, 2026 (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting - 5Th November, 2026 (BSE, 5 November 2026) · PDF
- Financial Results For The Quarter Ended September 30, 2026 (BSE, 5 November 2026) · PDF
- Capacity Addition/Expansion By Construction Of A Hotel At York Winery, At Gat No.15/2, Village Gangavarhe, Nashik (Rural), Nashik, Maharashtra - 422222, As Held By Artisan Spirits Private Limited ('ASPL'), Wholly Owned Subsidiary Of The Company. The Said Expansion Shall Be Undertaken By ASPL Which Is Subject To Necessary Approvals From Concerned Authorities. (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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