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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sula Vineyards
Sula Vineyards (SULA) investor relations material
Sula Vineyards Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary12 Nov, 2026
Executive summary
Q2 FY27 consolidated revenue rose 4% YoY to ₹145.44 crore, operating EBITDA increased 7.9% to ₹27.5 crore, and net profit rose 34% to ₹8.09 crore; net debt fell ₹49 crore YoY to ₹306 crore.
Premiumization and wine tourism supported growth: Elite & Premium sales share reached 82%, up 420 bps, while Wine Tourism revenue rose 24% to ₹16.3 crore.
The board approved diversification into de-alcoholised wine and development of a York Winery hotel through wholly owned subsidiary ASPL.
Financial highlights
Consolidated Q2 revenue from operations was ₹145.44 crore versus ₹139.66 crore; H1 revenue was ₹266.23 crore versus ₹257.95 crore, and H1 net profit was ₹9.15 crore versus ₹7.96 crore.
Net revenue from operations was ₹135.5 crore, up 4%; operating EBITDA was ₹27.5 crore, up 7.9%, and PAT was ₹8.1 crore, up 34%.
Gross profit was ₹89.7 crore, down 1%; gross margin declined 278 bps to 66.2%, including pressure from higher blended grape costs.
Standalone Q2 revenue was ₹125.33 crore versus ₹120.26 crore, and net profit was ₹6.14 crore versus ₹3.15 crore; H1 revenue was ₹231.98 crore and net profit ₹10.20 crore.
Consolidated Q2 profit before tax was ₹10.92 crore versus ₹8.27 crore; EPS was ₹0.95 versus ₹0.71.
Outlook and guidance
Grape-cost pressure is expected to persist in Q3, ease from Q4 FY27, and normalize from Q1 FY28 as the wine/table grape mix rebalances.
Management aims to close FY27 strongly and improve EBITDA year on year each quarter; strategy targets faster earnings growth, improved margins and capital efficiency over FY26–FY29.
Full-year FY27 WIPS accrual is expected at ₹49–50 crore, with H2 typically accounting for the larger share.
A 30–40-room York Winery hotel is targeted for completion by March 2028, adding ~20% to existing 155-room capacity; investment is estimated at ₹25 crore.
Wine-based RTDs are planned for Q3 FY27; de-alcoholised wine development will use existing infrastructure and is subject to applicable laws and approvals.
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Latest events from Sula Vineyards
- COVID-19 disruption pushed FY20 to a consolidated loss despite continued expansion.SULA
Q4 19/20 - Q1 FY27 revenue up 3% YoY, wine tourism up 12%, with margins pressured by grape costs.SULAQ1 26/27
- Q4 FY26 revenue up 7% YoY, but FY26 net profit fell sharply; dividend set at ₹2 per share.SULAQ4 25/26
- Strong revenue, margin, and premium segment growth, with focus on sustainability and tourism.SULAQ3 23/24
- Record Q1 sales, 10% revenue growth, and resilience despite external headwinds and seasonality.SULAQ1 24/25
- Q3 revenue fell on destocking, but wine tourism and premium segments posted strong growth.SULAQ3 25/26
- Q2 FY25 profit and revenue fell, but premiumization and expansion support a positive H2 outlook.SULAQ2 24/25
- Q3 FY25 saw margin pressure but strong premium segment and wine tourism set up FY26 growth.SULAQ3 24/25
- Record wine tourism and revenue growth offset by lower FY25 profit; dividend and expansion ahead.SULAQ4 24/25
Next Sula Vineyards earnings date
Q3 26/274 Feb, 2027
Sula Vineyards
Next Sula Vineyards earnings date
Q3 26/274 Feb, 2027
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