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Date: 13th August, 2026 To, To, National Stock Exchange of India Limited (“NSE”), BSE Limited (“BSE”), The Listing Department Corporate Relationship Department, Exchange Plaza, 5th Floor, 2nd Floor, New Trading Ring, Plot No. C/1, G Block, Bandra-Kurla Complex P.J. Towers, Dalal Street, Bandra (East), Mumbai – 400 051. Mumbai – 400 001. NSE Symbol: SULA BSE Scrip Code: 543711 ISIN: INE142Q01026 ISIN: INE142Q01026 Sub: Transcript of Q1 FY27 Earnings Conference Call Dear Sir/Madam, Pursuant to Regulation 30 and 46 read with clause 15 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Analyst / Investor Conference Call held on Friday, 7th August, 2026 regarding the unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2026. The said transcript will also be uploaded on the Company’s website at the following link: https://sulavineyards.com/investor-relations.php. Kindly take the above information on records. Thanking you, For Sula Vineyards Limited Gayathri Iyer Company Secretary and Compliance Officer Membership No. A38069 Encl: As above “Sula Vineyards Limited Q1 FY27 Earnings Conference Call” August 07, 2026 MANAGEMENT: MR. RAJEEV SAMANT – FOUNDER AND CHIEF EXECUTIVE OFFICER – SULA VINEYARDS LIMITED MS. RINKU MORE – CHIEF FINANCIAL OFFICER – SULA VINEYARDS LIMITED MR. MANDAR KAPSE – HEAD INVESTOR RELATIONS – SULA VINEYARDS LIMITED Page 1 of 12 Sula Vineyards Limited August 07, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Sula Vineyards Limited Q1 FY27 Earnings Conference Call. As a reminder, all participants' lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Mandar Kapse, IR Head at Sula Vineyards. Thank you, and over to you, sir. Mandar Kapse: Thanks Pari. Good afternoon, everyone. On behalf of the management team at Sula, I would like to welcome you all to the Q1 FY27 earnings call of Sula Vineyards. Today on the call with us, we have from the management team, Mr. Rajeev Samant, Founder and CEO; and Ms. Rinku More, CFO. They will take us through the Q1 performance and answer your questions. As always, we'll kick off the call with Rajeev sharing his thoughts on the operating environment and business performance, which will be followed by Rinku taking us through the financial performance in greater detail, and then we'll open the forum for Q&A. Before we proceed, I would just like to draw your attention to the Safe Harbor statement regarding the forward-looking statements. Please note that various factors may cause actual outcomes to differ materially from those projected. With that, I now invite Rajeev to commence today's call. Over to you sir. Rajeev Samant: Thank you, Mandar, and good afternoon, everyone. I appreciate you taking the time to be with us today. I trust you've had a chance to go through our Q1 results presentation and press release, both of which are available on the stock exchanges and on our website. Discussing our performance for Q1, I'm pleased to note that the encouraging momentum that we saw towards the end of FY26 has continued into the new financial year. We delivered a revenue growth of 3% in Q1, led by a recovery in our Own Brands business and continued double-digit growth in Wine Tourism. Importantly, this marks six consecutive months of positive sales growth, giving us confidence that the business has returned to a path of consistent growth. Our Own Brands business continued its recovery trajectory, delivering 2% growth as demand trends normalize across most markets. The Elite & Premium portfolio, which is our focus, led the way, growing by 6% in Q1 with its share in Own Brands expanding by 310 basis points to an all-time high of 78%. This underscores the continued premiumization of our portfolio and is very much the direction in which we want our portfolio to evolve. Our flagship Elite brands: The Source and RASA delivered excellent double-digit growth. The Source in particular, and this is something I've been noting over the past few earnings calls, has been a standout performer for us over the last several quarters now Page 2 of 12 Sula Vineyards Limited August 07, 2026 Over the past year, we have made significant strides in expanding the distribution of The Source and RASA beyond our core markets of Maharashtra and Karnataka. In fact, both brands have experienced excellent growth in markets such as Haryana, Goa, CSD and Exports. We will continue to expand the distribution of The Source and RASA pan-India, until it matches the distribution of our flagship SULA brand. We recently expanded The Source portfolio with the introduction of 2 new wines: The Source Chardonnay and The Source Grenache Red. And I'm pleased to share that both these wines have seen an excellent response in the market, further reinforcing the strength of The Source brand. Together, The Source and RASA now account for an all-time high of 16% of our Own Brands sales. Among the SULA Classics, our newer launches, Sula Merlot and Sula Muscat Blanc recorded a growth of over 100% in Q1 Y-o-Y, albeit from a small base. We are, therefore, ramping up both the production and distribution of both these labels. And further, our top label, The Sula Shiraz Cabernet, which is also the highest selling, highest grossing wine in India, recorded high single-digit growth in Q1, which is really good news because this is on a very high base, and this is now a 20-year-old brand, the leading single wine brand in the country. These brands accounted for nearly 45% of our Own Brands revenue in Q1, and we expect them to lead the growth going forward. Coming to our Economy & Popular portfolio. This segment continued to face pressure during this quarter, owing to continued unsustainable discounts by competitors in the market. At the same time, we also consciously prioritized our Elite & Premium portfolio as we have been doing for the past couple of years now. As a result, the softer performance in the Economy & Popular segment led to moderation of growth in our Own Brands. Moving on from a regional standpoint. Markets such as Telangana, Haryana, Chandigarh, Exports and CSD delivered strong double-digit growth during the quarter. Telangana continued to be a standout market, recording over 50% growth in Q1 Y-o-Y as the business continues to build on strong momentum following the resolution of the route-to-market disruption in December of 2025. We remain confident that this positive momentum will continue in Q2. In contrast, Karnataka has continued to remain soft, which is unfortunate because it is a very important market for us, although we do expect the market to turn the corner in the second half of FY27. In Maharashtra, our Elite & Premium portfolio remained resilient. However, softer performance of the Economy & Popular portfolio moderated the performance of the market. Moving on, as I mentioned in our previous earnings call, we have received preliminary approval for five additional brand listings in CSD, taking our total approved wines to 14 from the current 9 when those brands are launched in CSD. This is a very positive development, and we really hope to complete the listing process by Q3 FY27 and introduce the new wines in CSD before the end of this financial year. Page 3 of 12 Sula Vineyards Limited August 07, 2026 The last time we expanded our CSD portfolio, we saw a very strong acceleration in our CSD sales over the subsequent quarters, showing a thirst for well-made Indian wine in CSD, and we expect to see a similar uplift once these additional listings become operational. To put this in perspective, CSD contr [Showing first 8,000 characters — download PDF for full document]