1. Wine Tourism resort expansion - The Haven (50 keys) opened in Q3 FY26, lifting total rooms \~50% to 154, with management targeting "significantly more than 200 keys" within 1.5 years and high double-digit room growth over the next two years. Wine Tourism is the highest-margin segment at \~13% of Q1 FY27 revenue, up 120 bps YoY, with FY27 share guided up another 200-300 bps.
2. Domaine RASA acquisition - The former Chandon estate (19 acres, ₹20 cr) was registered 23 June 2026; tasting room and bottle shop opened July 2026, winery operations start in Q4 FY27 for the 2027 harvest. This adds a second landmark Nashik wine tourism destination, building on the flagship campus that drew 3 lakh visitors in FY26.
3. Elite & Premium mix shift - Elite & Premium (₹750+) hit an all-time high 78% of Own Brands in Q1 FY27, up 310 bps YoY, with revenue of ₹81.2 cr growing 6.2% while Economy declined 10.5%. This mix carries the highest margins and compounds the 15% CAGR this segment delivered over FY21-FY26.
4. The Source & RASA premium scale-up - The Source grew over 25% in FY26 to cross 10% of Own Brands, and with RASA now accounts for an all-time high 16% of Own Brands sales. Distribution is expanding pan-India toward the flagship SULA brand's reach, with three new Source labels launched in the past year.
5. CSD channel expansion - CSD listings are set to rise from 9 to 14 wines, with preliminary approval received and completion expected by Q3 FY27. CSD sales grew nearly 40% in 9M FY26 from a \~4% revenue base, and management expects "significantly more" in FY27.
6. New market growth - Telangana & UP - Telangana returned to over 50% growth in Q1 FY27 after a December 2025 route-to-market disruption, while UP grew nearly 100% in Q4 FY26 under a new policy expanding retail licenses. Telangana is the third-largest market at 98% Elite & Premium mix, and UP is the category leader in non-fortified wine.
7. Cellar capacity at lower capex - FY26 cellar capacity rose 0.1 crore litres to 1.92 crore litres at 33% lower capex, with annual capex now guided to taper to ₹20-35 cr versus ₹50-60 cr through FY25. Lower ongoing capex frees cash flow while capacity utilization sits below 60%, leaving room to absorb demand without new spend.
8. Grape cost normalization - Harvest 2026 shifted to \~100% wine grapes, hitting gross margin by \~150 bps in Q1 FY27, with management expecting this to subside in Q4 FY27 and fully normalize from Q1 FY28. Table grape prices are expected to moderate from ₹35/kg to under ₹20/kg, restoring margins on the Economy & Popular portfolio.
9. Imported wine distribution rebuild - Sula is rebuilding its import portfolio ahead of India-EU FTA duty cuts, currently holding just two global brands with Le Grand Noir already the number 1 French wine in India. The first duty reduction to 75% is expected within a year, and over 95% of Sula's own portfolio sits below the ₹1,600 price point where EU imports would land.