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Revenue
₹63.6 Cr
verified against source
Revenue YoY
8%
reported change
EBITDA
₹5.5 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Fratelli Vineyards reported Q3 FY26 revenue of ₹65 crore, up 8% YoY, driven by strong luxury segment growth (13% YoY) and RTD expansion. EBITDA surged to ₹5.5 crore (margin 8.6%, +610bps YoY) on operating leverage and cost savings. PAT turned positive at ~₹0.1 crore vs. loss last year. Luxury brands Jaan (34% growth) and Sette (5% growth) led premiumization, with premium+ segment contributing 73% of revenue. RTD brand Shotgun is on track for 100,000 cases by year-end. Management guided for 10-12% EBITDA margin in FY27 and expects revenue growth of ~7% for FY26. Key risk: EU-India FTA tariff reductions could intensify competition in the ₹2,000+ price band, though only 7% of revenue is exposed.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA margins to improve to 10-12% in FY27, driven by operating leverage and cost efficiencies.
- Full-year FY26 revenue growth is expected to be around 7%, with a stronger Q4.
- Shotgun is on track to sell 100,000 cases by March 2026, contributing over ₹20 crore revenue.
- Capital expenditure of approximately ₹10 crore was incurred in 9M FY26, primarily for vineyard infrastructure and plant machinery.
Risks flagged
- Phased reduction of import duties on European wines (to 20-30% over time) could narrow price gaps in the premium segment, intensifying competition.
- License expiry in Telangana and excise policy changes in Uttarakhand impacted H1 sales; normalization is underway but risks remain.
- The premium segment declined ~13-14% in 9M FY26 due to regulatory issues; recovery in Q3 may not sustain.
- An analyst questioned how Fratelli will grow given flat 9M revenue and impending European competition; management cited luxury and RTD growth but did not provide a detailed plan.
Key quotes
- We remain confident of reaching close to 100,000 cases by the year end on 31st March 26.
- I fully believe that in a B2C alcobev business, EBITDA margins of between 15 to 20% even in wine business are very much possible.
- The luxury category which will see an impact eventually in a phased manner is above 2,000 rupees... for us our revenue contribution from all our products in the luxury category are only roughly 7% of our overall revenue.
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