Regulatory Filing Details

Q1 FY27 Financial Performance

Revenue Breakdown (INR Cr):

  • Own Brands: ₹104.3 Cr (Q1FY27) vs ₹102.3 Cr (Q1FY26), +2.0% YoY
  • Wine Tourism: ₹15.4 Cr (Q1FY27) vs ₹13.7 Cr (Q1FY26), +12.3% YoY
  • Others: ₹1.1 Cr (Q1FY27) vs ₹2.3 Cr (Q1FY26), -53.3% YoY
  • Total Revenue from Operations: ₹120.8 Cr (Q1FY27) vs ₹118.3 Cr (Q1FY26), +2.1% YoY
  • Excise Duty: ₹7.9 Cr (Q1FY27) vs ₹8.7 Cr (Q1FY26), -8.6% YoY
  • Net Revenue from Operations: ₹112.9 Cr (Q1FY27) vs ₹109.6 Cr (Q1FY26), +3.0% YoY

Profitability Metrics:

  • EBITDA: ₹16.6 Cr (Q1FY27) vs ₹18.3 Cr (Q1FY26), -9.4% YoY
  • EBITDA Margin: 14.7% (Q1FY27) vs 16.7% (Q1FY26), -197 bps YoY

Note: EBITDA Margin calculated on Net Revenue. Wine Tourism represents room revenue, sale of F&B, merchandise, and all other ancillary products/services, excluding sale of wine on-site.

Operational Highlights

  • Elite & Premium portfolio sales increased 6% YoY in Q1FY27, driven by strong double-digit growth in The Source, RASA and Sula Merlot
  • Elite & Premium share increased 310 basis points YoY to 78% of portfolio
  • Wine tourism revenue reached ₹15.5 Cr in Q1 FY27, growing 12% YoY
  • Growth driven by increase in room revenue following the launch of The Haven resort, and higher spend per guest

Regional Performance

  • Telangana market delivered >50% YoY growth
  • Haryana, Chandigarh, CSD, and Exports markets delivered strong double-digit growth
  • Karnataka market remained soft; expected to improve in H2 FY27

Strategic Developments

  • Completed acquisition of Chandon estate, renamed 'Domaine Rāsā'
  • Tasting room, bottle shop and banquet facilities at Domaine Rāsā have commenced operations
  • Amphitheatre expansion at flagship Nashik campus successfully completed
  • Wine shop at Domaine Dindori scheduled to open in August 2026
  • Construction of events pavilion progressing well, with launch targeted ahead of festive season

Management Commentary

CEO Rajeev Samant: Positive sales momentum from Q4 FY26 continued into Q1 FY27. Growth in Own Brands driven by strong traction in Elite & Premium portfolio, though decline in Economy & Popular portfolio partially offset revenue performance. Higher blended grape cost (150 bps impact) reflected higher mix of wine grape vs. table grape. Operating expenses reduced by 3% YoY which helped limit EBITDA impact. Higher blended grape cost is temporary and expected to subside from Q4 FY27, completely normalizing from Q1 FY28.

Company Background

Sula Vineyards Limited is India's largest wine producer with over 50% market share in domestic premium wine market. Portfolio includes over 50 labels across multiple price points. Operates five wineries across Maharashtra and Karnataka. Pioneer in wine tourism with Nashik campus attracting over 3.5 lakh visitors annually. Hospitality portfolio includes three luxury resorts in Nashik (The Source, Beyond, The Haven) with 154 combined keys, and four standalone wine-themed restaurants and tasting rooms.