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Sula Vineyards Ltd.
(SULA)
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Rating:55Neutral
Price Target:
₹162.00
▼(-25.84% Downside)
Action:Reiterated
Date:08/09/26
The score is held back primarily by weakened FY2026 operating performance (revenue decline and sharp margin/ROE compression) and a high P/E that offers limited valuation cushion. Offsetting factors include moderate and improving leverage, a rebound to positive free cash flow, and technical indicators that point to stabilization but not a strong uptrend.
Positive Factors
Improving leverage
The marked reduction in debt-to-equity to ~0.57 provides durable financial flexibility: lower leverage reduces interest and refinancing risk, supports continued distribution and marketing investment, and creates capacity for selective capex or debt paydown over the next several quarters.
Negative Factors
Revenue and margin deterioration
Declining revenue and a sharp margin drop indicate sustained price-cost or execution pressure. Lower margins materially reduce earnings power and free cash conversion, challenging the company’s ability to rebuild profitability and fund reinvestment without structural fixes over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving leverage
The marked reduction in debt-to-equity to ~0.57 provides durable financial flexibility: lower leverage reduces interest and refinancing risk, supports continued distribution and marketing investment, and creates capacity for selective capex or debt paydown over the next several quarters.
Read all positive factors
Sula Vineyards Ltd. (SULA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹12.58B
Dividend Yield1.34%
Average Volume (3M)42.37K
Price to Earnings (P/E)50.7
Beta (1Y)1.48
Revenue Growth-1.54%
EPS Growth-56.91%
CountryIN
Employees713
SectorGeneral
Sector StrengthN/A
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)2.94
Shares Outstanding84,447,230
10 Day Avg. Volume21,258
30 Day Avg. Volume42,374
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)2.00
Price to Sales (P/S)2.12
P/FCF Ratio26.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.3
Revenue Forecast (FY)₹6.15B
Sula Vineyards Ltd. Business Overview & Revenue Model
Company Description
Sula Vineyards Limited manufactures, purchases, and sells wine and other alcoholic beverages in India and internationally. It offers white, red, rosé, and sparkling wines; and spirits under the RASA, The Source, Dindori, SULA CLASSICS, and York br...
How the Company Makes Money
Sula Vineyards makes money primarily by selling alcoholic beverages—mainly wine—through multiple channels. Its core revenue stream is the sale of branded wines to distributors, retailers, restaurants/hotels (on-trade), and other trade customers, w...
Sula Vineyards Ltd. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.59B | 5.56B | 5.79B | 5.68B | 5.17B | 4.24B |
| Gross Profit | 2.87B | 2.58B | 4.41B | 3.15B | 2.54B | 3.07B |
| EBITDA | 1.03B | 1.03B | 1.53B | 1.82B | 1.59B | 1.16B |
| Net Income | 247.70M | 256.50M | 702.00M | 933.10M | 840.50M | 521.39M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 10.96B | 10.81B | 10.26B | 8.81B | 7.59B |
| Cash, Cash Equivalents and Short-Term Investments | 71.90M | 93.70M | 72.20M | 971.90M | 337.60M | 195.84M |
| Total Debt | 0.00 | 3.33B | 3.15B | 3.24B | 2.03B | 2.40B |
| Total Liabilities | -5.87B | 5.08B | 4.94B | 4.76B | 3.49B | 3.63B |
| Stockholders Equity | 5.87B | 5.87B | 5.86B | 5.50B | 5.32B | 3.95B |
Cash Flow | ||||||
| Free Cash Flow | -171.10M | 437.70M | -91.00M | 618.80M | 208.00M | 324.62M |
| Operating Cash Flow | 41.10M | 759.80M | 583.80M | 1.21B | 899.10M | 874.39M |
| Investing Cash Flow | -219.40M | -342.80M | -748.10M | -428.50M | -743.80M | -567.92M |
| Financing Cash Flow | 245.10M | -417.30M | -735.40M | 24.80M | -93.60M | -612.52M |
Sula Vineyards Ltd. Technical Analysis
Neutral
218.45
Price Trends
152.42
Negative
157.64
Negative
174.15
Negative
Market Momentum
-1.88
Negative
46.63
Neutral
67.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SULA, the sentiment is Neutral. The current price of 218.45 is above the 20-day moving average (MA) of 148.17, above the 50-day MA of 152.42, and above the 200-day MA of 174.15, indicating a neutral trend. The MACD of -1.88 indicates Negative momentum. The RSI at 46.63 is Neutral, neither overbought nor oversold. The STOCH value of 67.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:SULA.
Sula Vineyards Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹1.07T | 63.05 | ― | 1.15% | 2.43% | 11.43% | |
71 Outperform | ₹170.65B | 76.73 | ― | 0.88% | -35.98% | -8.01% | |
69 Neutral | ₹602.92B | 85.52 | ― | 0.20% | 19.30% | 76.30% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹12.58B | 50.71 | ― | 1.34% | -1.54% | -56.91% | |
55 Neutral | ₹14.17B | 16.17 | ― | 0.28% | -5.25% | -10.44% | |
51 Neutral | ₹28.79B | 26.39 | ― | 0.30% | 7.88% | 295.37% |
* General Sector Average
IN:SULA
Sula Vineyards Ltd.
149.00
-109.43
-42.34%
IN:ABDL
Allied Blenders and Distillers Limited
610.10
104.49
20.67%
IN:ASALCBR
Associated Alcohols & Breweries Ltd.
705.75
-302.05
-29.97%
IN:GLOBUSSPR
Globus Spirits Limited
915.15
-149.60
-14.05%
IN:RADICO
Radico Khaitan Limited
4,500.00
1,745.01
63.34%
IN:UNITDSPR
United Spirits Limited
1,475.00
194.79
15.22%
Sula Vineyards Ltd. Corporate Events
Sula Vineyards’ GST Appeal Rejected, Tax Demand Upheld by Commissioner
Jun 16, 2026
Sula Vineyards has disclosed that the Commissioner (Appeals), CGST Central Excise, Nashik has rejected its appeal and upheld an earlier tax order confirming additional goods and services tax, interest and penalties for financial years 2017-18 to ...
Sula Vineyards to Sell Mumbai Office for Rs 27 Crore and Shift Registered Office Within Same Complex
Jun 10, 2026
Sula Vineyards’ board has approved the sale of its existing registered office premises at Solaris One in Andheri East, Mumbai, for not less than Rs 27 crore to an unrelated third-party buyer. The move is part of a broader strategy to optimiz...
Sula Vineyards to Hold 23rd AGM via Virtual Platform with E-Voting
May 30, 2026
Sula Vineyards has announced that it has completed dispatch of the notice and e-voting information for its 23rd Annual General Meeting, which will be held on 25 June 2026 at 2:00 p.m. The AGM will be conducted through video conferencing and other ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.