Any current/future new fundraising through debt or equity?

In the current fiscal year, Fratelli Vineyards raised approximately Rs. 50 crore through preferential equity issues. Around Rs. 25-30 crore of this capital has already been used for capital expenditure. Additionally, about Rs. 25 crore of term debt was also taken in the first half of the year. The remaining funds from the equity raise have been used for working capital requirements. Management indicated it is premature to disclose any new acquisition plans or fundraising at this stage. No explicit mention was made of any upcoming or planned fresh fundraising through debt or equity beyond what

Any current/future capex/capital investment/strategic investment?

Current CAPEX of around Rs. 50 crore, with about Rs. 25-30 crore already used for expansion of assets during the year. No plans for major CAPEX on winery and equipment for the next three years beyond current investments. Significant CAPEX planned for the hospitality venture, specifically an ultra-luxury vineyard tourism resort at Akluj, expected to open by FY27. Expansion of vineyard acreage: adding about 40 acres in H2 FY25, with another 60 acres before Q2 of next financial year. Augmentation of winery capacity with a new building becoming operational by December 15. Investment in technology

Future growth expectations in sales/revenue/volumes?

FY25 sales expected to be similar to FY24, recovering shortfalls from H1 disruptions. Outlook for FY26 and beyond aims to outperform industry average growth consistently. Expansion of vineyards and winery capacity (commissioned by H2 FY25) to support growth. New product launches, including RTD product in Q4 FY25, to build accessibility and category growth. Increasing footprint with availability in ~24,000 touchpoints across India. Premium and luxury brands contribute over 70% of sales, driving higher margins and volume growth. Targeting steady EBITDA margin improvement from ~13% to

Future growth expectations in earnings/operating earnings/profits/EPS?

FY25 revenue expected to be similar to FY24 as company works to recover from H1 disruptions. Outlook for FY26 and beyond aims to outperform industry growth rates seen over past 3 years (24% CAGR net revenue). EBITDA margin targeted to improve from 13% in FY24 to around 15% in short term (next 1-2 years). CAPEX of ~Rs. 50 crore already spent for capacity expansion, making company "future-ready" for growth next 3-4 years. New luxury vineyard tourism project expected to start contributing from FY27 with healthy margins. Focus on premium and luxury segment brands (70%+ of sales) supports

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Fratelli Vineyards LtdQ3 FY24Beverages

Fratelli Vineyards Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹92Market Cap: ₹369 CrSector: Beverages

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY25 sales expected to be similar to FY24, recovering shortfalls from H1 disruptions.
→Outlook for FY26 and beyond aims to outperform industry average growth consistently.
→Expansion of vineyards and winery capacity (commissioned by H2 FY25) to support growth.
→New product launches, including RTD product in Q4 FY25, to build accessibility and category growth.
→Increasing footprint with availability in ~24,000 touchpoints across India.
→Premium and luxury brands contribute over 70% of sales, driving higher margins and volume growth.
→Targeting steady EBITDA margin improvement from ~13% to ~15% over the next 1-2 years.
→Long-term growth aided by luxury vineyard tourism project opening in FY27, providing new revenue streams.
→Focus on expanding modern trade and on-trade outlets to increase wine consumption occasions.

Margin guidance

Category 2

→FY25 revenue expected to be similar to FY24 as company works to recover from H1 disruptions.
→Outlook for FY26 and beyond aims to outperform industry growth rates seen over past 3 years (24% CAGR net revenue).
→EBITDA margin targeted to improve from 13% in FY24 to around 15% in short term (next 1-2 years).
→CAPEX of ~Rs. 50 crore already spent for capacity expansion, making company "future-ready" for growth next 3-4 years.
→New luxury vineyard tourism project expected to start contributing from FY27 with healthy margins.
→Focus on premium and luxury segment brands (70%+ of sales) supports higher realizations and profitability.
→Strategic investments in branding, modern trade, and experiential marketing to drive top line and margin expansion.
→No major CAPEX planned beyond hospitality venture for next 3 years, aiding steady operating earnings growth.

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Fundraise plans

Yes

→In the current fiscal year, Fratelli Vineyards raised approximately Rs. 50 crore through preferential equity issues.
→Around Rs. 25-30 crore of this capital has already been used for capital expenditure.
→Additionally, about Rs. 25 crore of term debt was also taken in the first half of the year.
→The remaining funds from the equity raise have been used for working capital requirements.
→Management indicated it is premature to disclose any new acquisition plans or fundraising at this stage.
→No explicit mention was made of any upcoming or planned fresh fundraising through debt or equity beyond what has already been raised in FY25.

Order book

The provided transcript does not explicitly mention the current or expected order book or pending orders for Fratelli Vineyards. However, relevant insights include: - The company experienced disruptions in H1 FY25 due to dry days, excise policy changes, and shipment delays, impacting revenue temporarily. - They foresee a recovery and momentum build-up once industry challenges subside. - Winery and vineyard expansions are planned with commissioning in H2 FY25 to support growth. - Strategic investments and capacity augmentation are expected to drive future performance. - No specific data on current or expected order book or pending orders is provided in the transcript.

Capex plans

Yes

→Current CAPEX of around Rs. 50 crore, with about Rs. 25-30 crore already used for expansion of assets during the year.
→No plans for major CAPEX on winery and equipment for the next three years beyond current investments.
→Significant CAPEX planned for the hospitality venture, specifically an ultra-luxury vineyard tourism resort at Akluj, expected to open by FY27.
→Expansion of vineyard acreage: adding about 40 acres in H2 FY25, with another 60 acres before Q2 of next financial year.
→Augmentation of winery capacity with a new building becoming operational by December 15.
→Investment in technology and automation to improve control and efficiency across the integrated value chain.
→Introduction of new premium and luxury brands and product formats, including a new RTD product launching in Q4 FY25.

How does Fratelli Vineyards Ltd rank vs peers in Beverages?

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1Fratelli Vineyards Ltd

Rev 3Mar 2

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