No doubt that this is peak valuation if we go by sales figures, growth % and tax subsidy.
But wines seem to be on a long term track of adoption. I have heard many a times that India is not a wine country but things always change. With more women coming in work force (easy access to money), nuclear families (easy to keep wines on shelf at home), people becoming health conscious (even if its a perception that wine is healthy), sula vineyard becoming tourist hotspot and lot more wines on OTT & movies – wine has just one way to go as far as adoption is concerned. Sula being market leader should also gain sales / profitability.
It seems to be a multi decadal opportunity, hence invested from 3xx levels.
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