Any current/future new fundraising through debt or equity?

Fratelli Vineyards is considering fundraising primarily through equity and not debt for upcoming CAPEX. The planned INR 100 crore CAPEX is largely for the hospitality project, with most core business CAPEX already done. Exact fundraising plans are still in early stages and details will be clarified in future earnings calls. Currently, the company has approximately INR 120 crores total debt with an average borrowing cost of about 10%. There is no intention to take substantial additional debt on the balance sheet. Management mentioned looking at some form of equity raise but has not finalized sp

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

Fratelli Vineyards is planning a significant CAPEX of approximately INR 100 crores. Majority (~70%) of this CAPEX will be directed towards building a boutique high-end resort on their 170-acre vineyard property in Garwad village, expected to begin construction early 2026 and open by 2028. The remaining 30% will be utilized for brand building and strengthening liquidity, including support for the RTD (Ready-to-Drink) Shotgun portfolio. The company is considering raising funds primarily via equity rather than through additional debt to finance this investment. Most CAPEX for the core wine busine

Future growth expectations in sales/revenue/volumes?

RTD (Ready-to-Drink) segment expected to grow over 20% annually for next 2-3 years. Shotgun RTD business volume for H1 FY26 about 50,000 cases; expected to double next year given strong consumer traction. Bottles business volume approximately 175,000 cases; volume broadly flat year-on-year in H1 FY26. Luxury segment grew 18% YoY; super premium saw single-digit growth; premium segment flat for now. Geographical expansion into new states like Chhattisgarh and international markets (Australia, Mauritius, Maldives) with exports growing from 1% to 3% of revenue. Revenue for Q2 FY26 stable

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

Fratelli Vineyards expects 12% to 15% revenue growth in the current financial year. Operating leverage benefits anticipated as revenues approach INR 210-215 crores, improving EBITDA margins from the current 3%-3.5% level. The Ready-To-Drink (RTD) segment, particularly the Shotgun brand, is forecasted to grow over 20% annually in the next 2-3 years, contributing incremental volume and revenue. CAPEX of approximately INR 100 crores planned, primarily for hospitality expansion with some brand-building for RTD, funded mainly through equity to avoid increasing debt. Gross margins remain strong (~79

Fratelli Vineyards LtdQ3 FY26Beverages

Fratelli Vineyards Ltd Q3 FY26 Earnings Call Analysis

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

Price: ₹104Market Cap: ₹444 CrSector: Beverages

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→RTD (Ready-to-Drink) segment expected to grow over 20% annually for next 2-3 years.
→Shotgun RTD business volume for H1 FY26 about 50,000 cases; expected to double next year given strong consumer traction.
→Bottles business volume approximately 175,000 cases; volume broadly flat year-on-year in H1 FY26.
→Luxury segment grew 18% YoY; super premium saw single-digit growth; premium segment flat for now.
→Geographical expansion into new states like Chhattisgarh and international markets (Australia, Mauritius, Maldives) with exports growing from 1% to 3% of revenue.
→Revenue for Q2 FY26 stable at INR 46.3 crores, with expected improvement in H2 post Telangana normalization.
→Overall target of 10-15% revenue growth for current fiscal year, with operating efficiencies improving EBITDA margins with scale.
→Expansion of distribution touchpoints expected to increase from current 25,000 to around 28,000-30,000 soon, supporting volume growth.

Margin guidance

Category 3

→Fratelli Vineyards expects 12% to 15% revenue growth in the current financial year.
→Operating leverage benefits anticipated as revenues approach INR 210-215 crores, improving EBITDA margins from the current 3%-3.5% level.
→The Ready-To-Drink (RTD) segment, particularly the Shotgun brand, is forecasted to grow over 20% annually in the next 2-3 years, contributing incremental volume and revenue.
→CAPEX of approximately INR 100 crores planned, primarily for hospitality expansion with some brand-building for RTD, funded mainly through equity to avoid increasing debt.
→Gross margins remain strong (~79-80%), supporting profitability.
→Transition normalization in Telangana expected from December 1, mitigating some revenue impacts seen this quarter.
→Continued brand innovation and market expansion in premium and super-premium segments expected to sustain margin and profit growth.

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Fundraise plans

Yes

→Fratelli Vineyards is considering fundraising primarily through equity and not debt for upcoming CAPEX.
→The planned INR 100 crore CAPEX is largely for the hospitality project, with most core business CAPEX already done.
→Exact fundraising plans are still in early stages and details will be clarified in future earnings calls.
→Currently, the company has approximately INR 120 crores total debt with an average borrowing cost of about 10%.
→There is no intention to take substantial additional debt on the balance sheet.
→Management mentioned looking at some form of equity raise but has not finalized specifics yet.

Order book

The transcript provided does not mention any details regarding the current or expected order book or pending orders for Fratelli Vineyards Limited. There is no information on specific order volumes, contracts, or backlog status discussed during the earnings call dated November 18, 2025. The focus is primarily on operational performance, product launches (such as Shotgun), market expansion, CAPEX plans, revenue growth, and challenges related to state-level disruptions in Telangana and Karnataka. Therefore, no information is available on order book or pending orders from the provided document.

Capex plans

Yes

→Fratelli Vineyards is planning a significant CAPEX of approximately INR 100 crores.
→Majority (~70%) of this CAPEX will be directed towards building a boutique high-end resort on their 170-acre vineyard property in Garwad village, expected to begin construction early 2026 and open by 2028.
→The remaining 30% will be utilized for brand building and strengthening liquidity, including support for the RTD (Ready-to-Drink) Shotgun portfolio.
→The company is considering raising funds primarily via equity rather than through additional debt to finance this investment.
→Most CAPEX for the core wine business is already completed; the focus is now on hospitality and RTD brand expansion.
→No substantial new debt planned; current debt stands around INR 120 crores with a 10% average borrowing cost.

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