The latest stake acquisition marks the first time Sula Vineyards promoter Rajeev Samant has bought additional shares in the company since the company’s market debut in 2022. The shares bought by the promoter would be worth more than Rs 2.7 crore at the stock’s previous closing price of Rs 152.70 apiece on BSE.
After the stake acquisition, Samant’s shareholding in the company increased to 23.27%, up from the 23.06% stake held at the end of the October-December quarter of the ongoing financial year 2026. The other promoters, Mia Samant and Margarita Samant, held 1.29% and 0.01% stake in the company at the end of the previous quarter.
The shares of the company dropped nearly 7% to close at Rs 142.54 apiece on Monday. The stock has fallen around 19% in the past one month, and more than 49% in the past six months.
India’s largest winemaker reported a sharp decline in net profit for the fifth consecutive quarter for the October-December quarter of FY26, citing one-time tactical destocking in Karnataka — its second-largest market as the key reason for the weak performance. Net profit fell 67.6% year-on-year to Rs 9.1 crore, compared with Rs 28 crore in the same period last year. Revenue, meanwhile, declined 9.7% YoY to Rs 195.7 crore from Rs 216.6 crore a year earlier.
Live Events
Commenting on the results, Rajeev Samant said, “Q3 was a challenging quarter, with performance primarily impacted by one-time tactical destocking undertaken in Karnataka, our second-largest market, with the objective of right-sizing channel inventory and optimising working capital amid subdued demand in Bengaluru. Excluding the one-time destocking impact, our Q3 revenue was in line with last year.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)