Sula Vineyards’ wine tourism reaches all-time high

Sula Vineyards reported a stable performance for the quarter ended September 2025 (Q2 FY26), with record growth in its wine tourism business, offsetting a slight dip in its core wine segment.

Revenue from operations stood at ₹139.7 crore, marginally lower than ₹141.2 crore in the same quarter last year. The company’s Own Brands segment declined 2.5 percent year-on-year to ₹124.1 crore, primarily due to distribution challenges in Telangana. In contrast, wine tourism revenue rose 7.7 percent to ₹13.2 crore, marking Sula’s best-ever second quarter for the segment, driven by record footfalls and increased guest spending.

For the first half of FY26, total revenue stood at ₹258 crore, nearly unchanged from the previous year after adjusting for a one-time inventory gain.

Sula attributed the temporary slowdown in Telangana, its third-largest market, to the expiry of retail licences, which prompted retailers to destock ahead of new allocations. Excluding Telangana, the company’s Own Brands segment recorded low single-digit growth. The Elite and Premium wine categories continued to dominate, contributing 78 percent to sales. Muscat Blanc, Sula’s first low-alcohol premium wine, received positive consumer feedback.

The wine tourism segment continued its strong momentum, achieving 77 percent occupancy compared to 74 percent last year and setting a record for single-day revenue during the Independence Day weekend.

Adding to its hospitality portfolio, Sula inaugurated The Haven by Sula, a 30-room luxury resort near York Winery in Nashik, featuring lake views, gourmet dining and event spaces. The property is expected to further boost visitor numbers in the second half of the fiscal year.

With favourable monsoon conditions across Maharashtra and Karnataka, Sula anticipates a robust grape harvest, which could mark its sixth consecutive healthy season.