Sula Vineyards Q4 FY26 Revenue Rises 7% to ₹142.6 Cr

May 7, 2026: Nashik: Sula Vineyards reported a recovery in the fourth quarter of FY26, posting a 7 per cent year-on-year increase in revenue to ₹142.6 crore. The bump came on the back of steady demand for its premium wines and a record quarter from its wine tourism arm.

But the bigger story sits underneath. After a rough year, the company is leaning hard on premium labels and on-ground experiences to steady the ship.

Premium and elite portfolio drives revenue mix

Sula’s Elite and Premium category grew 11 per cent year-on-year in the quarter, led by labels like The Source and RASA. This segment now makes up 79 per cent of total sales, up 400 basis points from last year.

That shift is deliberate. The company is pushing higher-value bottles to improve realisations and tighten its brand image. And it’s clearly working, at least on the topline.

Wine tourism records highest-ever quarterly revenue

Wine tourism has quietly become the second engine. The segment clocked its highest-ever quarterly revenue at ₹23.9 crore, up 17 per cent year-on-year.

Footfalls rose 11 per cent. Room revenues jumped 22 per cent.

A big driver: the launch of its third resort, The Haven by Sula. More rooms meant more stays, and more on-site spending. The segment also crossed ₹100 crore in annual revenue for the first time, including wine sales at the property.

And that matters. Direct-to-consumer sales and on-ground experiences are now doing heavy lifting for both revenue and brand recall.

Profitability impacted despite topline growth

But here’s the friction. EBITDA for the quarter came in at ₹27.8 crore, slightly down year-on-year.

Higher input costs bit into margins. And last year’s base had a one-off gain, making comparisons tougher.

Zoom out, and the pressure is clearer. Full-year revenue fell 3.7 per cent to ₹596.2 crore. EBITDA dropped sharply by 30.6 per cent.

So yes, demand is coming back. But profitability is still lagging.

Expansion plans focus on Nashik wine tourism footprint

Sula isn’t slowing down on expansion. The company has acquired a 19-acre estate in Nashik to deepen its wine tourism footprint.

The play is simple: turn vineyards into destinations, not just production sites.

More land means more capacity, for stays, tastings, and events. And more reasons for visitors to spend time, and money, on-site.

Demand trends show gradual recovery

Demand is inching up, especially in premium wines and experience-led consumption.

Consumers are trading up. And they’re spending more on outings, not just bottles.

Sula’s Q4 numbers hint at a recovery taking shape. But margins remain tight. The next few quarters will show whether premiumisation and tourism can carry the weight.

For now, the rebound is real, but it’s not comfortable yet.