Arthneeti

Sula Vineyards Q1 FY27 Share Price & Earnings Call Analysis

₹128.05+1.89% today
Market cap
₹1,081 Cr
P/E
41.72
ROE
4.61%
PEG
-1.32
Price to sales
1.94
Debt to equity
0.57
52W high / low
₹255 / ₹126
Sales growth (5Y)
7.57%
EBITDA margin
18.20%
Net profit margin
4.87%
Promoter holding
24.62%
Sales (last year)
₹559 Cr

Incorporated in 2003, Sula Vineyards Limited is India's largest wine producer and seller as of March 31, 2022. The company also distributes wines under a bouquet of popular brands including "RASA," "Dindori", "The source," "Satori", "Madera" & "Dia" with its flagship brand "Sula" being the "category creator" of wine in India.[1]

Guidance scorecard · Q1 FY27 call

What Sula Vineyards's management guided
and where it ranks in Beverages

#8of 8 in
Beverages
Revenue0–10%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

0–10%
  • Sula Vineyards expects sales growth to resume as the industry recovers from a recent period of consolidation and elevated raw material costs.
  • The Own Brands business is on a recovery path, with a 2% growth in Q1 FY27 and a focus on Elite & Premium wines, which grew 6%.
  • Growth driven by premiumization of portfolio, with The Source and RASA flagship brands showing strong double-digit growth.
  • Wine Tourism is expanding rapidly, with 12% revenue growth in Q1 FY27 and plans for new resort developments and facility expansions.
  • Anticipate improved profitability from normalized grape costs expected by Q4 FY27 and full normalization by Q1 FY28.
  • Market expansion planned with additional brand listings in CSD and wider distribution pan-India.

2 more points from Sula Vineyards's call on revenue

Create a free account to keep reading this call

Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 0–2%

See what Sula Vineyards said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Completion of amphitheater expansion at flagship Nashik campus (completed July 2026).
  • Opening of new bottle shop at Domaine Dindori (scheduled for next week from August 2026).
  • Construction of new 5,000 sq. ft events pavilion at Nashik campus on track for completion in Q3 FY27, enhancing event hosting capabilities.
  • Acquisition and development of Domaine RASA (erstwhile Chandon estate) completed at INR 20 crores; winery operations to commence in Q4 FY27 during 2027 harvest.
  • Plans to expand and enhance Wine Tourism portfolio, including at new Domaine RASA facility.

2 more points from Sula Vineyards's call on capex

Create a free account to keep reading this call

Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Sula Vineyards said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Focus on wine production and wine tourism expansion, including acquisition and operation of Domain RASA (former Chandon estate).
  • Continued recovery and growth in Own Brands and Wine Tourism segment.
  • Strategy emphasizes premiumization, expanding distribution, and improving wine tourism infrastructure.
  • Capex mainly focused on wine tourism projects and operational optimization rather than production order backlog.
Full Q1 FY27 analysis
Full Beverages ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Beverages
on management's own guidance

  1. Varun BeveragesGood growth
    2
  2. Strong growth
    1
  3. FratelliVineyardGood growth
    3
See all potential multibaggersWhere does Sula Vineyards rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Beverages companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹5,504 Cr39.2
2Varun Beverages20–40%Flat₹1.33L Cr38.4
3FratelliVineyard20–40%Flat₹562 Cr—
410–20%Up 2%+₹19,531 Cr87.5
510–20%Up 2%+₹11,921 Cr57.7
610–20%Flat₹31,198 Cr90.3

Sign up free to see every company in the sector ranking and track Sula Vineyards.

Pro shows every company guiding 40%+ revenue growth →Full Beverages ranking

Financials of Sula Vineyards

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Sula Vineyards

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +113.38108.49133.69203.04122.52120.93132.36200.15125.71109.64130.91180.39134.91
Expenses +82.5678.1489.49131.1993.0686.9798.76147.1097.2591.34105.45148.44107.17
Operating Profit30.8230.3544.2071.8529.4633.9633.6053.0528.4618.3025.4631.9527.74
OPM %27.18%27.97%33.06%35.39%24.05%28.08%25.39%26.51%22.64%16.69%19.45%17.71%20.56%
Other Income +0.911.570.891.403.851.260.760.901.010.980.83-0.791.49
Interest4.845.326.528.096.247.107.597.817.177.518.558.197.14
Depreciation6.817.567.618.118.358.638.698.938.749.219.4710.4110.08
Profit before tax20.0819.0430.9657.0518.7219.4918.0837.2113.562.568.2712.5612.01
Tax %29.08%28.15%25.42%24.66%27.62%24.94%19.91%24.59%3.91%24.22%27.21%27.55%28.39%
Net Profit +14.2413.6823.0942.9813.5514.6314.4828.0613.031.946.029.108.60
EPS in Rs1.691.622.745.091.611.731.723.321.540.230.711.081.02

Financials of Sula Vineyards

Profit & Loss

Annual income statement trend

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +485386424516568579556
Expenses +432322311358392430452
Operating Profit5364113158176149103
OPM %11%17%27%31%31%26%19%
Other Income +-2-233843
Interest33332321263031
Depreciation35262426323539
Profit before tax-173701141268835
Tax %-8%5%25%26%26%21%28%
Net Profit +-1635284937026
EPS in Rs-10.421.986.639.9811.068.323.04
Dividend Payout %0%126%36%84%77%43%66%

Financials of Sula Vineyards

Balance Sheet

Capital structure and asset base

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital15151617171717
Reserves285290380515533569571
Borrowings +393315240203324315333
Other Liabilities +138132123147152174175
Total Liabilities8317527598811,0261,0761,096
Fixed Assets +355318361413454495512
CWIP0012561
Investments0000000
Other Assets +476434396466567575583
Total Assets8317527598811,0261,0761,096

Financials of Sula Vineyards

Cash Flows

Operating, investing and financing cash movement

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +45120879012158101
Cash from Investing Activity +-44-22-57-74-43-75-33
Cash from Financing Activity +33-94-61-92-74-67
Net Cash Flow343-31681-90-0
Free Cash Flow1104422163-769
CFO/OP106%175%92%74%88%53%103%

Financials of Sula Vineyards

Ratios

Working capital efficiency and return ratios

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1141179481109148156
Inventory Days334404764775924877440
Days Payable161164318356390374209
Cash Conversion Cycle287357541501643651386
Working Capital Days-235285892101
ROCE %6%15%20%19%13%8%

Guidance history

How Sula Vineyards's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →0–10%Up 0–2%Planned——
Q4 FY26 call →10–20%Up 0–2%Planned——
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%Up 2%+Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

5out of 100

Momentum score · price trend

5 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−49.2%5%
Last 6 months−25.7%12%
Last 3 months−22.5%14%

The price is 80.5% below its all-time high of ₹656.9 (25 Jan 2024). Stocks more than 20% below their peak have their score halved, so 10 became 5.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Sula Vineyards: 0.4 × 5 + 0.4 × 12 + 0.2 × 14 = 10, halved to 5 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Sula Vineyards's management said in earlier quarters

Others in Beverages this season

  • Tilaknagar Inds. (Q2 FY27)

    Q2 FY27 Revenue from Operations (Net) was INR 1,035 crore, a 172.8% year-on-year (YoY) increase (Page 8). Key investor presentation takeaways from Tilaknagar In

  • Globus Spirits (Q2 FY27)

    Q2 FY27 Revenue from Operations: INR 7,624 Mn, up 15% YoY (Page 9, Page 6) . Key investor presentation takeaways from Globus Spirits Ltd's Q2 FY27 investor pres

  • Varun Beverages (Q2 FY27)

    Q3 CY2026 consolidated sales volume: 354.4 million cases, up 28.7% YoY (Q3 CY2025: 275.3 million cases) . Key investor presentation takeaways from Varun Beverag

  • Allied Blenders (Q3 FY26)

    Post UK FTA**: Opportunity to enter and profitably participate in the value Scotch segment (about 50% of luxury segment volumes), currently untapped. Key…

Compare:vs Varun Beveragesvs United Spiritsvs Radico Khaitan Ltd