I don’t come from a background where wine was ever on the table. But over time, like many of us, I watched Sula Vineyards sneak its way into dinner conversations, rooftop parties, and eventually, portfolios. Let me tell you something I didn’t expect when I started digging into Sula Vineyards. This company is best known for making India drink its first glass of wine- is a lot more complex (and interesting) than I gave it credit for. So when the stock corrected more than 50% from its peak, I didn’t rush to conclusions. I opened the investor deck, read the earnings call transcript line by line, and just tried to understand one thing: Is this the beginning of the end… or just a hangover from a good run? 👉 If this wasn’t a stock- would I still respect the business? And here’s what I found. From First Sip to First Mover Sula isn’t just India’s leading wine brand, it is the Indian wine category. They started in 1996, when most people in this country didn’t know the difference between Shiraz

Look, I don’t usually get excited about alcohol stocks. I mean… it’s a tough space, right? Super seasonal, full of government regulations, state-wise pricing, and weird excise laws. Not to mention, most beer companies are either too flashy or too boring. But then I stumbled upon Som Distilleries & Breweries And something clicked. It wasn’t the typical “large-cap consumer brand with 20 ad campaigns a year” type of story. It was more like, “Okay, these folks are just quietly doing their thing—and doing it well.” Let’s Talk Numbers First So here’s what made me look twice. In Q3 FY25, Som clocked: ₹3,027 Cr in revenue (13.6% jump YoY) ₹192 Cr in net profit 4.7 million beer cases sold 0.34 million IMFL cases EBITDA margin of 12.5% — not bad at all That’s not just steady — it’s solid. And what caught my eye is how clean the growth looks. Margins have held up. Realizations per case have improved. And it’s not just more volume — it’s better volume. That’s when I thought — maybe there’s more to