Sula Vineyards Ltd

- No specific mention of any current or planned new fundraising through debt or equity was made in the call. - Interest cost for the quarter increased by 5% due to a marginal rise in average debt, but the debt-to-EBITDA ratio remains healthy at around 2x. - Major capital investments are behind, with capex expected to moderate to around INR 35 crores annually from FY '26 onwards, down from INR 50-60 crores per annum previously. - Reduced capex and inventory levels are expected to help contain any further increase in debt this fiscal. - The company emphasized strong financial discipline and did not indicate any plans for fresh fundraising at this time.

- Major capital investments are now behind Sula Vineyards. - Capex for FY '26 and onwards is expected to moderate to around INR 35 crores annually, roughly half of the last 3 years' spend (which was INR 50-60 crores per annum). - The focus is on expanding wine tourism with new resort openings, such as the upcoming 30-key "Haven by Sula" near the York winery, increasing room capacity by ~30% to 134 keys and adding convention facilities. - The company is open to expanding wine-friendly resorts in diverse geographies under asset-light models funded by third parties, focusing on operations and brand promotion rather than owning resorts. - New wine tourism capacity additions are planned in Q2 FY '26 to strengthen the vertical. - Overall, strategic investments are centered on growing wine tourism and enhancing customer experience to drive product penetration and profitability.

- Management acknowledges recent subpar revenue growth, with nearly five quarters of underperformance. - Given the current low wine penetration, there is hope for a return to at least low double-digit revenue growth. - The last year has been challenging, and no explicit future guidance on growth rates was given. - Sula is working hard to return to growth, focusing on expanding their premium wine portfolio and enhancing wine tourism. - New resort openings and improved connectivity (e.g., Samruddhi highway) are expected to aid growth. - Market development is anticipated, even with increased competition after the Jacobs Creek sale. - Management remains optimistic about long-term sustainable and profitable growth but remains cautious in short-term expectations.

- Management is cautious about providing specific future guidance due to recent challenges, including soft urban demand and temporary disruptions in Maharashtra following excise duty hikes. - Efforts are underway to return to revenue growth; however, no definitive timeline for achieving double-digit or low double-digit growth is given by CEO Rajeev Samant. - Operating margins are expected to improve by a couple of hundred basis points in the second half of the financial year, driven by no capping constraints on WIPS accrual, new wine tourism openings, and cost efficiency initiatives in manufacturing and operations. - Capex is projected to reduce significantly from INR 50-60 crore annually over the past 3 years to around INR 35 crore annually going forward, aiding profitability. - Resilient wine tourism growth and market share gains underpin optimistic medium-term prospects. - Overall, management aims for sustainable and profitable growth but is conservative on near-term earnings projections.

The provided transcript and document pages do not explicitly mention any details regarding the current or expected order book or pending orders for Sula Vineyards Limited. The discussion primarily revolves around: - Distribution agreements and competitive landscape. - Revenue growth outlook. - Wine sourcing model changes. - Wine tourism expansion plans. - Financial performance including gross margins, capex, and operating costs. - Market dynamics and competitive positioning. No information on order book size, expected orders, or pending orders is disclosed in the available content.