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Earnings Call

Sula Vineyards Earnings Call: Key Takeaways

Sula faced a challenging Q1 with flat adjusted revenue due to soft urban demand and temporary Maharashtra spirits excise disruptions. Management remains optimistic about margin improvement in H2 FY26 as one-time impacts normalize.

Highlights
Revenue growthFlat YoY adjusted for one-time ₹10.4cr WIPS gain last year.
MarginsGross margin impacted by 450bps due to third-party wine sourcing.
Demand visibilitySoft urban demand; H2 expected to recover with festive season.
Management confidenceBalanced; cautious on near-term demand but optimistic on H2 margins.

Growth

Adjusted revenue flat YoY; Elite/Premium segment reached 75% mix. Wine tourism grew 20% with record 82% occupancy.

Outlook

Adding 30 keys via 'The Haven' resort; FY26 capex moderating to ₹35cr annually.

Risks

Urban demand softness persists; brutal 'BOGO' discounting by competitors in Horeca segment pressures market share.

Source

Earnings Call filed with NSE, NSE: SULA. Summary written with AI assistance from the document.

Read the document ↗

Sula Vineyards Ltd: key numbers

Share price
₹135.13
Market cap
₹1,141 Cr
Revenue (annual)
₹555.9 Cr
Net profit (annual)
₹25.65 Cr
P/E (TTM)
46.1×Sector 29.0×
Promoter holding
24.62%+0.07% QoQ
FII holding
0.68%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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18:29 IST BSE
Annual General Meeting

Sula Vineyards Annual General Meeting

Sula Vineyards seeks shareholder approval via Postal Ballot for the appointment and remuneration of Mr. Chaitanya Rathi as a Non-Executive Non-Independent Director.