ALFA Finder
The call ran from 2:31 PM to 3:34 PM IST (1 h 4 min).
Key takeaways
Q2 FY27 net revenue rose 4% to ₹136 Cr, EBITDA 8% to ₹27.5 Cr, net profit 34%. Premium drives growth, while gross margin fell 280bps on one-time grape costs. Management is optimistic on recovery, with deflection on popular segment and Karnataka.
| Revenue growth | Net revenue +4% YoY to ₹136 Cr; elite/premium +9%, mix-led. |
|---|---|
| Margins | Gross margin down 280bps on grape costs; EBITDA margin up 82bps to 20.3%. |
| Demand visibility | Premium demand strong; Maharashtra improving; Karnataka subdued by beer-favouring excise policy. |
| Management confidence | Balanced-to-optimistic; cautious on Karnataka, popular segment, gross margins. |
Growth
Revenue +4% YoY to ₹136 Cr, mix-led by premium (+9%) and wine tourism (+24%). Telangana up nearly 40%.
Outlook
Gross margin recovery from Q4 FY27; EBITDA margin target 22–23% over next couple years; FY27 WIPS ~₹49–50 Cr.
Risks
Grape costs hit gross margin through Q3; Karnataka weak; Haryana quota discrimination; EU FTA delayed; drought-linked irrigation controls next season.
Last quarter's promises, checked
Delivered
- Guided Elite/Premium growth → +9% (= BEAT)
- Guided double-digit wine tourism (Q1 +12%) → +24% (= BEAT)
- Guided opex cuts (Q1 -3%) → -4% (= BEAT)
Partly delivered
- Guided Telangana >50% momentum to continue → ~40% (= PARTIAL)
- Guided Karnataka turn in H2 FY27 → still weak in Q2 (= PARTIAL)
- Guided net debt lower vs FY26 → ₹306 Cr, down ₹49 Cr YoY (= PARTIAL)
Missed
- Guided grape drag temporary (~150bps in Q1) → 280bps gross margin hit in Q2 (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Sula Vineyards Q2 FY27 Results: Net Profit ₹8.1 Cr, Up 35.0% YoY
Sula Vineyards Ltd reported revenue from operations of ₹145.4 Cr (+4.1% YoY) and net profit of ₹8.1 Cr (+35.0% YoY) for Q2 FY27.
- Key figure
- Net profit ₹8.1 Cr · +35.0% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
EBITDA margins expected to recover by year-end. Acquisition of 'Domain RASA' completed for ₹20 Cr. Expansion in CSD planned.
Growth they described
Revenue grew 3% to ₹121 Cr. Elite & Premium share hit record 78%. Wine Tourism revenue rose 12% to ₹15.5 Cr.
Call details
| Company | Sula Vineyards Ltd |
|---|---|
| NSE symbol | SULA |
| ISIN | INE142Q01026 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 12 November 2026 |
| Time | 2:30 PM IST |
| Length | 1 h 4 min |
| Audio | Our stream on YouTube ↗ |
Sula Vineyards Ltd: key numbers
- Share price
- ₹141.23
- Market cap
- ₹1,193 Cr
- Revenue (annual)
- ₹555.9 Cr
- Net profit (annual)
- ₹25.65 Cr
- P/E (TTM)
- 44.4×Sector 29.1×
- Promoter holding
- 24.62%+0.00% QoQ
- FII holding
- 0.35%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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