Sula Vineyards Ltd

Sula Vineyards Limited: Trading window closed from October 1, 2026 until 48 hours after the declaration of Unaudited Financial Results for the quarter ending September 30, 2026 (both days inclusive).

Resolutions and status

• Purpose: postal ballot to approve two governance resolutions.
• Resolution 1 (Ordinary): Appoint Chaitanya Rathi as Non-Executive Non-Independent Director, liable to retire by rotation.
• Outcome: Pending; results to be announced by 9 Oct 2026.
• Resolution 2 (Special): Pay Rs 4,00,000 annual commission to Chaitanya Rathi.
• Material impact: governance changes; no share capital or buyback implications.

Meeting Details

• Date: 20 August 2026; multiple time slots.
• Time slots: 11:00-11:50, 12:00-12:50, 14:00-14:50, 15:00-15:50, 16:00-16:50.
• Mode: Physical; group and one-to-one interactions.
• Venue: Trident BKC, C56, G Block, Bandra Kurla Complex, Mumbai.
• Organiser: DAM Capital Alcoholic Beverages Conference.

Participants

• Company representatives to participate; no specific management names disclosed.

Purpose

• Participation in analyst/institutional investor meetings for investor interaction.

Financial Performance

• Q1 net revenue from operations rose 3% YoY to INR 121 crores.
• Wine Tourism revenue grew 12% YoY to INR 15.5 crores in Q1.
• Elite & Premium portfolio grew 6% in Q1.
• The Source & RASA together account for 16% of Own Brands sales.
• Shiraz Cabernet grew high single-digit; ~45% of Own Brands revenue.
• Economy & Popular under pressure due to discounts; offset by Elite & Premium.
• Telangana growth over 50% YoY; Karnataka soft; Maharashtra resilient.
• CSD listings rise to 14 from 9; launch by Q3 FY27.
• Wine Tourism contributes ~13% of total revenue; Haven occupancy 63%.
• Excluding Haven, occupancy above 70%.

Operating Update

• Source and RASA distribution expanded beyond core markets to Haryana, Goa, CSD, Exports.
• The Source Chardonnay and The Source Grenache Red launched; positive market response.
• Haven occupancy 63%; excluding Haven, occupancy over 70%.
• Domain RASA tasting room and bottle shop operational; winery operations from harvest 2027.
• Wine Tourism contributes ~13% of total revenue.
• CSD brand listings increased to 14 from 9; completion by Q3 FY27.

Balance Sheet and Cash Flow

• Net debt at end June 2026: INR 319 crores; down from 345 crores.
• WIPS outstanding stood at INR 88 crores; reduced to ~INR 80 crores by July.

Projects and Capex

• Amphitheater expansion at Nashik campus completed in July.
• Domaine Dindori bottle shop opens next week.
• New 5,000 sq ft events pavilion at Nashik on track for Q3 completion.
• Acquisition of Chandon estate for INR 20 crores; Domain RASA renamed.
• Out of 150 keys, 70 are owned; rest managed via partnerships.
• Resorts are constructed by partners; asset-light model supports margins.

Outlook and Guidance

• Grape costs expected to subside from Q4 FY27; normalize by FY28.
• Margin to recover to last year's EBITDA levels; may surpass by FY27 end.
• Net debt to trend lower by FY27 end; finance costs to moderate.
• CSD expansion to boost revenue in FY27.

Q&A Highlights

• Raw material dynamics uncertain; competition rationalization discussed.
• Karnataka market weakness acknowledged; industry degrowth; some recovery anticipated.
• Resorts follow asset-light model; leases typically 10 years.
• 70 owned keys; remaining keys under partnerships; Haven cited as example.

Meeting Details

• Date: 7 August 2026.
• Meeting type and mode: earnings call; mode not specified.
• Event/organiser: earnings call by Sula Vineyards Limited.
• Purpose: discuss unaudited Q1 FY2026 results for quarter ended 30 June 2026.
• Recording: audio recording available on company website.

Participants

• Key company participants not specified in filing.

Meeting Details

• Date and time: 13 August 2026, 2:00 PM to 5:00 PM IST.
• Type/Mode: Group and one-on-one, physical Mumbai.
• Event/Organizer: Emkay Confluence 2026 – India: Full Throttle Ahead.
• Nature: Investor conference participation.

Participants

• Key company participants: company representatives (roles not disclosed).

Purpose

• Purpose: Analyst/institutional investor conference participation.

Regulatory fines and dividend agenda update

• NSE and BSE fines of Rs 11,800 each for delay in Board prior-intimation regarding dividend.
• Total fines paid: Rs 23,600, including GST, with payment completed by 26 June 2026.
• Board noted non-compliance and subsequently approved dividend recommendation during 6 May 2026 meeting.
• Going forward, agenda to include 'Recommendation of Dividend, if any' in prior intimations.
• Promoters informed; company remains committed to governance and regulatory compliance.
• No change to management; Company Secretary reaffirmed compliance.

Regulatory filing context

• NSE listing SOP/FINES filing 0678 mentions Sula Vineyards.
• Filing date shown as 15 June 2026.