Sula Vineyards Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 19 Jun 2026 | Beverages | Market Cap: ₹1.3K Cr
Own Brands sales saw a 5% decline in FY '26 but showed recovery momentum in Q4 with 7% YoY growth in revenue. FY '27 outlook shows cautious optimism for margin improvement but no return to 30% operating margins soon.
From Sula Vineyards Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹145
Market Cap
₹1.3K Cr
P/E Ratio
48.9
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Sula Vineyards Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹135 Cr, net profit ₹9 Cr.
Full financials →📊 Revenue & Sales Performance
- →Own Brands sales saw a 5% decline in FY '26 but showed recovery momentum in Q4 with 7% YoY growth in revenue.
- →Wine Tourism is growing strongly, now constituting about 19-20% of total revenue, with expectations to increase by another 200-300 basis points in FY '27.
- →Wine Tourism visitor footfall increased by double digits with over 4 lakh visitors in FY '26; room capacity expanded 50% to 154 keys with healthy occupancy (~70-80%).
- →The Source range sales grew over 20% in FY '26 and continue to expand nationally, contributing over 10% to Own Brands sales.
- →Revenue growth in UP exceeded 50% in FY '26, with policy changes expected to enable further expansion.
- →The company expects continued growth in Wine Tourism and Own Brands with new projects and increased distribution.
- →Moderate price hikes planned in free pricing states to offset costs without hurting demand.
- →Strategic capex focus for FY '27 predominantly on Wine Tourism (3x winery capex), aiming for significant key expansion.
📈 Profitability & Margins
- →FY '27 outlook shows cautious optimism for margin improvement but no return to 30% operating margins soon.
- →Q4 FY '26 demonstrated momentum with 7% YoY revenue growth and better margins sequentially.
- →EBITDA and PBT showed year-on-year growth on like-to-like basis after adjusting for one-offs.
- →Cost reduction initiatives and improved operating leverage expected to support profitability going forward.
- →Wine Tourism business is a key growth driver with double-digit revenue growth and 50% increase in room capacity.
- →Expansion plans in Wine Tourism with capital allocation prioritized to this segment, supporting sustained profit growth.
- →Price hikes planned (2-3% annually) in free pricing states to mitigate cost pressures.
- →Potential inorganic expansion via acquisitions could contribute positively but subject to market opportunities.
- →Overall, management is "quietly optimistic" about year-on-year improvement in margins and profits in FY '27.
🏗️ Capital Expenditure Plans
- →In FY '27, Wine Tourism capex is planned to be about 3 times the investment on the winery front, signaling strategic focus on this segment.
- →Opening a new retail store at Domaine Dindori Winery in Nashik in Q1 FY '27.
- →Expanding amphitheater capacity at SulaFest by Q2 to accommodate more attendees.
- →Building a 5,000 sq. ft. air-conditioned event pavilion at Nashik flagship campus, operational by Q3 for weddings and corporate events.
- →Signed binding agreement to acquire Chandon's 19-acre estate in Dindori, Nashik, pending regulatory approvals; plans to expand Wine Tourism footprint.
- →Ongoing annual capex expected to be lower than INR 25 crores spent in FY '26, excluding Chandon acquisition.
- →Strategic capital allocation over next 2-3 years heavily directed towards expanding Wine Tourism.
- →Aiming to increase resort keys significantly over next couple of years as part of growth plans.
💰 Fundraising & Capital Structure
- →There is no specific mention of any current or planned new fundraising through debt or equity in the transcript.
- →The company has a comfortable debt-to-EBITDA ratio below 3x and expects further deleveraging during FY '27.
- →Net debt at end of FY '26 stood close to INR 280 crores, slightly lower than previous year.
- →Capital expenditure for FY '27 is expected to be lower than FY '26 levels, excluding the Chandon estate acquisition.
- →The company is focusing on growth through internal cash flows and strategic investments, particularly expanding its Wine Tourism segment.
- →Management indicated openness to acquisitions but did not state plans for raising external capital via debt or equity.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Sula Vineyards Ltd Q4 FY26 results?
Own Brands sales saw a 5% decline in FY '26 but showed recovery momentum in Q4 with 7% YoY growth in revenue. FY '27 outlook shows cautious optimism for margin improvement but no return to 30% operating margins soon.
What is Sula Vineyards Ltd share price analysis?
Sula Vineyards Ltd currently shows a neutral. The stock trades at a P/E of 48.9 with a market cap of ₹1,266 Cr. Investors should review the full earnings analysis for detailed insights.
Is Sula Vineyards Ltd planning capital expenditure?
In FY '27, Wine Tourism capex is planned to be about 3 times the investment on the winery front, signaling strategic focus on this segment. - Opening a new retail store at Domaine Dindori Winery in Nashik in Q1 FY '27. - Expanding amphitheater capacity at SulaFest by Q2 to accommodate more attendees. - Building a 5,000 sq.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.