Sula Vineyards Q1 revenue falls 8% YoY, but wine tourism surges 22%

Sula Vineyards Ltd reported a mixed set of numbers for the quarter ended June 2025, with consolidated net revenue falling 7.9% YoY to ₹118.3 crore, compared to ₹128.4 crore in Q1 FY25.

The decline was largely led by a 10.8% fall in own-brand wine revenue, which dropped to ₹102.3 crore amid a continued urban consumption slowdown and spillover effects of excise-driven trade pre-loading in Maharashtra.

The company noted that excluding last year’s one-time benefit of ₹10.4 crore from WIPS unwinding, underlying revenue was flat YoY.

However, wine tourism emerged as a bright spot, with revenue rising 21.8% YoY to ₹13.7 crore, driven by higher footfalls, record Q1 occupancy at its resorts, and increased guest spending. The recently operationalised Samruddhi Highway, which reduces travel time from Mumbai to Nashik, also aided momentum.

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Sula’s elite and premium wines, including The Source and RASA, saw strong growth, and the company launched 'Sula Muscat Blanc', India’s first low-alcohol Muscat wine at 7.5% ABV.

At 2:02 pm on Friday, shares of Sula Vineyards closed at ₹299.40, down 0.65% on the NSE.