Incorporated in 2003, Sula Vineyards Limited is India's largest wine producer and seller, maintaining this position as of March 31, 2022. The company, founded by Rajeev Samant in 1999, operates a winery and vineyard in the Nashik region of western India, approximately 180 km northeast of Mumbai. Promoted by Mr. Rajeev Samant, Sula is India's largest wine producer and seller and a consistent market leader in the Indian wine industry.
Sula has established itself as a category creator in the Indian wine market, playing a pivotal role in transforming the country's wine landscape. It has grown to be India's largest and most awarded wine brand. Sula introduced grape varietals such as Chenin blanc, Sauvignon blanc, Riesling, and Zinfandel in India and is the leading player in the Indian wine industry, holding over 50% of the market share.
Sula Vineyards operates through two primary business segments that complement each other to create a comprehensive wine ecosystem:
1. Production of wine, import and distribution of wines and spirits: This segment encompasses manufacturing, importing, and distributing premium wines and spirits.
2. Sale of services from ownership and operation of wine tourism venues: This division focuses on providing experiential services through vineyard resorts and tasting facilities.
The company's wine business is engaged in the production of wine, the import of wines and spirits, and the distribution of wines and spirits. Its wine tourism business is engaged in the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms.
Sula Vineyards offers an extensive range of wine products across multiple categories and brands. The company distributes wines under a bouquet of popular brands including "RASA," "Dindori", "The Source," "Satori", "Madera" & "Dia," with its flagship brand "Sula" being the "category creator" of wine in India. The Company's product categories include red wine, white wine, Rosé Wine, sparkling wine, and wine in a can.
Its red wine products include Syrah, Zinfandel, Shiraz, and Shiraz Cabernet. Its white wine products include Chardonnay, Viognier, Chenin Blanc, and Riesling. The Company's Rosé Wine products include Grenache Rosé Wine and Zinfandel Rosé. Sula pioneered many classic grape varieties in India, including Sauvignon Blanc and Chenin Blanc (2000), Zinfandel (2003), and Riesling (2008). It also launched India's first Grenache Rosé and India's first and only sparkling Shiraz, and is a producer of India's best-selling red wine.
Sula Vineyards maintains a dominant position in the Indian wine industry through strategic expansion and operational excellence. From its humble beginnings of farming on a 20-acre family plot, Sula's aggressive expansion and strategic vineyard acquisitions have catapulted it to the forefront, covering an expanse of 1800 acres and boasting a production of three million liters, constituting 75 percent of India's wine output. Sula has acquired more than double the land of its top 3 competitors combined and has less than half the inventory days compared to them.
The company's leadership position is further reinforced by its comprehensive approach to winemaking and tourism. Sula is a pioneer in wine tourism in India, with luxury vineyard properties like The Source at Sula and Beyond by Sula, and The Tasting Room based in Nashik. Sula also imports and distributes leading international wines and spirits such as Le Grand Noir, Torres, Trapiche, Hardy's, Beluga Vodka, and more.
Sula Vineyards has revolutionized wine tourism in India, creating immersive experiences that attract visitors from across the country. Sula owns and operates two wine resorts called "The Source at Sula" and "Beyond by Sula" located near its plant in Nashik. It has a tasting room at its winery in Nashik and one at "Domaine Sula" vineyard in Karnataka. Its vineyards are located in Maharashtra and Karnataka.
The wine tourism segment has shown remarkable growth potential, consistently delivering strong performance across quarters. "Wine Tourism continued to demonstrate strong momentum, reporting its highest ever Q1 revenue, propelled by an increase in footfalls, record Q1 resort occupancy, and spends per guest," the company stated. Sula Vineyard's wine tourism attracted more than 12,000 visitors during the Christmas weekend.
Sula Vineyards Ltd has a market capitalization of ₹2,591 crore. As of May 20, 2025, 03:59 PM, the market cap of Sula Vineyards Ltd stood at ₹2,587.59 Cr.
For the fiscal year ended March 2025, Sula Vineyards Ltd posted a profit of ₹70.20 crore on a total income of ₹579.15 crore.
* Net profit declined 24.77% to ₹70.20 crore in FY25 as against ₹93.31 crore during the previous year ended March 2024.
* Sales rose 2.01% to ₹579.15 crore in FY25 as against ₹567.73 crore during the previous year ended March 2024.
For the quarter ended March 2025, Sula Vineyards Ltd reported a profit of ₹13.03 crore on a total income of ₹126.72 crore.
* Net profit declined 3.84% to ₹13.03 crore in Q4 FY25 as against ₹13.55 crore during the previous quarter ended March 2024.
* Sales rose 2.60% to ₹125.71 crore in Q4 FY25 as against ₹122.52 crore during the previous quarter ended March 2024.
Sula Vineyards reported a 7.9% year-on-year (Y-o-Y) decline in its revenue from operations to ₹118.3 crore in the quarter ended June 2025 (Q1 FY26), down from ₹128.4 crore in the same period last year. Revenue for the wine business segment declined 10.8% to ₹102.3 crore during the quarter, down from ₹114.6 crore in Q1 FY25.
However, the wine tourism segment continued its strong performance, seeing growth of 21.2%, generating ₹13.7 crore in revenue in Q1 FY26, up from ₹11.3 crore in the year-ago quarter.
In the quarter ending March 2025, Sula Vineyards Ltd has declared a dividend of ₹3.60, translating to a dividend yield of 2.67%.
* 52-week high share price: ₹520.00
* 52-week low share price: ₹242.55
* Latest PE ratio (as of May 20, 2025, 03:59 PM): 36.71
* Latest PB ratio (as of May 20, 2025, 03:59 PM): 0.22
* Promoter holding (as of Mar 2025): 24.66% (down from 25.47% as of Jun 2024)
Sula Vineyards demonstrates a strong commitment to sustainable winemaking practices and environmental responsibility. The company is committed to 100% sustainable winemaking by 2050, focusing on water management, energy conservation, and reducing its carbon footprint. Sula aims to increase solar energy usage and enhance methane capture while producing low-alcohol wines.
The company has invested significantly in renewable energy and water-saving methods to promote sustainability. Sula prides itself on being a partner in sustainable grapegrowing, winemaking, and viticulture, committed to ensuring sustainable growth and development for its farmers, communities, and the local environment.
Sula Vineyards remains optimistic about its growth prospects, particularly as the Indian wine market continues to mature. The company expects a rebound in FY26 after a slowdown in FY25, reporting record revenue of ₹619.4 crore. It aims to enhance earnings growth and expand cellar capacity, supported by positive market conditions and growth in Own Brand sales across multiple states.
Recent developments have also provided additional tailwinds for the company. On June 11, 2025, Sula Vineyards shares experienced significant gains, rising up to 18% after the Maharashtra government exempted wine from excise duty hikes. This positive sentiment was fueled by increased trading volumes and a favorable outlook for wine demand, despite previous underperformance in the stock. The exemption signals potential state support for the wine sector, crucial for Sula's market position.
