SULA
Sula Vineyards share price & financials
- Price
- ₹156.87
- Market cap
- ₹1.3k Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 5
Sula Vineyards Limited Q1 FY27
What went well
- Revenue grew 3% YoY to INR 121 crores, marking six consecutive months of positive sales growth.
- Elite & Premium portfolio grew 6% in Q1, with its share in Own Brands expanding by 310 basis points to an all-time high of 78%.
- Wine Tourism revenue grew 12% YoY to INR 15.5 crores, with room revenues increasing 21%.
What to watch
- Gross profit declined 5% YoY due to higher blended grape costs and adverse geographical mix.
- Higher blended grape costs resulted in a ~150 basis point impact on margins, expected to persist for a couple of quarters.
What Sula Vineyards Limited does
Sula Vineyards is India's largest wine producer, making and marketing wine under its own brands (including Sula, The Source, RASA and Dia) sold through distributors, retail points of sale and defence canteens across India, with exports to overseas markets. Grapes are sourced mainly from long-term contracted vineyard farmers in Nashik (Maharashtra) and Karnataka rather than company-owned vineyards, and the wine is produced and bottled at company-operated wineries. Alongside the wine business, Sula runs a wine-tourism operation — vineyard resorts, tasting rooms and gourmet restaurants at its Nashik and Karnataka properties — that has scaled into a distinct, fast-growing revenue stream.
Segments
- Own Brands
- Wine Tourism
- Others (incl. BIO)
- Installed winery capacity
- 18.2 million litres per annum, among the top 5 winery capacities in Asia
- Wineries
- 5 owned wineries with in-house bottling (4 in Maharashtra, 1 in Karnataka)
- Wine brand portfolio
- 69 labels across 14 brands spanning Elite, Premium, Economy, Popular and Imported tiers
- Contracted vineyard acreage
- 2,800+ acres under long-term contract via 500+ contract farmers — the largest contracted vineyard base among Indian wine producers
- Distribution footprint
- ~25,000 points of sale across 23 states and 7 union territories; exports to 29 countries
- Distribution network
- 51 distributors, 12 corporations, 14 licensed resellers, 6 company depots and 3 defence units
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 5 delivered 4 missed 9 open- Telangana Market Sales delivered said Q2 FY26 Promised: start from December 1 itself. So, we would get a good benefit of that within Q3 itself Q1 FY27: Promise achieved in Q3 FY26. Management confirmed Telangana delivered strong double-digit growth in Q1 FY27, continuing the positive trend.
- Operating Margins missed said Q1 FY26 Promised: improvement of a couple of hundred basis points in operating margins in second half of this financial year Q1 FY27: Promise was definitively missed in FY26. New guidance for FY27 is to recover to FY26 levels before year-end.
- Room Capacity (Keys) on track said Q4 FY26 Promised: crossing significantly more than 200 keys with our next project, which we should hope to deliver within the next 1.5 years if all goes well Q1 FY27: The acquisition of the former Chandon estate (Domain RASA) is a significant step towards expanding the wine tourism footprint, though the key count remains at 154 for now.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.8%, net profit up 546.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 115 | 165 | 90 | 91 | 112 −3% | 155 −6% | 104 +16% | 99 +9% |
| EBITDA | 21 | 35 | 8 | 11 | 18 −17% | 22 −37% | 15 +78% | 16 +45% |
| Net profit | 7 | 16 | -5 | -1 | 3 −57% | 7 −59% | -6 −18% | 4 +546% |
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.
Performance −52.2% 1Y
1Y: ₹285.37 on 10 Sept 2025 → ₹136.38. High ₹287.67 (11 Sept 2025), low ₹136.38 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.4%
- 7 Aug
- Q4 FY26
- −0.5%
- 13 May
- Q3 FY26
- +2.4%
- 9 Feb
- Q2 FY26
- −1.0%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 3.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 14.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹513 Cr | ₹548 Cr | ₹488 Cr | ₹462 Cr |
| Operating profit | ₹158 Cr | ₹167 Cr | ₹96 Cr | ₹65 Cr |
| Operating margin | 30.8% | 30.6% | 19.6% | 14.2% |
| Interest | ₹21 Cr | ₹24 Cr | ₹26 Cr | ₹26 Cr |
| Depreciation | ₹25 Cr | ₹27 Cr | ₹29 Cr | ₹30 Cr |
| Net profit | ₹86 Cr | ₹95 Cr | ₹33 Cr | ₹3 Cr |
| Net margin | 16.8% | 17.3% | 6.8% | 0.7% |
| Cash from operations | ₹81 Cr | ₹113 Cr | ₹64 Cr | ₹73 Cr |
| Free cash flow | ₹13 Cr | ₹58 Cr | ₹15 Cr | ₹51 Cr |
| ROCE | 20.0% | 19.0% | 9.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹16 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹313 Cr | ₹399 Cr | ₹539 Cr | ₹558 Cr | ₹549 Cr | ₹536 Cr |
| Borrowings | ₹310 Cr | ₹226 Cr | ₹192 Cr | ₹292 Cr | ₹400 Cr | ₹265 Cr |
| Other liabilities | ₹109 Cr | ₹116 Cr | ₹142 Cr | ₹140 Cr | ₹127 Cr | ₹145 Cr |
| Total liabilities | ₹747 Cr | ₹757 Cr | ₹890 Cr | ₹1.0k Cr | ₹1.1k Cr | ₹964 Cr |
| Fixed assets | ₹318 Cr | ₹342 Cr | ₹394 Cr | ₹417 Cr | ₹496 Cr | ₹429 Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹2 Cr | ₹5 Cr | ₹9 Cr | ₹0 Cr |
| Investments | ₹21 Cr | ₹27 Cr | ₹27 Cr | ₹28 Cr | ₹0 Cr | ₹47 Cr |
| Other assets | ₹409 Cr | ₹387 Cr | ₹466 Cr | ₹558 Cr | ₹587 Cr | ₹487 Cr |
| Total assets | ₹747 Cr | ₹757 Cr | ₹890 Cr | ₹1.0k Cr | ₹1.1k Cr | ₹964 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +7.77 pp while FIIs trimmed −6.00 pp. The shareholder count shrank 1% to 2,62,927.
- Promoters
- 24.6%
- FIIs
- 0.7%
- DIIs
- 16.2%
- Public
- 58.5%
Since Jun 2025
- Public +7.77 pp
- FIIs −6.00 pp
- DIIs −2.03 pp
How it drifted, 12 quarters
Over this window the public went from 35.6% to 58.5% — +22.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 26.3%, FIIs 20.6%, DIIs 17.5%, Public 35.6%.Dec '23: Promoters 26.3%, FIIs 19.7%, DIIs 19.6%, Public 34.5%.Mar '24: Promoters 26.2%, FIIs 13.8%, DIIs 22.6%, Public 37.4%.Jun '24: Promoters 25.5%, FIIs 12.0%, DIIs 22.2%, Public 40.3%.Sep '24: Promoters 24.7%, FIIs 10.6%, DIIs 21.7%, Public 43.0%.Dec '24: Promoters 24.7%, FIIs 9.6%, DIIs 19.9%, Public 45.8%.Mar '25: Promoters 24.7%, FIIs 8.0%, DIIs 18.3%, Public 49.1%.Jun '25: Promoters 24.4%, FIIs 6.7%, DIIs 18.3%, Public 50.7%.Sep '25: Promoters 24.4%, FIIs 4.0%, DIIs 18.0%, Public 53.6%.Dec '25: Promoters 24.4%, FIIs 1.6%, DIIs 17.8%, Public 56.2%.Mar '26: Promoters 24.6%, FIIs 1.1%, DIIs 17.3%, Public 57.0%.Jun '26: Promoters 24.6%, FIIs 0.7%, DIIs 16.2%, Public 58.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Rajeev Suresh Samant +0.07 pp 23.33% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Sula Vineyards Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajeev Suresh Samant | 23.33% | +0.07 pp |
| HDFC Large And Mid Cap Fund Mutual fund | 8.93% | unchanged |
| Quant Mutual Fund - Quant Small Cap Fund - 2 Mutual fund | 3.92% | −1.05 pp |
| SBI Consumption Opportunities Fund Mutual fund | 3.37% | unchanged |
| Ruta Mohan Samant | 2.31% | unchanged |
| Vara Future Llp | 1.45% | unchanged |
| Mia Samant | 1.29% | unchanged |
| Margarita Samant | 0.01% | unchanged |
| Rajeev Samant (Trustee Of Rasa Trust) | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SULA
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹166 Cr
- 5 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹103 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹103 Cr | held | Dec '22 |
| SBI Contra Fund SBI Mutual Fund | ₹30 Cr | held | Dec '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹15 Cr | held | Nov '23 |
| SBI Consumption Opportunities Fund SBI Mutual Fund | ₹12 Cr | held | Dec '22 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹7 Cr | held | Nov '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -62%
- vs est. average cost
- Held by funds
- ₹166 Cr
- 5 schemes · ≈ 13% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹103 Cr · 0.3% of that fund
- Longest holder
- SBI Contra Fund
- 3y 9m · since Dec '22
Shares held by these funds +159%
Aug '23 1.01 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Sula Vineyards Limited
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