Sula Vineyards Limited

Sula Vineyards Limited

SULA.BO
Sula Vineyards LimitedIN flagBombay Stock Exchange
156.05
INR
-2.45
- -
13.18BMarket Cap
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
54.14
42.42
50.41
57.09
61.37
62.18
60.14
65.86
Basic EPS, GAAP
-1.89
0.36
6.19
10.19
11.06
8.32
3.04
3.04
Free Cash Flow per Basic Share
-0.08
12.24
3.86
2.52
7.33
-1.08
8.12
- -
Dividend per Share
1.29
- -
2.31
5.51
9.24
4.45
3.64
- -
Book Value per Share
15.77
16.1
20.04
25.38
26.53
30.36
30.02
30.03
Tangible Book Value per Share
35.35
36.05
46.05
63.69
64.45
68.54
69.05
69.07
Basic Weighted Avg Shares
84
84
84
82
84
84
84
84
Sales/Revenue/Turnover
4,559
3,572
4,244
4,707
5,179
5,248
5,078
5,559
Operating Margin (%)
6.03
11.24
21.13
28.08
28.17
21.88
12.91
11.66
Depreciation Expense
350
257
236
259
316
350
392
392
Net Income, GAAP
-159
30
521
840
933
702
256
256
Effective Tax Rate (%)
- -
5.4
25.02
26.27
25.81
20.53
27.52
27.52
Profit Margin (%)
-3.5
0.84
12.28
17.85
18.02
13.38
5.05
4.61
Working Capital
376
551
804
1,534
1,171
1,590
1,631
1,631
LT Debt
975
691
543
601
700
806
884
884
Total Equity
3,023
3,047
3,953
5,320
5,500
5,863
5,874
5,874
Return on Invested Capital (%)
- -
5.8
10.79
14.36
13.55
10.33
5.23
5.18
Return on Capital (%)
- -
6.74
16.14
23.91
23.22
16.48
8.08
8.36
Return on Common Equity (%)
- -
2.25
34.28
44.48
43.08
29.24
10.07
10.07

Capital Structure

FRC

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
3,084
- -
2,446
LT Borrowings
676
- -
566
LT Finance Leases
240
- -
317
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
84
- -
84
Market Capitalization
21,969
18,320
11,774

Working Capital

FRC

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
5,393
- -
5,469
Cash, Cash Equivalents & STI
930
- -
960
Accounts Receivable, Net
2,445
- -
2,372
Inventories
1,878
- -
2,009
Total Current Liabilities
4,032
- -
3,838
Payables & Accruals
- -
- -
- -
ST Debt
3,084
- -
2,446
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
14.89%
0.19%
Free Cash Flow
- -
-174.97%
-853.19%
Net Income, GAAP
- -
322.78%
-63.46%
Sales/Revenue/Turnover
- -
7.57%
-3.24%
Total Cash Common Dividend
- -
42.81%
-18.26%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,085
1,337
2,030
726
5,179
2025
1,209
1,324
2,002
1,257
5,248
2026
1,096
1,309
1,804
1,349
5,078

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.62
2.74
5.09
- -
11.06
2025
1.73
1.72
3.32
1.55
8.32
2026
0.23
0.71
1.08
1.02
3.04

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
9.24
2025
- -
- -
- -
- -
4.45
2026
- -
- -
- -
- -
3.64

Company Description

APIChat
CEO
Rajeev Suresh Samant
Full Time Employees
762
Sector
Consumer Defensive
Industry
Beverages - Wineries & Distilleries
Address
901 Solaris One Mumbai India 400069
IPO Date
Dec 22, 2022
Business
Sula Vineyards Limited, India's largest wine producer and seller, manufactures, bottles, imports and distributes a wide portfolio of premium wines, sparkling wines and spirits across elite, premium, economy and popular segments; its core offerings include over 68 labels under 14 brands such as flagship Sula Classics (Chenin Blanc, Sauvignon Blanc, Riesling, Zinfandel, Cabernet Shiraz, Brut Tropicale, Sparkling Shiraz), Rasa (Cabernet Sauvignon, Zinfandel), Dindori Reserve (Viognier, Chardonnay, Shiraz), The Source (Grenache Rosé, Sauvignon Blanc Reserve, Cabernet Sauvignon), Satori Tempranillo, Madera, Dia (India's first wine in cans), Kadu (wildlife conservation series in Chenin Blanc, Cabernet Shiraz, Shiraz Rosé, Sauvignon Blanc) and imported international brands via Sula Selections including Le Grand Noir, Torres, Trapiche, Hardy's, Cono Sur and Beluga Vodka. Founded in 1999 by Rajeev Samant and headquartered in Mumbai with primary vineyards and wineries in Nashik, Maharashtra, and Domaine Sula in Karnataka, the company operates two key business segments of wine production/distribution and wine tourism through resorts like The Source at Sula and Beyond by Sula, tasting rooms, events and weddings; it exports to over 30 countries including Singapore, Australia, Italy and France while serving domestic markets via an expansive network and listings with entities like Air India and Tamil Nadu State Marketing Corporation. Recent developments include the full acquisition of N D Wines Private Limited as a wholly owned subsidiary in April 2024 for up to INR 14 crore to leverage synergies and expansion, the planned launch of Sula cans debuting at SulaFest in Q4 FY25, opening of a new tasting room and bottle shop near Nashik Airport in Q1 FY25, approval for investment in subsidiary Artisan Spirits, ICRA's reaffirmation of A+/A1 ratings with a Negative outlook revision in November 2025, and record own-brand sales growth of 1% year-over-year to INR 194.7 crore alongside 11.5% wine tourism revenue increase in Q3 FY25.