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Sula Vineyards shares slip 3% on weak Q1 sales update; revenue falls 8% YoY
Around 12:00 noon, Sula Vineyards share price was trading at 1.19 per cent lower at ₹296 per share. In comparison, BSE Sensex was trading 0.47 per cent lower at 82,113.53 levels.
Why did Sula Vineyards share price fall in trade today?
Sula Vineyards share price fell after reporting a weak June quarter of the financial year 2026 (Q1FY26) sales update.
The wine maker's revenue from operations dropped 7.9 per cent year-on-year (Y-o-Y) to ₹118.3 crore in Q1FY26, from ₹128.4 crore in the same quarter last year (Q1FY25).
Sula Vineyards' Own Brands' sales dropped 10.8 per cent Y-o-Y to ₹102.3 crore in Q1FY26, from ₹114.6 crore in Q1FY25.
'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,' Sula Vineyards said, in a statement.
However, wine tourism grew 21.8 per cent Y-o-Y to ₹13.7 crore in the June quarter of FY26, from ₹11.3 crore in the June quarter of FY25.
'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. In a further boost, Sula just got closer with the operationalisation of the Samruddhi Highway in June 2025, reducing travel time from Mumbai to Nashik by nearly an hour. Adding to the good news, The Dindori Tasting Room and Bottle Shop at ND Wines are now open and well-positioned to attract wine enthusiasts, given its proximity to the Gujarat border,' the company said.
Moreover, the share of Elite & Premium improved in Q1FY26 supported by strong double-digit growth in The Source and RĀSĀ.
Apart from that, Sula Vineyards also announced the launch of 'Sula Muscat Blanc', India's first low alcohol still Muscat wine with just 7.5 per cent ABV.
Muscat / Moscato is the world's fastest growing white wine in the past decade.
'This is our second wine launch of the Muscat varietal after 'The Source Moscato', which has been Sula's fastest wine to hit 10,000 cases. Part of the bestseller Sula Vineyards range, 'Sula Muscat Blanc' will initially be available in wine shops across Maharashtra, with Karnataka to follow in the coming months,' Sula Vineyards added.
About Sula Vineyards
Sula Vineyards Limited is India's largest wine producer, commanding over 50 per cent of the domestic market.
With nearly 70 wine labels catering to a wide range of consumers, the company has become the country's most recognised wine brand. It operates five modern wineries across Maharashtra and Karnataka and distributes over a million cases annually.
The company is also a pioneer in wine tourism, having launched India's first Winery Tasting Room in 2005 and the first vineyard resort in 2010. These attractions, including luxury stays and wine-themed restaurants in Nashik and near Bangalore, draw over 330,000 visitors each year.
The market capitalisation of Sula Vineyards is ₹2,498.99 crore, according to BSE. The company falls under the BSE SmallCap category.
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