Being a holding company it is bit complex as dividends will fluctuate a lot depending on biz needs and performance of each company.

Best is to value each company based on its profit/revenue as provided in Annual report. I had adopted same in first message of the thread. That gave me idea of tremendous undervaluation.

As dividend was minuscule after covid as profits were down for each company and they were conserving cash to get back on feet.

Alcoholic Beverages – Oct24_IC.pdf (4.1 MB)
good initiating coverage report by DAM capital in alcoholic beverage industry in India and major segments & players in them
Target for Sula is given 560 with below valuation basis

Revenue to grow by 13.6% CAGR over FY24-27E: Sula has strategically reduced its
focus on distribution of ‘Third-party Brands’, the contribution of which came down
from Rs1,615 mn in FY20 to ~Rs366 mn in FY24. It divested its majority stake in
PADPL, a subsidiary involved in the trading of beer, spirits, and other liquor. This led
to a rise in the contribution of its own brands to the company’s total revenue from
~64% in FY20 to ~88% in FY24. Sales from own brands grew at ~13% CAGR over
FY20-24, driven by higher sales from ‘Elite and Premium’ segment which grew at
~16% CAGR compared to 5.6% CAGR for ‘Economy and Premium’ segment. We
expect Sula to deliver ~13% growth in the own brands business driven by
14.5%/~11% value/volume growth in Elite and Premium categories over FY24-27E.
Revenue from the Wine Tourism segment has grown at a 18% CAGR over FY20-24.
Room additions and tailwinds in the hospitality sector should see a continued
momentum in the hotels sector. Going ahead, we expect the Wine Tourism Segment
to grow at a 21.3% CAGR over FY24-27E.
At a consolidated level, we estimate ~13.6% CAGR in net revenues over FY24-27E.