Sula Vineyards Limited — Annual Report 2026

May 6, 2026

SULA
VINEYARDS

Date: 6th May, 2026

To,
National Stock Exchange of India Limited (“NSE”),
The Listing Department
“Exchange Plaza”, 5th Floor,
Plot No. C/1, G Block, Bandra-Kurla Complex
Bandra (East), Mumbai – 400051.

To,
BSE Limited (“BSE”),
Corporate Relationship Department,
2nd Floor, New Trading Ring,
P.J. Towers, Dalal Street,
Mumbai – 400 001.

NSE Symbol: SULA
ISIN: INE142Q01026
BSE Scrip Code: 543711
ISIN: INE142Q01026

Sub: Outcome of the Board Meeting – 6th May, 2026

Dear Sir/Madam,

In furtherance to our letter dated 29th April, 2026 and pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), the Board of Directors of the Company at its meeting held today i.e. Wednesday, 6th May, 2026, which commenced at 03:18 p.m. and concluded at 4:21 p.m. has inter-alia, considered and approved the following:

1. The Audited standalone and consolidated financial results of the Company for the quarter and financial year ended 31st March, 2026, along with the audit report thereon issued by the Statutory Auditors of the Company.

2. Recommendation of a Final Dividend of Rs. 2/- (100%) per Ordinary (Equity) Shares of the face value of Rs. 2 each for the financial year ended 31st March, 2026 (vis-à-vis Rs. 3.6/- (180%) per Ordinary (Equity) Shares, declared for the previous financial year ended 31st March, 2025).

In this regard, please find enclosed the following:

a. A copy of Standalone and Consolidated Financial Results for the fourth quarter and financial year ended 31st March, 2026, as approved by the Board of Directors today together with Unmodified report of the Statutory Auditors on the Audited Standalone and the Consolidated Financial Results of the Company, as enclosed herewith as Annexure - I;

Further, an extract of the aforementioned financial results will be published in the newspapers in accordance with the requirements of the SEBI Listing Regulations.

b. A declaration signed by the Chief Financial Officer of the Company on the Statutory Auditor’s Report with an unmodified opinion pursuant to the SEBI Circular No. CIR/ CFD/CMD/56/2016 dated 27th May, 2016, as enclosed herewith as Annexure – II.

c. A declaration signed by the Chief Financial Officer & Company Secretary of the Company w.r.t. Large Corporate Disclosure for the financial year ended 31st March, 2026, as enclosed herewith as Annexure – III.

SULA VINEYARDS LIMITED
(formerly known as Sula Vineyards Private Limited)
Regd. Office: 901, Solaris One, N.S. Phadke Marg, Andheri (E), Mumbai 400069, Maharashtra, India.
Tel: 022-6128 0606/607 Fax: 022-2684 6064 Email: info@sulawines.com CIN: L15549MH2003PLC139352
Winery: Gat 36/2, Govardhan Village, Gangapur-Savargaon Road, Nashik 422 222, Maharashtra, India Tel: +91 253 3027777/701
www.sulavineyards.com

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SULA
VINEYARDS

1. Approved the date of Annual General Meeting (“AGM”) and Record date:

a. The 23rd Annual General Meeting of the Company for the financial year ended 31st March, 2026 will be held on Thursday, 25th June, 2026 through video conferencing/other audio-visual means.

b. The Dividend on Equity Shares for the financial year ended 31st March 2026, as recommended by the Board of Directors and as may be declared by the shareholders at the ensuing AGM, will be paid within 30 days from the date of approval in the AGM. The record date for the purpose of determining shareholders eligible to receive dividend shall be Friday, 22nd May, 2026.

This above information will also be made available on the website of the Company at https://sulavineyards.com/investor-relations.php.

This is for your information and records.

Thanking you,

For Sula Vineyards Limited

Gayathri Iyer
Company Secretary and Compliance Officer
Membership No: A38069

Encl: As above

SULA VINEYARDS LIMITED
(formerly known as Sula Vineyards Private Limited)
Regd. Office: 901, Solaris One, N.S. Phadke Marg, Andheri (E), Mumbai 400069, Maharashtra, India.
Tel: 022-6128 0606/607 Fax: 022-2684 6064 Email: info@sulawines.com CIN: L15549MH2003PLC139352
Winery: Gat 36/2, Govardhan Village, Gangapur-Savargaon Road, Nashik 422 222, Maharashtra, India Tel: +91 253 3027777/701
www.sulavineyards.com

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Annexure - I

Walker Chandiok & Co LLP

Walker Chandiok & Co LLP
42nd Floor,
Building Commerz III,
International Business Park,
Oberoi Garden City,
Off Western Express Highway,
Goregaon (East),
Mumbai - 400063
T +91 22 6626 2699

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Sula Vineyards Limited

Opinion

1. We have audited the accompanying consolidated annual financial results ('the Statement') of Sula Vineyards Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), for the year ended 31 March 2026, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations').

2. In our opinion and to the best of our information and according to the explanations given to us, the Statement:

(i) includes the annual financial results of the entities listed in Annexure 1:
(ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and
(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial information of the Group, for the year ended 31 March 2026.

Chartered Accountants

Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa,Gorugram, Guwahati, Hyderabad, Indore, Kadhi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC 2085 and has its registered office at L-41, Connaught Cirrus, Outer Circle, New Delhi, 110001, India

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Sula Vineyards Limited
Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Statement Section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘the ICAI’) together with the ethical requirements that are relevant to our audit of the consolidated financial results under the provisions of the Act, and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Statement

1. The Statement has been prepared on the basis of the consolidated annual financial statements and has been approved by the Holding Company’s Board of Directors. The Holding Company’s Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the consolidated net profit and other comprehensive income, and other financial information of the Group in accordance with the Ind AS prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group, are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Group, and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively, for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

2. In preparing the Statement, the respective Board of Directors of the companies included in the Group, are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

3. Those respective Board of Directors are also responsible for overseeing the financial reporting process of the companies included in the Group.

Auditor’s Responsibilities for the Audit of the Statement

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Act will always detect a material misstatement, when it exists. Misstatements can arise from fraud or error, and are considered material if, individually, or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

Chartered Accountants
Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune
Walker Chandlok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

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Sula Vineyards Limited

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

1. As part of an audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

2. Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

3. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls;

4. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors;

5. Conclude on the appropriateness of Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group, to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern;

6. Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation; and

7. Obtain sufficient appropriate audit evidence regarding the financial results of the entities or business activities within the Group, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors.

8. We communicate with those charged with governance of the Holding Company and such other entities included in the Statement, of which we are the independent auditors, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

9. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Chartered Accountants

Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gunugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandlok & Co LLP is registered with limited liability with identification number AAC-2065 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

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Sula Vineyards Limited
Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Other Matter

1. The Statement includes the consolidated financial results for the quarter 31 March 2026, being the balancing figures between the audited consolidated figures in respect of the full financial year and the published unaudited year-to-date consolidated figures up to the third quarter of the current financial year, which were subjected to limited review by us.

For Walker Chandlok & Co LLP
Chartered Accountants
Firm Registration No:001076N/N500013

Rohan Jain
Partner
Membership No:139536
UDIN:26139536PTMCRG3632
Place: Mumbai
Date: 06 May 2026

Page 4 of 5

Chartered Accountants
Offices in: Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gunagram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Nokia and Pune
Walker Chandlok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Annexure 1

List of entities included in the Statement

(a) Sula Vineyards Limited
(b) Artisan Spirits Private Limited
(c) N D Wines Private Limited (w.e.f. 12 April 2024)

Chartered Accountants
Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gunagram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune
Walker Chandlok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

SULA

VINEYARDS

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2026

(Amount in INR crore, unless otherwise stated)

Sr. No	Particulars	Quarter ended			Year ended
		31 March 2026	31 December 2026	31 March 2025	31 March 2026	31 March 2025
		Unaudited (Refer note 7)	Unaudited	Unaudited (Refer note 7)	Audited	Audited
1	Income
	(a) Revenue from operations	142.56	195.68	133.09	596.19	619.38
	(b) Other income	1.61	0.91	1.01	4.33	3.93
	Total Income (a+b)	144.17	196.69	134.10	600.62	623.31
2	Expenses
	(a) Cost of materials consumed	71.96	17.02	77.79	110.23	121.48
	(b) Purchases of stock-in-trade	13.14	10.73	11.10	41.54	30.02
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(51.01)	35.80	(67.22)	15.04	(13.53)
	(d) Excise duty on sales	7.65	15.27	7.38	40.32	40.23
	(e) Employee benefits expense	20.41	24.79	20.91	91.71	93.82
	(f) Finance costs	7.14	8.19	7.17	31.39	29.67
	(g) Depreciation and amortisation expenses	10.08	10.41	8.74	39.17	34.99
	(h) Other expenses:
	- Selling, distribution and marketing expenses	20.95	30.43	22.14	85.25	91.07
	- Others	31.73	29.69	32.53	108.66	107.22
Total expenses (a+b+c+d+e+f+g+h)	132.05	152.33	120.54	563.31	534.97
3	Profit before exceptional Item and tax (1-2)	12.12	14.26	13.56	37.21	88.34
4	Exceptional Item (Refer note 5)	(0.12)	(1.70)	-	(1.82)	-
5	Profit before tax (3+4)	12.00	12.56	13.56	35.39	88.34
6	Tax expense / (credit)
	(a) Current tax	2.45	4.77	1.95	10.58	17.00
	(b) Deferred tax	0.96	(1.31)	(1.42)	(0.84)	1.14
	Total tax expenses (a+b)	3.41	3.46	0.53	9.74	18.14
7	Net profit for the quarter/ year (5-6)	8.59	9.10	13.03	25.65	70.20
8	Other comprehensive income (OCI)
	(a) Items that will not be reclassified to profit or loss
	- Gain on remeasurement of defined benefit plans (net of tax)	1.62	0.65	0.60	1.94	0.10
	(b) Items that will be reclassified to profit or loss
9	Other comprehensive income for the quarter/ year, net of tax	1.62	0.65	0.60	1.94	0.10
	Total comprehensive income for the quarter/ year (7+8)	10.21	9.75	13.63	27.59	70.30
	Net profit for the quarter/ year attributable to:
	Owners of the parent	8.59	9.10	13.03	25.65	70.20
	Non-controlling interest	-	-	-	-	-
	Other comprehensive income for the quarter/ year attributable to:
	Owners of the parent	1.62	0.65	0.60	1.94	0.10
	Non-controlling interest	-	-	-	-	-
	Total comprehensive income for the quarter/ year attributable to:
	Owners of the parent	10.21	9.75	13.63	27.59	70.30

Sula Vineyards Limited

(Formerly known as Sula Vineyards Private Limited)

Regd. Office: 901, Solaris One, N. S. Phadke Marg, Andheri (E), Mumbai - 400 069, Maharashtra, India

Tel: +91 22 6128 0606/ 607 Fax: +91 22 2684 6064 Email: info@sulawines.com CIN: L15549MH2003PLC139352

Winery: Gat 36/2, Govardhan Village, Gangapur-Savargaon Road, Nashik 422222, Maharashtra, India Tel: +91 253 3027 7777/ 701

www.sulavineyards.com

SULA

VINEYARDS

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2026
(INR in crore)

| Particulars | As at
31 March 2026 | As at
31 March 2025 |
| --- | --- | --- |
| | Audited | Audited |
| ASSETS | | |
| Non-current assets | | |
| Property, plant and equipment | 471.26 | 471.86 |
| Right-of-use assets | 36.40 | 16.32 |
| Capital work-in-progress | 0.85 | 4.87 |
| Goodwill | 1.67 | 2.52 |
| Other intangible assets | 2.72 | 4.61 |
| Intangible assets under development | - | 0.65 |
| Financial assets | | |
| Investments * | 0.00 | 0.00 |
| Loans | 1.78 | 2.24 |
| Other financial assets | 13.72 | 11.55 |
| Deferred tax assets (net) | 6.25 | 4.58 |
| Non-current tax assets (net) | 0.22 | 6.19 |
| Other non-current assets | 13.75 | 13.27 |
| Total non-current assets | 548.62 | 538.66 |
| Current assets | | |
| Inventories | 200.91 | 216.07 |
| Financial assets | | |
| Trade receivables | 237.19 | 234.41 |
| Cash and cash equivalents | 7.19 | 7.22 |
| Bank balances other than cash and cash equivalents | 2.18 | 1.15 |
| Loans | 2.44 | 1.90 |
| Other financial assets | 86.63 | 74.71 |
| Other current assets | 10.36 | 6.45 |
| Total current assets | 546.90 | 541.91 |
| TOTAL ASSETS | 1,095.52 | 1,080.57 |
| EQUITY AND LIABILITIES | | |
| Equity | | |
| Equity share capital | 16.89 | 16.88 |
| Other equity | 570.51 | 569.39 |
| Total equity | 587.40 | 586.27 |
| Liabilities | | |
| Non-current liabilities | | |
| Financial liabilities | | |
| Borrowings | 56.63 | 67.66 |
| Lease liabilities | 31.73 | 12.89 |
| Other financial liabilities | 4.02 | 0.28 |
| Provisions | 3.32 | 3.38 |
| Deferred tax liabilities (net) | 28.64 | 27.14 |
| Total non-current liabilities | 124.34 | 111.35 |
| Current liabilities | | |
| Financial liabilities | | |
| Borrowings | 237.44 | 229.45 |
| Lease liabilities | 7.13 | 5.25 |
| Trade payables | | |
| - Total outstanding dues of micro enterprises and small enterprises | 12.96 | 5.94 |
| - Total outstanding dues of creditors other than micro enterprises and small enterprises | 82.74 | 86.23 |
| Other financial liabilities | 17.80 | 24.03 |
| Other current liabilities | 23.40 | 27.59 |
| Provisions | 1.56 | 2.17 |
| Current tax liabilities (net) | 0.75 | 2.29 |
| Total current liabilities | 383.78 | 382.95 |
| TOTAL EQUITY AND LIABILITIES | 1,095.52 | 1,080.57 |

See accompanying notes to consolidated audited financial results
* Represents amount less than INR fifty thousand

R. Samant

www.sulavineyards.com

SULAYIYARDS

MUMBAI

SULAYIYARDS

Mumbai 400069

SULA

VINEYARDS

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026
(INR in crore)

| Particulars | Year ended
31 March 2026 | Year ended
31 March 2025 |
| --- | --- | --- |
| | Audited | Audited |
| A. CASH FLOW FROM OPERATING ACTIVITIES | | |
| Profit before tax | 35.39 | 88.34 |
| Adjustments for : | | |
| Depreciation and amortisation expense | 39.17 | 34.99 |
| Interest expense | 29.15 | 27.79 |
| Interest income | (2.55) | (2.38) |
| Gain on sale of investment in mutual fund | - | (0.61) |
| Impairment of intangible assets | 1.82 | - |
| Impairment of trade receivables | 0.30 | 0.27 |
| (Reversal of)/ allowance for non-moving/ obsolete inventory | (0.45) | 0.31 |
| Government grant related to depreciable assets | (0.28) | (0.28) |
| Share based payment expenses | 3.28 | 3.78 |
| Loss on disposal of property, plant and equipment (net) | 0.22 | 0.22 |
| Profit on termination of lease | (0.49) | (0.17) |
| Unrealised exchange loss/ (gain) on foreign currency translations (net) | 0.03 | (0.03) |
| | 70.20 | 63.89 |
| Operating profit before working capital changes | 105.59 | 152.23 |
| Adjustments for changes in working capital: | | |
| Decrease/ (increase) in inventories | 15.61 | (18.54) |
| Increase in trade receivables | (3.08) | (65.06) |
| Increase in financial assets and other asset | (15.91) | (2.93) |
| Increase in trade payables, current / non-current other financial liabilities, other liabilities | 4.69 | 12.98 |
| | 1.31 | (73.55) |
| Cash generated from operations | 106.90 | 78.68 |
| Direct taxes paid (net of refunds) | (6.15) | (20.30) |
| Net cash generated from operating activities (A) | 100.75 | 58.38 |
| B. CASH FLOW FROM INVESTING ACTIVITIES | | |
| Purchase of property, plant and equipment, capital work-in-progress, other intangible assets and intangible assets under development (net) | (32.21) | (67.48) |
| Payment towards acquisition of business (net of cash and cash equivalents acquired) | - | (12.98) |
| Proceeds from sale of property, plant and equipment and other intangible assets (net) | 0.16 | 2.11 |
| Loan given to employees (net) | (0.08) | (0.47) |
| (Placement of)/ proceeds from maturity of bank deposits (net) | (2.15) | 1.15 |
| Proceeds from sale of mutual funds | - | 94.86 |
| Investment in mutual funds | - | (94.25) |
| Interest received | 0.96 | 2.25 |
| Net cash used in investing activities (B) | (33.32) | (74.81) |
| C. CASH FLOW FROM FINANCING ACTIVITIES | | |
| Proceeds from issue of equity share capital on exercise of employee stock options | 0.65 | 0.17 |
| Proceeds from long-term borrowings | 30.93 | 61.50 |
| Repayment of long-term borrowings | (34.50) | (44.96) |
| Proceeds from short-term borrowings | 28.53 | 26.64 |
| Repayment of short-term borrowings | (21.55) | (41.70) |
| Repayment of working capital demand loans (net) | (6.45) | (4.00) |
| Repayment of principal portion of lease liabilities | (6.17) | (5.09) |
| Payment of interest on lease liabilities | (2.47) | (1.78) |
| Interest paid | (25.73) | (26.76) |
| Dividend paid | (30.70) | (37.56) |
| Net cash used in financing activities (C) | (67.46) | (73.54) |
| Net decrease in cash and cash equivalents (A+B+C) | (0.03) | (89.97) |
| Cash and cash equivalents at the beginning of the year | 7.22 | 97.19 |
| Cash and cash equivalents at the end of the year | 7.19 | 7.22 |

SULA VINEYARDS

R. Ramat

SULAYNEYARDS MUMBAI 400069

Notes:

1. The above consolidated audited financial results for the year ended 31 March 2026 (the 'Statement') of Sula Vineyards Limited (the 'Holding Company') and its subsidiaries (Holding Company and its subsidiaries together referred to as 'the Group') have been prepared in accordance with the Indian Accounting standards ('Ind AS') as specified under Section 133 of the Companies Act, 2013 ('the Act') read with Companies (Indian Accounting Standards) Rules 2015 (as amended), and are in compliance of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). These results have been reviewed and recommended to the Board of Directors by the Audit Committee and subsequently approved by the Board of Directors of the Holding Company at their respective meetings held on 6 May 2026.

2. During the year ended 31 March 2026; 37,600 fully paid up equity shares of face value of INR 2 each, have been allotted against the exercise of options under Employees Stock Option Scheme ESOP 2021 by the Holding Company at an exercise price of INR 170 per equity share.

3. Effective 21 November 2025, the Government of India has consolidated 29 existing labour laws into a unified framework comprising four Labour Codes collectively referred to as the 'New Labour Codes'. The Group has recognised the estimated incremental impact of INR 0.50 crore in the consolidated financial results for the quarter ended 31 December 2025 and year ended 31 March 2026, primarily due to change in the definition of "wages". The Group continues to monitor the finalisation of Central and State Rules, as well as Government clarifications on aspects of Labour Codes and will record for adjustment, if any, based on these developments.

4. The Group is engaged in the business of manufacture, purchase and sale of alcoholic beverages (wines and spirits). The Chief Operating Decision Makers (which include the CEO, CFO, COO and members of the Board of Directors of the Holding Company) monitor and review the operating results of the Group as a whole. Therefore, there are no reportable segments for the Group as per requirements of Ind AS 108 'Operating Segments'. Further, considering the seasonality of the business, the revenue, costs and profits do not accrue evenly over the year and therefore the quarterly results may vary and not be strictly comparable.

5. During the year ended 31 March 2026, the Group has recognised an impairment loss of INR 1.82 crores in respect of certain intangible assets i.e. brands along with related goodwill in accordance with Ind AS 36, "Impairment of Assets". This impairment loss being non-recurring in nature has been presented as an exceptional item in the consolidated financial results.

6. The Board of Directors of the Holding Company at its meeting held on 6 May 2026 has recommended a final dividend of INR 2 per share having a face value of INR 2 each, subject to approval of shareholders at the ensuing annual general meeting of the Holding Company.

7. The figures for the quarters ended 31 March 2026 and 31 March 2025 are the balancing figures between the audited consolidated figures for the years ended on those dates and the unaudited consolidated figures for the years ended on those date and the unaudited consolidated figures, which were subjected to a limited review by the statutory auditors.

Place: Mumbai
Date: 6 May 2026

For Sula Vineyards Limited

Rajeev Samant
CEO and Managing Director
DIN: 00020675

Walker Chandiok & Co LLP

Walker Chandiok & Co LLP
42nd Floor,
Building Commerz III,
International Business Park,
Oberoi Garden City,
Off Western Express Highway,
Goregaon (East),
Mumbai - 400063
T +91 22 6626 2699

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Sula Vineyards Limited

Opinion

1. We have audited the accompanying standalone annual financial results ('the Statement') of Sula Vineyards Limited ('the Company') for the year ended 31 March 2026, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations').

2. In our opinion and to the best of our information and according to the explanations given to us, the Statement:

(i) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and

(ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act'), read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the Company for the year ended 31 March 2026.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement Section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa,Gunugram, Guwahati, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Sula Vineyards Limited

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Responsibilities of Management and Those Charged with Governance for the Statement

1. This Statement has been prepared on the basis of the standalone annual financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income and other financial information of the Company in accordance with the Ind AS specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

2. In preparing the Statement, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

3. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under Section 143(10) of the Act, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

2. As part of an audit in accordance with the Standards on Auditing, specified under Section 143(10) of the Act, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

3. Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

4. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place an adequate internal financial control with reference to financial statements and the operating effectiveness of such controls;

Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Nidda and Pune

Walker Chandlok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Cirose, Outer Circle, New Delhi, 110001, India

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors;
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern; and

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

• We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

• We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

1. The Statement includes the financial results for the quarter ended 31 March 2026, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to limited review by us.

For Walker Chandlok & Co LLP
Chartered Accountants
Firm Registration No:001076N/N500013

Rohan Jain
Partner
Membership No:139536

UDIN:26139536ULEABO5061

Place: Mumbai
Date: 06 May 2026

Page 3 of 3

Offices in: Ahmadabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandlok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

SULA

VINEYARDS

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2026

(Amount in INR crore, unless otherwise stated)

| Sr.
No. | Particulars | Quarter ended | | | Year ended | |
| --- | --- | --- | --- | --- | --- | --- |
| | | 31 March 2026 | 31 December 2025 | 31 March 2026 | 31 March 2026 | 31 March 2025 |
| | | Unaudited
(Refer note 7) | Unaudited | Unaudited
(Refer note 7) | Audited | Audited |
| 1 | Income | | | | | |
| | (a) Revenue from operations | 111.24 | 169.63 | 96.41 | 500.44 | 526.87 |
| | (b) Other income | 1.98 | 1.20 | 1.78 | 6.26 | 6.85 |
| | Total Income (a+b) | 113.22 | 170.83 | 98.19 | 506.70 | 533.72 |
| 2 | Expenses | | | | | |
| | (a) Cost of materials consumed | 61.09 | 15.55 | 69.15 | 95.83 | 112.72 |
| | (b) Purchases of stock-in-trade | 9.61 | 7.79 | 8.73 | 30.58 | 27.06 |
| | (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (44.91) | 34.40 | (63.34) | 19.01 | (10.88) |
| | (d) Excise duty on sales | 7.07 | 14.72 | 6.61 | 38.38 | 38.42 |
| | (e) Employee benefits expense | 18.31 | 22.71 | 19.22 | 83.99 | 87.41 |
| | (f) Finance costs | 5.74 | 6.57 | 5.86 | 25.66 | 25.57 |
| | (g) Depreciation and amortisation expenses | 7.42 | 7.66 | 7.16 | 30.17 | 28.92 |
| | (h) Other expenses: | | | | | |
| | - Selling, distribution and marketing expenses | 18.72 | 28.06 | 19.70 | 76.94 | 83.38 |
| | - Others | 26.59 | 24.43 | 28.07 | 90.32 | 93.22 |
| | Total expenses (a+b+c+d+e+f+g+h) | 109.64 | 161.89 | 101.16 | 490.88 | 485.82 |
| 3 | Profit/(loss) before exceptional Item and tax (1-2) | 3.58 | 8.94 | (2.97) | 15.82 | 47.90 |
| 4 | Exceptional Item (Refer note 4) | (8.11) | - | - | (8.11) | - |
| 5 | Profit/(loss) before tax (3+4) | (4.53) | 8.94 | (2.97) | 7.71 | 47.90 |
| 6 | Tax expense/(credit) | | | | | |
| | (a) Current tax | 0.40 | 2.47 | (1.30) | 3.67 | 8.71 |
| | (b) Deferred tax | 0.83 | (0.15) | 3.22 | 0.94 | 5.79 |
| | Total tax expense (a+b) | 1.23 | 2.32 | 1.92 | 4.61 | 14.50 |
| 7 | Net profit/(loss) for the quarter/ year (5-6) | (5.76) | 6.62 | (4.89) | 3.10 | 33.40 |
| 8 | Other comprehensive Income (OCI) | | | | | |
| | (a) Items that will not be reclassified to profit or loss | 1.43 | 0.58 | 0.54 | 1.77 | 0.17 |
| | - Gain / (loss) on remeasurement of defined benefit plans (net of tax) | - | - | - | - | - |
| | (b) Items that will be reclassified to profit or loss | - | - | - | - | - |
| | Other comprehensive Income for the quarter/ year, net of tax | 1.43 | 0.58 | 0.54 | 1.77 | 0.17 |
| 9 | Total comprehensive income/(loss) for the quarter/ year (7+8) | (4.33) | 7.20 | (4.35) | 4.87 | 33.57 |
| 10 | Paid up equity share capital (Face value of INR 2 each) | 16.89 | 16.89 | 16.88 | 16.89 | 16.88 |
| 11 | Other equity (excluding revaluation reserve) | | | | 536.33 | 557.93 |
| 12 | Earnings per equity share of face value INR 2 each | | | | | |
| | (Not annualised for the quarters) | | | | | |
| | (a) Basic (in INR) | (0.68) | 0.78 | (0.58) | 0.37 | 3.96 |
| | (b) Diluted (in INR) | (0.68) | 0.78 | (0.58) | 0.37 | 3.96 |
| | See accompanying notes to standalone audited financial results | | | | | |

SULA VINEYARD

SULA Vineyards Limited

(formerly known as Sula Vineyards Private Limited)

Regd. Office: 901, Solaris One, N.S. Phadke Marg, Andheri (E), Mumbai 400069, Maharashtra, India.

Tel: 022-6128 0606/607 Fax: 022-2684 6064 Email: info@sulawines.com CIN: L15549MH2003PLC139352

Winery: Gat 36/2, Govardhan Village, Gangapur-Savargaon Road, Nashik 422 222, Maharashtra, India Tel: +91 253 3027777/701

SULA

VINEYARDS

STANDALONE BALANCE SHEET AS AT 31 MARCH 2026

Particulars	(INR in crore)
	As at 31 March 2026	As at 31 March 2025
	Audited	Audited
ASSETS
Non-current assets
Property, plant and equipment	425.38	431.25
Right-of-use assets	2.66	5.64
Capital work-in-progress	0.45	3.70
Other intangible assets	1.04	1.25
Intangible assets under development	-	0.65
Financial assets
Investment in subsidiaries	46.66	41.42
Other investments *	0.00	0.00
Loans	22.80	40.74
Other financial assets	7.89	7.79
Non-current tax assets (net)	0.06	5.96
Other non-current assets	6.98	7.77
Total non-current assets	513.92	546.17
Current assets
Inventories	177.67	195.81
Financial assets
Trade receivables	199.56	186.14
Cash and cash equivalents	5.57	4.18
Bank balances other than cash and cash equivalents	1.12	0.52
Loans	2.20	1.72
Other financial assets	54.28	53.25
Other current assets	9.32	5.90
Total current assets	449.72	447.52
TOTAL ASSETS	963.64	993.69
EQUITY AND LIABILITIES
Equity
Equity share capital	16.89	16.88
Other equity	536.33	557.93
Total equity	553.22	574.81
Liabilities
Non-current liabilities
Financial liabilities
Borrowings	47.52	57.71
Lease liabilities	1.90	4.09
Other financial liabilities	0.17	0.28
Provisions	2.52	2.63
Deferred tax liabilities (net)	26.38	24.86
Other non-current liabilities	4.02	4.26
Total non-current liabilities	82.51	93.83
Current liabilities
Financial liabilities
Borrowings	214.73	205.00
Lease liabilities	1.13	2.40
Trade payables
- Total outstanding dues of micro enterprises and small enterprises	9.46	4.07
- Total outstanding dues of creditors other than micro enterprises and small enterprises	69.47	76.33
Other financial liabilities	15.95	20.09
Other current liabilities	15.91	15.25
Provisions	1.26	1.91
Total current liabilities	327.91	325.05
TOTAL EQUITY AND LIABILITIES	963.64	993.69

MUMBAI

R Samant

STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026

(INR in crore)

| Particulars | Year ended
31 March 2026 | Year ended
31 March 2025 |
| --- | --- | --- |
| | Audited | Audited |
| A. CASH FLOW FROM OPERATING ACTIVITIES | | |
| Profit before tax | 7.71 | 47.90 |
| Adjustments for : | | |
| Depreciation and amortisation expense | 30.17 | 28.92 |
| Interest expense | 23.81 | 24.11 |
| Interest income | (4.15) | (5.06) |
| Gain on sale of investment in mutual fund | - | (0.61) |
| Impairment of trade receivables | 0.13 | 0.27 |
| Impairment of investment in subsidiary | 8.11 | - |
| (Reversal)/Allowance for non-moving/ obsolete inventory | (0.33) | 0.58 |
| Government grant related to depreciable assets | (0.28) | (0.28) |
| Guarantee commission income | (0.46) | (0.38) |
| Share based payment expenses | 3.28 | 3.78 |
| Loss on disposal of property, plant and equipment (net) | 0.22 | 0.18 |
| Profit on termination of leases | (0.41) | - |
| Unrealised exchange loss on foreign currency translations (net) | 0.03 | 0.03 |
| | 60.12 | 51.54 |
| Operating profit before working capital changes | 67.83 | 99.44 |
| Adjustments for changes in working capital: | | |
| Decrease/ (increase) in inventories | 18.47 | (13.73) |
| Increase in trade receivables | (13.58) | (25.81) |
| (Increase)/ decrease in financial and other assets | (2.17) | 16.75 |
| Increase in trade payables, other financial liabilities, other liabilities and provisions | 0.11 | 1.77 |
| | 2.83 | (21.03) |
| Cash generated from operations | 70.66 | 78.41 |
| Net refund received/ (income tax paid) | 2.23 | (14.38) |
| Net cash generated from operating activities (A) | 72.89 | 64.03 |
| B. CASH FLOW FROM INVESTING ACTIVITIES | | |
| Purchase of property, plant and equipment, capital work-in-progress and other intangible assets and intangible assets under development (net) | (21.56) | (49.41) |
| Investment in subsidiary | (13.00) | (13.10) |
| Proceeds from sale of property, plant and equipment (net) | 0.08 | 0.64 |
| Loan given to employees (net) | (0.07) | (0.35) |
| Loan given to subsidiaries | (39.68) | (40.25) |
| Loan repaid by subsidiaries | 57.21 | 26.24 |
| (Placement of)/ proceeds from maturity of bank deposits (net) | (1.09) | 1.99 |
| Proceeds from sale of mutual funds | - | 94.86 |
| Investment in mutual funds | - | (94.25) |
| Interest received | 2.96 | 4.89 |
| Net cash used in investing activities (B) | (15.15) | (68.74) |
| C. CASH FLOW FROM FINANCING ACTIVITIES | | |
| Proceeds from issue of equity share capital on exercise of employee stock options | 0.65 | 0.17 |
| Proceeds from long-term borrowings | 25.82 | 40.55 |
| Repayment of long-term borrowings | (30.09) | (28.83) |
| Proceeds from short-term borrowings | 25.72 | 25.01 |
| Repayment of short-term borrowings | (19.91) | (41.70) |
| Repayment of working capital demand loans (net) | (2.00) | (16.25) |
| Repayment of principal portion of lease liabilities | (2.56) | (2.42) |
| Payment of interest on lease liabilities | (0.48) | (0.64) |
| Interest paid | (22.80) | (24.22) |
| Dividend paid | (30.70) | (37.56) |
| Net cash used in financing activities (C) | (56.35) | (85.89) |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | 1.39 | (90.60) |
| Cash and cash equivalents at the beginning of the year | 4.18 | 94.78 |
| Cash and cash equivalents at the end of the year | 5.57 | 4.18 |

B. Samant
www.sulavineyards.com

SULA
VINEYARDS
Mumbai 400069

Notes:

1. The standalone audited financial results for the year ended 31 March 2026 (the 'Statement') of Sula Vineyards Limited (the 'Company') have been prepared in accordance with the Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 (as amended), and are in compliance with the presentation and disclosure requirements of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). These results have been reviewed and recommended to the Board of Directors by the Audit Committee and subsequently approved by the Board of Directors of the Company at their respective meetings held on 6 May 2026.

2. During the year ended 31 March 2026; 37,600 fully paid up equity shares of face value of INR 2 each, have been allotted against the exercise of options under Employees Stock Option Scheme ESOP 2021 of the Company at an exercise price of INR 170 per equity share.

3. Effective 21 November 2025, the Government of India has consolidated 29 existing labour laws into a unified framework comprising four Labour Codes collectively referred to as the 'New Labour Codes'. The Company has recognised the estimated incremental impact of INR 0.47 crore in the standalone financial results for the quarter ended 31 December 2025 and year ended 31 March 2026, primarily due to change in the definition of "wages". The Company continues to monitor the finalisation of Central and State Rules, as well as Government clarifications on aspects of Labour Codes and will record for adjustment, if any, based on these developments.

4. During the quarter and year ended 31 March 2026, the Company recognised an impairment loss of INR 8.11 crores on its investment in a subsidiary in accordance with Ind AS 36, Impairment of Assets. The impairment loss has been presented as an exceptional item in the standalone financial results and is non-cash in nature.

5. The Company is engaged in the business of manufacture, purchase and sale of alcoholic beverages (wines and spirits). The Company's Chief Operating Decision Makers (which include the CEO, CFO, COO and members of the Board of Directors) monitor and review the operating results of the Company as a whole. Therefore, there are no reportable segments for the Company as per requirements of Ind AS 108 'Operating Segments'. Further, considering the seasonality of the business, the revenue, costs and profits do not accrue evenly over the year and therefore the quarterly results may vary and not be strictly comparable.

6. The Board of Directors of the Company at its meeting held on 6 May 2026 has recommended a final dividend of INR 2 per share having a face value of INR 2 each, subject to approval of shareholders at the ensuing annual general meeting of the Company.

7. The figures for the quarters ended 31 March 2026 and 31 March 2025 are the balancing figures between the audited figures for the years ended on those dates and the unaudited standalone published year to date figures up to the end of third quarter of the respective financial years, which were subjected to a limited review by the statutory auditors.

Place: Mumbai
Date: 6 May 2026

Rajeev Samant
CEO and Managing Director
DIN: 00020675

SULA
VINEYARDS
Annexure – II

Date: 6th May, 2026

To,
National Stock Exchange of India Limited (“NSE”),
The Listing Department
“Exchange Plaza”, 5th Floor,
Plot No. C/1, G Block, Bandra-Kurla Complex
Bandra (East), Mumbai – 400 051.

To,
BSE Limited (“BSE”),
Corporate Relationship Department,
2nd Floor, New Trading Ring,
P.J. Towers, Dalal Street,
Mumbai – 400 001.

NSE Symbol: SULA
ISIN: INE142Q01026
BSE Scrip Code: 543711
ISIN: INE142Q01026

Sub.: Declaration pursuant to Regulation 33(3)(d) of the Securities & Exchange Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015

Dear Sir(s),

I, Abhishek Kapoor, Chief Financial Officer of the Company, hereby confirm and declare that, the Statutory Auditors of the Company, M/s Walker Chandiok & Co. LLP (Firm Registration No.: 001076N/N500013) have issued an Audit Report with unmodified opinion on Standalone and Consolidated Audited Financial Results of the Company for the quarter and financial year ended 31st March, 2026.

This declaration is given in compliance to Regulation 33(3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

Kindly take this declaration on your records.

SULA VINEYARDS
(formerly known as Sula Vineyards Private Limited)
Regd. Office: 901, Solaris One, N.S. Phadke Marg, Andheri (E), Mumbai 400069, Maharashtra, India.
Tel: 022-6128 0606/607 Fax: 022-2684 6064 Email: info@sulawines.com CIN: L15549MH2003PLC139352
Winery: Gat 36/2, Govardhan Village, Gangapur-Savargaon Road, Nashik 422 222, Maharashtra, India Tel: +91 253 3027777/701
www.sulavineyards.com

SULA
VINEYARDS
Annexure - III

Sub.: Large Corporate Disclosure

Dear Sir(s),

We confirm that, we are not Large Corporate as per the applicability criteria stated as per SEBI Circular No. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023, and subsequent clarifications from the Exchanges issued w.r.t. Ease of doing business and development of corporate bond markets revision in the framework for fund raising by issuance of debt securities by Large Corporates (LCs).

(in Rs. in Crore)

Sr. No.	Particulars	Details
1.	Outstanding long-term borrowings at the start of the financial year	99.57 (including current maturities)
2.	Outstanding long-term borrowings at the end of the financial year	96.00 (including current maturities)
3.	Highest credit rating of the company	A+ from ICRA Limited
4.	Incremental borrowing done during the year (qualified borrowing)	30.93
5.	Borrowings by way of issuance of debt securities during the year	-

Kindly take this declaration on your records.

For Sula Vineyards Limited

SULA VINEYARDS COMMITTEE ESTD 1966

Sula Vineyards Limited

(formerly known as Sula Vineyards Private Limited)

Regd. Office: 901, Solaris One, N.S. Phadke Marg, Andheri (E), Mumbai 400069, Maharashtra, India.

Tel: 022-6128 0606/607 Fax: 022-2684 6064 Email: info@sulawines.com CIN: L15549MH2003PLC139352

Winery: Gat 36/2, Govardhan Village, Gangapur-Savargaon Road, Nashik 422 222, Maharashtra, India Tel: +91 253 3027777/701