Sula Vineyards Q1 FY26 revenue slips 7.9%, wine tourism surges 21.2%

The decline was driven by a 10.8 per cent drop in the "own brand" segment revenue, which fell to ₹102.3 crore in Q1 FY26 from ₹114.6 crore in the same quarter last year

Sula Vineyards on Friday reported a 7.9 per cent year-on-year (Y-o-Y) decline in its revenue from operations to ₹118.3 crore in the quarter ended June 2025 (Q1 FY26). Revenue for the same period last year stood at ₹128.4 crore.

 

The decline could be attributed to the drop in the company's "own brand" segment's revenue. It reported a 10.8 per cent decline in revenue to ₹102.3 crore during the quarter, down from ₹114.6 crore in Q1 FY25.

 

Meanwhile, the wine tourism segment saw growth of 21.2 per cent, generating ₹13.7 crore in revenue in Q1FY26, up from ₹11.3 crore in the year-ago quarter.

 

"Own Brands' revenue remained subdued due to the continued slowdown in urban consumption. Additionally, the increase in excise duties on spirits in Maharashtra, effective 25th June, prompted heavy pre-loading of spirits by the trade aiming to capitalise on pre-revision prices, thereby temporarily blocking the trade placement for wine. Notably, the excise duties on wine remain unchanged, which bodes well for the industry going forward," the company said in a BSE filing.

 

The company further added that it reported growth in its Elite and Premium segments in the first quarter of FY26, driven by strong double-digit increases in The Source and RĀSĀ brands.

 

"Wine Tourism continued to demonstrate strong momentum, reporting its highest ever Q1 revenue, propelled by an increase in footfalls, record Q1 resort occupancy and spends per guest," the statement added.

 

Shares of Sula Vineyards closed at ₹299.55 apiece on the BSE on Friday.