Revenue from operations increased 3% year-on-year to ₹112.88 crore from ₹109.64 crore in Q1 FY26, driven by improved traction in its own brands and double-digit growth in wine tourism.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 9.3% to ₹16.60 crore, compared with ₹18.30 crore in the year-ago quarter, due to higher blended grape costs, which had a 150 basis point impact as the company saw a higher mix of wine grapes compared with table grapes.
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EBITDA margin contracted to 14.7% in Q1 FY27 from 16.7% in the corresponding period last year. Cost actions reduced operating expenses by 3% year-on-year, helping limit the impact on EBITDA.
Wine Tourism revenue stood at ₹15.5 crore in Q1 FY27, up 12% year-on-year, led by higher room revenue following the launch of The Haven and increased spending per guest.
Sales from the Elite & Premium portfolio grew 6% year-on-year during the quarter, supported by strong double-digit growth in The Source, RASA and Sula Merlot. The Elite & Premium portfolio’s share increased by 310 basis points year-on-year to 78%.
Separately, the company’s board approved the appointment of Chaitanya Rathi as an Additional Non-Executive Non-Independent Director with effect from August 6, 2026. The appointment is subject to approval of shareholders within three months from the date of appointment.
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The board also approved the appointment of Rinku More as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company with effect from August 6, 2026.
Rajeev Samant, CEO, Sula Vineyards, said, “I am pleased to share that the positive sales momentum from Q4 FY26 continued into Q1 FY27, led by sustained growth in Own Brands and continued double-digit growth in Wine Tourism. Growth in Own Brands was driven by strong traction in our Elite & Premium portfolio, with our Elite flagship brands, The Source and Rāsā, delivering robust double-digit growth.
A decline in the Economy & Popular portfolio, however, partially offset our revenue performance. Regionally, Telangana continued to be a bright spot with >50% YoY growth, while Haryana, Chandigarh, CSD, Exports, among other markets also delivered strong double-digit growth. Karnataka continued to remain soft; we expect it to turn a corner in H2 FY27.
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Wine Tourism continued to deliver double-digit growth in Q1, driven by higher room revenue following the launch of our third resort, The Haven. We also closed the acquisition of the Chandon estate, now renamed ‘Domaine Rāsā’, where the tasting room, bottle shop and banquet facilities have commenced operations. We intend to create another distinctive landmark destination for wine tourism here in Nashik.
All our other wine tourism projects remain on track. The amphitheatre expansion at our flagship Nashik campus has been successfully completed, while the wine shop at Domaine Dindori is scheduled to open later this month. Construction of the events pavilion is progressing well, with the launch targeted ahead of the festive season.”
Shares of Sula Vineyards Ltd ended at ₹167.65, down by ₹3.05, or 1.79%, on the BSE.
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