Sula Vineyards Limited
NSE: SULABreweries & Distilleries
Share price
₹130.96
+0.29% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
46
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹1,113 Cr
P/E ratio
42.9
P/B ratio
1.9
ROCE
7.5%
ROE
4.6%
Dividend yield
1.5%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales fell 1.5% over the past year. Meanwhile what it keeps of every 100 rupees of sales slipped from 26.6% to 18.1% over the last four years.
Whether it grew faster than its sector
It grew 2.9% a year against a sector median of 9.9% — 7.0 percentage points slower.
Room to re-rate, or risk of de-rating
At 42.9× earnings it costs 1.8× the market, which pays 24.1× across 2199 companies we can price. Its own industry sits at 86.4×, across 5 companies. It is against its own five-year median of 44.8×, the 38th percentile of its own range.
Whether growth justifies the valuation
Its earnings are falling, so growth cannot justify the price.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Sula Vineyards Limited — this one | -32%/yr | 42.9× | — |
| United Spirits Limited | 23%/yr | 53.4× | ₹2.3 |
| Radico Khaitan Limited | 41%/yr | 86.4× | ₹2.1 |
| United Breweries Limited | 2%/yr | 87.8× | ₹43.9 |
| Allied Blenders and Distillers Limited | 422%/yr | 89.3× | — |
| Tilaknagar Industries Limited | 51%/yr | 58.9× | ₹1.2 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Breweries & Distilleries), it ranks 13 of 16 on returns, 14 of 16 on growth, 3 of 16 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 7.5% on capital, ahead of 19% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹457 crore of cash from the business, spent ₹269 crore on plant and equipment, and returned ₹209 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 7 years, about 199 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back more slowly than it used to: it went from being waiting 52 days for its cash to waiting 101 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Announced 6 Aug 2026 · Consolidated · Unaudited
Revenue
₹121 Cr
Revenue vs last year
+10.2%
Revenue vs last quarter
-10.5%
Net profit
₹1 Cr
Profit vs last year
-45.4%
Profit vs last quarter
-87.7%
Net margin
0.9%
EPS
₹0.13
Earnings call transcript · 7 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹1,113 Cr
- Prev close
- ₹130.96
- 52w High
- ₹264
- 52w Low
- ₹130
- Enterprise value
- ₹1,437 Cr
- Beta
- 1.1
- Price CAGR 1y
- -48.0%
- Price CAGR 3y
- -34.0%
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 2.4%
- PEG ratio
- -1.3
- P/E ratio
- 42.9
- P/B ratio
- 1.9
- EV / EBITDA
- 14.1
- Industry P/E
- 36.4
- ROCE
- 7.5%
- ROCE 5y average
- 15.0%
- ROE
- 4.6%
- Debt / Equity
- 0.6
- Interest coverage
- 2.1
- Dividend yield
- 1.5%
- ROE 3y average
- 11.0%
- ROE last year
- 5.0%
Annual P&L
- Annual revenue
- ₹556 Cr
- Annual profit
- ₹26 Cr
- Operating margin
- 19.0%
- Net profit margin
- 4.7%
- EBITDA margin
- 18.7%
- Sales growth 3y
- 2.5%
- Sales growth 5y
- 7.6%
- Profit growth 3y
- -32.0%
- Profit growth 5y
- 32.0%
- EPS
- ₹3.0
- Sales growth TTM
- -2.0%
- Profit growth TTM
- -55.0%
- Dividend payout
- 66.0%
Quarter P&L
- Sales latest quarter
- ₹113 Cr
- Profit latest quarter
- ₹1 Cr
- YoY quarterly sales growth
- 2.9%
- YoY quarterly profit growth
- -45.4%
- OPM latest quarter
- 14.7%
Balance Sheet
- Book Value
- ₹69.2
- Face Value
- ₹2.0
- Total debt
- ₹333 Cr
- Total cash
- ₹9 Cr
- Borrowings
- ₹333 Cr
- Reserves / Equity
- 33.6
Cash Flow
- Operating cash flow
- ₹101 Cr
- Free cash flow
- ₹69 Cr
- FCF yield
- 3.4%
- Net cash flow
- ₹0 Cr
Shareholding
- Promoter holding
- 24.6%
- FII holding
- 0.7%
- DII holding
- 16.2%
- Public holding
- 58.5%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| United Spirits | 1,313.35 | 51.6 | 95,527 | 1.26 | 463.0 | -20.5 | 2,708.0 | -10.4 | 26.4 |
| Radico Khaitan | 4,465.85 | 84.2 | 59,837 | 0.20 | 229.6 | 69.2 | 1,683.7 | 11.8 | 24.1 |
| United Breweries | 1,169.05 | 89.5 | 30,910 | 0.85 | 166.3 | -9.5 | 3,066.9 | 7.1 | 10.7 |
| Allied Blenders | 694.45 | 87.1 | 19,424 | 0.78 | 45.4 | -13.0 | 978.9 | 6.1 | 18.4 |
| Tilaknagar Inds. | 546.20 | 59.9 | 13,540 | 0.18 | 31.6 | -30.3 | 1,046.0 | 155.7 | 11.4 |
| Piccadily Agro | 575.20 | 40.3 | 5,670 | 0.17 | 21.4 | 16.3 | 251.2 | 17.4 | 18.0 |
| Globus Spirits | 784.85 | 24.6 | 2,469 | 0.84 | 26.5 | 49.0 | 788.8 | 12.7 | 11.3 |
| Sula Vineyards | 131.15 | 42.7 | 1,108 | 1.54 | 1.1 | -45.4 | 112.9 | 3.0 | 7.5 |
| Median | 309.00 | 42.7 | 1,108 | 0.20 | 21.4 | 16.3 | 251.2 | 12.3 | 11.9 |
Competes with: Allied Blenders and Distillers Limited, Globus Spirits Limited, India Glycols Limited, Piccadily Agro Industries Limited, Radico Khaitan Limited, Tilaknagar Industries Limited, United Breweries Limited, United Spirits Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 108 | 134 | 203 | 123 | 121 | 132 | 200 | 126 | 110 | 131 | 180 | 135 | 113 |
| Expenses | 78 | 89 | 131 | 93 | 87 | 99 | 147 | 97 | 91 | 105 | 148 | 107 | 96 |
| Material Cost | 10 | 11 | 17 | 72 | 12 | ||||||||
| Change in Inventories | 9.85 | 20 | 36 | -51 | 16 | ||||||||
| Purchases of Stock-in-Trade | 8.41 | 9.26 | 11 | 13 | 7.16 | ||||||||
| Employee Cost | 23 | 23 | 25 | 20 | 22 | ||||||||
| Other Expenses | 48 | 50 | 75 | 60 | 47 | ||||||||
| Operating Profit | 30 | 44 | 72 | 29 | 34 | 34 | 53 | 28 | 18 | 25 | 32 | 28 | 17 |
| OPM % | 28 | 33 | 35 | 24 | 28 | 25 | 27 | 23 | 17 | 19 | 18 | 21 | 15 |
| Other Income | 1.57 | 0.89 | 1.40 | 3.85 | 1.26 | 0.76 | 0.90 | 1.01 | 0.98 | 0.83 | -0.79 | 1.49 | 2.38 |
| Exceptional items (within Other Income) | 0 | 0 | -1.70 | -0.12 | 0 | ||||||||
| Interest | 5.32 | 6.52 | 8.09 | 6.24 | 7.10 | 7.59 | 7.81 | 7.17 | 7.51 | 8.55 | 8.19 | 7.14 | 7.18 |
| Depreciation | 7.56 | 7.61 | 8.11 | 8.35 | 8.63 | 8.69 | 8.93 | 8.74 | 9.21 | 9.47 | 10 | 10 | 10 |
| Profit before tax | 19 | 31 | 57 | 19 | 19 | 18 | 37 | 14 | 2.56 | 8.27 | 13 | 12 | 1.52 |
| Tax % | 28 | 25 | 25 | 28 | 25 | 20 | 25 | 3.91 | 24 | 27 | 28 | 28 | 30 |
| Net Profit | 14 | 23 | 43 | 14 | 15 | 14 | 28 | 13 | 1.94 | 6.02 | 9.10 | 8.60 | 1.06 |
| EPS in Rs | 1.62 | 2.74 | 5.09 | 1.61 | 1.73 | 1.72 | 3.32 | 1.54 | 0.23 | 0.71 | 1.08 | 1.02 | 0.13 |
| Diluted EPS in Rs | 0.23 | 0.71 | 1.08 | 1.02 | 0.13 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 485 | 386 | 424 | 516 | 568 | 579 | 556 | 559 |
| Expenses | 432 | 322 | 311 | 358 | 392 | 430 | 452 | 457 |
| Material Cost | 110 | |||||||
| Change in Inventories | 15 | |||||||
| Purchases of Stock-in-Trade | 42 | |||||||
| Employee Cost | 92 | |||||||
| Other Expenses | 234 | |||||||
| Operating Profit | 53 | 64 | 113 | 158 | 176 | 149 | 104 | 102 |
| OPM % | 11 | 17 | 27 | 31 | 31 | 26 | 19 | 18 |
| Other Income | -2 | -2 | 3 | 3 | 8 | 4 | 2 | 4 |
| Exceptional items (within Other Income) | -1.82 | |||||||
| Interest | 33 | 33 | 23 | 21 | 26 | 30 | 31 | 31 |
| Depreciation | 35 | 26 | 24 | 26 | 32 | 35 | 39 | 40 |
| Profit before tax | -17 | 3 | 70 | 114 | 126 | 88 | 35 | 34 |
| Tax % | -8 | 5 | 25 | 26 | 26 | 21 | 28 | |
| Net Profit | -16 | 3 | 52 | 84 | 93 | 70 | 26 | 25 |
| EPS in Rs | -10 | 1.98 | 6.63 | 9.98 | 11 | 8.32 | 3.04 | 2.94 |
| Diluted EPS in Rs | 3.04 | |||||||
| Dividend Payout % | 0 | 126 | 36 | 84 | 77 | 43 | 66 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 8%
- 3 years
- 3%
- TTM
- -2%
Compounded profit growth
- 10 years
- —
- 5 years
- 32%
- 3 years
- -32%
- TTM
- -55%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- -34%
- 1 year
- -48%
Return on equity
- 10 years
- —
- 5 years
- 13%
- 3 years
- 11%
- Last year
- 5%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 16 | 17 | 17 | 17 | 17 |
| Reserves | 285 | 290 | 380 | 515 | 533 | 569 | 571 |
| Borrowings | 393 | 315 | 240 | 203 | 324 | 315 | 333 |
| Other Liabilities | 138 | 132 | 123 | 147 | 152 | 174 | 169 |
| Minority Interest | 0 | ||||||
| Total Liabilities | 831 | 752 | 759 | 881 | 1,026 | 1,076 | 1,089 |
| Fixed Assets | 355 | 318 | 361 | 413 | 454 | 495 | 512 |
| CWIP | 0 | 0 | 1 | 2 | 5 | 6 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 476 | 434 | 396 | 466 | 567 | 575 | 576 |
| Total Assets | 831 | 752 | 759 | 881 | 1,026 | 1,081 | 1,096 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 45 | 120 | 87 | 90 | 121 | 58 | 101 |
| Cash from Investing Activity | -44 | -22 | -57 | -74 | -43 | -75 | -33 |
| Cash from Financing Activity | 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 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | 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 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
324inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
64,80,505inr
2026-03-31
News
News and filings about Sula Vineyards Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- Aluminium screw caps
- Bentonite (fining agent)
- Cardboard packaging and labels
- Fresh wine grapes (Sauvignon Blanc, Chenin Blanc, Shiraz, Cabernet, Zinfandel)
- Glass bottles
- Oak barrels (premium wine ageing)
- Potassium metabisulphite / SO2 (preservative)
- Wine yeast strains
Depends on the price of
- sugar
Buys from
- AGI Greenpac Limited · glass wine bottles
Sells to
- Avenue Supermarts Limited · Wine (retail — states where liquor permitted)
- Canteen Stores Department (CSD) · Wine (CSD channel)
- EIH Limited · Wine (branded portfolio) — Oberoi/EIH hotels (HORECA)
- HORECA establishments (~13,000 hotels, restaurants, caterers) · Wine (own brands: Sula, Rasa, Dindori, Dia, Madera, The Source)
- ITC Limited · Wine (branded portfolio) — ITC Hotels (HORECA)
- Spencer's Retail Limited · Wine (retail — states where liquor permitted)
- The Indian Hotels Company Limited · Wine (branded portfolio) — Taj/IHCL hotels (HORECA)
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Fast Moving Consumer Goods
- Industry
- Breweries & Distilleries
- Classification
- Fast Moving Consumer Goods › Breweries & Distilleries
- ISIN
- INE142Q01026
Plants
- Dindori Production Facility · Dindori, Maharashtra
- Domaine Sula · Malur (Bangalore–Malur Road, Gangedoddi Village), Karnataka
- Second Karnataka manufacturing unit · Bangalore region, Karnataka
- Sula Main Winery, Govardhan Village · Nashik, Maharashtra
- York Winery (acquired by Sula) · Nashik, Maharashtra
News impact
Big market events that reach Sula Vineyards Limited, and how the effect spreads.
28 Sept, 09:36 IST · Market event · medium impact
Your booze could cost more in Delhi this festive season: Here’s why
Delhi plans to raise tax on liquor this festive season, so drinkers pay more and whisky and beer makers earn less, while the Delhi government collects more tax.
Who it hits first
- Delhi plans to raise excise duty (the tax on liquor) by wholesale-price slabs, so shop prices for whisky, beer and other drinks rise just as festive buying peaks.
- United Spirits, India's largest whisky and spirits maker, and United Breweries, India's largest beer maker, face weaker Delhi sales volumes or thinner margins if they absorb part of the tax.
- The Delhi government collects more tax per bottle, which partly offsets any dip in the number of bottles sold.
Who may gain
- Delhi government — keeps more excise tax (duty on liquor) per bottle sold during the busy festive season.
- Liquor shops and bars just outside Delhi in neighbouring states — may pick up a few Delhi buyers hunting cheaper bottles.
- No listed drinks maker benefits — the duty rise is a cost or sales hit for every Delhi seller.
Along the supply chain
Downstream
Delhi liquor shops, bars and restaurants pay higher wholesale cost and either raise menu prices, hurting footfall, or absorb the rise, hurting their own margins, while distributors delay festive stocking until the new slabs are clear.
Upstream
Bottle and packaging suppliers such as glass-bottle makers see slightly fewer rush orders if Delhi volumes dip, and grain-spirit suppliers such as Globus Spirits, which also distils liquor, face the same festive softness in Delhi.
Where demand moves
Business
Festive drinkers in Delhi see higher shelf prices and buy fewer bottles or switch to cheaper brands, while Delhi bars and shops order more carefully, so United Spirits and United Breweries ship fewer cases in Delhi over the festive weeks.
Capital
Investors trim near-term festive sales hopes for Delhi-exposed distillers and brewers such as Radico Khaitan, Allied Blenders and Tilaknagar, with no broad consumer-staples sell-off since food, soap and dairy demand is untouched.
How it spreads across sectors
Fast Moving Consumer Goods
Narrow drag confined to Delhi liquor — whisky, beer and wine sellers see softer festive volumes while the rest of staples such as food, soap and dairy see no change.
When it plays out
Immediate
1-7 days: Delhi stockists pause big festive orders and shares of Delhi-exposed brewers and distillers wobble as the duty detail trickles out.
Medium term
1-6 months: sales settle at the new price level, Delhi tax collections show whether higher duty offset fewer bottles, and makers adjust promotions.
Short term
1-4 weeks: higher shelf prices bite during peak festive buying, with Delhi volumes softer and some buyers crossing outside Delhi for cheaper bottles.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 22 May 2026 | unspecified | ₹2 |
|---|---|---|
| 23 May 2025 | unspecified | ₹3.6 |
| 22 May 2024 | unspecified | ₹4.5 |
| 21 Feb 2024 | interim | ₹4 |
| 15 May 2023 | unspecified | ₹5.25 |
Splits, bonuses & buybacks
- daily-prices repair: 8 rows from NSE's archive (replace 2, delete 1, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call · Q1FY277 Aug 2026
- Results presentation30 Jun 2026
- Annual report · 2025-2629 May 2026
- Earnings call · Q4FY267 May 2026
- Earnings call · Q3FY269 Feb 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.