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Incorporated in 2003, Sula Vineyards Limited is India?s largest wine producer and seller as of March 31, 2022. The Company distribute wines under a bouquet of popular brands. In addition to the flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia” with its flagship brand “Sula” being the “category creator” of wine in India. Company?s business can be broadly classified under two categories (i) Wine Business: the production of wine, the import of wines and spirits, and the distribution of wines and spirits and (ii) Wine Tourism Business: the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms .

* Their wines are classified under 4 broad categories, namely the „Elite? category with 21 labels, followed by the „Premium? category with 13 labels, and the „Economy? category with 13 labels, and the „Popular? category offering 9 labels

* Currently the Company produce 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.

* The company's distribution platform included over 50 distributors, 11 corporations, 14 licensed resellers, 7 company depots, and 3 defence units as of September 30, 2022. The company also has over 23,000 points of sale (including over 13,500 retail touchpoints and over 9,000 hotels, restaurants and caterers) as of March 31, 2022.

* It is the most visited vineyard in India, with approximately 368,000 people visiting our vineyards in Fiscal 2020

* The company have managed to build the largest distribution network among wine companies in India, with close to 13,000 retail touchpoints across the country in 2021.

Outlook & Valuation: Sula Vineyard is the largest wine producer and seller and is leading this very young Indian wine market which was started in the late 1980s in this country however the industry gained momentum and now it is growing at a much quicker pace at 18.3 percent. The company is a pioneer in the wine tourism business as well. It enjoys the benefit of high entry barriers in this industry. The company has the largest wine distribution network and sale presence. Its financial performance is also improving. This Issue of Sula Vineyard is coming at a P/E valuation of 54.67 which is lower than its peers. The issue, however, is a complete offer for sale and low promoter holding is also a concern thus we recommend Subscribe rating to this IPO only for High-risk Investors.

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