Mumbai | July 13, 2025
India’s leading wine producer, Sula Vineyards, has reported a 7.9% decline in revenue for the April-June 2025 quarter (Q1 FY26), with earnings dropping to ₹118.3 crore, down from ₹128.4 crore during the same period last year.
The decline was mainly due to a 10.8% dip in sales of Sula’s own-brand wines, which brought in ₹102.3 crore this quarter. The company attributed this fall to sluggish urban consumption and reduced demand in Maharashtra caused by earlier trade stockpiling due to changes in excise duty rules.
Last year’s figures also included a one-time benefit of ₹10.4 crore from an old inventory scheme, making this year’s drop look sharper than it might actually be.
Wine Tourism Offers Some Relief
Despite lower product sales, Sula’s wine tourism business performed well, with revenue from its resorts and experiences growing 21.8% to ₹13.7 crore. This growth was fueled by:
-
More visitors
-
Higher spending per guest
-
Near-full occupancy at their resorts
-
The opening of the Samruddhi Highway, which shortened travel time between Mumbai and Nashik
Premium Brands Hold Strong
Sula’s premium wines like The Source and RASA continued to do well. The company also launched a new product — Sula Muscat Blanc, India’s first low-alcohol Muscat wine with 7.5% ABV — during the quarter.
Stock Performance Paints a Gloomy Picture
Sula’s shares have been under pressure:
-
Down 0.65% on Friday, closing at ₹299.40 on the NSE
-
Down 2.12% over the past 5 days
-
Down 2.14% in the past month
-
Down 20.5% in the past 6 months
-
Down nearly 40% (₹199 drop) over the past year
