Sula Vineyards LimitedQ1 FY27 Results & Financial Update
Sula Vineyards Limited: Q1 FY27 consolidated results and company financials – revenue ₹120.79 Cr, PAT ₹1.06 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Chart · Market context
Sula Vineyards price & chart
Quarter overview
Quarterly earnings analysis
Sula Vineyards Limited reported consolidated revenue from operations of INR 120.79 crore for the quarter ended June 30, 2026, compared to INR 118.29 crore in the corresponding period of the previous year, alongside total income of INR 123.17 crore.
Net profit for the first quarter of fiscal 2027 stood at INR 1.06 crore, with basic and diluted earnings per share both recorded at INR 0.13.
The top-line performance was underpinned by sustained positive momentum in Own Brands, led by robust growth in the Elite and Premium portfolio, alongside double-digit revenue expansion in the Wine Tourism division.
Profitability faced margin headwinds during the quarter due to higher blended grape costs resulting from a higher proportion of wine grapes versus table grapes in the grape mix, though this pressure was partially mitigated by a 3% year-on-year reduction in operating expenses.
Management noted that the higher blended grape cost is a temporary factor expected to subside starting in the fourth quarter of fiscal 2027 and normalize fully from the first quarter of fiscal 2028 upon rebalancing in Harvest 2027.
During the quarter, the holding company completed the sale of its office property in Mumbai for a consideration of INR 27.00 crore, recognizing a profit on sale of INR 1.79 crore under other income.
Profit after tax was ₹1.06 Cr for the reported quarter. EPS was ₹0.13 for the reported quarter.
01 · Business model
What does Sula Vineyards do?
Sula Vineyards Limited is India's largest wine company, commanding over 50% of the domestic premium wine market with a diverse portfolio of over 50 labels spanning multiple price tiers.
The company operates five state-of-the-art wineries across Maharashtra and Karnataka, distributing over 1 million cases annually across India through its extensive distribution network.
As a pioneer of wine tourism in India, Sula operates a hospitality portfolio featuring three luxury resorts in Nashik—The Source, Beyond, and The Haven—offering a combined 154 keys alongside four standalone wine-themed restaurants and tasting rooms.
The operating model combines alcoholic beverage manufacturing, distribution, and wine tourism assets, which introduces seasonal fluctuations where revenues and profits do not accrue evenly across quarters.
02 · Historical context
What shaped the business before this quarter
Since its inception, the company introduced landmark industry milestones such as India's first winery tasting room in 2005, the country's first vineyard resort in 2010, and India's first wine-in-a-can in 2020.
Previously, the company expanded its hospitality and production footprint to include five state-of-the-art wineries across Maharashtra and Karnataka and three luxury resorts in Nashik.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹120.79 Cr |
| Total income | ₹123.17 Cr |
| Profit before tax | ₹1.52 Cr |
| Profit after tax | ₹1.06 Cr |
| EPS | ₹0.13 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 0.9% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 1.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹2.38 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Own Brands revenue reached INR 104.3 crore, up 2.0% year-on-year from INR 102.3 crore, driven by strong consumer demand in the Elite and Premium tiers.
Wine Tourism revenue advanced 12.3% year-on-year to INR 15.4 crore from INR 13.7 crore, propelled by higher room revenues following the launch of the third resort, The Haven, and increased spend per guest.
Elite and Premium portfolio sales grew 6% year-on-year, lifting the Elite and Premium share of wine sales up by 310 basis points year-on-year to 78%, led by flagship brands The Source, RASA, and Sula Merlot.
Performance was partially offset by a decline in the Economy and Popular wine portfolio.
What drove margins
Profitability experienced a 150 basis point impact from higher blended grape costs, reflecting a higher share of wine grapes relative to table grapes.
Management executed cost containment actions that reduced operating expenses by 3% year-on-year, helping to limit the overall EBITDA impact from rising grape input costs.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group operates as a single reportable segment engaged in the manufacture, purchase, and sale of alcoholic beverages (wines and spirits) as reviewed by the Chief Operating Decision Makers.
Geography and market mix
Telangana remained a standout region with over 50% year-on-year growth, while Haryana, Chandigarh, CSD channels, and exports also delivered strong double-digit growth.
Demand in Karnataka remained soft during the quarter, with management anticipating a turnaround in the second half of fiscal 2027.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
The company closed the acquisition of the Chandon estate, renamed 'Domaine Rāsā', where tasting room, bottle shop, and banquet facilities have commenced operations to establish a new wine tourism destination in Nashik.
The amphitheater expansion at the flagship Nashik campus was successfully completed, the wine shop at Domaine Dindori is scheduled to open later in the month, and construction of the events pavilion is progressing toward a pre-festive launch.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Integration of The Haven resort and the newly acquired Domaine Rāsā estate expanded the combined hospitality key count to 154 across luxury properties in Nashik.
08 · Reported developments
What changed operationally
Positive sales momentum from Q4 FY26 carried into Q1 FY27, underpinned by sustained growth in Own Brands and double-digit expansion in Wine Tourism.
Flagship brands The Source and Rāsā delivered robust double-digit growth, driving the Elite and Premium segment share up by 310 basis points to 78%.
09 · Pressure points & risks
What is not going smoothly
Consolidated EBITDA declined 9.4% year-on-year (reported at INR 16.6 crore on a net revenue basis in investor releases), pressured by higher wine grape ratios in the blended grape cost.
10 · Items worth noticing
The line items that can distort a quick read
Recognition of INR 1.79 crore profit within other income following the sale of the company's office property in Mumbai for INR 27.00 crore during Q1 FY27.
11 · Management guidance & targets
What management is targeting from here
Management stated that higher blended grape costs are temporary, expected to subside from Q4 FY27 and completely normalize from Q1 FY28 as the wine and table grape mix rebalances in Harvest 2027, supporting improved profitability in H2 FY27.
12 · Beyond the numbers
What changed beyond the numbers
Mumbai Office Realization
The holding company monetized its office property in Mumbai for INR 27.00 crore during the quarter, generating a taxable capital gain included in other income.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations adjusted from INR 142.56 crore in Q4 FY26 to INR 120.79 crore in Q1 FY27, reflecting normal business seasonality and post-festive normalization.
14 · Key Q&A
The quarter, answered directly
What does Sula Vineyards do?
Sula Vineyards Limited is India's largest wine company, commanding over 50% of the domestic premium wine market with a diverse portfolio of over 50 labels spanning multiple price tiers.
What is the clearest takeaway from Q1 FY27?
Sula Vineyards Limited reported consolidated revenue from operations of INR 120.79 crore for the quarter ended June 30, 2026, compared to INR 118.29 crore in the corresponding period of the previous year, alongside total income of INR 123.17 crore.
What drove revenue or demand?
Own Brands revenue reached INR 104.3 crore, up 2.0% year-on-year from INR 102.3 crore, driven by strong consumer demand in the Elite and Premium tiers.
What mattered most for margins or profitability?
Profitability experienced a 150 basis point impact from higher blended grape costs, reflecting a higher share of wine grapes relative to table grapes.
What changed operationally beyond the headline numbers?
The company closed the acquisition of the Chandon estate, renamed 'Domaine Rāsā', where tasting room, bottle shop, and banquet facilities have commenced operations to establish a new wine tourism destination in Nashik.
What is management guiding or targeting from here?
Management stated that higher blended grape costs are temporary, expected to subside from Q4 FY27 and completely normalize from Q1 FY28 as the wine and table grape mix rebalances in Harvest 2027, supporting improved profitability in H2 FY27.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Build your own next-quarter scenario
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Karnataka Market Recovery: Track whether regional demand in Karnataka recovers during the second half of fiscal 2027 as anticipated by management.
- 02
Grape Cost Normalization: Monitor gross margin trajectory and grape input cost pressures ahead of Harvest 2027 and the anticipated cost normalization in Q4 FY27 and Q1 FY28.
- 03
Wine Tourism Projects Execution: Observe the operational ramp-up of the Domaine Dindori wine shop and the launch of the events pavilion ahead of the upcoming festive season.
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