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Swing Capital

Sula Vineyards Ltd

NSE: SULA BSE: 543711

Incorporated in 2003, Sula Vineyards Limited is India's largest wine producer and seller as of March 31, 2022. The company also distributes wines under a bouquet of popular brands including "RASA," "Dindori", "The source," "Satori", "Madera" & "Dia" with its flagship brand "Sula" being the "category creator" of wine in India.[1]

₹157
52W: ₹139 — ₹336
PE 201 · Book ₹65.5 · +140% vs book
Market Cap₹1,328 Cr
Stock P/E201Price to Earnings
ROCE4.99%Return on Capital
ROE1.17%Return on Equity
Div. Yield1.28%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 237%

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 8.60% over past five years.
  • −Promoter holding is low: 24.6%
  • −Company has a low return on equity of 7.87% over last 3 years.
  • −Company has high debtors of 158 days.
  • −Working capital days have increased from 60.8 days to 90.9 days

Shareholding Pattern

Promoters24.55%
FIIs1.11%
DIIs17.3%
Public57.03%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters25.47%24.66%▼0.824.66%24.66%24.35%▼0.324.35%24.35%24.55%▲0.2
FIIs12.03%10.6%▼1.49.61%▼1.07.97%▼1.66.68%▼1.34.05%▼2.61.65%▼2.41.11%▼0.5
DIIs22.23%21.68%▼0.619.89%▼1.818.26%▼1.618.25%▼0.018.01%▼0.217.78%▼0.217.3%▼0.5
Public40.26%43.04%▲2.845.84%▲2.849.11%▲3.350.71%▲1.653.58%▲2.956.22%▲2.657.03%▲0.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales193.49117.49118.35115.23165.0789.891.08111.9154.91104.17
Expenses126.5790.7687.1993.82130.3781.5380.2694.06132.9489.41
Operating Profit66.9226.7331.1621.4134.78.2710.8217.8421.9714.76
OPM %34.59%22.75%26.33%18.58%21.02%9.21%11.88%15.94%14.18%14.17%
Net Profit41.1513.6314.577.3916.33-4.89-0.913.156.62-5.76
EPS ₹4.881.621.730.881.93-0.58-0.110.370.78-0.68

AI Insights

Revenue Trend

Mar 2026 revenue at ₹462Cr, down 5.3% YoY. OPM at 14%.

Debt Position

Borrowings at ₹265Cr. Debt-to-equity ratio: 0.49x. Healthy balance sheet.

Institutional Flow

DIIs: 17.3% (+7.07pp change). FIIs: 1.11% (-5.67pp change). Promoters hold 24.55%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 5% (Mar 2026). Working capital days: 91.

Valuation

PE 201x with 4.99% ROCE. Price is 140% above book value of ₹65.5. Dividend yield: 1.28%.

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