Sula Vineyards Ltd
Incorporated in 2003, Sula Vineyards Limited is India's largest wine producer and seller as of March 31, 2022. The company also distributes wines under a bouquet of popular brands including "RASA," "Dindori", "The source," "Satori", "Madera" & "Dia" with its flagship brand "Sula" being the "category creator" of wine in India.[1]
- Market Cap ₹ 1,164 Cr.
- Current Price ₹ 138
- High / Low ₹ 257 / 125
- Stock P/E 41.6
- Book Value ₹ 68.8
- Dividend Yield 1.45 %
- ROCE 7.55 %
- ROE 4.61 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 62.0%
Cons
- The company has delivered a poor sales growth of 7.57% over past five years.
- Promoter holding is low: 24.6%
- Company has a low return on equity of 11.2% over last 3 years.
- Company has high debtors of 156 days.
- Working capital days have increased from 67.9 days to 101 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 485 | 386 | 424 | 516 | 568 | 579 | 556 | 564 | |
| Sales growth | -20% | +10% | +22% | +10% | +2% | -4% | -0% | |
| 432 | 322 | 311 | 358 | 392 | 430 | 452 | 460 | |
| Operating Profit | 53 | 64 | 113 | 158 | 176 | 149 | 104 | 104 |
| OPM % | 11% | 17% | 27% | 31% | 31% | 26% | 19% | 18% |
| -2 | -2 | 3 | 3 | 8 | 4 | 2 | 4 | |
| Interest | 33 | 33 | 23 | 21 | 26 | 30 | 31 | 30 |
| Depreciation | 35 | 26 | 24 | 26 | 32 | 35 | 39 | 41 |
| Profit before tax | -17 | 3 | 70 | 114 | 126 | 88 | 35 | 37 |
| Tax % | -8% | 5% | 25% | 26% | 26% | 21% | 28% | |
| -16 | 3 | 52 | 84 | 93 | 70 | 26 | 27 | |
| EPS in Rs | -2.09 | 0.40 | 6.63 | 9.98 | 11.06 | 8.32 | 3.04 | 3.19 |
| Dividend Payout % | 0% | 126% | 36% | 84% | 77% | 43% | 66% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | 2% |
| TTM: | 0% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | -32% |
| TTM: | -43% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -34% |
| 1 Year: | -45% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 11% |
| Last Year: | 5% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 16 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 285 | 290 | 380 | 515 | 533 | 569 | 571 | 564 |
| 393 | 315 | 240 | 203 | 324 | 315 | 333 | 350 | |
| 138 | 132 | 123 | 147 | 152 | 174 | 169 | 127 | |
| Total Liabilities | 831 | 752 | 759 | 881 | 1,026 | 1,076 | 1,089 | 1,058 |
| 355 | 318 | 361 | 413 | 454 | 495 | 512 | 494 | |
| CWIP | 0 | 0 | 1 | 2 | 5 | 6 | 1 | 4 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 476 | 434 | 396 | 466 | 567 | 575 | 576 | 561 | |
| Total Assets | 831 | 752 | 759 | 881 | 1,026 | 1,076 | 1,089 | 1,058 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 45 | 120 | 87 | 90 | 121 | 58 | 101 | |
| -44 | -22 | -57 | -74 | -43 | -75 | -33 | |
| 33 | -94 | -61 | -9 | 2 | -74 | -67 | |
| Net Cash Flow | 34 | 3 | -31 | 6 | 81 | -90 | -0 |
| Free Cash Flow | 1 | 104 | 42 | 21 | 63 | -7 | 69 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 106% | 175% | 92% | 74% | 88% | 53% | 103% |
Ratios
Consolidated / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 114 | 117 | 94 | 81 | 109 | 148 | 156 |
| Inventory Days | 334 | 404 | 764 | 775 | 924 | 877 | 609 |
| Days Payable | 161 | 164 | 318 | 356 | 390 | 374 | 290 |
| Cash Conversion Cycle | 287 | 357 | 541 | 501 | 643 | 651 | 474 |
| Working Capital Days | -2 | 3 | 52 | 85 | 8 | 95 | 101 |
| ROCE % | 6% | 15% | 20% | 19% | 13% | 8% |
Insights
In beta| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Average Room Occupancy Percentage |
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| Contracted Vineyard Acreage Acres |
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| Elite & Premium Portfolio Mix (Own Brands Revenue) Percentage of Own Brands |
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| Wine Tourism Footfalls Visitors (Lakhs) |
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| Winery Installed Capacity Million Litres |
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| Average Room Revenue (ARR) INR |
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| Distribution Points of Sale (POS) Number of POS |
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| Wine Tourism Resort Room Keys Number of Keys |
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Extracted by Screener AI
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication
- Announcement under Regulation 30 (LODR)-Investor Presentation
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Q2 FY27 net profit rose 34%; revenue up 4%; 35-key hotel construction to start, operations by Q4 FY28.
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Capacity Addition/Expansion By Construction Of A Hotel At York Winery, At Gat No.15/2, Village Gangavarhe, Nashik (Rural), Nashik, Maharashtra - 422222, As Held By Artisan Spirits Private Limited ('ASPL'), Wholly Owned Subsidiary Of The Company. The Said Expansion Shall Be Undertaken By ASPL Which Is Subject To Necessary Approvals From Concerned Authorities.
- Board approved Q2 FY27 results, de-alcoholised wine diversification, and Rs25 crore York Winery hotel expansion by March 2028.
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Financial Results For The Quarter Ended September 30, 2026
- Board approved Q2 FY27 results, de-alcoholised wine diversification, and ₹25 crore York Winery hotel expansion by March 2028.
Annual reports
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Annual Report 2026
from bse
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Annual Report 2025
from bse
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Annual Report 2024
from bse
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Annual Report 2023
from bse
Concalls
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Nov 2026PPT
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT REC
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Nov 2025PPT
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Aug 2025Transcript PPT
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May 2025PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript
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May 2024Transcript PPT
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May 2024PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript REC
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May 2023Transcript PPT
Business segments:[1][2]
a) Production of wine, import
and distribution of wines and spirits
b) Sale of services from ownership
and operation of wine tourism venues,
including vineyard resorts and tasting
rooms
c) Development and sale of de-alcoholised
wine derived from the Company's own wine.