Sula Vineyards Ltd.

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sulavineyards.comBSE: 543711NSE: SULA

Market Cap₹ 1,181 Cr.

Current Price

High / Low₹ 297 / 138

Stock P/E146.3

Book Value₹ 65

Price to Book2.16

Dividend Yield1.43 %

ROCE4.0 %

ROE0.6 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence

62%

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PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.90x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (81.2% of PBT)
Company has a low return on equity of 7.7% over last 3 years
Company has a low return on capital employed of 10.5%
Interest coverage is weak at 1.3x - earnings barely cover interest
Valuation is stretched - P/E of 146.3 is well above its own 5-year median (68.1)
Operating margins have contracted to 13.1% from 30.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsAlcoholBreweries & Distilleries

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	UNITDSPR	1404.25	54.21	102138.24	1.21	463.00	11.03	6122.00	-2.75	27.86	7.01
2.	RADICO	4429.50	84.35	59347.50	0.20	229.60	75.91	5867.69	10.43	22.64	6.07
3.	UBL	1267.45	84.71	33512.03	0.79	166.28	-9.65	5919.44	10.01	11.92	4.77
4.	ABDL	603.15	76.34	16870.72	0.90	45.42	-18.65	1809.15	1.85	18.53	6.38
5.	TI	529.60	0.00	13128.67	0.19	31.59	-64.31	2252.43	160.74	4.31	7.50
6.	PICCADIL	599.85	42.07	5912.85	0.17	214.35	1063.05	2705.03	1081.24	18.01	16.20
7.	TRUALT	420.50	24.29	3605.90	0.00	592.71	12444.13	6268.83	1962.85	10.57	21.18
8.	GLOBUSSPR	849.70	26.59	2673.27	0.77	26.48	49.69	1151.88	21.05	11.34	6.66
9.	GMBREW	917.40	13.36	2095.98	0.98	377.40	524.21	8029.00	1110.77	20.40	5.79
10.	SDBL	71.77	0.00	1492.11	0.00	1.56	-96.29	609.19	-31.13	18.52	2.46
11.	ASALCBR	685.90	16.67	1377.23	0.29	17.83	-24.60	286.30	5.96	18.06	10.43
12.	SULA	139.85	47.68	1180.99	1.43	1.06	-45.36	120.79	2.11	7.57	13.74

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	116	139	208	127	126	124	181	96	99	120	170	111	107
	84	97	141	100	95	102	146	88	88	102	148	96	104
Operating Profit	32	42	67	27	31	21	35	8	11	18	22	15	3
OPM %	27.52%	30.30%	32.18%	21.11%	24.77%	17.30%	19.18%	8.58%	10.90%	14.83%	12.95%	13.27%	2.56%
	2	2	2	4	2	2	2	2	2	1	1	-6	3
Interest	5	6	7	6	6	7	7	6	6	7	7	6	5
Depreciation	7	6	7	7	7	7	7	7	8	8	8	7	8
Profit before Tax	22	31	55	19	19	9	22	-3	-1	4	9	-5	5
Tax %	24.66%	25.06%	25.48%	27.50%	25.01%	19.59%	26.61%	-64.65%	17.27%	28.41%	25.95%	-27.15%	24.39%
Net Profit	16	24	41	14	15	7	16	-5	-1	3	7	-6	4
	1.94	2.79	4.88	1.61	1.73	0.87	1.94	-0.58	-0.11	0.38	0.78	-0.68	0.48

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	311	418	501	387	306	390	493	548	488	462	508
	271	361	423	336	252	285	337	381	393	397	450
Operating Profit	41	58	78	51	54	105	156	167	96	65	57
OPM %	13.07%	13.75%	15.64%	13.25%	17.63%	27.03%	31.60%	30.56%	19.56%	14.15%	11.28%
	2	3	3	3	3	5	6	10	7	-2	-1
Interest	12	17	24	31	32	21	19	24	26	26	25
Depreciation	12	15	19	34	25	22	24	27	29	30	30
Profit before Tax	19	29	38	-12	-0	66	118	127	48	8	14
Tax %	44.90%	35.35%	48.86%	32.30%	-126.88%	26.26%	25.32%	25.53%	30.27%	59.79%	43.09%
Net Profit	10	19	20	-8	-1	49	88	95	33	3	8
EPS	6.94	12.61	13.16	-5.43	-0.08	6.36	10.70	11.22	3.96	0.37	—
Dividend Payout %	28.81%	39.72%	22.95%	-55.33%	0.00%	78.83%	79.65%	75.76%	90.97%	544.81%	—

COMPOUNDED SALES GROWTH

10 Years:: 3%
5 Years:: 9%
3 Years:: -2%

COMPOUNDED PROFIT GROWTH

10 Years:: -18%
5 Years:: —
3 Years:: -67%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -34%
1 Year:: -52%

RETURN ON EQUITY

10 Years:: 7%
5 Years:: 11%
3 Years:: 8%
Last Year:: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	15	15	15	15	15	16	17	17	17	17
	294	310	328	310	311	397	538	557	553	530
	162	222	275	376	306	221	187	261	241	232
Trade Payables	67	61	69	82	52	64	78	76	80	79
	76	67	114	72	76	90	126	188	188	195
Total Liabilities	614	674	801	855	760	787	947	1,099	1,080	1,053
	250	276	317	349	317	342	394	417	438	429
Capital Work in Progress	1	1	2	0	0	1	2	5	4	0
	21	21	26	26	21	27	27	28	41	47
	138	129	138	159	135	151	169	183	196	178
	0	0	0	0	0	0	0	160	186	200
Cash & Bank	17	15	4	36	45	15	29	102	5	7
	188	232	314	285	241	251	326	205	210	193
Total Assets	614	674	801	855	760	787	947	1,099	1,080	1,053

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9	22	34	46	107	94	108	113	64	73
Cash from Investing	-54	-59	-59	-43	-12	-39	-71	-35	-69	-15
Cash from Financing	59	40	30	41	-96	-69	-4	1	-86	-56
	6	-2	-11	32	5	-31	6	79	-91	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	25.47	24.66	24.66	24.66	24.36	24.35	24.35	24.55	24.62
	12.03	10.60	9.61	7.97	6.68	4.05	1.65	1.11	0.68
	22.23	21.68	19.89	18.25	18.24	18.00	17.77	17.30	16.22
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	40.27	43.06	45.84	49.12	50.72	53.59	56.23	57.04	58.48

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Copy of Newspaper Publication

2026-09-08 - Sula Vineyards Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-07

Shareholders meeting

2026-09-07 - Sula Vineyards Limited has informed the Exchange regarding Notice of Postal Ballot

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Sula Vineyards Limited has informed the Exchange about Schedule of meet

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Sula Vineyards Limited has informed the Exchange about Transcript

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Sula Vineyards Limited has informed the Exchange about Link of Recording

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Sula Vineyards Limited has informed the Exchange about Schedule of meet

2026-08-07

Copy of Newspaper Publication

2026-08-07 - Sula Vineyards Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-06

Updates

2026-08-06 - Sula Vineyards Limited has informed the Exchange regarding 'Board Comments on the fine levied by NSE and BSE for Non-Compliance of SEBI (LODR) Regulations, 2015.'.

2026-08-06

Updates

2026-08-06 - Sula Vineyards Limited has informed the Exchange regarding 'Board Comments on the fine levied by NSE and BSE for Non-Compliance of SEBI (LODR) Regulations, 2015.'.

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