SULA Sula Vineyards Q1 FY26 results (Apr–Jun 2025) and concall
Sula Vineyards reported a challenging Q1 FY26 for its own brands, primarily due to softness in urban demand and a temporary disruption in Maharashtra's wine market following an excise duty hike on spirits. This led to a 450 basis point compression in gross margin due to a change in wine sourcing for tourism, though this is expected to normalize from Q3 FY26. Despite these headwinds, the wine tourism business showed strong growth of over 20%, with resort occupancy at 82% and spend per guest up 6%. The company remains focused on profitability, expecting operating margin improvement in H2 FY26, a
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What they filed
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue | 115 | 165 | 90 | 91 |
| EBITDA | 21 | 35 | 8 | 11 |
| Net profit | 7 | 16 | -5 | -1 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
