Sula Vineyards Ltd(SULA)

NSE: SULABSE: 543711

₹ 127.1-2.72%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,073 crWebsite: www.sulavinyards.comUpdated: 24 Oct 2026

About

Sula Vineyards Ltd is India's leading wine company, producing and selling wines under its own brands while operating wine tourism resorts at its Nashik vineyards. Sula holds a commanding position in India's Elite & Premium wine segment, where its flagship brands The Source and RASA have reached an all-time high combined share of 16% of Own Brands sales as of Q1 FY27.^[1][2][3]

Business segments

Own Brands: wine production and sales; INR 104.3 Cr revenue in Q1 FY27, up 2% YoY, representing the core of Sula's business.^[3]
Wine Tourism: resort stays, tasting experiences and direct-to-consumer wine sales at Nashik estates; INR 15.4 Cr revenue in Q1 FY27, contributing ~13% of total revenue, up 120 bps YoY.^[3]
Wine Tourism crossed INR 110 Cr in total revenue for full-year FY26, the first time it surpassed INR 100 Cr, growing 21% YoY.^[2]

Brands and products

Elite & Premium portfolio mix within Own Brands reached an all-time high of 78% in Q1 FY27, up 310 bps YoY; this tier grew 6.2% YoY.^[3]
Flagship Elite brands The Source and RASA together account for 16% of Own Brands sales in Q1 FY27, an all-time high.^[3]
The Source portfolio expanded in Q1 FY27 with the launch of The Source Chardonnay and The Source Grenache Red, both receiving strong market response.^[3]
Economy & Popular portfolio (brands include Samara and Port 1000) contracted 10.5% YoY in Q1 FY27 due to competitive discounting.^[3][4]
Sula distributes imported wines including Le Grand Noir (ranked #1 French wine in India) and Trapiche, and is expanding this business ahead of the India-EU FTA.^[4]

Operations and capacity

Wine Tourism is anchored at Nashik with three resorts: The Source at Sula, Beyond by Sula, and The Haven by Sula; total room capacity expanded 50% to 154 keys following The Haven's launch in Q3 FY26.^[2][5]
Cellar storage capacity expansion of 1 Mn litres was targeted to bring total to 19.2 Mn litres by end of FY26.^[4]
Capacity utilisation was just below 60% as of Q2 FY26.^[4]
Sula acquired the former 19-acre Chandon estate in Dindori, Nashik for INR 20 Cr in Q1 FY27, renaming it Domaine RASA; tasting room, bottle shop and banquet facilities are already operational.^[3]

Key operating metrics

Wine Tourism visitor footfall exceeded 1,00,600 in Q1 FY27 (up 0.1% YoY); resort occupancy was 63% vs. 82% in Q1 FY26.^[3]
Average Room Rate (ARR) at Wine Tourism resorts was INR 9,493 in Q1 FY27, up 5% YoY; spend per day-visitor was INR 1,678, also up 5% YoY.^[3]
D2C wine sales via resort bottle shops reached INR 10 Cr in Q1 FY27, up 7% YoY.^[3]
Gross margin compressed to 68.5% in Q1 FY27 (-550 bps YoY), driven by near-100% wine grape usage in harvest 2026 vs. ~80% historically (~150 bps impact) and adverse geographic mix (~200 bps impact).^[3]
Operating EBITDA margin was 14.7% in Q1 FY27 vs. 16.7% in Q1 FY26; opex reduced 3% YoY (employee costs -6% YoY) partially offset the gross margin pressure.^[3]
Net debt stood at INR 319 Cr as of Q1 FY27, down from INR 345 Cr in June 2025.^[3]

Distribution and customers

CSD (Canteen Stores Department) channel grew ~40% YoY in 9M FY26, after label listings expanded from 5 to 9; Sula received preliminary approval for 5 more listings to reach 14 total.^[5][3]
CSD contributed approximately 4% of revenues in FY26.^[3]
Telangana recorded over 50% YoY growth in Q1 FY27, building on route-to-market resolution in December 2025; Karnataka's entire wine category degrew in Q1 FY27 and H2 FY26.^[3]
Over 95% of Sula's portfolio is priced below INR 1,600 MRP in Maharashtra, placing it below the expected price floor for EU wines entering under the India-EU FTA.^[5]

Expansion and capex

Winery operations at Domaine RASA (former Chandon estate, 19 acres, INR 20 Cr acquisition) to commence in Q4 FY27 during harvest 2027.^[3]
A 5,000 sq ft events pavilion at the flagship Nashik campus is on track for completion in Q3 FY27 in time for the festive and wedding season.^[3]
Room capacity targeted to expand well above 200 keys within approximately 1.5 years from Q4 FY26, with Wine Tourism to receive the lion's share of capex over the next 2-3 years.^[2]
Annual capex guided to INR 20-25 Cr for FY26 and FY27, less than half of the ~INR 60 Cr incurred in FY25.^[5]
Management indicated plans to announce a new business segment beyond wine, with details to follow.^[3]

Recent developments

Q1 FY27 (April - June 2026): Completed acquisition of the 19-acre former Chandon estate in Nashik for INR 20 Cr; renamed Domaine RASA.^[3]
Q1 FY27: Received preliminary CSD approval for 5 additional wine listings, bringing potential total to 14; completion of listing process targeted by Q3 FY27.^[3]
Q3 FY26 (October - December 2025): The Haven by Sula Phase 2 (20 keys) delivered three months ahead of schedule, bringing total property to 50 keys and group capacity to 154 keys.^[5]
December 2025: Telangana route-to-market disruption resolved following retail license re-issuance; Telangana subsequently delivered 50%+ YoY growth in Q1 FY27.^[4][3]
FY26: Net cash from operations increased 70% YoY to INR 99 Cr vs. INR 58 Cr in FY25, driven by favorable working capital movement.^[2]

Market Cap

₹1,073 Cr

High / Low

₹261 / 130

Stock P/E

46.6

Price / Book

2.0

Book Value

₹70

EPS

₹3.0

No. of Shares

8.44 Cr

ROCE

7.6%

ROE

4.4%

OPM

11.4%

Debt / Equity

0.50

Sales

₹596 Cr

Net Profit

₹26 Cr

Promoter holding

24.6%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials