Sula Vineyards Q1 FY27 Results: Revenue Up 3%, Wine Tourism Grows 12%
Sula Vineyards reported Q1 FY27 Net Revenue of ₹112.9 crore, up 3% YoY. Own Brands revenue grew 2% to ₹104.3 crore, with Elite & Premium sales up 6.2%. Wine Tourism revenue increased 12.3% to ₹15.4 crore. The company acquired the Chandon estate, renamed 'Domaine Rāsā'.
The results show moderate growth and strategic expansion, which are significant for the company's performance but do not represent a drastic shift in its market position or financial standing.
The company reported revenue growth in both its core segments (Own Brands and Wine Tourism), and completed a strategic acquisition, indicating positive business momentum.
Sula Vineyards Limited has submitted an investor presentation detailing its unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27).
The company reported a 3.0% year-on-year (YoY) increase in Net Revenue from Operations, reaching ₹112.9 crore. Gross Profit stood at ₹77.3 crore, up 4.7% YoY, while Operating EBITDA was ₹16.6 crore, a 9.3% increase YoY.
Own Brands revenue grew by 2.0% YoY to ₹104.3 crore. The Elite & Premium portfolio saw a 6.2% YoY growth, with its share improving to 78% of total own brand revenue. Key drivers include double-digit growth in brands like The Source, Rāsā, Sula Merlot, and Sula Muscat Blanc. Telangana, Haryana, Chandigarh, CSD, and Exports performed strongly, while Karnataka is expected to recover in H2 FY27.
Wine Tourism delivered a robust 12.3% YoY growth in revenue, reaching ₹15.4 crore. The company completed the acquisition of the Chandon estate, now renamed 'Domaine Rāsā', with its tasting room, bottle shop, and banquet facilities operational. Winery operations for Domaine Rāsā are slated to commence from Q4 FY28. Planned additions include an amphitheatre expansion at the flagship Sula campus (completed July 2026), a wine shop at Domaine Dindori (opening August 2026), and an Events Pavilion at the Sula campus (ready for the festive season).
Gross Margins were impacted by a higher mix of wine grapes versus table grapes and an adverse market mix, but cost-saving measures helped mitigate the EBITDA impact. The higher blended grape cost is expected to be temporary, normalizing from Q4 FY27 and fully by Q1 FY28.
Sula Vineyards also highlighted its market leadership in domestic premium wines, a strong product portfolio, and a growing distribution network. The company is focused on augmenting wine adoption, expanding wine tourism and D2C business, pursuing strategic M&A, and increasing market penetration. Capacity has been augmented with a 1 Mn Liters increase in cellar capacity in FY26. The company aims to accelerate earnings growth over the next three years (FY26-FY29) with improved EBITDA margins and capital efficiency.
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