Sula Vineyards Ltd Stock Hits All-Time Low Amid Prolonged Downtrend

Stock Performance Overview

The share price of Sula Vineyards Ltd declined by 2.15% on 29 Jan 2026, underperforming the Sensex which fell by 0.35% on the same day. Over the past week, the stock has dropped 4.92%, compared to a marginal 0.30% decline in the Sensex. The downward trend has intensified over longer periods, with the stock falling 16.80% in the last month and 25.39% over three months, while the Sensex recorded losses of 3.11% and 3.46% respectively during these intervals.

Year-to-date, Sula Vineyards has declined 14.94%, significantly lagging the Sensex’s 3.71% fall. The stock’s one-year performance is particularly stark, with a 47.08% loss contrasting with the Sensex’s 7.22% gain. Over three and five years, the stock has delivered negative returns of 50.96% and 0.00% respectively, while the Sensex has appreciated 38.31% and 77.29% over the same periods. The ten-year performance remains flat at 0.00%, compared to a robust 229.94% gain for the Sensex.

Technical Indicators and Moving Averages

Sula Vineyards is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling persistent bearish momentum. The stock’s proximity to its 52-week low further underscores the sustained pressure on its price levels.

Financial Performance and Profitability

The company’s financial results have reflected considerable contraction. Operating profit has declined at an annualised rate of -10.18% over the last five years, indicating a challenging growth environment. The latest quarterly results for September 2025 revealed a 53.68% fall in profit before tax (PBT), with PBT excluding other income at ₹7.44 crore, down 56.1% compared to the previous four-quarter average. Net profit after tax (PAT) for the quarter stood at ₹6.02 crore, a 58.1% decline relative to the prior four-quarter average.

Operating cash flow for the year is at a low ₹64.03 crore, reflecting constrained liquidity generation. These figures collectively highlight a period of subdued earnings and cash flow performance.

Institutional Investor Activity

Institutional investors have reduced their holdings by 2.63% in the previous quarter, now collectively holding 19.43% of the company’s shares. This decline in institutional participation may reflect reassessment of the company’s fundamentals by investors with advanced analytical capabilities.

Relative Performance Within the Sector

Sula Vineyards has underperformed the BSE500 index across multiple timeframes, including the last three months, one year, and three years. This underperformance is notable given the broader market’s positive trajectory over these periods, emphasising the stock’s relative weakness within the beverages sector.

Valuation Metrics

Despite the negative price and earnings trends, the company’s return on capital employed (ROCE) stands at 9.4%, which is considered attractive. The enterprise value to capital employed ratio is 2.1, indicating a valuation discount relative to peers’ historical averages. However, this valuation has not translated into positive returns, as the stock has generated a -47.08% return over the past year alongside a 42.7% decline in profits.

Mojo Score and Market Capitalisation

Sula Vineyards currently holds a Mojo Score of 29.0, with a Mojo Grade of Strong Sell as of 12 Jan 2026, downgraded from a Sell rating. The company’s market capitalisation grade is 3, reflecting its relative size and liquidity in the market. These metrics align with the observed price and earnings declines, signalling caution in the stock’s outlook.

Summary of Key Metrics

To summarise, the stock’s recent performance is characterised by:

• A 2.15% decline on 29 Jan 2026, underperforming the Sensex by 1.8 percentage points


• Close proximity to its 52-week low at ₹184.45, just 0.83% away


• Negative returns of 47.08% over one year and 50.96% over three years


• Operating profit contraction at an annualised rate of -10.18% over five years


• Significant quarterly declines in PBT and PAT exceeding 50%


• Reduced institutional investor participation by 2.63% in the last quarter


• Attractive ROCE of 9.4% and EV/Capital Employed ratio of 2.1, indicating valuation discount

The stock’s trajectory and financial indicators reflect a period of considerable pressure within the beverages sector, with Sula Vineyards Ltd experiencing sustained declines in price and profitability metrics.

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