Home / Business and Economy / Promoter Boosts Sula Vineyards Stake Amidst Stock Dip
Promoter Boosts Sula Vineyards Stake Amidst Stock Dip
23 Mar
Summary
- Founder and CEO Rajeev Samant acquired over 1.78 lakh shares.
- The purchase was made for more than Rs 3 crore via open market.
- Sula Vineyards reported a 67.6% net profit decline in Q3 FY26.
Sula Vineyards Founder and CEO Rajeev Samant recently bolstered his holdings in the company by acquiring over 1.78 lakh shares. This substantial open market purchase, valued at more than Rs 3 crore, occurred between February 12 and March 9. This investment represents the first time Samant has increased his stake since Sula Vineyards became publicly traded in 2022.
Following this acquisition, Samant's shareholding in India's largest winemaker rose to 23.27%. This development comes as the company faces a challenging period, with its stock experiencing a nearly 7% dip on Monday and a roughly 19% fall in the past month. The company's financial performance in the October-December quarter of FY26 was also impacted, showing a significant year-on-year decline in net profit and revenue.
The fifth consecutive quarterly profit decline for Sula Vineyards, down 67.6% to Rs 9.1 crore, was attributed by Rajeev Samant to "one-time tactical destocking" in Karnataka. This strategic move aimed to right-size channel inventory and optimize working capital amid subdued demand in Bengaluru, impacting Q3 revenue by 9.7% to Rs 195.7 crore.
