Sula Vineyards Limited (SULA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+40.9%

₹185.12

vs ₹131.34 price

Levered DCF

₹77.98

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	45.84×	33.2×	50.56×	35.98×	53.51×	895.14×	-169.85×	348.63×
P/B	2×	3.98×	8.58×	5.68×	7.06×	8.87×	9.01×	7.65×
P/S	2.12×	4.02×	8.31×	5.85×	6.57×	7.57×	5.93×	4.94×
EV / EBITDA	14.49×	17.25×	27.19×	20.2×	26×	49.18×	59.07×	40.02×
Gross margin	46.4%	76.2%	55.5%	71.5%	69.4%	62.2%	47.9%	56.8%
Operating margin	11.6%	19.7%	25.4%	25.7%	14.0%	3.5%	6.0%	32.9%
Net margin	4.6%	12.1%	16.4%	16.3%	12.3%	0.8%	-3.5%	1.4%
Current ratio	1.43×	1.42×	1.3×	1.57×	1.28×	1.16×	1.09×	1.17×
Debt / equity	0.57×	0.54×	0.59×	0.38×	0.61×	1.03×	1.33×	0.91×
Interest coverage	2.05×	3.84×	5.51×	6.3×	2.49×	0.4×	0.8×	0×
Dividend yield	2.6%	1.6%	1.7%	1.5%	0.7%	0.0%	0.4%	0.3%
Payout ratio	119.7%	53.5%	83.6%	54.0%	37.3%	0.0%	-68.2%	104.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.4%	12.0%	17.0%	15.8%	13.2%	1.0%	-5.3%	2.2%
Return on invested capital	4.9%	9.7%	11.9%	13.0%	6.8%	1.8%	3.5%	7.0%
Return on assets	2.3%	6.5%	9.1%	9.5%	6.9%	0.4%	-1.9%	0.9%
Free cash flow yield	3.7%	-0.4%	1.3%	0.7%	1.2%	3.8%	-0.0%	-1.7%
Earnings yield	2.2%	3.0%	2.0%	2.8%	1.9%	0.1%	-0.6%	0.3%
Enterprise value	₹15B	₹26.4B	₹49.5B	₹32.1B	₹30.2B	₹29.8B	₹30.6B	₹27.6B
Net debt / EBITDA	3.13×	2.01×	1.25×	1.17×	1.98×	4.53×	6.96×	4.19×
Cash conversion cycle (days)	286	477	274	321	360	317	258	261