Fratelli posts first quarterly operating profit, guides 30% revenue jump for FY27
The wine maker turned EBITDA-positive in Q4, posting its first operating profit in recent quarters. It's now targeting ₹240 cr in revenue for FY27.
— 2 earlier stories on Fratelli Vineyards Ltd. →What's new
- Fratelli swung to a positive EBITDA of ₹1.06 cr in Q4, its first operating profit in recent quarters.
- Full-year revenue was flat at ₹184 cr due to regulatory disruptions in Maharashtra and Telangana in H1.
- Management guided for 30% revenue growth in FY27, to about ₹240 cr, and plans to double Shotgun RTD volumes.
Why this matters
The Q4 result is the first tangible proof that the company's cost structure can produce a profit, however small. The real bet is on the FY27 guidance: a 30% revenue jump to ₹240 cr hinges on both volume growth in RTDs and a recovery from the regulatory disruptions that flattened FY26.
What we're watching
- Whether Maharashtra and Telangana regulatory issues are fully resolved, allowing the H2 recovery to stick.
- Progress on doubling Shotgun RTD sales to 200,000 cases — the key driver of the growth guide.
- The path to PAT breakeven, which management says will come through higher margins on the bigger revenue base.
The full read
Fratelli Vineyards' Q4 results mark a turning point, however small. The company posted a positive EBITDA of ₹1.06 crore, its first operating profit in recent quarters, as revenue climbed 13% year-on-year to ₹36 crore. That quarter couldn't rescue the full year. FY26 revenue was flat at ₹184 crore after regulatory disruptions in Maharashtra and Telangana crimped sales in the first half. The more consequential number is the forward guide: management is targeting 30% revenue growth in FY27 to ₹240 crore. The plan leans on two levers: doubling sales of the Shotgun RTD brand to 200,000 cases and continuing the luxury portfolio's momentum, where the J'NOON brand surged 44% and exports doubled. PAT breakeven is the next goal, to be reached through higher margins on the larger revenue base. The Q4 profit is proof of concept. The FY27 guide is the actual bet.
Questions answered
- Why was FY26 revenue flat despite a 13% jump in Q4?
- Regulatory disruptions in key states Maharashtra and Telangana hit sales in the first half of FY26, offsetting the 13% year-on-year growth posted in the final quarter.
- What drove the profitability in Q4?
- The company swung to a positive EBITDA of ₹1.06 cr, which it called its first operating profit in recent quarters. The filing attributes the improvement to cost discipline on the higher revenue base.
- What is the core of the FY27 growth plan?
- Management guided for 30% revenue growth to about ₹240 cr. The plan hinges on doubling sales of its ready-to-drink brand Shotgun to 200,000 cases and continued growth in the luxury portfolio.
- Which brands are leading the growth?
- The luxury portfolio grew 15% in Q4, led by a 44% surge in sales of the J'NOON brand. Export revenue doubled during the quarter.
- Is the company profitable on a net-income basis?
- Not yet. While it posted a positive EBITDA, management's target is to reach PAT breakeven in FY27 through higher margins on the larger revenue base.
Story so far
All notes on FRATELLI →- 4 Jun 2026 · 9:25 PM IST Fratelli posts first quarterly operating profit, guides 30% revenue jump for FY27
- 2d ago Fratelli missed its own FY26 target, now it's guiding for 30% growth in FY27.
- 5d ago Fratelli's parent has ₹68 lakh in revenue. The auditor wants out.