Any current/future new fundraising through debt or equity?

There is no explicit mention of any new fundraising through debt or equity in the transcript. The company noted an increase in gross borrowing by around INR 75 crores compared to last year, mainly due to higher working capital requirements driven by expanded receivables from corporation markets. The increase in debt appears linked to operational working capital needs rather than fresh fundraising plans. Capital expenditure for the fiscal year is expected at INR 55 crores, funded through internal resources, focused on low-cost cellar capacity expansion and renewables. No statements suggest plan

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

Expected fiscal year-end CapEx of INR 55 crores. Major investment in a low-cost cellar expanding capacity by 2.5 million liters. Expansion aimed at storing economy and popular wines from the current harvest. Renewables infrastructure expansion to increase solar energy contribution from 60% in FY24 to 70% by FY25 end. New low-cost cellar commercial production commencing by February 2025. Segregation of back-end infrastructure to reduce CAPEX for economy and popular wines. Completion of second force strategy implementation expected in Q4 FY25 to reduce cost to sell for economy and popular brands

Future growth expectations in sales/revenue/volumes?

Sula Vineyards expects a revival in growth after a challenging period, with Q4 projected to be in line with the previous year's Q4. FY26 targets significant expansion in earnings, driven by quality growth and improved profitability. Own brands segment saw 11 straight quarters of growth; Elite and Premium segments posted 3% volume growth and 5.5% value growth in Q3. Contribution of Elite and Premium to the portfolio increased to 80%, indicating a shift towards premiumization. Geographic diversification is improving, with non-core markets growing 8% in Q3 and contributing 50% to the own brand po

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

Sula Vineyards expects a significant rebound and strong earnings growth from FY26 onwards, following a challenging year. FY25 Q4 is anticipated to be largely in line with Q4 of the previous year. The company targets quality growth in the next 18 months, emphasizing improvement in profitability and margins. Expansion of bottling infrastructure will allow capturing 100% of eligible WIPS subsidy from FY26, aiding margin improvement. Geographic diversification and premiumization continue to support revenue growth and margin expansion. Wine Tourism segment showed strong performance and is expected

Current/ Expected Orderbook/ Pending Orders?

The transcript does not explicitly mention the current or expected order book or pending orders for Sula Vineyards Limited. However, it highlights that the company has good infrastructure and capacity planned to meet future demand, with an annual capacity of around 16.6 million liters. The company is adding 2.5 million liters capacity via a low-cost cellar commencing commercial production in February 2025, focused on economy and popular wines. Demand growth and capacity expansion are linked, with plans to expand installed capacity by adding more tanks if demand increases aggressively. There is

Sula Vineyards LtdQ3 FY25Beverages

Sula Vineyards Ltd Q3 FY25 Earnings Call Analysis

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

Price: ₹137P/E: 44.7Market Cap: ₹1.2K CrSector: Beverages

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Sula Vineyards expects a revival in growth after a challenging period, with Q4 projected to be in line with the previous year's Q4.
FY26 targets significant expansion in earnings, driven by quality growth and improved profitability.
Own brands segment saw 11 straight quarters of growth; Elite and Premium segments posted 3% volume growth and 5.5% value growth in Q3.
Contribution of Elite and Premium to the portfolio increased to 80%, indicating a shift towards premiumization.
Geographic diversification is improving, with non-core markets growing 8% in Q3 and contributing 50% to the own brand portfolio.
Expansion of capacity by 2.5 million liters from a new low-cost cellar supports future volume growth.
Continued focus on consumer engagement initiatives like Sula Fest, tasting sessions, and wine tourism to boost sales.
Government measures improving consumer liquidity are expected to support demand growth.

Margin guidance

Category 3

Sula Vineyards expects a significant rebound and strong earnings growth from FY26 onwards, following a challenging year.
FY25 Q4 is anticipated to be largely in line with Q4 of the previous year.
The company targets quality growth in the next 18 months, emphasizing improvement in profitability and margins.
Expansion of bottling infrastructure will allow capturing 100% of eligible WIPS subsidy from FY26, aiding margin improvement.
Geographic diversification and premiumization continue to support revenue growth and margin expansion.
Wine Tourism segment showed strong performance and is expected to remain EBITDA accretive, supporting overall profits.
Focus on reducing selling and distribution expenses to improve margins.
Overall, FY26 is projected to see significant expansion in earnings and operating profits.

See what Sula Vineyards Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no explicit mention of any new fundraising through debt or equity in the transcript.
The company noted an increase in gross borrowing by around INR 75 crores compared to last year, mainly due to higher working capital requirements driven by expanded receivables from corporation markets.
The increase in debt appears linked to operational working capital needs rather than fresh fundraising plans.
Capital expenditure for the fiscal year is expected at INR 55 crores, funded through internal resources, focused on low-cost cellar capacity expansion and renewables.
No statements suggest planned equity issuance or new debt fundraising as part of growth or expansion strategy.
The company is focusing on quality growth, geographic diversification, and margin improvements using existing infrastructure and funding.

Order book

The transcript does not explicitly mention the current or expected order book or pending orders for Sula Vineyards Limited.
However, it highlights that the company has good infrastructure and capacity planned to meet future demand, with an annual capacity of around 16.6 million liters.
The company is adding 2.5 million liters capacity via a low-cost cellar commencing commercial production in February 2025, focused on economy and popular wines.
Demand growth and capacity expansion are linked, with plans to expand installed capacity by adding more tanks if demand increases aggressively.
There is an emphasis on geographic diversification and quality growth to drive incremental demand.
No specific figures or details on order backlog or pending orders were provided in the available pages.

See what Sula Vineyards Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Expected fiscal year-end CapEx of INR 55 crores.
Major investment in a low-cost cellar expanding capacity by 2.5 million liters.
Expansion aimed at storing economy and popular wines from the current harvest.
Renewables infrastructure expansion to increase solar energy contribution from 60% in FY24 to 70% by FY25 end.
New low-cost cellar commercial production commencing by February 2025.
Segregation of back-end infrastructure to reduce CAPEX for economy and popular wines.
Completion of second force strategy implementation expected in Q4 FY25 to reduce cost to sell for economy and popular brands.

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Sula Vineyards Ltd Q3 FY25 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

How does Sula Vineyards Ltd rank in Beverages?

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What Sula Vineyards Ltd's management said in earlier quarters

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