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Sula Vineyards | Selling the region, not just the wine

2026.09.19

Article summary

Sula Vineyards is a wine company that traces back to 1996, when Rajeev Samant began growing grapes in Nashik (the company itself was incorporated in 2003). In a market where drinking wine was almost unheard of, it added lodging and a tasting room to its winery, turning it into a weekend getaway destination from the cities and teaching people how to drink wine while selling it. It runs on two pillars, wine production/import/distribution and wine tourism, and also handles the import and distribution of foreign wine. Consolidated revenue for FY2026 (year ended March 2026) was ₹556 crore (1 crore = 10 million rupees), down from ₹579 crore the prior year. It runs brands including Sula, RASA, Dindori, and Dia.

This article is based on what we could verify As of September 19, 2026 This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with ₹1 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.

Sula Vineyards is a wine company that traces back to 1996, when Rajeev Samant began growing grapes in Nashik (the company was incorporated in 2003). Beyond producing, importing, and selling wine, it also runs a winery resort in Nashik.

Company profile

Item	Details
Legal name	Sula Vineyards Limited
Founded	1996 (Rajeev Samant began growing grapes in Nashik; the company was incorporated in 2003)
Headquarters	Mumbai / Nashik, Maharashtra
Founder	Rajeev Samant
Consolidated revenue	₹556 crore (FY2026 = fiscal year ended March 2026 / approx. 9.7 billion yen). FY2025 was ₹579 crore
Business	1) Production, import and distribution of wine and other alcoholic drinks 2) Wine tourism (resort and tasting rooms)
Main brands	Sula, RASA, Dindori, The Source, Satori, Madera, Dia
Listing	Listed on the BSE and NSE

Building a market where none existed

Drinking wine was almost unheard of in India. When Rajeev Samant began growing grapes in Nashik in 1996, there was neither shelf space for domestic wine nor consumers who knew how to drink it.

The company added lodging and a tasting room to its winery, turning it into a weekend getaway destination from the cities. It draws people to Nashik, about a four-hour drive from Mumbai, and gives them the experience of drinking wine there. It's a way of teaching people how to drink while selling to them at the same time.

This structure of selling an experience, not just alcohol, applies beyond wine. When selling a product unfamiliar to India, simply putting it on a shelf won't get it chosen.

It also handles import and distribution

It grows grapes on its own vineyards and contracted vineyards in Nashik and turns them into wine. It also imports and distributes overseas wines, and holding wine distribution channels within India is one of its strengths.

Consolidated revenue for FY2026 (year ended March 2026) was ₹556 crore, down from ₹579 crore in FY2025. India's wine market is limited to parts of urban areas, and state-by-state regulation is heavy. The numbers show this isn't a market that keeps growing.

Points for Japanese companies

Selling sake or wine in India runs into state-by-state licensing and high import duties. Because Sula also handles importing and distribution, it is one realistic entry point for selling alcoholic drinks in India.

The way it built wine tourism itself can also be copied. Sake faces the same situation of people "not knowing how to drink it," and building an experiential venue before placing the product on shelves can be an effective sequence.