Sula Vineyards Returns to Growth in Q4 FY26, Wine Tourism Hits Record Highs
Premium portfolio gains momentum for Sula Vineyards as Wine Tourism crosses the ₹100 crore milestone, positioning Sula strongly for FY27 growth.
By SOH Edit Team
Sula Vineyards Limited reported a return to growth in Q4 FY26, posting a 7% year-on-year rise in revenue, driven by stronger traction in its own brands and record-breaking performance in Wine Tourism.
The company’s recovery was led by double-digit growth in its Elite & Premium portfolio, alongside robust consumer demand across key regional markets. Sula also recorded its highest-ever quarterly Wine Tourism revenue, underscoring the growing importance of hospitality and experiential offerings in its business strategy.
Premium Portfolio Continues to Lead Growth
Sula’s Elite & Premium segment grew 11% YoY during the quarter, powered by strong performances from flagship labels The Source and RASA. The segment’s contribution to overall sales expanded significantly, with its share rising 400 basis points YoY to 79%.
The company highlighted improving trends across major markets, particularly in Telangana, Uttar Pradesh and Kerala, while Maharashtra and Karnataka—its two largest markets—also showed progressive recovery.
Rajeev Samant, CEO, Sula Vineyards.
Wine Tourism Emerges as a Powerful Growth Engine
Wine Tourism once again emerged as a standout performer for Sula, with Q4 revenue reaching a record ₹23.9 crore, up 17% YoY. The growth was driven by an 11% increase in visitor footfalls and a 22% rise in room revenue following the launch of Sula’s third resort, The Haven by Sula.
The company also achieved a major milestone during FY26, with annual Wine Tourism revenue crossing ₹100 crore for the first time, including wine sales at its resorts.
A key highlight of the quarter was the Republic Day long weekend in 2026, which delivered the highest single-day revenue and footfall in the company’s history, surpassing the previous record set during the Christmas weekend in Q3.
Sula said EBITDA for the quarter was marginally lower YoY due to higher blended grape costs, driven by a larger mix of wine grapes versus table grapes. Comparisons were also affected by a one-time ₹3 crore gain recorded in Q4 FY25 related to pricing adjustments on closing inventory in Karnataka.
However, the company noted that its underlying profitability improved on a like-for-like basis. Excluding the one-off gain in the prior year, both EBITDA and profit before tax registered year-on-year growth, supported by disciplined cost management.
Expansion Plans Signal Confidence for FY27
Looking ahead, Sula announced a strategic agreement to acquire Chandon India’s 19-acre estate in Dindori, Nashik, aimed at expanding its Wine Tourism footprint and premium hospitality offerings. Further details are expected to be announced soon.
Commenting on the results, Rajeev Samant, CEO, Sula Vineyards, said the company is seeing meaningful improvement in demand conditions across key markets, alongside sustained momentum in Wine Tourism.
“With strategic actions beginning to deliver results and demand conditions improving steadily, we are entering FY27 from a position of strength,” he said.
