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Sula Vineyards (SULA) investor relations material
Sula Vineyards Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary11 Nov, 2025
Executive summary
Q2 FY26 revenue was stable at INR 140 crores, with wine tourism achieving record growth and the launch of The Haven by Sula resort in Nashik; own brands saw double-digit growth in The Source range and Telangana disruption impacted sales.
Wine Tourism revenue reached Rs. 13.2 Cr, up 17.7% YoY, with record occupancy and improved connectivity; new resort added 30 keys, with 20 more to be added in Q4.
Maharashtra market showed recovery, while Telangana faced temporary disruption due to retail license expiry, impacting sales; recovery expected as new licenses are issued.
Excluding Telangana, own brand sales grew mid-single digits YoY, with robust growth in several states and the CSD segment more than doubling sales.
Unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2025 were approved by the Board on 10 November 2025.
Financial highlights
Q2 FY26 consolidated revenue was ₹140.49 crore, up from ₹118.29 crore YoY; gross margin contracted by 900 bps YoY due to adverse mix, sourcing model change, and high-cost inventory.
Operating EBITDA margin declined by 530 bps YoY, but operating costs were reduced by 8% through cost management; PAT for Q2 FY26 was Rs. 6.0 Cr, down 58.5% YoY.
Net debt at September 2025 was INR 350 crores, up from INR 315 crores last year, mainly due to lower profitability and higher receivables.
Standalone Q2 FY26 revenue was ₹120.26 crore, up from ₹99.31 crore YoY; standalone net profit was ₹7.39 crore, up from ₹3.15 crore YoY.
Excluding the one-time WIPS benefit in H1 FY25, YoY declines in key metrics for H1 FY26 were less pronounced: Own Brands -2.2%, Revenue -0.5%, Gross Profit -9.2%, EBITDA -23.4%, PAT -57.5%.
Outlook and guidance
Strong recovery expected in H2 FY26 as Telangana disruption resolves and new retail licenses are issued; EBITDA margins anticipated to improve, supported by higher VAT refund accrual, wine tourism traction, and phasing out high-cost inventory.
Wine tourism outlook robust, supported by new resort launches and improved connectivity.
CapEx to taper to INR 30-35 crores annually for FY26 and FY27, with major expansions completed.
New resort openings and expanded facilities, including The Haven by Sula and Domaine Sula, are expected to boost performance in H2 FY26.
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Next Sula Vineyards earnings date
Q3 25/265 Feb, 2026
Next Sula Vineyards earnings date
Q3 25/265 Feb, 2026
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