Sula Vineyards Limited reported a 63.5% year-on-year decline in Profit After Tax (PAT) to ₹25.65 crore for the financial year 2025-26 (FY26), down from ₹70.20 crore in the previous year. Revenue from operations decreased by 3.7% to ₹596.19 crore, impacted by weakness in Own Brands, a temporary route-to-market disruption in Telangana, and a high base effect from a one-time gain in FY25. The company's credit rating stands at A+ by ICRA, and Net Debt / EBITDA remained below 3x. The Board has recommended a final dividend of ₹2 per equity share for FY26, subject to shareholder approval.

Financial Performance Overview

The company's operating performance faced pressure during the year. Operating EBITDA fell 30.6% year-on-year to ₹103.44 crore, with margins contracting by 672 basis points to 17.35%. However, cash generated from operations increased by 70% to ₹99 crore, driven by lower working capital consumption. The following table summarises the consolidated financial performance:

Segment Performance: Own Brands and Wine Tourism

Own Brands sales declined 6.4% year-on-year to ₹511.1 crore in FY26, compared to ₹546.2 crore in FY25. Despite the annual decline, the segment returned to growth in Q4 FY26 with a 7% year-on-year increase in sales, led by double-digit growth in the Elite & Premium category. The Elite & Premium portfolio's share in Own Brands rose 130 basis points year-on-year to 78.4% in FY26.

The Wine Tourism segment delivered standout performance, with revenue growing 21% year-on-year to ₹113 crore. This marks the first time the segment's annual revenue crossed the ₹100 crore milestone.

Harvest, Production and Sustainability

Harvest 2026 was healthy in quality and volume, marking the sixth consecutive year of favourable vintages. The company crushed approximately 8,564 tons of wine grapes during the period. Total installed winery capacity grew 5% year-on-year to 19.2 million litres following the commissioning of a 1 million litre low-cost cellar at Domaine Dindori.

On the sustainability front, the share of solar power in total energy consumption increased to 75% in FY26 from 66% in FY25. Water consumption per litre of wine produced was reduced by approximately 7% year-on-year, and the proportion of electric vehicles in the company's fleet rose to 54% from 45% in FY25.

Key Corporate Developments

During FY26, Artisan Spirits Private Limited, a wholly-owned subsidiary, entered into an Asset Purchase Agreement with Moët Hennessy India Private Limited for the proposed acquisition of identified assets forming the estate of Domaine Chandon India located at Dindori, Nashik, for a consideration of ₹20 crore, excluding applicable taxes and inventory. The Board also approved an additional investment of ₹13 crore in the subsidiary by way of rights issue.

Dividend and AGM Agenda

The Board recommended a final dividend of ₹2 per equity share (100%) of face value ₹2 each for FY26, subject to shareholder approval. The equity dividend outgo for FY26 would be ₹16.88 crores. The record date for determining dividend entitlement was May 22, 2026.

The 23rd Annual General Meeting (AGM) is scheduled to be held on Thursday, June 25, 2026, at 2:00 p.m. through Video Conferencing / Other Audio-Visual Means. The cut-off date for determining member eligibility to cast votes through remote e-voting and e-voting during the AGM is Thursday, June 18, 2026. The remote e-voting period runs from June 22, 2026, to June 24, 2026.

Sula Vineyards Limited has intimated the stock exchanges regarding its participation in a scheduled analyst and institutional investor meeting. The interaction is set to take place on May 27, 2026, in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company representatives will attend the Ashika Institutional Equities Investor Conference. The meeting will facilitate both group and one-on-one interactions with investors and analysts. The session is scheduled to be held in physical mode.

Meeting Schedule

The company has noted that the dates for the conference are subject to changes due to exigencies on the part of investors or the company. Furthermore, Sula Vineyards clarified that no unpublished price sensitive information pertaining to the company will be shared during the meets with analysts or investors.