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Sula Vineyards Limited Q3 FY26 earnings call summary

NSE: SULA · BSE: 543711

Earnings call of 9 Feb 2026, summarised by AI from the filing.

Sula Q3 FY26 EBITDA fell 40% to ₹32 cr on Karnataka destocking, but management expects Own Brands to return to growth over the next couple of quarters.

Key takeaways

  1. Q3 EBITDA ₹32 cr (Q3 FY25: ₹53 cr), a 40% YoY decline and 800 bps margin contraction, on Karnataka destocking and adverse mix.
  2. Guidance Own Brands to return to growth over next couple of quarters; margins to improve and gradually revert towards normalized levels.
  3. Karnataka destocking One-time tactical destocking cut Karnataka revenue by around ₹21 cr; no further material destocking anticipated.
  4. Wine Tourism Q3 revenue grew 34% YoY on 17% footfall growth and The Haven launch; capex to focus here over next 2 years.

Original filing on BSE

Sula Vineyards Limited Q1 FY27 results

As filed: Revenue ₹121 cr (+2% year on year), EBITDA ₹16.6 cr (−13% year on year), PAT ₹1.1 cr (−47% year on year), EBITDA margin 13.7% (−236 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹143 cr (+7% year on year), EBITDA ₹27.7 cr (−4% year on year), PAT ₹8.6 cr (−34% year on year), EBITDA margin 19.5% (−235 bps). Score 53 of 100, In line with trend. Revenue growth was above the company's own trend; EBITDA growth was in line with it; profit growth was below it. EBITDA margin fell 235 bps year on year. Revenue fell 27% from last quarter. Share price after the results: −10.2% in 30 days (Nifty 500: −2.9%).
  • Q3 FY26: Revenue ₹196 cr (−10% year on year), EBITDA ₹32.0 cr (−40% year on year), PAT ₹9.1 cr (−61% year on year), EBITDA margin 16.3% (−810 bps). Score 16 of 100, Below trend. Revenue, EBITDA and profit before exceptional items growth were well below the company's own trend. EBITDA margin fell 810 bps year on year. Share price after the results: −11.7% in 28 days (Nifty 500: −4.1%).
  • H1 FY26: Revenue ₹220 cr, EBITDA ₹28.0 cr, PAT ₹2.0 cr, EBITDA margin 12.7%. Not scored. No result for the same half-year last year. Share price after the results: −14.6% in 30 days (Nifty 500: −0.8%).
  • Q1 FY26: Revenue ₹118 cr (−8% year on year), EBITDA ₹19.0 cr (−44% year on year), PAT ₹2.0 cr (−87% year on year), EBITDA margin 16.1% (−1,000 bps). Score 0 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 1000 bps year on year. Other income 33% of PBT. Revenue fell 11% from last quarter. Share price after the results: −9.7% in 30 days (Nifty 500: +0.7%).
  • Q4 FY25: Revenue ₹133 cr (+1% year on year), EBITDA ₹29.0 cr (0% year on year), PAT ₹13.0 cr (−7% year on year), EBITDA margin 21.8% (−17 bps). Score 41 of 100, In line with trend. Revenue and profit growth were below the company's own trend; EBITDA growth was in line with it. EBITDA margin fell 17 bps year on year. Tax rate 7%. Revenue fell 39% from last quarter. Share price after the results: +6.9% in 29 days (Nifty 500: +6.1%).
  • Q3 FY25: Revenue ₹217 cr (0% year on year), EBITDA ₹53.0 cr (−26% year on year), PAT ₹28.0 cr (−35% year on year), EBITDA margin 24.4% (−860 bps). Score 20 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 860 bps year on year.
  • Q2 FY25: Revenue ₹141 cr (−1% year on year), EBITDA ₹34.0 cr (−24% year on year), PAT ₹14.0 cr (−39% year on year), EBITDA margin 24.1% (−736 bps). Score 13 of 100, Below trend. EBITDA margin fell 736 bps year on year. Not enough history for a trend yet: scored on growth alone. Profit fell 7% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Sula Vineyards Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.