Sula Vineyards Limited — Investor Meet, 13-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:**

Sula Vineyards reported a challenging Q3 FY26, with revenues impacted by a tactical INR 21 Cr destocking in Karnataka. 9M revenue was INR 454 Cr (down 5% YoY). Wine Tourism was a standout, growing 34% in Q3 and 22% for 9M (INR 49 Cr). 'The Source' range showed strong double-digit growth. Q3 EBITDA declined 40% to INR 32 Cr due to revenue decline and adverse state mix. Net debt reduced to INR 319 Cr.

**Management Commentary & Outlook:**

Management believes Q3 was the bottom, expecting improved Own Brands performance from Q4 with demand recovery. Wine Tourism remains a strong growth engine with planned room expansion. The India-EU FTA will primarily impact imported wines above INR 1,700 MRP (Maharashtra), protecting over 95% of Sula’s portfolio. Sula is preparing by expanding listings and plans to cautiously rebuild its import portfolio.

**Analyst Q&A / Key Insights:**

Discussions covered a potential foray into spirits (challenged by valuations), strategy for FTA-driven import competition (Sula focuses on quality, branding), and unsustainable domestic discounting. Sula's grape supply for premium wines remains secure despite general harvest issues. Management conveyed an optimistic outlook for recovery.