Sula Vineyards reports stable Q2 revenue, wine tourism hits record high

Sula Vineyards Ltd reported stable revenue for the quarter ended September 2025 (Q2 FY26), with its wine tourism segment delivering its highest-ever second-quarter revenue.

Revenue from operations stood at ₹139.7 crore, marginally lower than ₹141.2 crore a year ago. While revenue from the company’s

Own Brands segment declined 2.5% year-on-year to ₹124.1 crore due to route-to-market disruptions in Telangana, Wine Tourism grew 7.7% to ₹13.2 crore, driven by record footfalls and higher guest spending.

The company’s overall first-half revenue stood at ₹258 crore, nearly flat compared to the previous year when adjusted for a one-time inventory benefit.

Sula said the expiry of retail licences in Telangana — its third-largest market — led retailers to destock ahead of new licence issuances.

Excluding Telangana, the Own Brands segment recorded low single-digit growth. The share of Elite and Premium wines remained strong at 78%, supported by the successful launch of Sula’s first low-alcohol premium wine, Muscat Blanc, which received encouraging consumer response.

The company’s wine tourism business saw improved occupancy (77% vs 74% last year) and achieved record single-day revenues over the Independence Day weekend.

Sula also inaugurated its third resort, The Haven by Sula, near York Winery in Nashik. The 30-key property — featuring panoramic lake views, gourmet dining, and convention facilities — is expected to bolster wine tourism in the second half of the fiscal year.

Favourable monsoon conditions across Maharashtra and Karnataka have set the stage for a strong grape harvest, marking what could be Sula’s sixth consecutive healthy season.

The shares of the company ended 1.8% in the red on Tuesday (October 14). The stock has fallen close to 40% in the year so far.

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