SULA

Sula Vineyards Limited

Sula Vineyards Limited (SULA) financial statements and selected valuation metrics through 30 June 2026.

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Beverages›Breweries & Distilleries

sulavineyards.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹136.48
Market cap
1,153 Cr
Stock P/E
46.5
P/B
1.96
Dividend yield
2.7%
ROE (FY26)
4.4%
ROCE (FY26)
7.6%
Operating margin (FY26)
10.8%
Debt / equity (FY26)
0.50
OCF / EBITDA (FY26)
97.4%
OCF / EBITDA (3Y)
65.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Sula (Sula Vineyards) makes and sells wine in India under its own brands, and runs wine tourism at its Nashik estates and resorts.

Company snapshot

12thBy market cap

Ranked among 15 companies in Breweries & Distilleries.

What we see

Positives
  • ✓Dividend payout of 120% — the company returns a meaningful share of profits to shareholders.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales143 Cr218 Cr132 Cr128 Cr141 Cr217 Cr133 Cr118 Cr140 Cr196 Cr143 Cr121 Cr
Operating expenses (approx.)99 Cr146 Cr102 Cr94 Cr108 Cr164 Cr105 Cr100 Cr114 Cr164 Cr115 Cr104 Cr
EBITDA44 Cr72 Cr29 Cr34 Cr34 Cr53 Cr28 Cr18 Cr25 Cr32 Cr28 Cr17 Cr
OPM %30.9%33.0%22.4%26.4%23.8%24.5%21.4%15.5%18.2%16.3%19.5%13.7%
Other income0.89 Cr1 Cr4 Cr1 Cr0.76 Cr0.90 Cr1 Cr0.98 Cr0.83 Cr0.91 Cr2 Cr2 Cr
Interest7 Cr8 Cr6 Cr7 Cr8 Cr8 Cr7 Cr8 Cr9 Cr8 Cr7 Cr7 Cr
Depreciation8 Cr8 Cr8 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr10 Cr10 Cr10 Cr
Profit before tax31 Cr57 Cr19 Cr19 Cr18 Cr37 Cr14 Cr3 Cr8 Cr13 Cr12 Cr2 Cr
Tax %25.4%24.7%27.6%24.9%19.9%24.6%3.9%24.2%27.2%27.5%28.4%30.3%
Net profit23 Cr43 Cr14 Cr15 Cr14 Cr28 Cr13 Cr2 Cr6 Cr9 Cr9 Cr1 Cr
EPS (₹)₹2.74₹5.09₹1.61₹1.73₹1.72₹3.32₹1.55₹0.23₹0.71₹1.08₹1.02₹0.13

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales522 Cr418 Cr454 Cr553 Cr609 Cr619 Cr596 CrSign in free for the trailing twelve months
Operating expenses (approx.)473 Cr357 Cr341 Cr396 Cr433 Cr470 Cr493 CrSign in free for the trailing twelve months
EBITDA49 Cr61 Cr113 Cr157 Cr176 Cr149 Cr103 CrSign in free for the trailing twelve months
OPM %9.4%14.6%25.0%28.5%28.9%24.1%17.4%Sign in free for the trailing twelve months
Other income2 Cr4 Cr3 Cr3 Cr8 Cr4 Cr4 CrSign in free for the trailing twelve months
Interest33 Cr33 Cr23 Cr21 Cr26 Cr30 Cr31 CrSign in free for the trailing twelve months
Depreciation35 Cr26 Cr24 Cr26 Cr32 Cr35 Cr39 CrSign in free for the trailing twelve months
Profit before tax-17 Cr3 Cr70 Cr114 Cr126 Cr88 Cr35 CrSign in free for the trailing twelve months
Tax %8.4%5.4%25.0%26.3%25.8%20.5%27.5%Sign in free for the trailing twelve months
Net profit-16 Cr3 Cr52 Cr84 Cr93 Cr70 Cr26 CrSign in free for the trailing twelve months
EPS (₹)₹-2.09₹0.40₹6.79₹10.19₹11.06₹8.32₹3.04Sign in free for the trailing twelve months
Dividend payout %———54.0%83.6%53.5%119.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital15 Cr15 Cr16 Cr17 Cr17 Cr17 Cr17 Cr
Reserves285 Cr290 Cr380 Cr515 Cr533 Cr569 Cr571 Cr
Borrowings368 Cr301 Cr229 Cr192 Cr300 Cr297 Cr294 Cr
Other liabilities160 Cr146 Cr134 Cr158 Cr177 Cr197 Cr214 Cr
Total liabilities831 Cr752 Cr759 Cr881 Cr1,026 Cr1,081 Cr1,096 Cr
Fixed assets (net)326 Cr304 Cr344 Cr406 Cr448 Cr488 Cr508 Cr
CWIP0.12 Cr0.11 Cr0.98 Cr2 Cr5 Cr5 Cr0.85 Cr
Investments0.08 Cr0.0030 Cr0.0030 Cr0.0030 Cr0 Cr0 Cr0 Cr
Loans & advances———2 Cr2 Cr2 Cr2 Cr
Inventories171 Cr144 Cr162 Cr179 Cr198 Cr216 Cr201 Cr
Trade receivables152 Cr124 Cr109 Cr115 Cr170 Cr234 Cr237 Cr
Cash & bank37 Cr41 Cr10 Cr16 Cr97 Cr7 Cr7 Cr
Other assets144 Cr139 Cr131 Cr162 Cr107 Cr128 Cr139 Cr
Total assets831 Cr752 Cr759 Cr881 Cr1,026 Cr1,081 Cr1,096 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity45 Cr120 Cr87 Cr88 Cr121 Cr58 Cr101 Cr
Cash from investing-44 Cr-22 Cr-57 Cr-73 Cr-43 Cr-75 Cr-33 Cr
Cash from financing33 Cr-94 Cr-61 Cr-9 Cr2 Cr-74 Cr-67 Cr
Net cash flow34 Cr3 Cr-31 Cr6 Cr81 Cr-90 Cr-0.03 Cr
Free cash flow (OCF − Capex)0.79 Cr104 Cr42 Cr19 Cr62 Cr-9 Cr69 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %2.3%6.0%14.8%18.7%17.9%13.4%7.6%
ROE %-5.2%1.0%13.2%15.8%17.0%12.0%4.4%
Debtor days1061088875102138145
Inventory days572783530541539647663
Days payable276317220248228276316
Cash conversion cycle402573397368414509492
OCF / EBITDA %91.3%196.1%77.2%56.1%68.9%39.2%97.4%
OCF / EBITDA % (3 years)——112.7%89.0%66.5%55.5%65.4%
Debt / equity1.230.990.580.360.540.510.50
Current ratio1.091.161.281.571.301.421.43
Net debt / EBITDA6.764.271.931.111.151.942.77