Luxury segment revenue growth (Q3)
13%
+13pp YoY
Luxury segment grew 13% YoY in Q3, with Jaan up 34% and Sette up 5%.
FRATELLIVINEYARDS
Other
10 Feb 2026
Fratelli Vineyards Ltd — Q3 FY26
Fratelli Vineyards reported Q3 FY26 revenue of ₹65 crore, up 8% YoY, driven by strong luxury segment growth (13% YoY) and RTD expansion.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Shotgun RTD cases target (FY26)
100,000
New launch
Shotgun on track to reach 100,000 cases by March 2026, with distribution in 18 states and 7,000 outlets.
Market share in domestic wine
31%
Flat YoY
Fratelli maintained ~31% market share in the domestic wine market for 9M FY26.
Luxury segment market share (₹2k+)
55%
Stable
Fratelli holds >55% market share in the ₹2,000+ luxury wine segment, growing at >20% YoY.
Management Guidance
FY27 EBITDA margin target of 10-12%
Management expects EBITDA margins to improve to 10-12% in FY27, driven by operating leverage and cost efficiencies.
Management guidance marginsFY26 revenue growth of ~7%
Full-year FY26 revenue growth is expected to be around 7%, with a stronger Q4.
Management guidance revenueShotgun RTD to reach 100,000 cases by FY26 end
Shotgun is on track to sell 100,000 cases by March 2026, contributing over ₹20 crore revenue.
Management guidance growthCapex of ~₹10 crore in 9M FY26 for capacity expansion
Capital expenditure of approximately ₹10 crore was incurred in 9M FY26, primarily for vineyard infrastructure and plant machinery.
Management guidance capexKey Risks
EU-India FTA tariff reductions increasing competition
Phased reduction of import duties on European wines (to 20-30% over time) could narrow price gaps in the premium segment, intensifying competition.
medium · management_commentaryRegulatory disruptions in key states
License expiry in Telangana and excise policy changes in Uttarakhand impacted H1 sales; normalization is underway but risks remain.
medium · management_commentarySlow growth in premium segment (₹550-₹2,000)
The premium segment declined ~13-14% in 9M FY26 due to regulatory issues; recovery in Q3 may not sustain.
medium · data_observationAnalyst concern over flat 9M revenue and competitive pressure
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.
high · analyst_questionNotable 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.
Frequently Asked Questions
What was Fratelli Vineyards's revenue in Q3 FY26?
Fratelli Vineyards reported revenue of ₹64 Cr in Q3 FY26, representing a +8% change compared to the same quarter last year.
What guidance did Fratelli Vineyards management give for FY27?
FY27 EBITDA margin target of 10-12%: Management expects EBITDA margins to improve to 10-12% in FY27, driven by operating leverage and cost efficiencies. FY26 revenue growth of ~7%: Full-year FY26 revenue growth is expected to be around 7%, with a stronger Q4. Shotgun RTD to reach 100,000 cases by FY26 end: Shotgun is on track to sell 100,000 cases by March 2026, contributing over ₹20 crore revenue. Capex of ~₹10 crore in 9M FY26 for capacity expansion: Capital expenditure of approximately ₹10 crore was incurred in 9M FY26, primarily for vineyard infrastructure and plant machinery.
What are the key risks for Fratelli Vineyards in FY27?
Key risks include EU-India FTA tariff reductions increasing competition — Phased reduction of import duties on European wines (to 20-30% over time) could narrow price gaps in the premium segment, intensifying competition.; Regulatory disruptions in key states — License expiry in Telangana and excise policy changes in Uttarakhand impacted H1 sales; normalization is underway but risks remain.; Slow growth in premium segment (₹550-₹2,000) — The premium segment declined ~13-14% in 9M FY26 due to regulatory issues; recovery in Q3 may not sustain.; Analyst concern over flat 9M revenue and competitive pressure — 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..
Did Fratelli Vineyards meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Fratelli Vineyards Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.