Sula Vineyards Limited | Globe Capital Market LTD.
Sula Vineyards Limited
Price Band
Rs. 340 to 357
IPO Issue Period
Dec 12, 2022 to Dec 14, 2022
Issue Size
960.35 Cr
Face value
Rs. 2
Fresh issue
Offer for sale
960.35 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
KFin Technologies Limited
Tentative Listing Date
Dec 22, 2022
Not More than 50% of the offer
Not less than 15% of the offer
Not less than 35% of the offer

Kotak Mahindra Capital Company Limited
CLSA India Private Limited
IIFL Securities Ltd

Incorporated in 2003, Sula Vineyards Limited is the India’s largest wine producer and seller as of March 31, 2022. The company also distribute 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.

The company’s business is broadly classified under two categories (i) the production of wine, the import of wines and spirits, and the distribution of wines and spirits (the “Wine Business”); and (ii) the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms (the “Wine Tourism Business“)

Currently, the company produces 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.

The company have managed to build the largest distribution network among wine companies in India, with close to 13,000 retail touchpoints across the country in 2021.

The company also have a strong direct-to-consumer (“D2C”) selling channel primarily through the Wine Tourism Business facilities in Nashik and Bengaluru. Sula Vineyards Limited had entered into long-term supply arrangements (of up to 12 years) with grape growers for approximately 2,290 acres as of September 30, 2022.

The company’s distribution platform included over 50 distributors, 11 corporations, 14 licensed resellers, 7 company depots, and 3 defence units as of September 30, 2022. The company also has over 23,000 points of sale (including over 13,500 retail touchpoints and over 9,000 hotels, restaurants and caterers) as of March 31, 2022.

As of September 30, 2022, the company had a sales force of 141 permanent employees.

For year/ period ended ( in Cr.)

H1FY22 FY21 FY20
Total Revenue 453.92 417.96 521.63
Profit After Tax 52.14 3.01 (15.94)
EPS 6.79 0.40 (2.09)
OPM (%) 25.57% 15.44% 9.68%
PATM (%) 11.49% 0.72% (3.06%)


  • Established market leader in the Indian wine industry with the leading brand “Sula”
  • Largest wine producer in India with the widest and innovative product offering supported by an efficient production mechanism
  • Largest wine distribution network and sales presence
  • Secured supply of raw material with long-term contracts exclusive to Sula
  • Leader and pioneer of the wine tourism business in India

The company will not receive any proceeds of the Offer for Sale by the Selling Shareholders.

The company enjoys leadership in the wine segment with over 52% market share. Based on its financial track record the issue appears fully priced and discounts all near-term positives. Cash surplus investors may consider investment for a long-term reward.

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