Sula Vineyards Limited — Investor Meet, 14-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Sula Vineyards' Q1 FY26 revenue was INR 118 Cr (adjusted for prior year one-time gain). Own brand sales faced headwinds from soft urban demand and a temporary Maharashtra distribution disruption. Despite this, Elite & Premium wines grew modestly, now contributing 75% of own brand revenue, led by strong "The Source" growth. Wine tourism soared over 20%, driven by higher occupancy and spend. Gross margins saw a temporary impact from a sourcing model change, normalizing by H2. New tourism openings and cost efficiencies are expected to boost H2 profitability. Management is focused on delivering healthy operating profit growth.