Fratelli Vineyards Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Fratelli Vineyards Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Fratelli Vineyards reported Q4 FY26 revenue growth of 13% year-on-year and achieved a positive operating EBITDA of INR1.06 crores for the quarter, while full-year FY26 revenue was largely flat due to regulatory disruptions in Maharashtra, Telangana and Uttarakhand. Management said its luxury portfolio, led by brand J'NOON, grew strongly, and its RTD brand Shotgun sold approximately 100,000 cases in its first year across 18 states. Management outlined plans for FY27 including targeted revenue growth of approximately 30%, doubling of the RTD business, and continued expansion of distribution, CSD channel presence and exports.
Numbers mentioned
Revenue growth: 13% year-on-year (Q4 FY26)
p. 3
“we closed FY '26 on a strong note with a growth of 13% year-on-year in quarter 4”
Gaurav Sekhri, page 3 of the filed PDF · View the filing
EBITDA: INR1.06 crores (Q4 FY26)
p. 3
“We achieved breakeven at the operating profit level, reporting a positive EBITDA of INR1.06 crores”
Gaurav Sekhri, page 3 of the filed PDF · View the filing
Premium & Above portfolio contribution to revenue: more than 70% (FY26)
p. 3
“our Premium & Above portfolio continued to contribute more than 70% of our overall revenue during FY '26”
Gaurav Sekhri, page 3 of the filed PDF · View the filing
Luxury category sales growth: 15% year-on-year (FY26)
p. 4
“Our sales in luxury category grew 15% year-on-year in FY '26, led by strong performance of our flagship brand, J'NOON, which grew at an enviable 44% during the year”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
Premium portfolio revenue: declined 16% year-on-year (FY26)
p. 4
“Within our premium portfolio, revenue declined 16% year-on-year, primarily due to regulatory disruptions across Maharashtra, Telangana, Uttarakhand and Delhi”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
RTD Shotgun cases sold: approximately 100,000 cases (FY26 (year 1))
p. 4
“In the very first year, the brand has sold approximately 100,000 cases and established its presence across 18 states, underlining the growing consumer acceptance of this category”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
RTD distribution outlets: approximately 9,000 outlets (FY26)
p. 4
“Our distribution footprint for the RTD category expanded to approximately 9,000 outlets across the country, including 2,000 new outlets were added during the year”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
Net revenue from operations: INR36 crores (Q4 FY26)
p. 5
“net revenue from operations increasing to INR36 crores in Q4 FY26 from INR32 crores in Q4 FY25, representing a growth of approximately 13% year-on-year”
Aditya Sekhri, page 5 of the filed PDF · View the filing
Gross profit: INR29 crores (Q4 FY26)
p. 5
“Gross profit for the quarter stood at INR29 crores, compared to INR23 crores in the corresponding period last year”
Aditya Sekhri, page 5 of the filed PDF · View the filing
Gross margin: 79% (Q4 FY26)
p. 5
“gross margins improved to 79% versus 73% in the same period”
Aditya Sekhri, page 5 of the filed PDF · View the filing
EBITDA loss: INR3.7 crores (Q4 FY26)
p. 5
“At the operating level, EBITDA loss reduced significantly to INR3.7 crores, compared to a loss of INR7 crores in Q4 FY25”
Aditya Sekhri, page 5 of the filed PDF · View the filing
Net revenue from operations: INR184 crores (FY26)
p. 6
“Net revenue from operations stood at INR184 crores in FY26 compared to INR181 crores in FY25, representing growth of approximately 1% year-on-year”
Aditya Sekhri, page 6 of the filed PDF · View the filing
EBITDA: INR1 crores (FY26)
p. 6
“EBITDA improved marginally to INR1 crores in FY26, reflecting the benefits of improved operational efficiencies”
Aditya Sekhri, page 6 of the filed PDF · View the filing
Capex completed: approximately INR10 crores (FY26)
p. 6
“During FY26, we completed approximately INR10 crores of capex across Vineyard infrastructure, plant and machinery and other operational infrastructure”
Aditya Sekhri, page 6 of the filed PDF · View the filing
RTD segment revenue contribution: roughly INR18 crores (FY26)
p. 8
“The RTD segment was roughly about INR18 crores in our overall top line”
Aditya Sekhri, page 8 of the filed PDF · View the filing
Premium market share: 30%
p. 8
“So our market share currently is 30% on the premium side. If you just look at the luxury market share, then our market share is more than 50%”
Aditya Sekhri, page 8 of the filed PDF · View the filing
HoReCa market share: close to 40%
p. 10
“Aditya here, our market share in the HoReCa business is close to 40%”
Aditya Sekhri, page 10 of the filed PDF · View the filing
CSD market share: approximately 45%
p. 13
“So, our market share in CSD is approximately 45%, and has been one of the strongest growth engines for the company post-COVID”
Aditya Sekhri, page 13 of the filed PDF · View the filing
Wine-in-a-Can market share: more than 90%
p. 13
“In the Wine-in-a-Can segment, even in the civil markets, we are market leaders and have approximately more than 90% market share in the Wine-in-a-Can segment in India”
Aditya Sekhri, page 13 of the filed PDF · View the filing
CSD contribution to revenue: about 8%
p. 13
“It already contributes about 8% of our overall revenues, and I see this number only growing going forward”
Aditya Sekhri, page 13 of the filed PDF · View the filing
Sales and marketing team size: close to 200 people
p. 14
“We are close to 200 people directly involved in sales as well as marketing”
Gaurav Sekhri, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — approximately 30% · FY27
stated firmly by Aditya Sekhri
p. 7
“our plan and our guidance for this financial year of FY27 is to deliver a growth of approximately 30%”
Aditya Sekhri, page 7 of the filed PDF · View the filing
PAT breakeven — net-net breakeven at approximately INR240 crores revenue · FY27
stated conditionally by Aditya Sekhri
p. 7
“With that in line, and as I mentioned, with the operating efficiencies coming into play, we believe PAT breakeven will be achieved”
Aditya Sekhri, page 7 of the filed PDF · View the filing
RTD case volumes — cross 200,000 cases · FY27
stated firmly by Gaurav Sekhri
p. 8
“our expectation is that in the year 2, which is FY27, we will double this business to cross 200,000 cases”
Gaurav Sekhri, page 8 of the filed PDF · View the filing
Exports as % of revenue — 5% of total revenue · FY27 onwards
stated firmly by Gaurav Sekhri
p. 4
“We expect 5% of total revenue to come from exports from FY '27 onwards”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
Capex — INR9 crores · FY27
stated firmly by Aditya Sekhri
p. 6
“For FY27, we have, however, earmarked approximately INR9 crores towards routine and strategic capex requirements”
Aditya Sekhri, page 6 of the filed PDF · View the filing
Capex — between INR6 crores to INR10 crores · FY27
stated firmly by Gaurav Sekhri
p. 9
“our expectation is our capex in FY27 will be between INR6 crores to INR10 crores”
Gaurav Sekhri, page 9 of the filed PDF · View the filing
Hospitality project investment — INR70 crores to INR80 crores
stated as an aspiration by Aditya Sekhri
p. 6
“our hospitality project remains in the planning stage with an estimated investment of INR70 crores to INR80 crores”
Aditya Sekhri, page 6 of the filed PDF · View the filing
Hospitality project timeline — calendar year '27-'28
stated conditionally by Gaurav Sekhri
p. 9
“we have, for the time being, just deferred the hospitality plan by about a year and we will review it maybe in H2 this year and possibly take some definitive steps to action and initiate it in calendar year '27- '28”
Gaurav Sekhri, page 9 of the filed PDF · View the filing
Shotgun outlet reach — above 15,000 outlets · H2
stated as an aspiration by Aditya Sekhri
p. 10
“we see this number ideally going above 15,000 by close to H2”
Aditya Sekhri, page 10 of the filed PDF · View the filing
Gross margin — between 76% to 80% · next few years
stated as an aspiration by Aditya Sekhri
p. 11
“I believe our overall gross margins will be between 76% to 80%”
Aditya Sekhri, page 11 of the filed PDF · View the filing
Marketing spend for Shotgun — a little more than 10% of its overall top line · this year
stated firmly by Aditya Sekhri
p. 11
“we expect this year as well for Shotgun to be a little more than 10% of its overall top line because the base is big and we see a lot of potential in it”
Aditya Sekhri, page 11 of the filed PDF · View the filing
Fratelli Brut expansion — available in 14 more states · FY27
stated firmly by Gaurav Sekhri
p. 4
“During FY '27, it will be made available in 14 more states”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
Sette 15th anniversary edition expansion — 7 more states · FY27
stated firmly by Gaurav Sekhri
p. 4
“Going forward, we will target expansion into 7 more states in FY '27, including Delhi, Haryana, Uttar Pradesh, West Bengal, Tamil Nadu, Karnataka and Maharashtra”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
Shotgun launch in new states — Chhattisgarh, Karnataka, Telangana · H1 FY27
stated firmly by Gaurav Sekhri
p. 4
“we are targeting to launch Shotgun in Chhattisgarh, Karnataka, Telangana during H1 FY '27”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said FY27 guidance is approximately 30% growth, with PAT breakeven expected as operating efficiencies come into play.
Answered by Aditya Sekhri
Asked by Deepesh Sancheti: What is the roadmap for PAT profitability and key milestones?
p. 7
“our plan and our guidance for this financial year of FY27 is to deliver a growth of approximately 30%. With that in line, and as I mentioned, with the operating efficiencies coming into play, we believe PAT breakeven will be achieved”
Aditya Sekhri, page 7 of the filed PDF · View the filing
Management sized the RTD wine market between INR500-600 crores, growing about 25% year-on-year.
Answered by Aditya Sekhri
Asked by Deepesh Sancheti: How large is the RTD/wine-in-a-can addressable market and how is consumer adoption evolving?
p. 7
“So the RTD market with respect to wine is approximately between INR500 crores to INR600 crores. It is one of the fastest-growing segments across any alcobev category at the moment with a growth of about 25% year-on-year”
Aditya Sekhri, page 7 of the filed PDF · View the filing
Management said the impact would be limited to the above-INR2,000 MRP portfolio, which is a small share of revenue.
Answered by Aditya Sekhri
Asked by Deepesh Sancheti: How will FTA-driven competition from foreign winemakers affect the wine segment?
p. 7
“On the wine segment, more than 90% of our revenues are comprised of products which are less than INR2,000 MRP. The impact which will come will be on our wines or part of our portfolio, which is above INR2,000”
Aditya Sekhri, page 7 of the filed PDF · View the filing
Management said market share is 30% in premium and more than 50% in the domestic luxury segment.
Answered by Aditya Sekhri
Asked by Deepesh Sancheti: What is the company's market share in premium and luxury wine?
p. 8
“In the domestic luxury wine market, Fratelli's market share is more than 50%”
Aditya Sekhri, page 8 of the filed PDF · View the filing
Management attributed margin improvement to operating leverage from scale in the wine and RTD business rather than hospitality.
Answered by Gaurav Sekhri
Asked by Chetan: Which cost lines will drive EBITDA margin improvement toward the 20% target?
p. 10
“Our costs are now well established for growth of business by even if we double the business from current levels, we don't need to do any major change in our cost structure”
Gaurav Sekhri, page 10 of the filed PDF · View the filing
Management expects Shotgun's outlet reach to rise from 9,000 towards above 15,000 by H2.
Answered by Aditya Sekhri
Asked by Chetan: What is the outlet reach target for Shotgun?
p. 10
“Therefore, we see this number ideally going above 15,000 by close to H2”
Aditya Sekhri, page 10 of the filed PDF · View the filing
Management said the margin trajectory remains positive as growth is outpacing in higher-margin luxury and super premium segments.
Answered by Aditya Sekhri
Asked by Love Gupta: How will FTA impact on luxury wine affect margin trajectory?
p. 11
“The margin trajectory looks positive because our growth, in fact, in the super premium and the luxury segment have outpaced the growth in the premium segment”
Aditya Sekhri, page 11 of the filed PDF · View the filing
Management clarified breakeven happens at approximately INR240 crores annual revenue, targeted for FY27.
Answered by Gaurav Sekhri
Asked by Marutinandan Sarda: Is a top line of INR50 crores per quarter with 80% GP the breakeven point at PAT level?
p. 12
“we achieve a net-net breakeven at around INR240 crores. And that is very much possible because we are at INR185 crores in this financial year”
Gaurav Sekhri, page 12 of the filed PDF · View the filing
Management attributed the modest growth to regulatory disruptions in H1, particularly affecting the premium segment.
Answered by Aditya Sekhri
Asked by Reena Shah: What drove the modest FY26 revenue growth across segments?
p. 12
“for FY26, a large part of, the modest growth was led due to the regulatory disruptions, which happened in H1 of the year”
Aditya Sekhri, page 12 of the filed PDF · View the filing
Management said CSD contributes about 8% of revenue currently and expects it to grow with new brand rollouts.
Answered by Aditya Sekhri
Asked by DVM Teja: What is CSD's expected contribution to total revenue going forward?
p. 13
“CSD will become another great growth driver for us”
Aditya Sekhri, page 13 of the filed PDF · View the filing
Management said no major impact is currently visible and it will monitor implementation over the coming year.
Answered by Gaurav Sekhri
Asked by DVM Teja: Will the India-EU FTA create a structural shift or better profitability?
p. 14
“As of now, I don't see any major impact either in terms of pricing or in terms of volume in the foreseeable future”
Gaurav Sekhri, page 14 of the filed PDF · View the filing
Management said discounting has remained consistent over the last 2-3 years and they are working to reduce it.
Answered by Gaurav Sekhri
Asked by Ishita Mitra: What trends are being seen in discounting and pricing across the industry?
p. 14
“Our schemes and discounts, as we call them, have remained fairly consistent year-on-year over the last 2 to 3 years”
Gaurav Sekhri, page 14 of the filed PDF · View the filing
Management pointed to premiumization, product innovation, the RTD segment, and expanded distribution as growth drivers.
Answered by Gaurav Sekhri
Asked by Preeti Shah: What growth drivers support the long-term INR500 crore revenue aspiration by 2030?
p. 15
“Our growth drivers are our focus on premiumization, our new product innovation and launches, RTD segment, which is a whole new category”
Gaurav Sekhri, page 15 of the filed PDF · View the filing
Management said no major capex is expected beyond hospitality, and external capital tools would be explored if a compelling opportunity arises.
Answered by Gaurav Sekhri
Asked by Preeti Shah: How will future capex and growth investments be financed?
p. 15
“if the company does require and sees a compelling opportunity being a listed entity, we have many tools available to us, which we will explore at that point of time”
Gaurav Sekhri, page 15 of the filed PDF · View the filing
Risks flagged
Regulatory disruptions in key markets affecting revenue growth
p. 3
“For the full year FY '26, revenue remained largely flat owing to regulatory disruptions in key markets such as Maharashtra and Telangana, as well as excise policy changes introduced during the first half of FY '26”
Gaurav Sekhri, page 3 of the filed PDF · View the filing
Potential impact from adverse weather conditions on vineyards
p. 9
“If there is some extreme weather condition, then, of course, we will get impacted as well”
Gaurav Sekhri, page 9 of the filed PDF · View the filing
Excessive rainfall increasing costs and disease management burden
p. 9
“But last year, the excessive rainfall we had, we dealt with it quite effectively. Of course, it had some impact on higher cost and better management for disease management”
Gaurav Sekhri, page 9 of the filed PDF · View the filing
Potential FTA impact on the above-INR2,000 luxury wine segment
p. 7
“The impact which will come will be on our wines or part of our portfolio, which is above INR2,000”
Aditya Sekhri, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.