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Sula Vineyards Results: Latest Quarterly Results & Analysis

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Sula Vineyards Ltd. 07 Aug 2025 12:03 PM
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Q1FY26 Quarterly Result Announced for Sula Vineyards Ltd.

Breweries & Distilleries company Sula Vineyards announced Q1FY26 results

  • Revenue from Operations: Rs 118.3 crore compared to Rs 118.0 crore during Q1FY25, change 0.2%.
  • EBITDA: Rs 18.3 crore compared to Rs 33.9 crore during Q1FY25, change -46.1%.
  • EBITDA Margin: 15.5% for Q1FY26.

Rajeev Samant, CEO, Sula Vineyards, said: We reported steady revenue from operations in Q1FY26, excluding the one-time WIPS gain recorded in Q1FY25. Own Brands growth was muted due to continued urban demand softness, and a lower trade placement of wine in June’25 in Maharashtra - our #1 market, as announcement of excise duty hike on spirits prompted heavy pre-loading of spirits by distribution at pre-revision prices. However, that said, this is a positive development going forward for the company and wine industry in Maharashtra.

Encouragingly, despite these headwinds, states such as West Bengal, Goa, UP, Rajasthan, among others recording healthy double-digit growth. In terms of portfolio mix, share of Elite & Premium increased 300 bps YoY to 74.7% with The Source and RASA continuing to see strong traction.

Wine Tourism remains a bright spot, growing 22% YoY led by higher footfalls, record Q1 occupancy and spend per guest. Our new wine tourism offering – Dindori Tasting Room & Bottle Shop at ND wines, near the Gujarat border is now open and welcoming visitors. Upcoming projects – ‘The Haven by Sula’ our 30-key resort near York and the new tasting room at Domaine Sula are on-track to open in time for this festive season. With these expansions and recent opening of Samruddhi Highway reducing the Mumbai-Nashik drive time by 45 minutes, the outlook for wine tourism remains strong.

In other exciting news, furthering our legacy as India’s wine pioneers, we are pleased to launch India’s first aromatic low-alcohol still Muscat wine - Sula Muscat Blanc. The Source Moscato, our first sparkling Muscat is the fastest wine from the Sula stable to hit 10K cases and we expect Muscat Blanc to emerge as a consumer favorite too. Looking ahead, while the year began on a challenging note, we remain firmly focused to deliver healthy operating profit growth for the rest of FY26.

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Breweries & Distilleries company Sula Vineyards announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 133.1 crore vs Rs 131.7 crore up 1.1%
  • Operating EBITDA: Rs 28.5 crore vs Rs 29.5 crore down 3.4%
  • Operating EBITDA Margin: 21.4% vs 22.4% down 98 bps
  • Profit After Tax (PAT): Rs 13.0 crore vs Rs 13.6 crore down 3.9%
  • PAT Margin: 9.7% vs 10.0% down 27 bps
  • Basic Earnings Per Share (EPS): Rs 1.55 vs Rs 1.61 down 3.7%

FY25 Financial Highlights:

  • Revenue from Operations: Rs 619.4 crore vs Rs 608.7 crore up 1.8% 
  • Operating EBITDA: Rs 149.1 crore vs Rs 175.9 crore down 15.2%
  • Operating EBITDA Margin: 24.1% vs 28.9% down 482 bps
  • Profit After Tax (PAT): Rs 70.2 crore vs Rs 93.3 crore down 24.8%
  • PAT Margin: 11.3% vs 15.1% down 387 bps
  • Basic Earnings Per Share (EPS): Rs 8.32 vs Rs 11.06 down 24.8%

Rajeev Samant CEO, Sula Vineyards said:  "We are pleased to report our highest-ever revenue from operations in both Q4 and FY25. While this marks a significant milestone, our Own Brands sales were relatively subdued in Q4, impacted by few key factors: the continued slowdown in urban consumption, lower WIPS credit, contraction in exports, and short-term retailer destocking in Uttar Pradesh & Uttarakhand prior to the new excise policy announcement.

Despite the ongoing slowdown, it is encouraging to see good traction in some of the markets across India with ten states including Haryana, Rajasthan, Chandigarh, Assam, etc. as well as CSD delivering healthy double-digit growth in Q4. This fits in well with our endeavor of creating a truly pan-India brand. Further, ‘The Source’ range continues to be a standout, clocking robust double-digit growth in Q4 and FY25, powering forth our Elite portfolio. On a positive note, we have listed 4 new wines in CSD including our blockbuster Dindori Reserve Shiraz which bodes very well for our CSD sales growth in FY26 & beyond.

Our Wine Tourism segment closed FY25 on a strong note with 25% YoY growth in Q4 led by successful SulaFest’25 and strong performance of the resorts. Further, we are on course to open our latest addition, the Dindori Tasting Room & Bottle Shop at ND Wines later this month.

On the profitability front, concerted focus on optimizing overheads helped keep our EBITDA largely intact in Q4 despite subdued sales growth and lower WIPS credit.

Looking ahead, we are firmly focused on enhancing profitability and getting back to earnings growth in FY26."

Result PDF

Breweries & Distilleries company Sula Vineyards announced Q3FY25 results

  • Net Revenue for Q3FY25 stood at Rs 217.5 crore, reflecting a 0.6% YoY decline from Rs 218.9 crore in Q3FY24.
    • Own Brands Revenue grew 1.0% YoY to Rs 194.7 crore.
    • Wine Tourism Revenue increased 11.6% YoY to Rs 16.4 crore.
  • EBITDA declined 26.3% YoY to Rs 53.9 crore in Q3FY25, compared to Rs 73.2 crore in Q3FY24, with EBITDA margin contracting by 865 bps YoY to 24.8%.
  • Profit After Tax (PAT) stood at Rs 28.1 crore in Q3FY25, registering a 34.7% YoY decline from Rs 43.0 crore in Q3FY24, with PAT margin reducing by 674 bps YoY to 12.9%.
  • Basic EPS decreased 34.7% YoY to Rs 3.32 in Q3FY25, compared to Rs 5.09 in Q3FY24.

Rajeev Samant, CEO, Sula Vineyards said: We are pleased to report our 11th successive quarter of growth in the Own Brands business. However, our pace of growth slowed in Q3 impacted by 3 major factors – a broad-based consumption slowdown in urban India, election-related disruptions in Maharashtra, and WIPS credit captured being lower by Rs 4.7 crore vs LY with the capping of WIPS at Rs 20 crore p.a. at our Domain Dindori facility. Having said that we have kicked off production at our Nashik unit and so FY26 onwards, we are well placed to realize 100% of the potential WIPS.

Despite the challenges, it is heartening to see a couple of really positive longer-term trends playing out which will continue to power our growth going forward. Our Elite & Premium portfolio continued to see good momentum, even in a subdued environment. Revenue outside Maharashtra and Karnataka remained robust, with over 10 states achieving strong double-digit growth, now contributing 50% to our Own Brand sales.

Our Wine Tourism segment also recorded its highest-ever Q3 revenue, growing 11.6% YoY, truly showcasing our unique appeal in hospitality. This segment is poised to end FY25 strongly with the success of SulaFest’25, and the launch of our Dindori Tasting Room & Bottle Shop in Q4.

Looking ahead, we are focused on driving profitable growth and target a significant expansion in earnings from FY26 as the consumer demand recovers.

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Breweries & Distilleries company Sula Vineyards announced Q3FY25 results

  • Revenue: Rs 217.5 crore compared to Rs 218.9 crore during Q3FY24, change -0.6%.
  • EBITDA: Rs 53.9 crore compared to Rs 73.2 crore during Q3FY24, change -26.3%.
  • EBITDA margin: 24.8% for Q3FY25.
  • PAT: Rs 28.1 crore compared to Rs 43.0 crore during Q3FY24, change -34.7%.
  • PAT margin: 12.9% for Q3FY25.
  • EPS: Rs 3.32 for Q3FY25.

Rajeev Samant, CEO, Sula Vineyards, said: We are pleased to report our 11th successive quarter of growth in the Own Brands business. However, our pace of growth slowed in Q3 impacted by 3 major factors – a broad-based consumption slowdown in urban India, election-related disruptions in Maharashtra, and WIPS credit captured being lower by Rs 4.7 crore vs LY with the capping of WIPS at Rs 20 crore p.a. at our Domain Dindori facility. Having said that we have kicked off production at our Nashik unit and so FY26 onwards, we are well placed to realize 100% of the potential WIPS.

Despite the challenges, it is heartening to see a couple of really positive longer-term trends playing out which will continue to power our growth going forward. Our Elite & Premium portfolio continued to see good momentum, even in a subdued environment. Revenue outside Maharashtra and Karnataka remained robust, with over 10 states achieving strong double-digit growth, now contributing 50% to our Own Brand sales.

Our Wine Tourism segment also recorded its highest-ever Q3 revenue, growing 11.6% YoY, truly showcasing our unique appeal in hospitality. This segment is poised to end FY25 strongly with the success of SulaFest’25, and the launch of our Dindori Tasting Room & Bottle Shop in Q4.

Looking ahead, we are focused on driving profitable growth and target a significant expansion in earnings from FY26 as the consumer demand recovers.

Result PDF

Breweries & Distilleries company Sula Vineyards announced Q2FY25 results

  • Net Revenue: Rs 142.0 crore compared to Rs 143.7 crore during Q2FY24, change -1.2%.
  • EBITDA: Rs 34.4 crore compared to Rs 45.1 crore during Q2FY24, change -23.8%.
  • EBITDA Margin: 24.2% for Q2FY25.
  • PAT: Rs 14.5 crore compared to Rs 23.1 crore during Q2FY24, change -37.3%.
  • PAT Margin: 10.2% for Q2FY25.
  • EPS: Rs 1.72 for Q2FY25.

Rajeev Samant, CEO, Sula Vineyards, said: We are pleased to report our 10th consecutive quarter of growth in our Own Brands business. However, Q2 FY25 was a subdued quarter, due to slowdown in consumer discretionary demand, particularly in urban areas where 90% of our sales are concentrated, and temporary disruptions in key markets like Karnataka and Delhi.

During the quarter, our Elite & Premium portfolio performed well with a 7% YoY growth, led by strong double-digit growth in our iconic brands - The Source, RASA, and Dindori.

It is encouraging to see wine culture flourishing beyond our core markets, with strong double-digit growth in states like Telangana, Himachal Pradesh, Madhya Pradesh, Uttarakhand, and West Bengal, affirming our commitment to building a truly pan-India brand.

Looking ahead, while mindful of near-term challenges, we remain optimistic for the festive season on the back of structural tailwinds including the reopening of Andhra Pradesh after a hiatus of five years, introduction of 4 new labels in the CSD market and the return of SulaFest at our Nashik vineyards. We are confident the long-term Indian wine story remains intact, and we see a long runway of growth ahead of us.

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Breweries & Distilleries company Sula Vineyards announced Q1FY25 results:

  • Q1 Net Revenue at Rs 129.7 crore ( 9.8% YoY)
  • Q1 EBITDA of Rs 35.2 crore ( 10.3% YoY)
  • Q1 PAT of Rs 14.6 crore ( 6.8% YoY)
  • EBITDA margin expands 14 bps YoY to 27.2%
  • Wine Tourism Expansion Initiatives at ND Wines (Nasik) and Domaine Sula (near Bangalore) slated to open before festive period adding impetus to the H2 performance
  • Monsoon is looking on-track to deliver a healthy harvest and adequate supply of all our wines in 2025

Rajeev Samant, CEO, Sula Vineyards, said: "We are pleased to report our highest-ever first quarter Revenue, EBITDA, and PAT in Q1FY25. This is despite the significant headwinds we faced during the quarter including the national elections which led to restrictions on AlcoBev movement and several dry days, and secondly the scorching heatwave. Both these factors impacted trade offtake and end consumer demand in Q1.

A really encouraging trend for us is that wine drinking is picking up well beyond the metros with states like Telangana, Madhya Pradesh, Uttar Pradesh, Haryana, among others performing strongly for us in Q1. One other positive is ‘The Source’ range, which has been a real standout in the Elite & Premium category, growing by 21% YoY in Q1.

One of the initiatives we took in Q1 was adopting a new route-to-market in Maharashtra where we have gone for a third-party sales model for our Economy & Popular brands. This strategy has yielded good results.

Overall as we look ahead, we hope to build on our first quarter results and deliver a strong FY25."

Result PDF

Brewries & Distilleries company Sula Vineyards announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Net Revenue at Rs 135.6 crore, up by 12.1% YoY
  • Revenue from Elite & Premium wines led the overall growth, with 14.3% YoY growth
  • EBITDA at Rs 33.3 crore, 5.0% YoY
  • EBITDA margin 114bps to 25.3% from 26.4% YoY
  • PAT at Rs 13.6 crore, down by 4.9% YoY

FY24 Financial Highlights:

  • Net Revenue at Rs 616.4 crore, up by 10.7% YoY
  • Revenue from Elite & Premium wines led the overall growth with 15.5% YoY growth
  • EBITDA at 183.6 crore, up by 14.0% YoY
  • EBITDA margin 108bps to 30.2% from 29.1% YoY
  • PAT at Rs 93.3 crore, up by 11% YoY
  • ROCE at 25.2%, up by 221 bps
  • The Board has recommended a final dividend of Rs 4.5 per share, taking the total FY24 dividend to Rs 8.5 per share

Rajeev Samant, CEO of the company, said "We are pleased to report an all-time high quarterly and full year revenue.

Our premiumization efforts have succeeded in raising our Elite and Premium wine share to an all-time high of 75.1% in Q4, up from 71.7% a year ago. Our Elite and Premium wines achieved 15.5% growth this year, contributing to an over 110 bps increase in our EBITDA margin to an all-time high in FY24.

Our wine tourism revenues grew in double digits, for the fifth quarter in a row. Wine tourism is a top priority and we are expanding fast. Last week we opened Milestone Cellars by Sula, our first standalone Tasting Room/Wine Bar outside our own winery campuses, located a stone’s throw from Nashik airport.

We have also signed a new resort next to our York Winery slated to open in mid-2025, which will be our first with convention facilities. We are pleased to announce the completion of ND wines acquisition in record time. ND wines is now a part of Sula and the site has tremendous wine tourism potential and work is about to begin on expanding the current 120sq ft bottle shop to a 3,600 sq ft wine tourism destination less than 50 km from the Gujarat border.

All these projects, and more to come, will ensure that Sula remains firmly in the forefront of wine tourism in India.

A great harvest, booming wine tourism, and growing consumer preference for our premium Indian wines point to a sunny road ahead for Sula! "

Result PDF

Breweries & Distilleries company Sula Vineyards announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

  • Revenue from Elite & Premium wines led the overall growth with an increase of 7.3% YoY.
  • The wine tourism business posted a strong revenue growth of 16.0% YoY, at Rs 14.7 crore backed by setting new records for visitor numbers, revenues, and tastings over the long Christmas holiday weekend.
  • EBITDA was up 12.8% YoY at Rs 73.3 crore.
  • EBITDA margin up 263 bps to 33.7% from 31.0% YoY.
  • PBT was at Rs 57.1 crore, a growth of 8.4% YoY, with PBT margin of 26.2%.
  • PAT was at Rs 43.0 crore, a growth of 9.4% YoY, with PAT margin at 19.8%.

Consolidated 9MFY24:

  • Revenue from operations at Rs 477.0 crore, up 10.0% YoY.
  • Revenue from Elite & Premium wines led the growth with 15.8% YoY.
  • EBITDA was at Rs 150.3 crore, translating to a 31.5% margin, up 16.3% YoY.
  • PAT at Rs 79.8 crore, up 14.3% YoY.
  • Our vineyard resorts ‘The Source’ and ‘Beyond by Sula’ touched ~72% occupancy on an expanded number of keys. ARR for the period was Rs 10,000 .
  • Our vineyards recorded a footfall of 3,25,700 visitors, up 12% YoY.
  • Our experiences teams conducted 1,72,000 tastings at our vineyards and in 60 cities across India, marking a solid 35% YoY growth.
  • The Board has recommended an interim dividend of Rs 4 per share.

Commenting on the results, Sula CEO Rajeev Samant said, “We are pleased to report an all-time high quarterly revenue and profit. Our EBITDA and PAT margin also hit a record for Q3 and 9M period.

Our premiumization efforts have succeeded in taking our Elite and Premium wine share to an all-time high of 77% in Q3, up from 74.5% a year ago, contributing to an over 200 bps increase in our EBITDA margin to an all-time quarterly record. Our Elite and Premium wines clocked 7.3% growth this quarter.

Our wine tourism revenues grew in double digits, for the fourth quarter in a row. On January 27th, Sula achieved a record-breaking single-day revenue and conducted over 2,450 individual tastings, surpassing the previous highs set on December 24th, 2023.

For the first time, three of our iconic Sula Vineyards brands are now available in 250ml cans! We launched Sula Chenin Blanc, Rosé Zin, and Red Zin cans initially in Maharashtra only. Canned wine is becoming a wildly popular format the world over due to sheer convenience and we believe our Sula cans will make their presence felt in the Indian market, greatly expanding accessibility to new audiences.

In other good news, the ongoing 2024 harvest looks extremely promising with excellent quality and abundant quantity for the fourth year in a row, setting us up to comfortably meet the increasing demand for our Elite and Premium wines. This is a tribute to the hard work we have been putting in to mitigate the twin impacts of climate change and global heating.

Today, we are already one of the world's most sustainable wine producers. We take pride in being among the first 10 wineries globally and the first winery in Asia to earn the prestigious IWCA Gold status, alongside wineries such as Famila Torres and Jackson family Wines. Currently, we have over 3 MW of installed on-site solar power capacity, enabling us to meet almost 60% of our energy needs through our own renewable sources. We also have plans in place to achieve over 70% in the near future.

Given the excellent harvest this year, the ongoing boom in domestic wine tourism, and more consumers choosing our premium Indian wines, these trends bode well for the future.”

Result PDF

Breweries & Distilleries company Sula Vineyards announced Q1FY24 results:

  • Revenue of Rs 118.1 crore in Q1FY24 compared to Rs 97.2 crore in Q1FY23, up 21.6% YoY
  • EBITDA Rs 31.9 crore in Q1FY24 compared to Rs 26.1 crore in Q1FY23, up 22.2% YoY
  • PAT of Rs 13.7 crore in Q1FY24 comapred to Rs 11.0 crore in Q1FY23, up 24.4% YoY

Commenting on the performance, CEO Rajeev Samant said, “I’m pleased to announce FY24 has kicked off on a great note with the company posting record Q1 revenue and profits.

Our focus on premiumisation has paid off handsomely with our Elite and Premium wines clocking solid 35% growth this quarter.

Our wine tourism has also shown double-digit growth, and I am particularly pleased with the impressive rise in the number of tastings that our team has conducted at the winery and around the country. The significant leap in tastings bodes very well for the future.

We now have over 100 keys at our iconic Nashik resorts, a big jump from 67 keys in March 2023. This 50% rise in the number of rooms will drive further growth in our Wine Tourism business in the coming years.

It’s a great start to the year and the future shines bright for premium Indian wine led by the Sula sun!”

 

 

Result PDF

Breweries & Distilleries company Sula Vineyards announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Own brands revenue contribution jumped to 86.3% in Q4FY23 vs 80.7% in Q4FY22 with volume growth of 14.4%
    • EBITDA for Q4FY23 stood at Rs 31.7 crore a growth of 8% YoY with an EBITDA margin at 26.0%
    • PBT stood at Rs 20.1 crore, a growth of 8% YoY with PBT margin at 16.7%
    • PAT was at Rs 14.2 crore, a growth of 4.8% YoY with PAT margin at 11.9%.
    • We entered Kerala market - with our first dispatch in February-23. Sula is now available in all non-dry states in India.
    • Our Experiences team conducted ~14,000 tastings in Tier II cities; almost as many tastings as in full year FY22
  • FY23:
    • Revenue from operations at Rs 553.2 crore registered a strong growth of 21.9% YoY.
    • Revenue from Elite & Premium wines grew faster at 29.3% while Economy & Popular wines grew at 18.7% in line with the company’s focus on premiumisation.
    • EBITDA was at Rs 160.9 crore, translating to 29.1% margin, registering a growth of 38.7% YoY.
    • Profit after tax was at Rs 84.0 crore a growth of 61.2% YoY, leading to margin expansion of 370 bps.
    • The wine tourism business had a record year, posting a revenue growth of 29.9% YoY.
    • Our vineyard resorts ‘The Source’ and ‘Beyond by Sula’ touched a record ~82% occupancy with an ARR of ~Rs 10,500.
    • Our vineyards recorded a footfall of ~3.4 lakh visitors with D2C sales hitting new records.
    • Our Experiences teams conducted ~1.7 lakh tastings at our vineyards and across 60 cities in India a solid 80% growth over the last year.
    • 2.2 million litre brownfield winery, phase one of a planned 6 million litre expansion completed in time to accommodate Harvest 2023
    • New plantings of a record 620 acres of premium wine grape vineyards with the majority being red grapes.
    • Given the strong financial performance, the Board has recommended a final dividend of Rs 5.25 per share.

Commenting on the performance, Rajeev Samant, CEO of Sula Vineyards said: “FY23 has been a landmark year for us as we went public in December 2022 and have ended the year with a record-breaking performance. We have reported an all-time high EBITDA of Rs 161 crore registering a growth of 38% YoY and a record PAT at Rs 84 crore growing at 61% YoY.

Our Own brands have been the star of the show, with their contribution to revenue going to 87%, a massive 23% jump from FY20. Led by our successful focus on premiumisation within our Own brands, revenues from Elite & Premium wines have grown 29% YoY supported by a strong volume growth of 24% in this category.

It was a booming year for our wine tourism business with over 3.4 lakh visitors from across the country and the globe visiting our iconic vineyards in Maharashtra and Karnataka.

I am particularly pleased that our Experiences teams conducted more than 1.7 lakh unique individual tastings at our vineyards and across the country, an impressive 80% growth from the year before. Tastings are one of our arrows to build a wine culture here in India and the thirst for wine knowledge has never been greater.

During the year we became a proud Silver member of International Wineries for Climate Action (IWCA), a strong testament to our goal of continuing to be one of the most sustainable wine producers in the world.

I would like to say a big Thank You to our shareholders, consumers, directors, employees, trade partners and above all our farmers for their continued support in this milestone year.

Given the excellent harvest this year, the ongoing boom in domestic wine tourism, and more consumers choosing our premium Indian wines, we are looking forward to another strong year ahead!

Cheers!”

 

 

Result PDF

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