Sula Vineyards Q3 FY26 Revenue at ₹196 Cr, EBITDA ₹32 Cr; Wine Tourism Grows 33.7%
Sula Vineyards reported Q3 FY26 revenue of ₹196 crore and EBITDA of ₹32 crore. Wine Tourism revenue surged 33.7% YoY to ₹22 crore, driven by increased footfalls and new resort openings. The company expects a recovery in Q4, with improving demand conditions and continued growth in Wine Tourism.
The decline in revenue and EBITDA is a notable negative, but the strong performance in Wine Tourism and management's positive outlook for recovery provide some mitigating factors. The impact is moderate as it affects profitability but shows signs of turning around.
While Wine Tourism showed strong growth, the overall revenue and EBITDA declined year-on-year due to destocking in Karnataka. The management expressed optimism for a recovery, but the current quarter performance was mixed.
Sula Vineyards Limited announced its Q3 & 9M FY26 results, reporting a revenue of ₹195.7 crore and EBITDA of ₹32.0 crore for the third quarter. The company's revenue from operations declined by 9.7% year-on-year, primarily due to a one-time tactical destocking in Karnataka to correct channel inventory and conserve working capital amidst subdued demand. Excluding this impact, Q3 FY26 revenue was flat year-on-year.
Wine Tourism emerged as a strong growth driver, with revenue increasing by 33.7% year-on-year to ₹22.0 crore. This growth was fueled by a 17% year-on-year rise in footfalls and the launch of new resort phases, 'The Haven by Sula,' adding 50 keys in total. The company also reported record single-day revenues and footfalls during the Christmas and Republic Day weekends.
The Elite & Premium share of the portfolio remained stable at approximately 80%, with 'The Source' range showing healthy double-digit growth. The company noted a recovery in Maharashtra, its largest market, and expects strong growth from Telangana in Q4. Sula Vineyards believes that revenue and profitability have bottomed out in Q3, with expectations of a healthy recovery supported by a rebound in Own Brands and continued strong growth in Wine Tourism. The company is also progressing on new resort projects.
For the nine-month period ending FY26 (9MFY26), revenue from operations stood at ₹453.6 crore, a decrease of 6.7% year-on-year. EBITDA for 9MFY26 was ₹75.7 crore, down 37.2% year-on-year. The company is scheduled to hold its Q3 FY26 Earnings Conference Call on Monday, 9th February 2026, at 4:00 PM IST.
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