Sula Vineyards Ltd. (SULA) AI Stock Analysis

• Market Cap: ₹12.64B
• Dividend Yield: 1.67%
• Average Volume (3M): 20.94K
• Price to Earnings (P/E): 50.4
• Beta (1Y): 1.39
• Revenue Growth: -2.15%
• EPS Growth: -42.78%
• Country: IN
• Employees: 762
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): 1.10
• Shares Outstanding: 84,447,230
• 10 Day Avg. Volume: 20,937
• 30 Day Avg. Volume: 20,943
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 3.69
• Revenue Forecast (FY): ₹5.61B

• Rating: 57 Neutral
• Price Target: ₹148.00 ▼(-32.25% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 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

High Gross Margin

A ~76% gross margin signals strong product-level economics and pricing power in Sula's branded wines. High gross margins provide a structural cushion against input cost swings, support sustained brand investments and hospitality operations, and enable reinvestment for long-term premium positioning.

Negative Factors

Negative Free Cash Flow

Negative free cash flow driven by higher capex and weaker cash conversion is a structural concern. Persistently negative FCF can force reliance on external financing, constrain marketing or vineyard investments, and limit the company's ability to self-fund growth or weather industry cyclicality.

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...

Read more

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...

Read more

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

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

• Technical Analysis Sentiment: Negative
• Last Price: 218.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SULA, the sentiment is Negative. The current price of 218.45 is above the 20-day moving average (MA) of 158.64, above the 50-day MA of 174.93, and below the 200-day MA of 239.37, indicating a bearish trend. The MACD of -7.98 indicates Negative momentum. The RSI at 36.05 is Neutral, neither overbought nor oversold. The STOCH value of 41.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SULA.

Sula Vineyards Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GMBREW	75 Outperform	₹23.31B	16.42	―	0.72%	―	―
TI	66 Neutral	₹105.92B	-24.49	―	0.21%	3.35%	56.08%
SDBL	66 Neutral	₹13.27B	121.41	―	―	-0.87%	10.87%
ASALCBR	64 Neutral	₹12.99B	16.60	―	0.21%	16.02%	48.63%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
SULA	57 Neutral	₹12.64B	50.36	―	1.67%	-2.15%	-42.78%
RKDL	41 Neutral	₹438.96M	724.38	―	―	4.30%	-40.22%

Sula Vineyards Ltd. Corporate Events