Brands
Sula Vineyards Q4 revenue rises 7.1 per cent on premium wine demand
Premium wine sales and record tourism revenue lift Sula’s quarterly performance
MUMBAI: Sula Vineyards returned to growth in the fourth quarter of FY26, posting a 7.1 per cent year-on-year rise in revenue as stronger premium wine sales and record-breaking wine tourism numbers helped the company bounce back after a difficult run of quarters.
Revenue from operations for Q4 FY26 stood at Rs 142.6 crore, compared to Rs 133.1 crore in the same quarter last year. However, for the full financial year, total revenue slipped 3.7 per cent to Rs 596.2 crore from Rs 619.4 crore in FY25.
The company’s own brands business continued to remain the backbone of growth, with revenue climbing 5.2 per cent year-on-year to Rs 115.3 crore in Q4. Premiumisation also gathered pace, with the Elite & Premium portfolio growing 11 per cent, driven by rising demand for labels such as The Source and RASA.
This premium segment now contributes 79 per cent of Sula’s revenue mix, marking a 400-basis-point increase over the previous year. The shift suggests Indian consumers are increasingly trading up for higher-end wine experiences.
Wine tourism emerged as another major growth engine for the company. Revenue from tourism hit a record Rs 23.9 crore in Q4 FY26, up 17.5 per cent year-on-year. Annual wine tourism revenue, including on-site wine sales, crossed the Rs 100 crore milestone for the first time.
The company also reported an 11 per cent rise in visitor footfalls at its Nashik campus. Room revenue jumped 22 per cent following the launch of The Haven, Sula’s third luxury resort. The Republic Day long weekend in 2026 also delivered the company’s highest-ever single-day revenue and attendance figures.
Despite the rise in revenue, EBITDA for the quarter declined 2.5 per cent to Rs 27.8 crore, with margins standing at 19.5 per cent. The dip was attributed to a higher mix of expensive wine grapes compared to table grapes, along with a one-time Rs 3 crore gain recorded in the previous year’s quarter.
Looking ahead, Sula is expanding its hospitality footprint to capitalise on rising wine tourism demand. The company has signed an agreement to acquire Chandon’s 19-acre estate in Dindori, strengthening its presence in India’s wine capital.
With demand gradually recovering across key markets such as Maharashtra and Karnataka, Sula continues to dominate the domestic premium wine market, holding over 50 per cent share and distributing more than one million cases annually.
