Sula Vineyards Ltd. (IN:SULA)
:SULA
Want to see IN:SULA full AI Analyst Report?
Top Page
Sula Vineyards Ltd.
(SULA)
Select Model
Select Model
Rating:57Neutral
Price Target:
₹144.00
▼(-34.08% Downside)
Action:ReiteratedDate:03/10/26
The score is driven by solid underlying financial performance (growth and strong gross margins) but is meaningfully held back by negative free cash flow and weakening profitability/ROE. Technicals are notably bearish with the stock well below major moving averages and negative MACD, while valuation remains expensive at ~50x earnings despite a modest ~2.17% dividend yield.
Positive Factors
Strong Gross Margins
A ~76% gross margin indicates durable production and pricing advantages in winemaking and branded beverages. High gross margins provide a structural buffer against input cost swings, support reinvestment in brand and distribution, and underpin long-term profitability if maintained.
Negative Factors
Negative Free Cash Flow
Negative free cash flow in 2025 signals weaker cash conversion and that capex is outpacing operating cash generation. In a capital-intensive vineyard and hospitality business, persistent negative FCF can force external financing, constrain dividends, and limit strategic flexibility over months to years.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Gross Margins
A ~76% gross margin indicates durable production and pricing advantages in winemaking and branded beverages. High gross margins provide a structural buffer against input cost swings, support reinvestment in brand and distribution, and underpin long-term profitability if maintained.
Read all positive factors
Sula Vineyards Ltd. (SULA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹14.99B
Dividend Yield1.67%
Average Volume (3M)20.94K
Price to Earnings (P/E)50.4
Beta (1Y)1.34
Revenue Growth-5.09%
EPS Growth-57.46%
CountryIN
Employees762
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)1.10
Shares Outstanding84,447,230
10 Day Avg. Volume20,937
30 Day Avg. Volume20,943
Financial Highlights & Ratios
PEG Ratio-1.34
Price to Book (P/B)3.98
Price to Sales (P/S)4.02
P/FCF Ratio-256.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6.71
Revenue Forecast (FY)₹6.32B
Sula Vineyards Ltd. Business Overview & Revenue Model
Company Description
Sula Vineyards Limited manufactures, purchases, imports, distributes, and sells wine and other alcoholic beverages. It offers white, red, rosé, and sparkling wines; and spirits under the RASA, The Source, Dindori, SULA CLASSICS, and York brand nam...
How the Company Makes Money
Sula Vineyards makes money primarily through (1) selling alcoholic beverages—most notably its branded wines—into the domestic market via distribution channels (e.g., state-based alcohol retail networks, on-trade such as hotels/restaurants, and oth...
Sula Vineyards Ltd. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.75B | 5.79B | 5.68B | 5.17B | 4.24B | 3.57B |
| Gross Profit | 4.12B | 4.41B | 3.15B | 2.54B | 3.07B | 1.93B |
| EBITDA | 1.29B | 1.53B | 1.82B | 1.59B | 1.16B | 605.37M |
| Net Income | 490.50M | 702.00M | 933.10M | 840.50M | 521.39M | 30.14M |
Balance Sheet | ||||||
| Total Assets | 10.93B | 10.81B | 10.26B | 8.81B | 7.59B | 7.52B |
| Cash, Cash Equivalents and Short-Term Investments | 930.00M | 72.20M | 971.90M | 337.60M | 195.84M | 407.91M |
| Total Debt | 4.00B | 3.15B | 3.24B | 2.03B | 2.40B | 3.15B |
| Total Liabilities | 5.27B | 4.94B | 4.76B | 3.49B | 3.63B | 4.47B |
| Stockholders Equity | 5.66B | 5.86B | 5.50B | 5.32B | 3.95B | 3.05B |
Cash Flow | ||||||
| Free Cash Flow | -171.10M | -91.00M | 618.80M | 208.00M | 324.62M | 1.03B |
| Operating Cash Flow | 41.10M | 583.80M | 1.21B | 899.10M | 874.39M | 1.20B |
| Investing Cash Flow | -219.40M | -748.10M | -428.50M | -743.80M | -567.92M | -217.05M |
| Financing Cash Flow | 245.10M | -735.40M | 24.80M | -93.60M | -612.52M | -944.78M |
Sula Vineyards Ltd. Technical Analysis
Neutral
218.45
Price Trends
167.51
Positive
190.88
Negative
230.85
Negative
Market Momentum
1.41
Negative
61.79
Neutral
92.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SULA, the sentiment is Neutral. The current price of 218.45 is above the 20-day moving average (MA) of 157.33, above the 50-day MA of 167.51, and below the 200-day MA of 230.85, indicating a neutral trend. The MACD of 1.41 indicates Negative momentum. The RSI at 61.79 is Neutral, neither overbought nor oversold. The STOCH value of 92.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:SULA.
Sula Vineyards Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹17.97B | 121.41 | ― | ― | -6.60% | -6.25% | |
66 Neutral | ₹114.17B | -24.49 | ― | 0.21% | 30.79% | -30.63% | |
64 Neutral | ₹17.07B | 16.60 | ― | 0.21% | -4.86% | 20.35% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | ₹22.26B | 15.28 | ― | 0.72% | 17.48% | 21.54% | |
57 Neutral | ₹14.99B | 50.36 | ― | 1.67% | -5.09% | -57.46% | |
41 Neutral | ₹530.40M | 724.38 | ― | ― | -26.80% | -92.17% |
* Consumer Defensive Sector Average
IN:SULA
Sula Vineyards Ltd.
178.20
-101.86
-36.37%
IN:ASALCBR
Associated Alcohols & Breweries Ltd.
881.90
-213.28
-19.47%
IN:GMBREW
G.M. Breweries Ltd.
969.90
313.81
47.83%
IN:RKDL
Ravikumar Distilleries Ltd.
22.05
-5.09
-18.75%
IN:SDBL
Som Distilleries & Breweries Ltd.
89.55
-44.85
-33.37%
IN:TI
Tilaknagar Industries Limited
460.00
174.27
60.99%
Sula Vineyards Ltd. Corporate Events
Sula Vineyards Sets 9 February Earnings Call for Q3 and Nine-Month FY26 Results
Jan 29, 2026
Sula Vineyards has scheduled an earnings conference call on 9 February 2026 at 4:00 p.m. IST to discuss its financial results for the third quarter and nine months ended 31 December 2025. The call, to be led by MD CEO Rajeev Samant and CFO Abhish...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.