Sula Vineyards Limited — Investor Meet, 17-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Sula Vineyards reported Q2 revenue remained flat at INR 140 Cr. Own Brands saw a 2.5% value decline, mainly due to temporary Telangana disruption, while Wine Tourism grew 8%. Gross and EBITDA margins contracted due to sales mix shifts and higher inventory costs. Management anticipates a strong H2 FY26, driven by Telangana recovery, higher WIPS accruals, and a 250 bps operating margin improvement. The company launched its third resort, 'The Haven,' and plans to add 20 more keys in Q4. Annual capex is set to taper to INR 30-35 Cr. Management expressed confidence in H2 performance and exploring imported wine distribution, highlighting market share gains and sustainable ROE potential.