Mumbai, July 13 Sula Vineyards Limited has reported a 7.9 per cent decline in its consolidated net revenue for the quarter ended June 2025 (Q1 FY26), with earnings falling to Rs 118.3 crore from Rs 128.4 crore in the same period the previous year (Q1 FY25).
The company attributed the fall mainly to a 10.8 per cent drop in revenue from its own-brand wines, which came in at Rs 102.3 crore.
The decline was largely due to a continued slowdown in urban consumption and the lingering effects of trade pre-loading in Maharashtra caused by changes in excise duties.
The company also noted that last year’s figures included a one-time benefit of Rs 10.4 crore from the unwinding of WIPS (Wine Inventory Purchase Scheme), without which this year’s revenue was nearly flat on a year-on-year (YoY) basis.
Despite the drop in overall revenue, Sula’s wine tourism segment offered some relief, recording a 21.8 per cent increase in revenue to Rs 13.7 crore.
The company credited this growth to higher footfalls, record Q1 occupancy at its resorts, and increased guest spending.
The recently inaugurated Samruddhi Highway, which has shortened travel time between Mumbai and Nashik, also contributed to the positive momentum in tourism.
Sula's premium wine brands like The Source and RASA continued to perform well. The company also introduced 'Sula Muscat Blanc' during the quarter -- marking India’s first low-alcohol Muscat wine with 7.5 per cent ABV.
Shares of Sula Vineyards closed on Friday’s intra-day trading session at Rs 299.40, down by Rs 1.95 or 0.65 per cent on the National Stock Exchange (NSE).
In the last five days, the shares were down by Rs 6.50 or 2.12 per cent. Over a one-month timeframe, the shares delivered a negative return of Rs 6.55 or 2.14 per cent.
However, the decline in share price became more significant over longer timeframes. In the last six months, the stock was down by Rs 77.25 or 20.51 per cent.
On a year-to-date (YTD) basis, the shares fell by Rs 115.50 or 27.84 per cent. Over the past one year, the stock declined by Rs 199.30 or 39.96 per cent.
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