Sula Vineyards reports sharp profit decline amid weak demand and rising costs
India's top winemaker saw profits tumble as weak regional demand and new labor laws increased expenses. Growth in tourism failed to offset core brand losses.
Insights:
Sula Vineyards Limited reported a 68% decline in consolidated quarterly net profit to 91 million rupees for the quarter ended December 31. The results, announced on February 6, 2026, indicate that the company’s earnings and margins were significantly reduced during the period as it faced both regional market challenges and new regulatory costs in IN 
IN.
IN.The downturn was primarily driven by about a 10% fall in revenue, which the company attributed to subdued demand in the southern state of Karnataka. This decrease in consumer interest impacted Sula's own-brands wine business, reflecting a broader shift in the Indian winemaking / liquor sector during the final months of the year.
