Sula Vineyards appoints Rinku More as CFO Designate

Sula Vineyards Limited has informed the exchanges regarding the resignation of its Chief Financial Officer and Key Managerial Personnel, Mr. Abhishek Kapoor. The resignation, effective from the close of business hours on July 14, 2026, was noted and accepted by the Board via a circular resolution on May 19, 2026. Mr. Kapoor will continue to discharge his duties as the Chief Financial Officer until the aforementioned date to pursue career opportunities outside the organization.

Succession Planning

As part of its succession planning strategy to ensure leadership continuity, the Board has approved the appointment of Ms. Rinku More as the Chief Financial Officer Designate and Senior Management Personnel. This appointment is effective July 15, 2026. The formal approval for her role as Chief Financial Officer and Key Managerial Personnel is proposed to be taken up at a Committee or Board Meeting scheduled for the second quarter of fiscal year 2026-27.

Profile of the Appointee

Ms. Rinku More is a qualified Chartered Accountant and an accomplished finance professional with over 11 years of experience. She began her career with Haribhakti & Co. LLP in the Audit & Assurance division. She subsequently joined Sula Vineyards Limited and has spent 8 years with the organization, handling diverse roles across financial reporting, taxation, risk assurance, and business partnering. The company stated that she has been instrumental in automating MIS, strengthening internal controls, and managing IPO-related finance processes.

Key Management Changes

The following table summarizes the key changes in the company's management structure:

Sr. No	Event	Date	Details
1	Resignation of CFO	July 14, 2026	Mr. Abhishek Kapoor resigns to pursue opportunities outside the organization.
2	Appointment of CFO Designate	July 15, 2026	Ms. Rinku More appointed as CFO Designate pending formal board approval.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.32%	-3.46%	-8.71%	-34.79%	-49.01%	-51.72%

Sula Vineyards Limited reported a 7.1% year-on-year revenue growth in Q4FY26 to INR 142.56 crore, marking a return to growth after several challenging quarters. The company's Board met on 6 May 2026 to approve the audited financial results for the year ended 31 March 2026. Revenue from operations for the full year FY26 stood at INR 596.19 crore, compared to INR 619.38 crore in FY25. The recovery in Q4 was driven by improved traction in Own Brands and strong double-digit growth in Wine Tourism, which crossed the INR 100 crore revenue mark for the first time. Disciplined cost management enabled the company to maintain absolute EBITDA levels, and excluding a one-off gain in the prior year, both EBITDA and profit before tax showed YoY growth.

Consolidated Financial Performance

For the full year FY26, the company reported a consolidated net profit of INR 25.65 crore, a significant decline from INR 70.20 crore in FY25. Total income stood at INR 600.52 crore, down from INR 623.31 crore in the prior year, while total expenses increased to INR 563.31 crore from INR 534.97 crore. The financial results include an exceptional item of INR 1.82 crore for the year, representing an impairment loss on intangible assets. The basic and diluted earnings per share (EPS) for the year were INR 3.04, compared to INR 8.32 in FY25. On a standalone basis, the company reported a net profit of INR 3.10 crore for FY26, down from INR 33.40 crore in the previous year.

The following table summarises the consolidated annual financial performance:

Particulars:	FY26 (INR Cr)	FY25 (INR Cr)
Revenue from Operations:	596.19	619.38
Total Income:	600.52	623.31
Total Expenses:	563.31	534.97
Profit Before Exceptional Item & Tax:	37.21	88.34
Exceptional Item:	(1.82)	-
Profit Before Tax:	35.39	88.34
Net Profit:	25.65	70.20
Basic & Diluted EPS (INR):	3.04	8.32

Quarterly and Segment Performance

Q4FY26 consolidated net profit stood at INR 8.59 crore, compared to INR 13.03 crore in Q4FY25. EBITDA for Q4FY26 was INR 27.8 crore versus INR 28.5 crore in Q4FY25, impacted by a higher blended grape cost and a one-off gain of INR 3 crore recorded in Q4FY25. The Q4FY26 EBITDA margin stood at 19.5%, compared to 21.4% in Q4FY25. Own Brands revenue grew 5.2% YoY in Q4FY26 to INR 115.3 crore, while Wine Tourism delivered its highest-ever Q4 revenue of INR 23.9 crore, up 17.5% YoY. Full-year Wine Tourism revenue rose 20.7% YoY to INR 72.8 crore.

The table below presents the detailed quarterly and annual segment-wise performance:

Particulars (INR Cr):	Q4FY26	Q4FY25	YoY	FY26	FY25	YoY
Own Brands:	115.3	109.6	+5.2%	511.1	546.2	-6.4%
Wine Tourism:	23.9	20.4	+17.5%	72.8	60.3	+20.7%
Others:	3.2	3.0	+8.8%	12.3	12.9	-4.9%
Revenue from Operations:	142.6	133.1	+7.1%	596.2	619.4	-3.7%
Net Profit:	8.59	13.03	-34.1%	25.65	70.20	-63.5%
EBITDA:	27.8	28.5	-2.5%	103.5	149.1	-30.6%
EBITDA Margin %:	19.5%	21.4%	-192 bps	17.4%	24.1%	-671 bps

Operational Highlights and Future Outlook

The Elite & Premium portfolio was a key growth driver in Q4FY26, with sales rising 11% YoY, led by strong growth in The Source and RASA brands. The Elite & Premium share of the mix improved by 400 basis points YoY to 79%. Wine Tourism achieved its highest-ever Q4 revenue, supported by an 11% YoY increase in footfalls and a 22% YoY rise in room revenue following the launch of The Haven by Sula. The company has signed a binding agreement to acquire Chandon's 19-acre estate in Dindori, Nashik, to expand its Wine Tourism footprint. Management indicated that the share of renewable energy in the total energy mix increased to 75% in FY26.

Dividend and Corporate Announcements

The Board of Directors has recommended a final dividend of INR 2 per equity share (face value INR 2 each) for FY26, subject to shareholder approval at the upcoming Annual General Meeting. This compares to a dividend of INR 3.6 per share declared for the previous financial year. The record date for determining eligible shareholders has been fixed as Friday, 22 May 2026. The company's 23rd Annual General Meeting has been scheduled for Thursday, 25 June 2026.