Q2 & H1 FY26 – KEY HIGHLIGHTS
November 10, 2025, Mumbai: Sula Vineyards Limited (NSE: SULA), India’s largest wine producer,
announced its Q2 & H1 FY26 Results today.
Q2 FY26 Revenue from Operations
1.1% YoY primarily due to short-term route-to-market disruption in Telangana.
Excluding Telangana, revenue grew mid-single digit YoY.
HIGHEST EVER
Wine Tourism revenue of 13.2 Cr in Q2 FY26; 7.7% YoY.
Elite & Premium share stable at 78% in Q2 FY26. The Source continues to clock healthy double-digit growth.
Popular portfolio saw good recovery with double-digit growth led by brands -Samara and Port, maintaining salience of Economy & Popular.
Growth in Wine Tourism driven by increased footfalls, higher resort occupancy (77% in Q2 FY26 vs. 74% in
Q2 FY25) and spend per guest.
MR. RAJEEV SAMANT-CEO, Sula Vineyards
We reported steady revenue from operations in Q2 FY26. Our wine tourism business continued its strong growth
momentum to deliver a record Q2. Own Brands performance was subdued, primarily due to a short-term
route-to-market disruption in Telangana, our third-largest market. The expiry of retail licenses in Nov’25 led to
destocking ahead of new issuances. That said, with the license auction process expected to conclude soon and the supply transition to new holders commencing in Dec’25, we anticipate a good recovery towards latter half of H2.
Importantly, excluding the Telangana impact, revenue grew in mid-single digits year-on-year in Q2, supported by
healthy double-digit growth in 8 states – Haryana, Uttar Pradesh, Rajasthan, among others. Additionally, the CSD
segment too delivered a robust performance, with sales nearly doubling YoY, reflecting the benefits of expanded
label listings. The share of Elite & Premium stood stable at 78% in Q2 FY26. The Source range continued to post
strong double-digit growth, even amid a subdued urban demand environment.
Wine Tourism continues to be a stand-out, growing 8% YoY in Q2 led by increased footfalls, record Q2 resort
occupancy and higher spend per guest. In an exciting development, Sula launched its third resort – The Haven by
Sula – in Oct’25 featuring 30 keys and a state-of-the-art convention centre. We have had a good start to H2 with
strong bookings & footfalls in Oct’25, and the new resort will further add significant impetus to wine tourism
performance in H2.
Overall, looking ahead, Sula remains well-positioned to deliver improved operating profitability in the second half
of FY26, supported by a more favourable urban demand environment, higher WIPS income, and sustained traction in Wine Tourism.
