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For the full year,net profit declined 63.46% to Rs 25.65 crore in the year ended March 2026 as against Rs 70.20 crore during the previous year ended March 2025. Sales declined 4.02% to Rs 555.87 crore in the year ended March 2026 as against Rs 579.15 crore during the previous year ended March 2025.
EBITDA dropped 2.5% to Rs 27.8 crore in Q4 FY26 from Rs 28.5 crore in Q4 FY25. EBITDA margin contracted 192 bps to 19.5% in Q4 FY26 as against 21.4% in Q4 FY25.
Revenue from its own brands rose 5.2% year-on-year to Rs 115.3 crore in Q4 FY26, while wine tourism revenue increased 17% year-on-year to a record Rs 23.9 crore. The growth was supported by an 11% rise in footfalls and a 22% increase in room revenue following the launch of its third resort, The Haven by Sula.
EBITDA was marginally lower year-on-year, impacted by higher blended grape costs due to a higher mix of wine grapes compared with table grapes. The base quarter also included a one-time gain of Rs 3 crore related to the catch-up impact of pricing on closing inventory in Karnataka.
Sales in the Elite and Premium portfolio rose 11% year-on-year during the quarter, led by double-digit growth in The Source and RASA. The Elite and Premium portfolio contributed 79% of sales in Q4FY26, up 400 basis points from a year earlier.
Sula Vineyards CEO, Rajeev Sawant, said, “I am pleased to say that after a few tough quarters, we saw a much better performance in Q4 FY26, marking a return to growth with revenue up 7% YoY. This recovery was driven by a combination of improved traction in own brands and another record quarter in wine tourism. Within Own Brands, our Elite & Premium portfolio continued to lead the mix, anchored by strong double-digit growth in The Source and RASA. Regionally, Telangana, Uttar Pradesh, and Kerala delivered robust growth, while our two largest markets—Maharashtra and Karnataka—are seeing a progressively improving trend.
Wine tourism once again delivered a strong performance, growing 17% YoY, driven by an 11% increase in footfalls and robust room revenue growth following the launch of The Haven. Notably, the Republic Day long weekend in 2026 set a new record for highest single-day revenue and footfall, surpassing the previous record set during the Christmas weekend in Q3. Importantly, wine tourism continued to set new milestones, with revenue crossing the Rs 100 crore mark for the first time, including wine sales at our resorts. This sustained momentum reinforces our confidence in wine tourism as a powerful and scalable growth engine.
On the profitability front, while EBITDA was impacted by a higher mix of wine grapes and a one-off gain of Rs 3 crore in the prior-year base, the underlying comparable performance improved. Disciplined cost management enabled us to maintain absolute EBITDA, and excluding the one-off gain in the prior year base, both EBITDA and PBT showed a YoY growth.
We have strategically signed an agreement to acquire Chandon’s 19-acre, world-class estate in Dindori, Nashik, to expand our wine tourism footprint. More details will be announced shortly. Encouragingly, demand conditions have improved meaningfully across our key markets, and we are seeing a steady recovery in own brands alongside the sustained strong momentum in wine tourism. Overall, the strategic actions we have taken to strengthen profitability are beginning to show results, positioning us well heading into FY27.”
Meanwhile, the company’s board recommended a final dividend of Rs 2 per equity share of face value Rs 2 each for the financial year ended March 31, 2026, equivalent to 100%. This compares with a dividend of Rs 3.6 per equity share, or 180%, declared for the previous financial year ended March 31, 2025.
Sula Vineyards is principally engaged in the business of the manufacture, purchase, and sale of premium wine and other alcoholic beverages.
Profit before tax (PBT) declined 54.3% YoY to Rs 8.27 crore in Q2 Sept 2025.
EBITDA dropped 24.3% to Rs 25.5 crore in Q2 Sept 2025 compared with Rs 33.6 crore in Q2 Sept 2024. EBITDA margin contracted to 18.2% in Q2 FY26 from 23.8% in Q2 FY25.
Revenue from wine tourism increased 7.7% YoY to Rs 13.2 crore, driven by increased footfalls, higher resort occupancy (77% in Q2 FY26 from 74% in Q2 FY25) and spend per guest. Meanwhile, revenue from own brands fell 2.5% YoY to Rs 124.1 crore in Q2 Sept 2025.
Rajeev Samant, CEO,Sula Vineyars, said, “We reported steady revenue from operations in Q2 FY26. Our wine tourism business continued its strong growth momentum to deliver a record Q2. Own Brands performance was subdued, primarily due to a short-term route-to-market disruption in Telangana, our third-largest market. The expiry of retail licenses in Nov’25 led to destocking ahead of new issuances. That said, with the license auction process expected to conclude soon and the supply transition to new holders commencing in Dec’25, we anticipate a good recovery towards latter half of H2.
Importantly, excluding the Telangana impact, revenue grew in mid-single digits year-on-year in Q2, supported by healthy double-digit growth in 8 states - Haryana, Uttar Pradesh, Rajasthan, among others. Additionally, the CSD segment too delivered a robust performance, with sales nearly doubling YoY, reflecting the benefits of expanded label listings. The share of Elite & Premium stood stable at 78% in Q2 FY26. The Source range continued to post strong double-digit growth, even amid a subdued urban demand environment.
Wine Tourism continues to be a stand-out, growing 8% YoY in Q2 led by increased footfalls, record Q2 resort occupancy and higher spend per guest. In an exciting development, Sula launched its third resort - The Haven by Sula - in Oct’25 featuring 30 keys and a state-of-the-art convention centre. We have had a good start to H2 with strong bookings & footfalls in Oct’25, and the new resort will further add significant impetus to wine tourism performance in H2.
Meanwhile, the company’s board has approved the re-appointment of Rajeev Samant as the managing director & CEO for three-year term, effective from 1st April 2026 to 31st March 2029.
Shares of Sula Vineyards touched a record low of Rs 242 in intraday today.