Fratelli missed its own FY26 target, now it's guiding for 30% growth in FY27.
Revenue was flat at ₹184 crore against a 7% growth guide. Management now points to a ₹240 crore target for FY27, betting on ready-to-drink and wine.
— 1 earlier story on Fratelli Vineyards Ltd. →What's new
- FY26 revenue was flat at ₹184 crore, missing prior guidance of 7% growth.
- Management set a 30% FY27 revenue guide to ~₹240 crore, targeting PAT breakeven.
- A ₹70-80 cr hospitality project is deferred about a year to fund RTD and wine priorities.
Why this matters
The company just explained why it missed its FY26 growth target, then promptly issued a much more ambitious one for FY27. The credibility of the new guide hinges on execution of the RTD Shotgun push and the Sette brand's momentum. The deferral of the hospitality capex makes the bet more concentrated.
What we're watching
- Whether the RTD volume target of 200,000 cases in FY27 is on track after the initial ramp.
- The path to PAT breakeven through operating improvement in FY27.
- How the auditor's going-concern flag on the parent entity is resolved.
The full read
Fratelli Vineyards closed FY26 with flat revenue of ₹184 crore, missing its own 7% growth target by a wide margin. Blame state-level regulatory disruptions. Now, management is swinging for the fences in FY27 with a 30% revenue growth guide to ₹240 crore and a push toward PAT breakeven. The bet is on a rapid scale-up of its ready-to-drink brand Shotgun, with the volume target doubled to 200,000 cases. To fund this focus, it's deferring a ₹70-80 crore hospitality capex. On the upside, luxury sales grew 15%, exports doubled, and the Sette brand surged 44%. Q4 showed an EBITDA improvement. The auditor's going-concern note on the parent is a separate cloud.
Questions answered
- How much did Fratelli's revenue grow in FY26?
- It didn't. Revenue was flat at ₹184 crore, falling short of the company's earlier guidance for 7% growth. Regulatory disruptions in key states were cited as the reason.
- What is the new guidance for FY27?
- Fratelli is guiding for 30% revenue growth to approximately ₹240 crore in FY27, with a target to reach PAT breakeven.
- What did the company decide about its planned hospitality project?
- It deferred the ₹70-80 crore project by about a year. The company wants to prioritise investment in its ready-to-drink Shotgun line and core wine initiatives.
- Did any part of the portfolio perform well in FY26?
- Yes. The luxury portfolio grew 15%, export revenue doubled, and the Sette brand's volume surged 44%, helping offset regulatory headwinds.
Story so far
All notes on FRATELLI →- 2 Jun 2026 · 5:05 PM IST Fratelli missed its own FY26 target, now it's guiding for 30% growth in FY27.
- 4d ago Fratelli's parent has ₹68 lakh in revenue. The auditor wants out.