By BullScreen Editorial Team 
Sula Vineyards Limited reported a steady operational recovery in its Q4 results 2026, supported by strong premium wine demand and record growth in its wine tourism business, even as margins remained under pressure from higher grape procurement costs.
The company posted total revenue from operations of INR 142.6 crore in Q4 FY26, up 7% year-on-year from INR 133.1 crore. Own brands revenue rose 5% to INR 115.3 crore, while wine tourism revenue jumped 18% to INR 23.9 crore as visitor footfalls crossed 112,300 during the quarter.
Sula’s premiumization strategy continued to gain traction. Elite and premium wines grew 10.6% year-on-year and accounted for 79% of the overall portfolio mix, compared with 75% a year earlier. Flagship labels including The Source and RASA recorded double-digit growth, highlighting rising consumer preference for premium wines in India.
However, profitability remained under pressure in the Q4 results 2026. Gross margin declined to 70.7% from 78.2% a year ago due to elevated wine grape sourcing costs and a strategic shift toward dedicated wine grape cultivation. Profit after tax fell 34% year-on-year to INR 8.6 crore, while operating EBITDA slipped 2% to INR 27.8 crore.
For the full financial year, wine tourism revenue crossed the INR 100 crore milestone for the first time. The company also expanded its cellar capacity by 1 million liters, taking total capacity to 19.2 million liters.
Sula further strengthened its long-term growth strategy through premium product launches and the planned acquisition of Chandon’s 19-acre wine estate in Nashik, which is expected to enhance its high-margin tourism and direct-to-consumer business.
| Metric | Q4 FY26 | YoY Change |
|---|---|---|
| Total Revenue from Operations | INR 142.6 Cr | ▲ 7% |
| Own Brands Revenue | INR 115.3 Cr | ▲ 5% |
| Wine Tourism Revenue | INR 23.9 Cr | ▲ 18% |
| Operating EBITDA | INR 27.8 Cr | ▼ 2% |
| Profit After Tax (PAT) | INR 8.6 Cr | ▼ 34% |
| Gross Margin | 70.7% | ▼ 745 bps |
| Premium Wine Segment Growth | — | ▲ 10.6% |
| Premium Portfolio Mix | 79% | Up from 75% |
| Wine Tourism Visitors | 112,300+ | ▲ 12% |
| Metric | Details |
|---|---|
| Domestic Premium Wine Market Share | Over 50% |
| Total Cellar Capacity | 19.2 Million Liters |
| Vineyard Network | 2,800+ Acres |
| Distribution Reach | 25,000+ POS Across India |
| Export Presence | 29 Countries |
| Solar Energy Usage | 75% of Annual Energy Needs |
| Resort Capacity | 154 Keys |
| Average Room Rate (ARR) | INR 10,554 |
| New Acquisition | Chandon’s 19-Acre Nashik Estate |
| New Premium Launches | Muscat Blanc, The Source Chardonnay, The Source Grenache Red |
| Metric | Growth Trend |
|---|---|
| Total Operating Revenue CAGR | 6% |
| Own Brands Sales CAGR | 12% |
| Wine Tourism Revenue CAGR | 32% |
| PAT CAGR | 52% |
| FY26 ROCE | 11% |
| Debt-to-EBITDA Ratio | Below 3x |
| FY26 Wine Tourism Milestone | Crossed INR 100 Cr Revenue |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachHis/41a61856-0e07-41ef-89f5-adbcb3af126a.pdf