Sula Vineyards (NSE: SULA) Reports Stable Q1FY26 Revenue, Wine Tourism Soars with 22% YoY Growth delivering a Record Q1

August 6, 2025, Mumbai: Sula Vineyards Limited (NSE: SULA), India’s largest wine producer, announced  Q1 FY26 Results today.

We reported steady revenue from operations in Q1 FY26, excluding the one-time WIPS gain recorded in Q1 FY25. Own Brands growth was muted due to continued urban demand softness, and a lower trade placement of  wine in June’25 in Maharashtra - our #1 market, as announcement of excise duty hike on spirits prompted heavy pre-loading of spirits by distribution at pre-revision prices. However, that said, this is a positive development going forward for the company and wine industry in Maharashtra.

Encouragingly, despite these headwinds, states such as West Bengal, Goa, UP, Rajasthan, among others recording  healthy double-digit growth. In terms of portfolio mix, share of Elite & Premium increased 300+ bps YoY to 74.7%  with The Source and RASA continuing to see strong traction.

Wine Tourism remains a bright spot, growing 22% YoY led by higher footfalls, record Q1 occupancy and spend per guest. Our new wine tourism offering – Dindori Tasting Room & Bottle Shop at ND wines, near the Gujarat border is now open and welcoming visitors. Upcoming projects – ‘The Haven by Sula’ our 30-key resort near York and the new tasting room at Domaine Sula are on-track to open in time for this festive season. With these expansions and recent opening of Samruddhi Highway reducing the Mumbai-Nashik drive time by 45 minutes, the outlook for wine tourism remains strong.

In other exciting news, furthering our legacy as India’s wine pioneers, we are pleased to launch India’s first aromatic low-alcohol still Muscat wine - Sula Muscat Blanc. The Source Moscato, our first sparkling Muscat is the fastest wine from the Sula stable to hit 10K cases and we expect Muscat Blanc to emerge as a consumer favorite too. Looking ahead, while the year began on a challenging note, we remain firmly focused to deliver healthy operating profit growth for the rest of FY26.

RAJEEV SAMANT,CEO, Sula Vineyards