Overview

Detailed Summary

Sula Vineyards Limited manufactures, markets and sells premium wines and operates wine tourism assets including vineyard resorts, tasting rooms and D2C channels, with additional activities in import and distribution of international labels and a minority of alco-bev adjacent businesses.
Q3 and 9M FY26 revenue softened materially with Revenue from Operations at INR195.7 crore in Q3 (down 9.7% YoY) and Operating EBITDA for Q3 at INR32.0 crore (down 39.8% YoY), driven largely by a one-time tactical destocking in Karnataka that removed ~INR21 crore of revenue in the quarter.
Wine Tourism is a major growth engine and margin diversifier: Q3 Wine Tourism revenue grew 34% YoY to INR22.0 crore, contributing 11% of total revenue in Q3, supported by a record footfall (+17% YoY), the launch of The Haven resort and plans to prioritise tourism capex over the next two years.
The premium portfolio and The Source brand are performing well: Elite and Premium brands remain ~80% of mix, The Source range crossed a double-digit share within Own Brands and delivered strong double-digit growth, underlining Sula’s market leadership in domestic premium wines and the strategic focus on higher-margin SKUs.
Management is cautiously optimistic on recovery into Q4 and FY27, expecting Own Brands to normalize after the Karnataka destocking, moderation in capex to INR20-25 crore annually from FY26-FY27, and an improving margin trajectory supported by tourism scale-up and inventory normalization.

Sector: Beverages
Industry: Breweries & Distilleries
Market Cap: 1,314 Cr
Volatility: Low Risk
P/E Ratio: 43.6
Industry P/E: 49.5
PEG Ratio: 1.1
P/B Ratio: 2.3
52W High: 335.45
52W Low: 155.00

Sales CAGR

1Y: 2.01%
3Y: 7.90%
5Y: 4.24%
10Y: —

Profit CAGR

1Y: -24.77%
3Y: -11.91%
5Y: —
10Y: —

ROE

TTM: 8.67%
3Y: 12.69%
5Y: 10.81%
10Y: —

ROCE

TTM: 9.59%
3Y: 18.65%
5Y: 16.94%
10Y: —

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Fast Moving Consumer Goods Fast Moving Consumer Goods Beverages Breweries & Distilleries

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SDBL	74.12	1,547 Cr	16.97	1.86	0.00	12.41	15.26	6.34
ASALCBR	719.40	1,360 Cr	16.17	2.32	0.27	14.66	18.19	11.24
SULA	155.55	1,314 Cr	43.58	2.32	2.31	8.67	9.59	2.75
BCLIND	26.95	796 Cr	6.79	0.93	0.96	12.20	11.67	7.60
IFBAGRO	719.50	671 Cr	14.10	1.03	0.00	7.91	10.57	5.08
JAGAJITIND	136.65	639 Cr	33.33	39.87	0.00	-305.43	-3.27	2.73
MONIKA	245.55	527 Cr	17.61	2.26	0.44	12.53	13.94	6.59
Median: 7 Co.	155.55	796 Cr	16.97	2.26	0.27	12.20	11.67	6.34

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	134	203	123	121	132	200	126	110	131	180
Expenses	89	131	93	87	99	147	97	91	105	148
Operating Profit	44	72	29	34	34	53	28	18	25	32
OPM %	33.06	35.39	24.05	28.08	25.39	26.51	22.64	16.69	19.45	17.71
Other Income	0.89	1.40	3.85	1.26	0.76	0.90	1.01	0.98	0.83	-0.79
Interest	6.52	8.09	6.24	7.10	7.59	7.81	7.17	7.51	8.55	8.19
Depreciation	7.61	8.11	8.35	8.63	8.69	8.93	8.74	9.21	9.47	10
Profit Before Tax	31	57	19	19	18	37	14	2.56	8.27	13
Tax %	25.42	24.66	27.62	24.94	19.91	24.59	3.91	24.22	27.21	27.55
Net Profit	23	43	14	15	14	28	13	1.94	6.02	9.10
EPS in Rs	2.74	5.09	1.60	1.73	1.72	3.32	1.55	0.23	0.71	1.08

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	522	418	454	553	609	619	568
Expenses	436	325	311	359	392	430	434
Operating Profit	85	93	143	194	217	189	133
OPM %	16.35	22.24	31.46	35.13	35.61	30.56	23.49
Other Income	1.58	1.33	2.78	3.49	7.72	3.93	3.65
Interest	33	33	23	21	26	30	30
Depreciation	35	26	24	26	32	35	36
Profit Before Tax	-17	3.19	70	114	126	88	71
Tax %	8.38	5.40	25.02	26.27	25.81	20.53	19.47
Net Profit	-16	3.01	52	84	93	70	58
EPS in Rs	—	—	—	10.14	11.04	8.32	3.57
Dividend Payout %	0.00	625.00	35.35	82.02	76.92	43.27	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	15	15	16	17	17	17
Reserves	285	290	380	515	533	569
Borrowings	393	315	240	203	324	315
Other Liabilities	138	132	123	147	152	179
Total Liabilities	831	752	759	881	1,026	1,081
Fixed Assets	355	318	361	413	454	495
CWIP	0.12	0.11	0.98	1.91	4.82	5.52
Investments	0.08	0.00	0.00	0.00	0.00	0.00
Other Assets	476	434	396	466	567	580
Total Assets	831	752	759	881	1,026	1,081

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	45	120	87	90	121	58
Cash from Investing Activity	-44	-22	-57	-74	-43	-75
Cash from Financing Activity	33	-94	-61	-9.36	2.48	-74
Net Cash Flow	34	3.36	-31	6.17	81	-90

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	27.33%	27.27%	26.27%	26.27%	26.18%	25.47%	24.66%	24.66%	24.66%	24.36%	24.35%	24.35%
FIIs	5.86%	6.78%	20.62%	19.69%	13.85%	12.03%	10.60%	9.61%	7.96%	6.68%	4.05%	1.65%
DIIs	11.76%	10.23%	17.52%	19.56%	22.62%	22.23%	21.68%	19.89%	18.26%	18.24%	18.01%	17.78%
Public	55.06%	55.72%	35.59%	34.48%	37.36%	40.27%	43.06%	45.84%	49.12%	50.72%	53.59%	56.22%
Total Shareholders	1,51,880	1,33,957	1,53,180	1,62,109	2,10,043	2,29,880	2,38,898	2,47,695	2,61,898	2,66,414	2,73,146	2,69,331

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Documents

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Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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