Sula Vineyards Limited has informed the Exchange about Investor Presentation
Date: 10th November 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 Q2 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 and half year ended 30th September 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
Encl: As above
Investor Presentation Q2 & H1 FY26
November 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
Q2 & H1 FY26 Highlights
2
Company Overview
3
Growth Strategy
3
Performance Highlights
Q2 & H1 FY26
Key Highlights – Q2 & H1 FY26
Financials
▪ Gross Profit: Rs. 90.3 Cr 13.5% YoY
▪
Revenue from Operations: Rs. 139.7 Cr 1.1% YoY
▪ Operating EBITDA: Rs. 25.5 Cr 24.3% YoY
▪ Own Brand Revenue Rs. 124.1 Cr. Volume 1.5% YoY, Value 2.5% YoY
Own Brands
Telangana, Own Brands revenue up mid-single digit YoY
▪ Own Brands performance impacted by a temporary route-to-market disruption in Telangana. Excluding
▪
Share of Elite & Premium steady at 78% in Q2. 8 States including Haryana, UP, Rajasthan, among others recorded strong double-digit growth. CSD performed robustly with sales up >2x
▪ Wine Tourism reported yet another record quarter with Revenue at Rs. 13.2 Cr 7.7% YoY
▪ New openings, expansions and Samruddhi highway operationalization to boost performance in H2 FY26
Wine Tourism
o Launched 3rd Resort - The Haven by Sula - near York Winery, Nashik with 30 Keys at the end of Sep’25; expands room capacity by 30% to 130+ keys. Phase 2 consisting of additional 20 Keys slated to open by March’26
o New TR and expanded Restaurant at Domaine Sula, Karnataka to be operational by end of Q3FY26
o Opening of Samruddhi Highway boosts accessibility - cuts Mumbai-Nashik drive time by 45 minutes
Note: TR: Tasting Room.
5
Own Brands Performance – Q2 & H1 FY26
Elite & Premium
Economy & Popular
Q2FY25
22%
78%
Q2 FY26
H1 FY26
Revenue
YoY Chg%
Revenue
YoY Chg%
INR 96.6 Cr
-3.2%
INR 27.5 Cr
+0.1%
Elite & Premium
Economy & Popular
INR 173.1 Cr
-1.4% *
INR 53.3 Cr
-4.7%*
Portfolio Mix
Portfolio Mix
Q2FY26
22%
78%
H1FY25*
25%
75%
H1FY26
24%
76%
Elite & Premium
Economy & Popular
Elite & Premium
Economy & Popular
Note: *Excludes one-time WIPS unwinding benefit of INR 10.4 Cr recognized in Q1 FY25 .
6 6
Wine Tourism Update – Q2 FY26
Record Q2 Revenue driven by Increase in Footfalls, Higher Occupancy and Spend Per Guest
77%
Avg. Room Occupancy Up 350 bps YoY
INR 9,788
Avg. Room Revenue Up 1% YoY
77,800+*
Visitor Footfall Up 2% YoY
Superior guest experiences and Improved Road Connectivity from Mumbai
ARRs continued to
remain robust
Higher footfalls despite extended monsoon season aided by improved road connectivity from Mumbai
Note: *Footfall includes visitors at Sula (Nashik), York (Nashik) and Domaine Sula (Karnataka)
7 7
Profit & Loss Statement – Q2 & H1 FY26
Revenue from Operations
139.7
Particulars (in INR Cr)
Q2Y26
Q2FY25
124.1
127.3
H1FY26
H1FY25*
226.4
241.9
- Own Brands
- Wine Tourism
- Others (incl. BIO)
Excise Duty
Cost of Goods Sold
Gross Profit
Gross Margin %
Employee Cost
Other Expenses
Operating EBITDA
13.2
2.3
8.8
40.6
90.3
12.2
1.7
141.2
8.9
28.0
104.4
Y-o-Y
-2.5%
7.7%
35.3%
-1.1%
-1.1%
45.2%
-13.5%
64.6%
73.9%
-927 bps
23.2
41.7
25.5
23.8
47.0
33.6
-2.7%
-11.3%
-24.3%
26.9
4.6
258.0
17.4
69.2
171.4
66.4%
46.5
81.1
43.8
Y-o-Y
-6.4%
14.5%
10.1%
-4.3%
6.4%
34.7%
-15.1%
23.5
4.2
269.7
16.4
51.4
201.9
74.9%
-845 bps
47.6
86.8
67.6
-2.3%
-6.5%
-35.2%
Operating EBITDA Margin %
18.2%
23.8%
-557 bps
17.0%
25.1%
-809 bps
Other Income
Depreciation & Amortisation
Finance Costs
PBT
Tax
PAT
0.8
9.5
8.6
8.3
2.3
6.0
0.8
8.7
7.6
18.1
3.6
14.5
9.8%
9.0%
12.7%
-54.3%
-37.5%
-58.5%
1.8
18.7
16.1
10.8
2.9
8.0
2.0
17.3
14.7
37.6
8.5
29.1
-10.4%
7.9%
9.3%
-71.2%
-66.1%
-72.7%
PAT Margin %
4.3%
10.2%
-592 bps
3.1%
10.7%
-765 bps
Q2 FY26 Performance Update
o Revenue growth primarily impacted by -
▪ Short-term route-to-market disruption in Telangana –company’s third largest market, where the expiry of retail licenses in Nov’25 led retailers to destock ahead of new license issuances in Dec’25
▪ That said, with the license auction process expected to conclude soon and the supply transition to new holders commencing in Dec’25, a good recovery is anticipated towards latter half of H2
o Excluding Telangana, Revenue up mid-single digit YoY
o Gross Margins impacted by a combination of -
▪ Market and Portfolio mix change (~400 bps YoY)
▪ Change in wine sourcing model for Wine Tourism (~400 bps YoY)
▪ Carryover of high-cost inventory from last year (~150 bps YoY)
o Decline in EBITDA margin (-557 bps YoY) much lower than gross margin contraction as tight cost control drove sharp reduction in overheads (-8% YoY), offsetting part of the gross margin decline
o Outlook: EBITDA margins expected to improve in H2 FY26,
supported by higher WIPS income, the phasing out of high-cost inventory from last year, and sustained healthy traction in Wine Tourism
Note: *H1 FY25 Financials include one-time WIPS unwinding benefit of INR 10.4 Cr . Excluding this YoY% decline for H1FY26 in Key Metrics is much lower: Own Brands variance is -2.2% YoY, Revenue variance is -0.5%, YoY, Gross Profit change is -9.2% YoY, EBITDA change is -23.4% YoY and PAT change is 57.5% YoY.
8
Company Overview
9
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 highest selling wine
❖ Wide & Diverse Portfolio of 69 labels across price points and
grape varietals
❖ Sula has won 50+ Awards over the last decade
Thriving Wine Tourism Business
Robust Sourcing & Distribution Infrastructure
❖ Three Luxury Vineyard Resorts in Nashik with 134 Keys; and
Four Wine Tourism Centers (Tasting & Tours, Gourmet Dining) at Nashik and Karnataka
❖ 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% (FY25)
❖ Healthy Balance Sheet with Debt-to-EBITDA at 1.9x (FY25)
10 10
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
11
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
12
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
13
Thriving Wine Tourism Business - Amongst Most Visited Vineyards Globally
Three Luxury Resorts (The Source, Beyond and The Haven) at Nashik with 130+ Keys
Wine Tourism Facilities (Tasting & Tours, Bottle Shop & Gourmet Dining)
Domaine Sula (Karnataka)
•
The Source, Beyond and The Haven 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 FY25
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
• Phase 2 of ‘The Haven by Sula’ featuring 20 Keys slated to open by March’26.
Expands room capacity to 154 keys
• New tasting room and restaurant expansion at Domaine Sula (Karnataka) slated to
open by end of Q3FY26
• Wine Tourism provides a great retail platform for D2C wine business.
• Expansion of Wine Tourism business bodes well for Sula enabling expansion
of the lucrative D2C wine business
14
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
15
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
16
Growth Strategy
17
Growth Strategy
Accelerating Earnings Growth over next 3 years (FY25-FY28) with improved EBITDA margins and capital efficiency
1
6
2
5
3
4
Product Development
• Continue launching new products to meet evolving consumer demands
• Exciting Pipeline: 3 new wines including 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
Expand Market Penetration
• Expand sales to CSD significantly 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
• The Haven by Sula, 30-Key Resort near York launched in time for festive season • Launched Dindori Tasting Room and Bottle Shop in Q2FY26 • New Tasting room and restaurant expansion at Domaine Sula to open by Q3FY26
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
18
Thank You
Sula Vineyards
For more information, please contact -
Mandar Kapse | IR Head
Email: mandar.kapse@sulawines.com
Contact No: +91 7304563606