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SULA VINEYARDS Investor Presentation Q1 FY27 August 2026
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2 Safe Harbour This presentation has been prepared by Sula Vineyards Limited (the “Company”) solely information purpose only and should not be deemed to constitute or form part of any offer or invitation or inducement to sell or issue any securities, or any solicitation of any offer to purchase or subscribe for any securities of the Company, nor shall it or any part of it or the Fact of its distribution form the basis of, or be relied upon in connection with, any contract or commitment, therefore. The financial information in this presentation may have been reclassified and reformatted for the purposes of this presentation. You may also refer to the financial statements of the Company before making any decision on the basis of this information. This presentation contains statements that may not be based on historical information or facts but that may constitute forward-looking statements. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company presently believes to be reasonable, but these assumptions may prove to be incorrect. Any opinion, estimate or projection constitutes a judgment as of the date of this presentation, and there can be no assurance that future results or events will be consistent with any such opinion, estimate or projection. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. By viewing this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. None of the Company, their affiliates, agents or advisors,, promoters or any other persons that may participate in any offering of any securities of the Company shall have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith.
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Content Summary Q1 FY27 Highlights 1 Company Overview 2 Growth Strategy 3 3
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▪ Domaine Rāsā, 19-acre estate with a world- class winery, and show vineyards acquired at a highly attractive price of INR 20 crore ▪ Tasting room, bottle shop and banquet facilities commenced from July’26 ▪ Winery operations to commence from Q4 FY27 ▪ Target to create another distinctive landmark wine tourism destination in Nashik, building on the success of our flagship Sula campus on Gangapur Road, which welcomed over 3 lakh visitors in FY26 Sula completed the acquisition of Chandon Estate in Q1 FY27; now renamed ‘ Domaine Rāsā ’ 4
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Performance Highlights Q1 FY27
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6 Key Highlights – Q1 FY27 Note: TR - Tasting Room. Financials ▪ Net Revenue from Operations: INR 112.9 Cr 3.0% YoY ▪ Gross Profit: INR 77.3 Cr 4.7% YoY ▪ Operating EBITDA: INR 16.6 Cr 9.3% YoY Own Brands ▪ Own Brand Revenue Rs. 104.3 Cr 2.0% YoY ▪ Elite & Premium portfolio 6.2% YoY with its salience improving by 310 bps YoY to 78% in Q1 FY27 – Led by strong double-digit growth in The Source, Rāsā, Sula Merlot and Sula Muscat Blanc ▪ Telangana, Haryana, Chandigarh, CSD and Exports delivered strong double-digit growth. Karnataka continues to remain soft; expect it to turn a corner in H2 FY27. Wine Tourism ▪ Wine Tourism delivered another quarter of double-digit growth with Revenue at INR 15.4 Cr 12.3% YoY ▪ Completed Chandon estate acquisition; renamed 'Domaine Rāsā’. TR, bottle shop and banquet facility are operational, Winery operations to commence from Q4FY28. ▪ Planned additions on-track:, Amphitheatre expansion at flagship Sula campus completed in Jul’26, while the Wine shop at Domaine Dindori is set to open in Aug’26. Events Pavilion (5,000 sq. ft.) at Sula campus to open in time for festive season. These additions will add to the Wine Tourism revenue in H2 FY27
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7 Own Brands Performance – Q1 FY27 – Premiumization Trend Continues 7 INR 23.1 Cr -10.5% Revenue YoY Change % Q1 FY27 Q1 FY26 Q1 FY27 Economy & Popular Portfolio Mix Elite & Premium Economy & Popular 75% 25% 78% 22% INR 81.2 Cr Elite & Premium 6.2%
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8 Wine Tourism Update – Q1 FY27 ARRs continued to remain robust Occupancy lower due to 50% increase in rooms, and a longer summer. Excl. The Haven, occupancy at 72% Footfalls flat vs. LY, due to a longer summer and scorching heat 8Note: *Excluding the Haven which was launched in Oct’26, Resort Occupancy at 72% in Q1FY27 Wine Tourism Contribution to Total Revenue Up 120 bps YoY to 13% in Q1FY27 Double-Digit Growth in Q1 FY27 led by Robust Room Revenue Growth and Higher Spend Per Guest 63%* INR 9,493 Room Occupancy Down 19% vs. 82% LY* ARR Up 5% YoY 1,00,600+ Visitor Footfall Up 0.1% YoY INR 1,678 Spend per Guest (Day Visitors) Up 5% YoY Higher Revenue per Guest led by increased F&B and wine spending
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9 Particulars (in INR Cr) Q1Y27 Q1FY26 Y-o-Y - Own Brands 104.3 102.3 2% - Wine Tourism 15.4 13.7 12% - Others (incl. BIO) 1.0 2.2 -53% Revenue from Operations 120.8 118.3 2% Excise Duty 7.9 8.7 -9% Net Revenue from Operations 112.9 109.6 3% Cost of Goods Sold 35.5 28.5 24% Gross Profit 77.4 81.1 -5% Gross Margin % 68.5% 74.0% -550 bps Employee Cost 22.0 23.4 -6% Other Expenses 38.7 39.5 -2% Operating EBITDA 16.6 18.3 -9% Operating EBITDA Margin % 14.7% 16.7% -197 bps Other Income 2.4 1.0 143% Depreciation & Amortisation 10.3 9.2 12% Finance Costs 7.2 7.5 -4% PBT 1.5 2.6 -41% Tax 0.5 0.6 -19% PAT 1.0 1.9 -46% PAT Margin % 0.9% 1.6% -78 bps Profit & Loss Statement – Q1 FY27 Q1 FY27 Performance Update o Net Revenue up 3% YoY, driven by return to recovery in Own Brands and continued double-digit growth in Wine Tourism • Elite & Premium Sales up 6% YoY, salience up 310 bps YoY to 78%, led by strong double-digit growth in The Source, Rāsā, Sula Merlot • Wine Tourism grew 12% YoY led by higher revenue per guest (+5% YoY) and robust room revenue growth (+21% YoY) o Q1 FY27 Gross Margins lower by 550 bps primarily impacted by - • Higher mix of wine grapes vs. table grapes, aimed at conserving working capital, increased blended grape cost (~150 bps impact) • Adverse market mix with lower share of core markets (Maharashtra & Karnataka) partially offset by higher Elite & Premium share o Cost actions reduced Opex by 3% YoY helping mitigate EBITDA impact o Higher blended grape cost is a temporary impact, will subside from Q4 FY27 and completely normalize from Q1 FY28, as wine and table grape mix rebalances in Harvest 2027 Note: Gross Margin, and Operating EBITDA Margin taken on Net Revenue. PAT Margin on Total Income
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10 Company Overview
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11 Strong Product Portfolio of Award-Winning Wines Strong Performance Track Record Key Strengths ❖ Market leader with >50% share in domestic premium wines ❖ Winery capacity: 19.2 Mn liters, amongst top 5 in Asia ❖ Sula’s Shiraz Cabernet - India’s highest selling wine ❖ ~2,600 acres of contracted vineyards, higher than next two Indian wine producers combined ❖ ~25,000 POS touchpoints across 23 states and 7 UTs ❖ Wide & Diverse Portfolio of 60+ labels across price points and grape varietals ❖ Sula has won 50+ Awards over the last decade ❖ Delivered Revenue, Operating EBITDA and PAT CAGR of 6%, 11% and 52% over FY21-26 ❖ Healthy Balance Sheet with Debt-to-EBITDA at <3x (FY26) India’s Leading Wine Company Fostering Sustainability Robust Sourcing & Distribution Infrastructure Thriving Wine Tourism Business ❖ Three Luxury Vineyard Resorts in Nashik with 154 Keys; and Four Wine Tourism Centers (Tasting & Tours, Gourmet Dining) at Nashik and Karnataka ❖ Among world’s most visited vineyards with 400K+ visitors* in FY26 ❖ Wine Tourism business grew rapidly at 32% CAGR (FY21-26) ❖ 75% of annual energy needs met through Solar Energy ❖ Installed 2 MW of Battery Energy Storage ❖ 54% of company’s vehicle fleet comprises of EVs 11Note: *Including Resorts
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12 Our Brands – Wide & Diverse Portfolio across Price Points to Choose From 3 Labels 13 Labels 3 Labels 27 Labels 8 Labels 10 Labels Brands ▪ Wide portfolio of 60+ labels across 14 brands ▪ Category Split: Elite – 23 labels, Premium - 15 labels, Economy - 10 labels, Popular – 6 labels, and 10 Import labels Note: All pricing are as per the state of Maharashtra
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13 Robust & Growing Pan-India Distribution Network Domestic presence in 23 States & 7 UTs Points of sale ~25,000 51 Distributors, 12 Corporations, 14 Licensed resellers, 6 Company depots, 3 Defence units Exports to 29 countries Sula’s distribution presence Regional offices Corporate office Owned production facility
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14 Secured & Ample Wine Grape Supply to Meet Long-term Growth Needs ~2,600 acres of Vineyards accessible to Sula covering >90% annual supply Only a Small Fraction of total grape cultivation in India currently used for Wine Grapes Up to 12 years contract life and an option to renew further with mutual consent 2,000+ acres Under long term supply contract with built-in price hike Direct engagement with farmers on best practices to drive productivity Continual focus to improve cost and quality of grape sourcing Strong Brand and Farmer Trust provide solid foundation - seamless acreage expansion for future growth
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15 Thriving Wine Tourism Business - Amongst Most Visited Vineyards Globally Wine Tourism Facilities (Tasting & Tours, Bottle Shop & Gourmet Dining) Three Luxury Resorts (The Source, Beyond and The Haven) at Nashik with 150+ Keys Domaine Sula (Karnataka) York offers great views of the lake while enjoying wine & gourmet dining. It sees 21,000+ visitors annually Domaine Sula is Sula’s Karnataka winery and perfect spot for wine tasting & tour, gourmet dining. It sees 26,000+ visitors annually • Wine Tourism provides a great retail platform for D2C wine business. • Expansion of Wine Tourism business bodes well for Sula enabling expansion of the lucrative D2C wine business • D2C Wine sales up 7% YoY in Q1 FY27 Expansion Plans • Launched ‘The Haven by Sula’ featuring 50 additional Keys in Dec’25. Expands room capacity by 50% to 154 keys • Amphitheatre expansion at flagship Sula campus completed in Q1 FY27, as planned. Wine shop at Domaine Dindori, is set to open in Aug’26, while the Events Pavilion (5,000 sq. ft.) construction in full-swing and on track for completion in time for the festive season • Chandon estate acquisition completed in Jun’26; renamed Domain Rāsā.. TR, bottle shop and banquet operations commenced. D2C Wine Business – Brief Overview Sula’s flagship TR and bottle shop near The Source is among the most visited globally recording 3+ lakh visitors in FY26 • The Source, Beyond and The Haven offer tasting & tours and gourmet dining in addition to luxury accommodations • Among the most visited vineyards welcoming over 4 lakh visitors in FY26*. Average occupancy of 77% and ARR of INR 10,000+ in FY26 Note: *Including Resorts
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16 Optimizing packaging materials using lightweight bottles Installed upto 2 MW of Battery Energy Storage. These systems will store excess energy and make it available for use during peak load times resulting in cost savings. Rainwater harvesting reservoirs at all facilities with storage capacity of over 36.8 mn liters; Reduced water usage per case produced by over 20% in last five fiscal years Generates around 4 million kWH from solar energy at Sula’s owned and leased facilities in Maharashtra and Karnataka Fostering Sustainability ~5MW installed solar PV capacity - Provided 75% of annual energy needs in FY26
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17 Healthy Performance Track Record EBITDA & EBITDA Margin % *Revenue from Operations PAT & PAT Margin % Elite & Premium RevenueOwn Brands Revenue Wine Tourism Revenue (INR Cr) 418 454 553 609 619 596 FY21 FY22 FY23 FY24 FY25 FY26 CAGR: 6% CAGR: 11% CAGR: 52% 61 113 158 176 149 103 14.6% 25.0% 28.5% 28.9% 24.1% 17.3% FY21 FY22 FY23 FY24 FY25 FY26 3 52 84 93 70 26 0.7% 11.5% 15.2% 15.2% 11.2% 4.3% FY21 FY22 FY23 FY24 FY25 FY26 287 382 481 534 546 511 FY21 FY22 FY23 FY24 FY25 FY26 197 270 348 402 421 401 FY21 FY22 FY23 FY24 FY25 FY26 18 35 45 55 60 73 FY21 FY22 FY23 FY24 FY25 FY26 CAGR: 12% CAGR: 15% CAGR: 32% Note: *Refers to Operating EBITDA and Operating EBITDA Margin
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18 Growth Strategy
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19 Growth Strategy 1 2 3 4 5 6 To Sufficient Capacity for Growth Product Development • Continue launching new products to meet evolving consumer demands • 2 new wines Muscat Blanc, The Source Chardonnay launched in FY26, 1 new wine The Source Grenache Red launched in Q1 FY27. • Significantly expand footprint of ‘The Source’ and ‘Rāsā' (wider national availability) • Expand sales to Defense with expanded new listings • Tap new markets Augment Wine Adoption & Brand Visibility • Annual SulaFest • Continue expanding Pan-India tastings • Targeted promotional campaigns and events Expand Wine Tourism & D2C Business • The Haven by Sula, 50-Key Resort near York launched in Q3 FY26 • Chandon estate acquisition done; renamed Domaine Rāsā. Plan to create another distinctive wine tourism destination in Nashik • Focus on expanding resort portfolio with new projects Strategic M&A • Pursue strategic investments and acquisitions in Wine Tourism and Indian AlcoBev Industry Expand Market Penetration • Cellar capacity increased by 1 Mn Liters in FY26 to a total capacity of 19.2 Mn Liters per annum at 33% lower capex. Accelerating Earnings Growth over next 3 years (FY26-FY29) with improved EBITDA margins and capital efficiency
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Thank You Sula Vineyards Mandar Kapse | IR Head Email: mandar.kapse@sulawines.com Contact No: +91 7304563606 For more information, please contact -