Sula Vineyards Limited (NSE: SULA), India’s largest and most celebrated wine producer, has reported a stable revenue performance for the first quarter of FY26. Despite headwinds in the urban consumption space and a high base effect from the prior year, the company maintained revenue momentum, buoyed by the exceptional performance of its wine tourism vertical.

In Q1 FY26, Revenue from Operations stood at ₹118.3 crore, compared to ₹128.4 crore in Q1 FY25, reflecting a year-on-year decline of 7.9%. However, when adjusted for a one-time WIPS unwinding benefit of ₹10.4 crore included in Q1 FY25, the adjusted growth was flat at 0.2% YoY. This reflects underlying stability in core operations.

Wine Tourism emerged as the standout performer, registering a strong 21.8% YoY growth, reaching ₹13.7 crore versus ₹11.3 crore in the same quarter last year. This segment, which includes room revenue, F&B, merchandise, and other ancillary services (excluding onsite wine sales), hit its highest-ever Q1 revenue, driven by record resort occupancy, increased footfalls, and higher guest spending.

Sula’s Own Brands segment posted ₹102.3 crore, down from ₹114.6 crore in Q1 FY25, largely impacted by a persistent slowdown in urban discretionary spending. Compounding this was the impact of increased excise duties on spirits in Maharashtra effective June 25th, 2025, which led to pre-loading by trade distributors and temporarily constrained the shelf space and liquidity for wine inventory. It is important to note that wine excise duties remain unchanged—a positive for Sula and the industry moving forward.

On the premiumisation front, Elite & Premium wines saw continued momentum, with strong double-digit growth in labels like The Source and RĀSĀ, reflecting evolving consumer preferences for high-end domestic wines.

Adding to the growth story, infrastructure developments have worked in Sula’s favor. The newly operational Samruddhi Highway, opened in June 2025, has reduced travel time from Mumbai to Nashik by almost an hour—providing a major boost to wine tourism. Additionally, Sula’s Dindori Tasting Room and Bottle Shop, located near the Gujarat border, is now operational and well-placed to attract wine tourists from western India.

The company also celebrated international acclaim, as four of its wines—The Source Reserve Chenin Blanc, The Source Sauvignon Blanc Reserve, Dindori Reserve Chardonnay, and Dindori Reserve Viognier—secured Silver medals at the 2025 Decanter World Wine Awards.

In a noteworthy product development, Sula has launched ‘Sula Muscat Blanc’, India’s first low-alcohol still Muscat wine (7.5% ABV). This product taps into global trends, as Muscat/Moscato has been the fastest-growing white wine varietal worldwide. It follows the success of The Source Moscato, which became Sula’s fastest wine to reach 10,000 cases. Initially launched in Maharashtra, the new wine will also be available in Karnataka soon.

Sula Vineyards continues to combine product innovation, tourism excellence, and sustainability—solidifying its leadership in India’s wine industry and reinforcing its role as a global-standard brand with Indian roots.

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