Sula Vineyards Share Price: Profit **40%** Dhadaam! Par Kya Wine Tourism Bachayega?

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AuthorAarav Shah|Published at:
Sula Vineyards Share Price: Profit **40%** Dhadaam! Par Kya Wine Tourism Bachayega?
Overview

Sula Vineyards ke liye Q3 FY26 thoda mushkil raha. Company ka EBITDA **39.8%** gir gaya, lagbhag **₹32 Cr** par aa gaya. Revenue bhi **9.7%** kam hua, reason Karnataka mein destocking. Lekin tension nahi, Wine Tourism ne sab sambhal liya, **33.7%** upar bhaag gaya! Management bol raha hai ki ab bottom lag gaya hai aur aage recovery hogi.

Kyun hui itni badi giraawat? 📉

Dekho, Sula Vineyards ne Q3 FY26 mein ₹195.7 Crore ka revenue report kiya, jo pichle saal ke comparison mein 9.7% kam hai. Ye revenue drop ka main reason tha Karnataka mein chal raha 'tactical destocking' exercise. Basically, company ne wahan inventory ko adjust karne ke liye supply thodi kam ki thi, jiske karan sales immediate basis par gire. Agar ye step na uthaya jaata, toh revenue practically flat hi rehta.

Iska asar seedha EBITDA par pada, jo 39.8% gir kar ₹32.0 Crore par aa gaya. Margin bhi kaafi compress ho gaya, pichle saal ke 24.5% se gir kar 16.3% ho gaya, matlab 816 basis points ka gap aaya.

Nine-month (9M) FY26 tak ki baat karein toh, revenue 6.7% kam hokar ₹453.6 Crore aur EBITDA 37.2% gir kar ₹75.7 Crore raha. Margins bhi 16.7% par aa gaye.

Par ek segment ne kiya kamaal! ✨

Jahan Sula ka 'Own Brands' segment revenue mein 12.9% year-on-year drop dikha raha tha, wahi Wine Tourism ekdum shine kar gaya! Tourism revenue 33.7% badh kar ₹22.0 Crore ho gaya. Ye tab hua jab 17% zyada log winery visit karne aaye. Unki resort offering bhi badhi hai, jismein 'The Haven by Sula' mein 50 naye keys jude hain, ab total 154 keys ho gaye hain. Unka Elite & Premium portfolio bhi strong raha, jo lagbhag 80% revenue de raha hai, aur 'The Source' range mein toh double-digit growth dikha.

Aage ka outlook kya hai? 🤔

Company ke CEO Rajeev Samant ka kehna hai ki Q3 FY26 hi revenue aur profitability ke liye "bottom" point tha. Unko ummeed hai ki aage ke quarters mein achhi recovery hogi, jismein Own Brands phir se track par aa jayenge aur Wine Tourism grow karta rahega. Maharashtra jaisi markets mein demand theek ho rahi hai. Lekin investors ko dhyan rakhna hoga ki Own Brands kitni jaldi recover karte hain, naye resort projects kaise manage hote hain, aur Nashik mein jo naya resort project aa raha hai usmein kitna investment lagega.

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