One of the largest producers and sellers of Indian wine, Sula Vineyards Ltd was originally incorporated as Nashik Vintners Limited in 2003. The company was renamed Sula Vineyards Private Limited in 2014 before getting its present name in 2022. The history of Sula Vineyards goes back to 1996 when Rajeev Samant planted the first wine grapes in Nashik. The location today is home to some of the finest grapes in the country.
Sula Vineyards has two wineries in India – Nashik and Dandori. Located at an altitude of 600 metres in the Western Ghats, Nashik's soil is of volcanic origin, ranging from weathered basalt and red laterite to heavy clay. Sula's vineyards in Dandori are best known for the cultivation of red wine grapes like Syrah (Shiraz), Zinfandel and Cabernet Sauvignon. The Dindori collection by Sula includes three wine variants, Dindori Reserve Viognier, Dindori Reserve Chardonnay and Dindori Reserve Shiraz.
Business operations
The company's business can be broadly divided into two categories – production of wine and spirits and wine tourism. The company also imports and distributes international labels in the wine, vodka and brandy category.
Sula Vineyards opened India's first wine-tasting room at its winery in Maharashtra's Nashik in 2005. Looking to capture the space beyond wine production and selling, the brand organised the country's first wine-themed music festival at its plant in Nashik in 2008. The same year, the company opened India's first vineyard resort. In 2017, Sula Vineyards acquired the winery business unit of Heritage Grape Winery Private Limited (HGWPL), Karnataka.
Sula Vineyards acquired a majority stake in the paid-up capital of Progressive Alcobev Distributors Private Limited (PADPL), a subsidiary of the company. In 2019, Sula became the only Asian Winery (excluding China) to sell one million cases of domestically produced wine in 12 months. In 2020, the company launched Dia, India's first wine in a can.
The company acquired the winery unit business of York Winery Private Limited, through its subsidiary Artisan Spirits Private Limited (ASPL) in 2021. Sula divested its entire holdings in PADPL.
Sula International Limited, an erstwhile subsidiary company incorporated in the UK, was voluntarily dissolved in 2022. The company came out with a public Issue in December 2022.
Sula Vineyards has over 2,800 acres of vineyards and produces over 16.7 million litres of wine in a year. The company's network includes 24,000 points of sales across the country. It has a 60% market share in grape wine under the elite and premium category segment in India.
Sula Vineyards is the country's only wine company to be listed on the Indian stock market.
Sula Vineyards Ltd's market capitalisation stood at over ₹5,600 crore as of January 9, 2024. Sula share price has grown over 100% in the last one year.
Sula Vineyards Financial Highlights
- Revenue: Sula Vineyards reported revenue of ₹560.20 crore in FY26 vs ₹583.08 crore in FY25. It showed a decrease of 3.92% on a yearly basis.
- Operating Profit: Sula Vineyards reported an operating profit of ₹35.39 crore in FY26 vs ₹88.34 crore in FY25. It showed a decrease of 59.94% on a year-on-year basis.
- Net Profit: Sula Vineyards reported a net profit of ₹25.65 crore in FY26 vs ₹70.20 crore in FY25. It showed a decrease of 63.46% on a yearly basis.
Sula Vineyards Quarterly Result Highlights
- Sula Vineyards reported revenue of ₹115.25 crore in Jun 2026, compared with ₹136.52 crore in Mar 2026, representing a decrease of 15.58% on a quarter-on-quarter (QoQ) basis.
- Sula Vineyards reported an operating profit of ₹1.52 crore in Jun 2026, compared with ₹12.01 crore in Mar 2026, representing a decrease of 87.34% on a quarter-on-quarter (QoQ) basis.
- Sula Vineyards reported a profit of ₹1.06 crore in Jun 2026, compared with ₹8.60 crore in Mar 2026, reflecting a decrease of 87.67% on a QoQ basis.
- The earnings per share (EPS) of Sula Vineyards stood at ₹3.04 during Jun 2026.
Data Source: BSE, Company announcements
Securities shown are illustrative, not recommendations. Past performance does not guarantee future results.
