Sula Vineyards Limited has informed the Exchange about Investor Presentation
Date: 6th August 2025
To,
To,
National Stock Exchange of India Limited (“NSE”),
The Listing Department “Exchange Plaza”, 5th Floor Plot No. C/1, G Block, Bandra-Kurla Complex Bandra (East), Mumbai – 400 051. NSE Symbol: SULA ISIN: INE142Q01026
Dear Sir/Madam,
Sub: Submission of Investor Presentation Q1 of FY26
BSE Limited (“BSE”), Corporate Relationship Department, 2nd Floor, New Trading Ring, P.J. Towers, Dalal Street, Mumbai – 400 001.
BSE Scrip Code: 543711 ISIN: INE142Q01026
Please find attached herewith the investor presentation on the Financial Results of Sula Vineyards Limited for the quarter ended 30th June 2025.
This is being submitted in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended.
The same is also made available on the Company’s website, at https://sulavineyards.com/investor- relations.php
You are requested to kindly take the same on your records.
Thanking you, For Sula Vineyards Limited
Shalaka Koparkar Company Secretary & Compliance Officer Membership No: A25314
Investor Presentation Q1 FY26
August 2025
Safe Harbour
This presentation has been prepared by Sula Vineyards Limited (the “Company”) solely information purpose only and should not be deemed to constitute or form part of any offer or invitation or inducement to sell or issue any securities, or any solicitation of any offer to purchase or subscribe for any securities of the Company, nor shall it or any part of it or the Fact of its distribution form the basis of, or be relied upon in connection with, any contract or commitment, therefore. The financial information in this presentation may have been reclassified and reformatted for the purposes of this presentation. You may also refer to the financial statements of the Company before making any decision on the basis of this information.
This presentation contains statements that may not be based on historical information or facts but that may constitute forward-looking statements. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company presently believes to be reasonable, but these assumptions may prove to be incorrect. Any opinion, estimate or projection constitutes a judgment as of the date of this presentation, and there can be no assurance that future results or events will be consistent with any such opinion, estimate or projection. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company.
No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. By viewing this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. None of the Company, their affiliates, agents or advisors,, promoters or any other persons that may participate in any offering of any securities of the Company shall have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith.
2
Content Summary
1
Q1 FY26 Highlights
2
Company Overview
3
Growth Strategy
3
Our Latest Launch
Sula Muscat Blanc
India’s first still Muscat and low alcohol wine with just 7.5% ABV. Refreshingly light and aromatic wine that captivates senses with bright notes of citrus, lychee, and rose petals.
Go-to-wine for every occasion from casual brunches and sunny afternoons to festive dinners and special moments.
4
Performance Highlights
Q1 FY26
Key Highlights – Q1 FY26
Financials
▪ Gross Profit: Rs. 89.8 Cr 14.6% YoY ( 5.1% YoY*)
▪
Revenue from Operations: Rs. 118.3 Cr 7.9% YoY ( 0.2% YoY*)
▪ Operating EBITDA: Rs. 18.3 Cr 46.1% YoY ( 22.1% YoY*)
▪ Own Brands Sales: Rs. 102.3 Cr 10.8% YoY ( 1.8% YoY* )
Own Brands
▪
▪
Share of Elite & Premium improved to 74.7% (vs. 71.0% LY). Elite category recorded healthy growth led by traction in ‘The Source’ and ‘RASA’
Continued to gain market share in most states despite headwinds. 8 States including West Bengal, Goa, Tamil Nadu, Himachal, UP, Rajasthan, Chhattisgarh and Daman recorded healthy double-digit growth
Wine Tourism
▪ Wine Tourism reported yet another record quarter with Revenue at Rs. 13.7 Cr 22.0% YoY
▪
Expansions and Opening of Samruddhi Highway to boost performance in FY26
o Dindori Bottle Shop & TR at ND wines, near the Gujarat border is now open and welcoming visitors
o New resort - ‘The Haven by Sula’ near York to open by end of Q2; expands room capacity by 30% to 130+ keys
o New TR and expanded Restaurant at Domaine Sula to be operational in Q2FY26
o Opening of Samruddhi Highway to boost accessibility - cuts Mumbai-Nashik drive time by 45 minutes
Note: *Excludes one-time WIPS unwinding benefit of INR 10.4 Cr recognized in Q1 FY25 . TR: Tasting Room.
6
Own Brands Growth – Premiumization Trend Continues
Elite & Premium
Economy & Popular
Q1 FY25
29%
71%
Q1 FY26
Revenue
YoY Change %
INR 76.5 Cr
1.1%*
INR 25.8 Cr
-9.4%*
Portfolio Mix
Q1 FY26
25%
75%
Elite & Premium
Economy & Popular
Note: *Excludes one-time WIPS unwinding benefit of INR 10.4 Cr recognized in Q1 FY25 .
7 7
Wine Tourism Update – Q1 FY26
Highest-Ever Q1 Revenue driven by Healthy Increase in Footfalls, Record Occupancy and Spend Per Guest
82%
Avg. Room Occupancy Up 1,200 bps YoY
INR 9,007
Avg. Room Revenue Down 2% YoY
1,00,000+*
Visitor Footfall Up 12% YoY
Strong wedding demand, superior guest experiences, and favorable weather
ARRs continued to remain at a healthy level
Higher footfalls with better weather and no operational disruptions unlike last year where we had national elections in Q1
Note: *Footfall includes visitors at The Source, Beyond, York (Nashik), and Domaine Sula (Karnataka)
8 8
Profit & Loss Statement – Q1 FY26
Q1 FY26
Q1 FY25
YoY%
Particulars (in INR Cr)
Q1 FY26
Q1 FY25
YoY%
Excluding One-Time WIPS Benefit of INR 10.4 Cr in Q1 FY25
102.3
114.6
-10.8%
- Own Brands
102.3
104.2
11.3
2.5
128.4
23.4
22.0%
-8.0%
-7.9%
22.1%
- Wine Tourism
- Others
13.7
2.3
11.3
2.5
Revenue from Operations
118.3
118.0
Cost of Goods Sold
-1.8%
22.0%
-8.0%
0.2%
13.7
2.3
118.3
28.5
89.8
105.1
-14.6%
Gross Profit
75.9%
81.8%
-593 bps
Gross Margin %
8.7
23.4
39.5
18.3
7.5
23.8
39.8
33.9
15.2%
-1.9%
-0.9%
-46.1%
Excise Duty
Employee Cost
Other Expenses
Operating EBITDA
15.5%
26.4%
-1,096 bps Operating EBITDA Margin %
1.0
9.2
7.5
2.6
0.6
1.9
1.3
8.6
7.1
19.5
4.9
14.6
-22.5%
6.7%
5.7%
-86.9%
-87.2%
-86.7%
Other Income
Depreciation & Amortization
Finance Costs
PBT
Tax
PAT
1.6%
11.3%
-965 bps
PAT Margin %
89.8
75.9%
94.6
-5.1%
80.2%
-432 bps
18.3
15.5%
23.5
-22.1%
19.9%
-445 bps
2.6
9.0
-71.7%
1.9
1.6%
6.8
-71.5%
5.7%
-410 bps
Q1 FY26 Performance Update
o Q1 Revenue growth impacted by -
• Continued broad-based urban demand softness
• Excise duty hike announcement on spirits in Maharashtra, triggered significant pre-stocking of spirits by trade to capitalize on pre-revised prices, temporarily blocking wine placements in June
• Going forward, however, this is a positive for the company
and wine industry in Maharashtra longer-term
o Increase in COGS mainly on account of -
• Change in wine sourcing model for wine tourism business from Q3FY25 onwards – done through a third-party distributor at a nominal handling fee
• This change increased COGS by 500 bps
o Employee costs and overheads lower on YoY basis, as company maintained strict control overall on Opex
o Lower gross profit led EBITDA decline
o Going forward, the company is focused on delivering healthy
operating profit growth for the rest of FY26
9
Company Overview
10
Key Strengths
India’s Leading Wine Company
Strong Product Portfolio of Award-Winning Wines
❖ Market leader with >50% share in domestic wines
❖ Winery capacity:18.2 Mn liters, amongst top 5 in Asia
❖ Sula’s Shiraz Cabernet - India’s largest selling wine
❖ Wide & Diverse Portfolio of 68 labels across price points and
grape varietals
❖ Sula has won 50+ Awards over the last decade
Thriving Wine Tourism Business
Robust Sourcing & Distribution Infrastructure
❖ Two Luxury Vineyard Resorts in Nashik with 104 Keys; and
Three Wine Tourism Centers (Tasting & Tours, Gourmet Dining) at Domaine Sula (Karnataka) and York
❖ Among world’s most visited vineyards with 330K+ visitors p.a.
❖ Wine Tourism business scaled rapidly at 35% CAGR (FY21-25)
❖ 2,800+ acres of contracted vineyards, higher than next two
Indian wine producers combined
❖ ~25,000 POS touchpoints across 23 states and 7 UTs
Fostering Sustainability
Strong Performance Track Record
❖ >60% of annual energy needs met through Solar Energy
❖ Plan to install upto 2 MW of Battery Energy Storage by
Q3FY26
❖ Robust Performance: Delivered Revenue, Operating EBITDA
and PAT CAGR of 10%, 25% and 116% over FY21-25
❖ Healthy Return Ratios: ROCE of 18% and ROE of 13%
❖ Healthy Balance Sheet with Debt-to-EBITDA at 1.9x
11 11
Our Brands – Wide & Diverse Portfolio across Price Points to Choose From
Brands
3 Labels
6 Labels
13 Labels
3 Labels
27 Labels
17 Labels
▪ Wide portfolio of 69 labels across 14 brands ▪ Category Split: Elite - 21 labels, Premium - 15 labels, Economy - 10 labels, Popular – 6 labels, and 17 Import labels
Note: All pricing are as per the state of Maharashtra
12
Robust & Growing Pan-India Distribution Network
Domestic presence in 23 States & 7 UTs
51 Distributors, 12 Corporations, 14 Licensed resellers, 6 Company depots, 3 Defence units
Points of sale ~25,000
Exports to 29 countries
Sula’s distribution presence
Owned production facility
Corporate office
Regional offices
13
Secured & Ample Wine Grape Supply to Meet Long-term Growth Needs
2,800+ acres Vineyards accessible to Sula covering >90% annual supply
Only a Small Fraction of total grape cultivation in India currently used for Wine Grapes
2,200+ acres Under long term supply contract with built-in price hike
Up to 12 years contract life and an option to renew further with mutual consent
Direct engagement with farmers on best practices to drive productivity
Continual focus to improve cost and quality of grape sourcing
Strong Brand and Farmer Trust provide solid foundation - seamless acreage expansion for future growth
14
Thriving Wine Tourism Business - Amongst Most Visited Vineyards Globally
Two Luxury Resorts (The Source & Beyond) at Nashik with 100+ Keys
Wine Tourism Facilities (Tasting & Tours, Bottle Shop & Gourmet Dining)
Domaine Sula (Karnataka)
•
The Source and Beyond offer tasting & tours and gourmet dining in addition to luxury accommodations
• Among the most visited vineyards with >3 lakh visitors per year, average occupancy of
78% and ARR of INR 10,000+ in FY24
Sula’s flagship TR and bottle shop near The Source is among the most visited globally recording 2.7+ lakh visitors in FY25
York offers great views of the lake while enjoying wine & gourmet dining. It sees 22,000+ visitors annually
Domaine Sula is Sula’s Karnataka winery and perfect spot for wine tasting & tour, gourmet dining. It sees 32,000+ visitors annually
Expansion Plans
D2C Wine Business – Brief Overview
• 3,000+ sq ft Dindori Tasting Room & Bottle Shop at ND Wines launched in Jul’25
•
‘The Haven by Sula’ – a 30 Key Resort with convention facilities slated to open at York in time for this festive season. Expands room capacity by 30% to 134 keys
• Wine Tourism provides a great retail platform for D2C wine business.
• Expansion of Wine Tourism business bodes well for Sula enabling expansion
• New tasting room and restaurant expansion at Domaine Sula (Karnataka) slated to
of the lucrative D2C wine business
open by end of Q2
15
Fostering Sustainability
~3MW installed solar PV capacity - Provided 66% of annual energy needs in FY25
Generates around 4 million kWH from solar energy at Sula’s owned and leased facilities in Maharashtra and Karnataka
Rainwater harvesting reservoirs at all facilities with storage capacity of over 36.8 mn liters; Reduced water usage per case produced by over 15% in last four fiscal years
Plan to install upto 2 MW of Battery Energy Storage by Q3FY26. These systems will store excess energy and make it available for use during peak load times resulting in cost savings.
Optimizing packaging materials using lightweight bottles
16
Strong Performance Track Record
Revenue from Operations
EBITDA & EBITDA Margin % *
PAT & PAT Margin %
CAGR: 10%
417.9
453.9
608.7
619.4
553.2
CAGR: 25%
25.0%
113.3
14.6%
60.9
28.5% 28.9%
175.9
157.5
24.1%
149.1
CAGR: 116%
0.7%
3.2
15.2% 15.2%
84.1
93.3
11.2%
70.2
11.5%
52.1
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
(INR Cr)
Own Brands Revenue
Elite & Premium Revenue
Wine Tourism Revenue
CAGR: 17%
CAGR: 21%
CAGR: 35%
534.2
546.2
480.7
382.2
287.1
401.5
420.9
347.5
269.8
196.9
54.7
60.3
34.7
45.0
18.1
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
Note: *Refers to Operating EBITDA and Operating EBITDA Margin
17
Growth Strategy
18
Growth Strategy
Accelerating Earnings Growth over next 3 years (FY25-FY28) with improved EBITDA margins and capital efficiency
1
6
2
5
Product Development
• Continue launching new products to meet evolving consumer demands
• Exciting Pipeline: 3 new wines incl. Muscat Blanc to be launched in FY26
Calibrated Capacity To Expansion
• On-track to expand Cellar capacity by 1 Mn Liters to total capacity of 19.2 Mn
Liters per annum by the end of FY26 at 33% lower capex
3
4
Expand Market Penetration
• Expand sales to CSD with near-doubling of wine listings from 5 to 9 labels. • Significantly expand footprint of ‘The Source’ and ‘RASA' (wider national availability) • Tap new markets
Expand Wine Tourism & D2C Business
• Launched Dindori Tasting Room and Bottle Shop in Jul’25 • • Tasting room and restaurant expansion at Domaine Sula in Q2FY26
‘The Haven by Sula’, 30-Key Resort near York to open in time for festive season
Augment Wine Adoption & Brand Visibility
• Annual SulaFest • Continue expanding Pan-India tastings • Targeted promotional campaigns and events
Strategic M&A
• Pursue strategic investments and acquisitions in Indian AlcoBev Industry
19
Thank You
Sula Vineyards
For more information, please contact -
Mandar Kapse | IR Head
Email: mandar.kapse@sulawines.com
Contact No: +91 7304563606