Q1 2027 Fratelli Vineyards Ltd Earnings Call

August 14, 2026

Speaker #1: Ladies and gentlemen, you have been connected to the Fratelli Vineyards Limited conference call. Please stay connected; the call will begin shortly. Ladies and gentlemen, good day and welcome to the Fratelli Vineyards Limited Q1 FY27 earnings conference call, hosted by Grow India Advisors.

Operator: Ladies and gentlemen, you have been connected to Fratelli Vineyards Limited conference call. Please stay connected. The call will begin shortly. Ladies and gentlemen, good day, and welcome to the Fratelli Vineyards Limited Q1 FY27 earnings conference call hosted by Grow India Advisors. As a reminder, all participants' lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Aadith from Grow India Advisors. Thank you, and over to you, sir.

Operator: Ladies and gentlemen, you have been connected to Fratelli Vineyards Limited conference call. Please stay connected. The call will begin shortly. Ladies and gentlemen, good day, and welcome to the Fratelli Vineyards Limited Q1 FY 2027 earnings conference call hosted by Grow India Advisors. As a reminder, all participants' lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Aadith from Go India Advisors. Thank you, and over to you, sir.

Speaker #1: As a reminder, all participants' lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star and 0 on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand over the conference to Mr. Adil from Grow India Advisors. Thank you, and over to you, sir.

Speaker #2: Thank you, Parijit. Good afternoon, everyone. It is my pleasure to welcome you to Fratelli Vineyards Limited. Thank you for joining us today for the Q1 FY27 earnings call.

[Company Representative] (Grow India Advisors): Thank you, Pari. Good afternoon, everyone. It is my pleasure to welcome you on behalf of Fratelli Vineyards Limited. Thank you for joining us today for Q1 FY27 earnings call. We have on the call Mr. Gaurav Sekhri, Chairman and Managing Director, Mr. Aditya Sekhri, Director, Mr. Rajesh Garg, Chief Financial Officer, and Mr. Hemant Arora, Chief Business Officer. Please note that today's call discussion may include certain forward-looking statements and must therefore be viewed in conjunction with the risk that the company faces. I would now like to hand it over to the management for opening remarks. Thank you, and over to you, sir.

Aadith V.: Thank you, Pari. Good afternoon, everyone. It is my pleasure to welcome you on behalf of Fratelli Vineyards Limited. Thank you for joining us today for Q1 FY 2027 earnings call. We have on the call Mr. Gaurav Sekhri, Chairman and Managing Director, Mr. Aditya Sekhri, Director, Mr. Rajesh Garg, Chief Financial Officer, and Mr. Hemant Arora, Chief Business Officer. Please note that today's call discussion may include certain forward-looking statements and must therefore be viewed in conjunction with the risk that the company faces. I would now like to hand it over to the management for opening remarks. Thank you, and over to you, sir.

Speaker #2: We have on the call Mr. Gaurav Sekhri, Chairman and Managing Director; Mr. Aditya Sekhri, Director; Mr. Rajesh Ghate, Chief Financial Officer; and Mr. Heman Tarora, Chief Business Officer.

Speaker #2: Please note that today's call discussion may include certain forward-looking statements and must therefore be viewed in conjunction with the risks that the company faces.

Speaker #2: I would now like to hand it over to the management for opening remarks. Thank you, and over to you, sir.

Speaker #3: Thank you, and a very warm welcome to everyone joining us today. Am I audible okay?

Gaurav Sekhri: Thank you, and a very warm welcome to everyone joining us today. Am I audible okay?

Speaker #1: Yes, sir, you're audible. Please proceed.

Operator: Yes, sir. You are audible. Please proceed.

Gaurav Sekhri: Yeah. Good afternoon, everyone. With India approaching its 80th Independence Day, there is a strong sense of optimism around the country's growth story, and my best wishes to all proud Indians on the Independence Day tomorrow. At Fratelli, we are immensely proud to be an Indian wine brand that is building a strong presence across the domestic market and on the global stage. It was a particularly proud quarter for Fratelli and Indian wines, as Fratelli became the first Indian winery to get five wines with 90-plus points at the prestigious Decanter World Wine Awards, further validating the quality of our Indian wines and the sensing and credibility of our brands both in India and internationally.

Speaker #3: Good afternoon, everyone. With India approaching its 80th Independence Day, there is a strong sense of optimism around the country's growth story. My best wishes to all proud Indians on Independence Day tomorrow.

Speaker #3: At Fratelli, we are immensely proud to be an Indian wine brand that is building a strong presence across the domestic market and on the global stage.

Speaker #3: It was a particularly proud quarter for Fratelli and Indian wine, as Fratelli became the first Indian winery to get five wines with 90-plus points at the prestigious Decanter World Wine Awards, further validating the quality of Indian wines and strengthening the credibility of our brands both in India and internationally.

Speaker #3: We have started FY27 on a positive note, expanding our presence into two new geographies and building on the positive EBITDA momentum achieved in FY26.

Gaurav Sekhri: We have started FY27 on a positive note, expanding our presence into two new geographies and building on the positive EBITDA momentum achieved in FY26. We delivered a resilient start to the year, reporting a positive EBITDA of INR 1.1 crore in Q1 FY27. Turning to two growth engines of our business, wines and the RTD segment, both delivered healthy momentum in the first quarter. Core wine business grew by approximately 8%, while the RTD business more than doubled. Overall revenue grew by 22% year on year. Our premium and above portfolios contributed 71% of bottle revenue in Q1 FY27, a mix we have been able to maintain consistently. Super premium category grew by approximately 7% year on year during the quarter, with our flagship brand, J'Noon, growing over 36% year on year, driven by strong momentum across the portfolio. Within the luxury segment, Fratelli continues to maintain its market leadership.

Gaurav Sekhri: We have started FY 2027 on a positive note, expanding our presence into two new geographies and building on the positive EBITDA momentum achieved in FY26. We delivered a resilient start to the year, reporting a positive EBITDA of INR 1.1 crore in Q1 FY 2027. Turning to two growth engines of our business, wines and the RTD segment, both delivered healthy momentum in the first quarter. Core wine business grew by approximately 8%, while the RTD business more than doubled. Overall revenue grew by 22% year on year. Our premium and above portfolios contributed 71% of bottle revenue in Q1 FY 2027, a mix we have been able to maintain consistently. Super premium category grew by approximately 7% year on year during the quarter, with our flagship brand, J'Noon, growing over 36% year on year, driven by strong momentum across the portfolio. Within the luxury segment, Fratelli continues to maintain its market leadership.

Speaker #3: We delivered a resilient start to the year, reporting a positive EBITDA of ₹1.1 crore in Q1 FY27, turning to two growth engines of our business: wines and the RTD segment. Both delivered healthy momentum in the first quarter.

Speaker #3: Core wine business grew by approximately 8%, while the RTD business more than doubled. Overall revenue grew by 22% year-on-year. Our premium and above portfolios contributed 71% of bottle revenue in Q1 FY27, a mix we have been able to maintain consistently.

Speaker #3: The super premium category grew by approximately 7% year-on-year during the quarter, with our flagship brand, Janoon, growing over 36% year-on-year, driven by strong momentum across the portfolio.

Speaker #3: Within the luxury segment, Fratelli continues to maintain its market leadership. This performance reaffirms Fratelli's position as a category creator and a leading player in India's luxury wine segment.

Gaurav Sekhri: This performance reaffirms Fratelli's position as a category creator and a leading player in India's luxury wine segment. We are also seeing encouraging traction from the brands we launched last fiscal, particularly in terms of geographic expansion. The Sette 15th Anniversary Limited Edition, in collaboration with Manish Malhotra, is now present across seven states since its launch in January. Fratelli Brut has expanded from four states to nine states, and we will expand it to 15 states by end of H2. Once these brands gain distribution, they can build good traction in the market, so expanding their geographic presence will remain an important growth lever for us. In addition, Shiraz Cabernet, which was launched in April 2026, is already registered across 11 states and seeing very good response. Coming to our value portfolio, this segment delivered strong growth of 26%.

Speaker #3: We are also seeing encouraging traction from the brands we launched last fiscal, particularly in terms of geographic expansion. The CETE 15th Anniversary Limited Edition, in collaboration with Manish Malhotra, is now present across seven states since its launch in January.

Speaker #3: Fratelli Brut has expanded from four states to nine states, and we will expand it to fifteen states by the end of H2. Once these brands gain distribution, they can build good traction in the market, so expanding their geographic presence will remain an important growth lever for us.

Speaker #3: In addition, Shiraz Cabernet, which was launched in April 2026, is already registered across 11 states and is seeing a very good response. Coming to our value portfolio, this segment delivered strong growth of 26%.

Speaker #3: The value portfolio helps us maintain our presence in Tier 2 and Tier 3 cities, while giving consumers an entry point into the Fratelli portfolio, with the opportunity to trade up over time.

Gaurav Sekhri: The value portfolio helps us maintain our presence in tier 2 and tier 3 cities, while giving consumers an entry point into the Fratelli portfolio with the opportunity to trade up over time. Coming to our RTD business, which has really emerged as a success story for us and is becoming an important growth engine for the company. Shotgun sold approximately 50,000 cases in Q1 and continues to deliver strong market traction, doubling sales year on year basis. During the quarter, we added Chhattisgarh and Karnataka, taking our footprint to 22 states. A large part of our runway here is simply about taking Shotgun deeper into the distribution network that we already have. We now have four unique flavors, and Shotgun Jamun is slated to be launched in Q2 of FY27.

Speaker #3: Coming to our RTD business, which has really emerged as a success story for us and is becoming an important growth engine for the company, Short Gun sold approximately 50,000 cases in Q1 and continues to deliver strong market traction, doubling sales on a year-on-year basis.

Speaker #3: During the quarter, we added Chhattisgarh and Karnataka, taking our footprint to 22. Runway here is simply about taking Shortgun deeper into the distribution network that we already have.

Speaker #3: We now have four unique flavors, and Short Gun Jamun is slated to be launched in Q2 of FY27. Overall, we remain well on our way toward our ambition of crossing 200,000 cases of sale of Short Gun this financial year, versus about 80,000 cases in the last year.

Gaurav Sekhri: Overall, we remain well on our way towards our ambition of crossing 200,000 cases of sale of Shotgun this financial year versus about 80,000 cases in the last year. I should also reiterate the success we are seeing with our CSD listings. The army canteen or the CSD business contributed approximately 8% of our top line in Q1. Tilt Red, Tilt Rosé, and Shiraz Rosé, which were listed in Q4 in the army canteen, have debuted strongly. Tilt is particularly significant for us as it is the first wine in a can product to be listed in the army canteen. Merlot and Noì Sparkling Wine will begin from Q2, while Shotgun Strong is expected in H2, so we expect CSD to become an increasingly meaningful contributor through the year.

Speaker #3: I should also reiterate the success we are seeing with our CSD listings. The Army Canteen, or the CSD business, contributed approximately 8% of our top line in Q1.

Speaker #3: Tilt Red, Tilt Bubbly Rosé, and Shiraz Rosé, which were listed in Q4 in the Army Canteen, have debuted strongly. Tilt is particularly significant for us, as it is the first wine-in-a-can product to be listed in the Army Canteen.

Speaker #3: Merlot and Noy sparkling wine will begin from Q2, while Short Gun Strong is expected in H2, so we expect CSD to become an increasingly meaningful contributor through the year.

Gaurav Sekhri: Internationally, we are now present in 17 countries, where exports of Tilt and Shotgun have also commenced along with our bottles business. Overall, we are encouraged by the way FY27 has started. The wine business continues to strengthen its premium positioning. RTD business is helping us give a scale. Our distribution footprint is expanding, and we are beginning to see the benefits of efficiency and scale come through in profitability. With that, I hand over to Aditya to take you through the operating and financial details. Thank you.

Gaurav Sekhri: Internationally, we are now present in 17 countries, where exports of Tilt and Shotgun have also commenced along with our bottles business. Overall, we are encouraged by the way FY 2027 has started. The wine business continues to strengthen its premium positioning. RTD business is helping us give a scale. Our distribution footprint is expanding, and we are beginning to see the benefits of efficiency and scale come through in profitability. With that, I hand over to Aditya to take you through the operating and financial details. Thank you.

Speaker #3: Internationally, we are now present in 17 countries, where exports of Tilt and Short Gun have also commenced alongside our bottles business. Overall, we are encouraged by the way FY27 has started: the wine business continues to strengthen its premium positioning, the RTD business is helping us gain scale, our distribution footprint is expanding, and we are beginning to see the benefits of efficiency and scale come through in profitability.

Speaker #3: With that, I hand over to Aditya to take you through the operating and financial details. Thank you.

Speaker #1: Thank you, and good afternoon, everyone. Let me take you through the financial performance for the quarter. We delivered robust revenue growth in Q1 despite temporary regulatory challenges in Delhi and Uttar Pradesh. Delhi was impacted by delays in label registrations, while Uttar Pradesh saw some changes in the excise policy during the quarter.

Aditya Sekhri: Thank you, and welcome, everyone. Let me take you through the financial performance for the quarter. We delivered robust revenue growth in Q1 despite temporary regulatory challenges in Delhi and Uttar Pradesh. Delhi was impacted by delays in label registrations, while Uttar Pradesh saw some changes in the excise policy during the quarter. These are essentially procedural matters and importantly, not a reflection of any weakness in demand. Strong performance across Chandigarh, Haryana, Telangana, Odisha, and Pondicherry offset some of that impact. With these temporary headwinds largely behind us, we remain confident in the strength of our underlying business, and our growth trajectory remains firmly intact. Net revenue from operations increased to INR 46 crores approximately in Q1 FY27 from INR 37 crores, representing approximately 22% year-on-year growth and approximately 25% sequential growth over INR 36.3 crores recorded in Q4 FY26. The growth was driven by both parts of the business.

Aditya Sekhri: Thank you, and welcome, everyone. Let me take you through the financial performance for the quarter. We delivered robust revenue growth in Q1 despite temporary regulatory challenges in Delhi and Uttar Pradesh. Delhi was impacted by delays in label registrations, while Uttar Pradesh saw some changes in the excise policy during the quarter. These are essentially procedural matters and importantly, not a reflection of any weakness in demand. Strong performance across Chandigarh, Haryana, Telangana, Odisha, and Pondicherry offset some of that impact. With these temporary headwinds largely behind us, we remain confident in the strength of our underlying business, and our growth trajectory remains firmly intact. Net revenue from operations increased to INR 46 crores approximately in Q1 FY 2027 from INR 37 crores, representing approximately 22% year-on-year growth and approximately 25% sequential growth over INR 36.3 crores recorded in Q4 FY26. The growth was driven by both parts of the business.

Speaker #1: These are essentially procedural matters, importantly not a reflection of any weakness in demand. Strong performance across Chandigarh, Haryana, Telangana, Odisha, and Pondicherry offset some of that impact.

Speaker #1: With these temporary headwinds largely behind us, we remain confident in the strength of our underlying business, and our growth trajectory remains firmly intact. Next, revenue from operations increased to ₹46 crore, approximately, in Q1 FY27 from ₹37 crore.

Speaker #1: This represents approximately 22% year-on-year growth and approximately 25% sequential growth over ₹36.3 crore recorded in Q4 FY26. The growth was driven by both parts of the business.

Speaker #1: The wine business grew approximately 8%, while RTD more than doubled. We largely maintained a gross margin at 80%, despite the change in product mix.

Aditya Sekhri: The wine business grew approximately 8%, while RTD more than doubled. We largely maintained a gross margin at 80% despite the change in product mix.

Speaker #1: The PITA for the quarter stood at roughly ₹1 crore, compared to a PITA loss of ₹2.3 crores in Q1 FY26. Brand investments remained disciplined during the quarter.

Gaurav Sekhri: EBITDA for the quarter stood at roughly INR 1 crore compared to an EBITDA loss of INR 2.3 crores in Q1 FY26. Brand investments remained disciplined during the quarter, with the focus weighted towards the RTD portfolio as we continue to build Shotgun and continue to launch it in more markets. Depreciation was INR 2.5 crores compared to INR 2.3 crores in the same quarter last year, broadly in line. Finance costs was INR 3.8 crores compared to INR 3.1 crores, primarily reflecting borrowings taken for working capital as the business continues to scale. Overall, with revenue continuing to grow at over 20%, gross margins at the upper end of our guided range and our cost base already geared up for a much larger business, we remain on track towards our Vision 2030. We believe Q1 is an encouraging first step towards that objective, and we remain focused on delivering profitable growth as the business scales.

Aditya Sekhri: EBITDA for the quarter stood at roughly INR 1 crore compared to an EBITDA loss of INR 2.3 crores in Q1 FY26. Brand investments remained disciplined during the quarter, with the focus weighted towards the RTD portfolio as we continue to build Shotgun and continue to launch it in more markets. Depreciation was INR 2.5 crores compared to INR 2.3 crores in the same quarter last year, broadly in line. Finance costs was INR 3.8 crores compared to INR 3.1 crores, primarily reflecting borrowings taken for working capital as the business continues to scale. Overall, with revenue continuing to grow at over 20%, gross margins at the upper end of our guided range and our cost base already geared up for a much larger business, we remain on track towards our Vision 2030. We believe Q1 is an encouraging first step towards that objective, and we remain focused on delivering profitable growth as the business scales.

Speaker #1: With the focus weighted toward the RTD portfolio, as we continue to build Short Gun and continue to launch it in more markets.

Speaker #1: Depreciation was ₹2.5 crores, compared to ₹2.3 crores in the same quarter last year, broadly in line. Finance cost was ₹3.8 crores compared to ₹3.1 crores, primarily reflecting borrowings taken for working capital as the business continues to scale.

Speaker #1: Overall, with revenue continuing to grow at over 20%, gross margins are at the upper end of our guided range, and our cost base is already geared up for a much larger business.

Speaker #1: We remain on track towards our Vision 2030. We believe Q1 is an encouraging first step towards our objective, and we remain focused on delivering profitable growth as the business scales.

Speaker #1: With that, I would request the moderator to open the floor for further questions. Thank you.

Gaurav Sekhri: With that, I would request the moderator to open the floor for future questions. Thank you.

Aditya Sekhri: With that, I would request the moderator to open the floor for future questions. Thank you.

Speaker #2: Thank you very much. Vivin Rao, please begin the question-and-answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Heer Kauri from Choice Institutional Equities. Please proceed with your question.

Speaker #2: If you wish to remove yourself from the question queue, you may press star-2. Participants are requested to use the 'hands up' feature while asking a question.

Speaker #2: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Heer Kogri, from Choice Institutional Equities.

Speaker #2: Please proceed with your question.

Speaker #4: Hello. Thank you for the opportunity. I wanted to ask, with the RTD sales doubling, what revenue contribution are we expecting from Shotgun by year-end and by FY27 end?

Heer Kauri: Hello, thank you for the opportunity. Wanted to ask, with the RTD sales doubling year-over-year, what revenue contribution are we expecting from Shotgun by the year-end, FY27 end?

Heer Gogri: Hello, thank you for the opportunity. Wanted to ask, with the RTD sales doubling year-over-year, what revenue contribution are we expecting from Shotgun by the year-end, FY 2027 end?

Speaker #3: So, short gun—short gun on its own should roughly contribute about 10% of our overall top line by the end of this year.

Gaurav Sekhri: Shotgun on its own should roughly contribute about 10% of our overall top line by end of this year.

Speaker #4: Okay, got it. And what EBITDA margin are we expecting for this year and next year as well?

Heer Kauri: Okay, got it. What EBITDA margin are we expecting for this year and the next year as well?

Heer Gogri: Okay, got it. What EBITDA margin are we expecting for this year and the next year as well?

Speaker #3: Gross margin for short gun?

Gaurav Sekhri: Gross margin for Shotgun?

Speaker #4: Yes.

Heer Kauri: Yes.

Heer Gogri: Yes.

Speaker #3: Gross margin for short gun will be along the lines of about 70%.

Gaurav Sekhri: Gross margin for Shotgun will be along the lines of about 70%.

Speaker #4: Okay, got it. And I want to—I was asking about the EBITDA margin, the outlook for the same for FY27 and FY28.

Heer Kauri: Okay, got it. I was asking about the EBITDA margin, the outlook for the same for FY27 and FY28.

Heer Gogri: Okay, got it. I was asking about the EBITDA margin, the outlook for the same for FY 2027 and FY 2028.

Speaker #3: Our EBITDA margin for the year is projected to be around 5% to 6%.

Gaurav Sekhri: Our EBITDA margin for the year projected is around 5% to 6% for the year.

Speaker #4: Okay. Okay. Got it. Thank you so much.

Heer Kauri: Okay. Got it. Thank you so much.

Heer Gogri: Okay. Got it. Thank you so much.

Speaker #2: Thank you. The next question is from the line of Randeep Kumar Singh from Randeep HUF. Please proceed with your question.

Operator: Thank you. The next question is from the line of Randeep Kumar Singh from RandeepHUS. Please proceed with your question.

Operator: Thank you. The next question is from the line of Randeep Kumar Singh from Randeep HUF. Please proceed with your question.

Speaker #1: Hello.

Randeep Kumar Singh: Hello.

Speaker #3: Yes, please go ahead.

Gaurav Sekhri: Yes, Randeep, go ahead.

Speaker #1: Thanks for taking my question, sir. Sir, I want—sir, एक चीज़ जानना चाहता हूँ कि जो हमारा wine segment है, उसमें fermented wine रहता है या फिर fruit flavor wine रहता है, sir?

Randeep Kumar Singh: Thanks for taking my question, sir. Sir, मैं sir एक चीज जानना चाहता हूं कि जो हमारा wine segment है, उसमें fermented wine रहता है या फिर fruit flavored wine रहता है, sir?

Speaker #3: हाँ, मेरे ख्याल से आपका सवाल ये है, सर, कि क्या हम फोर्टिफाइड वाइन बनाते हैं या नहीं? वाइन तो सारा ही फर्मेंटेशन से ही बनती है। But I think your question is, are our wines fortified or not?

Gaurav Sekhri: मेरे ख्याल आपका सवाल यह है sir, कि क्या यह fortified wine हम करते हैं कि नहीं करते? Wine तो सारा ही fermentation से ही बनता है. I think your question is, are our wines fortified or not? Is that your question?

Speaker #3: Is that your question?

Speaker #1: No, sir. My question is, sir, I want wine segment जामुन करके एक फ्लेवर है, तो वो आर्मोटाइज्ड, अरोमाटाइज्ड है या फिर फर्मेंटेड मतलब है?

Randeep Kumar Singh: My question is, sir, one wine segment, Jamun करके एक flavor है, तो वो aromatized है या फिर fermented है? क्योंकि इसके regarding sir regulation में कुछ FSSAI की तरफ से आया है कि labeling करके आपको sell करना है ऐसा।

Speaker #1: क्योंकि इसके रिगार्डिंग, सर, रेगुलेशन में कुछ फसाई की तरफ से आया है कि लेबलिंग करके आपको सेल करना है ऐसा।

Speaker #3: We have more impact, sir, on, on, on, as part of those regulations. There's no impact on our wine business at all. It is there for other categories जो आप बात कर रहे हैं।

Gaurav Sekhri: We have no impact sir, as part of those regulations, there's no impact on our wine business at all. It is there for other categories जो आप बात कर रहे हैं.

Speaker #1: Okay, sir. One thing—the EBITDA margin, sir. Our EBITDA margin, as you just mentioned, is at 5 to 6%. Can we scale this further, sir?

Randeep Kumar Singh: Sir, एक बात, जो EBITDA margin है sir हमारा, EBITDA margin हम अपने इसको 5% to 6% जैसे अभी आपने कहा, इससे और scale कर सकते हैं sir या फिर यह conservative side से है?

Speaker #1: ये या फिर ये conservative side से है?

Speaker #3: Sir, they sell जो margin हमने guidance दिया है EBITDA का, it is with the expectation of a certain scale. To be achieved in this financial year, and of course that is little bit we are we are giving guidance with what we expect to achieve.

Gaurav Sekhri: Sir, this is जो margin हमने guidance दिया है EBITDA का, it is with the expectation of a certain scale to be achieved in this financial year. Of course that is little bit we are giving guidance with what we expect to achieve. It's a efficiency now of scale, where Fratelli is poised at. As the top line grows, efficiency in expenses will be there, and as a result, it will have a direct impact, positive impact on EBITDA margins. This guidance is where we expect to be in this financial year.

Speaker #3: And it's a it's a efficiency now of scale. We have Fratelli is poised at. So as the top line grows efficiency in expenses will be there, and as a result it will have a direct impact, positive impact on EBITDA margins.

Speaker #3: But this guidance is where we expect to be in this financial year.

Speaker #1: Okay, sir. One thing, sir. I mean, in the last PPT, the last quarter PPT, उसमें top line पे 30% का guidance था आपकी तरफ से, तो उसमें हम लोग कहीं न कहीं इसको miss किए हैं इस quarter में। तो आगे, going forward Q2, Q3 से हम लोग इसको further improve कर सकते हैं, sir?

Randeep Kumar Singh: Sir, एक बात, sir, last quarter के PPT में top line पे 30% का guidance था आपकी तरफ से। तो उसमें हम लोग कहीं न कहीं इसको miss किए हैं इस quarter में। तो आगे going forward Q2, Q3 से हम लोग इसको further improve कर सकते हैं, sir?

Speaker #3: Sir, we are going to do our best, always. As you know, for Alcope business, usually Q1 is a slightly weaker quarter, but even then we have delivered 22% growth year on year.

Gaurav Sekhri: Sir, we are going to do our best always. As you know, for alcobev business, usually Q1 is a slightly weaker quarter. But in that also we have delivered a 22% growth year-on-year. I am optimistic that in the year that we will see, इससे बेहतर ही होना चाहिए।

Speaker #3: So I'm optimistic that in the year, we will see, इससे बेहतर ही होना चाहिए।

Speaker #1: Okay, thank you, sir. That's it.

Randeep Kumar Singh: Okay. Thank you, sir. That is it.

Speaker #3: You're welcome.

Gaurav Sekhri: You are welcome.

Speaker #2: Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. The next question is from the line of Akshay from AJ Capital.

Operator: Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may press star and one on their touchtone telephone. The next question is from the line of Akshat from AJ Capital. Please proceed with your question.

Speaker #2: Please proceed with your question.

Speaker #5: Hello.

[Analyst]: Hello

[Analyst] (AJ Capital): Hello

Speaker #3: Yes, please go ahead.

Aditya Sekhri: Yes, please go ahead.

Speaker #5: Thank you for taking my question, sir. Sir, my first question will be, as you have already completed 1.5 months of your quarter 2, sir, sir, could you give us some early color on the demand environment, sir?

[Analyst] (AJ Capital): Thank you for taking my question, sir. My first question will be: as you have already completed 1.5 months of your Q2, sir, could you give us some early color on the demand environment, sir?

Speaker #3: Sir, we do not, you know, we refrain from giving such granular kind of, you know, forecasts. Guidances have to be taken in a slightly more generic and general manner.

Aditya Sekhri: Sir, we resist from giving such granular kind of forecasts. Guidance have to be taken in a slightly more generic and general manner. At this stage, to answer your question will be a bit premature.

Speaker #3: So, at this stage, to answer your question would be a bit premature.

Speaker #5: Okay. Sir, my next question is: Are you seeing ready-to-drink demand strengthening further from the Q1 level, and how is the demand environment for the luxury wine segment?

[Analyst] (AJ Capital): Okay. Sir, my next question will be: are you seeing ready-to-drink demand strengthen further from Q1 levels, sir? How is your demand environment for the luxury wine segment, sir?

Speaker #3: So, sir, for the short gun portfolio, the demand continues to grow. As we mentioned already, we are right now in the process of, again, widening our distribution.

Aditya Sekhri: So sir, for the Shotgun portfolio, the demand continues to grow. As we mentioned already, we are right now in the process of, again, widening our distribution. That is the first thing that we are looking to do. We have achieved inclusion of Shotgun in more than 20 states already. The first goal for Shotgun is to widen our entire distribution scale across the network that we have already in the country. Demand continues to grow. That is why we have had a much better Q1 as well than last year. We will be able to give better clarity on these factors after H1 ends, as that momentum continues to grow. On the luxury portfolio, our performance has been very robust. Chenin, which is our flagship brand, continues to grow north of 30%. The demand is very favorable in that category too.

Speaker #3: That is the first thing that we are looking to do. We have achieved inclusion of Short Gun in more than 20 states already. So the first goal for Short Gun is to widen our entire distribution scale across the network that we already have in the country.

Speaker #3: And demand continues to grow. That's why we've had a much better Q1 as well than last year. So we will be able to give better clarity on these factors after H1 ends.

Speaker #3: As the momentum continues to grow, our performance in the luxury portfolio has been very robust. Junoon, which is our flagship brand, continues to grow north of 30%.

Speaker #3: So, the demand is very favorable in that category too.

Speaker #5: Okay, sir, understood. Sir, my next question is, could you give us some more color on your export business, sir? Like, what is the total revenue currently coming from your exports, sir?

[Analyst] (AJ Capital): Okay sir, understood. My next question is: Sir, could you give us some more colors on your export business, sir? What is the total revenue currently coming from your exports, sir?

Speaker #3: Export business revenue is still at roughly about 1.5% to 2% of overall net sales. It's still very small in exports. One very good development in R&D is that we continue to enter new geographies.

Aditya Sekhri: Export business revenue still is at roughly about 1.5% to 2% of overall net sales. It is still very small. In exports, one very good development at our end is that we still continue to get into new geographies. We have added two new geographies already in Q1 of this year. We still look to add some more growing geographies, in Q2 as well. Export is at a very small base at the moment. But still, we are seeing very good traction in a lot of newer geographies. Also one update in exports is that we have also commenced exports for our RTD segment, both in cans and in Shotgun.

Speaker #3: We've added two new geographies already in Q1 of this year, and we still look to add some more growing geographies in Q2 as well.

Speaker #3: So, export is at a very small base at the moment, but still, we are seeing very good traction in a lot of newer geographies.

Speaker #3: And also, one update in exports is that we've commenced exports for our RTD segment, both in cans and in Shotgun.

Speaker #5: Okay, sir. So, sir, which is the major export market right now for you, sir?

[Analyst] (AJ Capital): Okay, sir. Which is the major export market right now for you, sir?

Speaker #3: We have five or six core export markets, all having a good export contribution from us. A large part of it, at the moment, is coming from Asia and European markets for us.

Aditya Sekhri: We have five or six core export markets, all having a good export contribution from us. A large part of it at the moment is coming from Asia and European markets for us.

Speaker #5: Okay, sir, understood. And, sir, continuing with this question, how do you see the growth and profitability of this export business, sir?

[Analyst] (AJ Capital): Okay, sir. Understood. Sir, further continuing with this question, how do you see the growth and profitability of this export business, sir?

Speaker #3: The export business is profitable, and I think it's more a factor of scale now in exports for us. But I expect it to be a good contributor in the coming years for the business.

Aditya Sekhri: Export business is profitable, and I think it is more of a factor of scale now in exports for us. But I expect it to be a good contributor in the coming years for the business.

Speaker #5: Okay, sir. That would be awesome. Thank you.

[Analyst] (AJ Capital): Okay, sir. That would be all, sir. Thank you.

Speaker #3: Thank you.

Aditya Sekhri: Thank you.

Speaker #2: Thank you. The next question is from the line of Deepesh from Mania Finance. Please proceed with your question.

Operator: Thank you. The next question is from the line of Deepesh from Manea Finance. Please proceed with your question.

Speaker #4: Hi. Am I audible?

[Analyst] (Manea Finance): Hi. Am I audible?

Deepesh Sachdeva: Hi. Am I audible?

Speaker #3: Yes, please go ahead.

Aditya Sekhri: Yes, please go ahead.

Speaker #2: Yes, sir.

Speaker #4: Yeah. How much of our total expenses are currently allocated towards brand building as a percentage of revenues? And how do you see this spending evolving going forward?

Operator: Yes, sir.

[Analyst] (Manea Finance): How much of our total expenses are currently allocated towards brand building as a percentage of the revenues? How do you see the spending evolving going forward?

Deepesh Sachdeva: How much of our total expenses are currently allocated towards brand building as a percentage of the revenues? How do you see the spending evolving going forward?

Speaker #3: Yeah, so roughly, if you see our trajectory for the last couple of years, we've been spending between 5 to 7 percent, looking at our entire portfolio performance.

Aditya Sekhri: Roughly, if you see our trajectory for the last couple of years, we have been spending between 5% to 7%, looking at our entire portfolio performance. This year, again, the guidance remains at around 5% of net sales.

Speaker #3: This year, again, the guidance remains at around 5% of net sales.

Speaker #4: Five percent. Now, okay. So, given the approximately 20% EBITDA margin guidance, could you help us understand the key levers that will drive this margin expansion?

[Analyst] (Manea Finance): 5%. Given the approximately 20% EBITDA margin guidance, could you help us understand the key levers that will drive this margin expansion?

Deepesh Sachdeva: 5%. Given the approximately 20% EBITDA margin guidance, could you help us understand the key levers that will drive this margin expansion?

Speaker #3: So for us, as you know, the EBITDA guidance that we've given perceives for FY 2030. In that perspective, now, as our gross margins are extremely healthy—in fact, we have industry-leading gross margins.

Aditya Sekhri: For us, as you know, the EBITDA guidance that we have given firstly for FY 2030, in that perspective, as our gross margins are extremely healthy. In fact, we have industry-leading gross margins at about 79% to 80%, that has been the range for us. A lot of the EBITDA expansion that you see will come as the business grows in scale. As the business continues, even both RTD and the bottles business, as you see more scale in the business, you will see these EBITDA expansions in the coming years up to FY 2030, which is the guidance we have given.

Speaker #3: At about 79 to 80 percent, that's been the range for us. So, a lot of the EBITDA expansion that you see will come as the business grows in scale.

Speaker #3: So, as the business continues, even with both RTD and the bottled business, as you see more scale in the business, you will see these EBITDA expansions in the coming years, up to FY2030, which is the guidance we've given.

Speaker #4: Okay. And you've also guided for ₹500 crores of revenue. What contribution do you expect from the hospitality business, and what will be the overall revenue and margin mix?

[Analyst] (Manea Finance): Okay. You have also guided for INR 500 crore of revenues. What contribution do you expect from hospitality business, and what will be the overall revenue and margin mix which will be looked into this hospitality?

Deepesh Sachdeva: Okay. You have also guided for INR 500 crore of revenues. What contribution do you expect from hospitality business, and what will be the overall revenue and margin mix which will be looked into this hospitality?

Speaker #4: I mean, which areas will be looked into in this hospitality?

Speaker #3: Hi, this is Gaurav Shekhri. Yes, we have declared our ambition and aspiration to reach ₹500 crores, and that does include a contribution from the hospitality business as well.

Gaurav Sekhri: Hi, this is Gaurav Sekhri. Yes, we have declared our ambition and aspiration to reach INR 500 crore. That does have a contribution from the hospitality business as well. As we have guided over the last two or three quarters, due to last two financial years being flat for the overall bottles business, we are taking our own time to roll out hospitality. As you know, it is capital expenditure heavy, and we have taken a call to focus on our core business of selling wine to strengthen that first, and that is the priority for us. Therefore, the fast-tracking and rollout of the RTD. Those are the businesses where we see a better reward and return for the company. To answer your question, yes, in the INR 500 crore revenue forecast, we do have hospitality as part of the plan, but that may be slightly delayed.

Speaker #3: But as we have guided over the last two or three quarters, due to the last two financial years being flat for the overall bottled business, we are taking our own time to roll out hospitality.

Speaker #3: As you know, it is capital expenditure-heavy, and we have taken a call to focus on our core business of selling wine—to strengthen that first, and that is the priority for us.

Speaker #3: Therefore, the fast-tracking and rollout of the RTD—those are the businesses where we see a better reward and return for the company.

Speaker #3: So, to answer your question, yes, in the ₹500 crore revenue forecast, we do have hospitality as part of the plan. But that may be slightly delayed.

Speaker #3: Saying that, we expect to achieve this ₹500 crore top line even from our core business of selling wine, whether it comes from RTD, the core business of bottled, or possibly even a third new element that we may add to our business within the next year or so.

Aditya Sekhri: Saying that, we expect to achieve this INR 500 crore top line even from our core business of

Gaurav Sekhri: selling wine, whether it comes from RTD core business or bottles, or possibly even a third new element that we may add to our business within the next year or so.

Speaker #4: Right. And you already have about 400 acres of vineyards. How much of our production comes from our captive, I mean, for the support of our captive grapes?

[Analyst] (Manea Finance): Right. And you already have about 400 acres of vineyards. How much of our production comes from the support of our captive grapes, and at what production level do we need to source grapes from the open market?

Deepesh Sachdeva: Right. And you already have about 400 acres of vineyards. How much of our production comes from the support of our captive grapes, and at what production level do we need to source grapes from the open market?

Speaker #4: And at what production level do we need to source grapes from the open market?

Speaker #3: So this ratio, you know, changes a little bit year on year. But we are approximately—one-third of our grape requirements come from our own vineyards, and one-third comes from our contract farming arrangements.

Gaurav Sekhri: So this ratio changes a little bit year on year, but approximately one-third of our grape requirements come from our own vineyards, one-third comes from our contract farming arrangements, and the balance comes from just spot buy-sell transactions with farmers.

Speaker #3: And the balance comes from just spot buy-sell transactions with farmers.

Speaker #4: Right. But since grape prices have almost doubled recently, that must be putting significant pressure on industry margins. Given our captive sourcing advantage, how sustainable is the margin resilience in the face of these higher grape prices?

[Analyst] (Manea Finance): Right. But since the grape prices have almost doubled recently, must be putting significant pressure on industry margins. Given our captive sourcing advantage, how sustainable is the margin resilience towards this higher prices of grapes?

Deepesh Sachdeva: Right. But since the grape prices have almost doubled recently, must be putting significant pressure on industry margins. Given our captive sourcing advantage, how sustainable is the margin resilience towards this higher prices of grapes?

Speaker #3: So, we have been able to manage our gross margin quite well because of this hedge that we've had, you know, from the inception of the business, of having our own vineyard.

Gaurav Sekhri: We have been able to manage our gross margin quite well because of this hedge that we have had from the inception of business of having our own vineyard. More importantly, what motivates us to be farmers ourselves is the quality of wine that we are able to produce by undertaking active farming ourselves. Our primary motivation is that, sir.

Speaker #3: But more importantly, you know, what motivates us to be farmers ourselves is the quality of wine that we are able to produce by undertaking active farming ourselves.

Speaker #3: Our primary motivation is that, sir.

Speaker #4: Right. And all these approximately 400 acres—what is the value of this land right now?

[Analyst] (Manea Finance): Right. All these 400 acres, approximately right now, what is the value of this land?

Deepesh Sachdeva: Right. All these 400 acres, approximately right now, what is the value of this land?

Speaker #3: So, the vineyards do not sit on the balance sheet of Fratelli, so I must clarify that. So it is, you know, not so relevant for Fratelli.

Gaurav Sekhri: The vineyards do not sit on the balance sheet of Fratelli Vineyards. I must clarify that. It is not so relevant for Fratelli Vineyards. Where we have farming arrangements, these are lands which we have taken under long-term lease on a dry lease basis, where Fratelli Vineyards undertakes all the farming.

Speaker #3: These are where we have farming arrangements—these are lands which we have taken under long-term lease on a dry lease basis, where Fratelli undertakes all the farming.

Speaker #4: Right. And the hospitality which we are planning to do—I mean, is that on the same land, or is that on our own land?

[Analyst] (Manea Finance): Right. The hospitality which we are planning to do, that is on the same land or that is on our own land?

Deepesh Sachdeva: Right. The hospitality which we are planning to do, that is on the same land or that is on our own land?

Speaker #3: Very good question. For the hospitality segment, 10 acres have been acquired within these vineyards by Fratelli. That sits on Fratelli's balance sheet.

Gaurav Sekhri: Very good question. For the hospitality, 10 acres has been acquired within these vineyards by Fratelli. That sits on Fratelli's balance sheet.

Speaker #4: Okay. So 10 acres is what is on Fratelli's balance sheet, right?

[Analyst] (Manea Finance): Okay. So 10 acres is what is on Fratelli's balance sheet, right?

Deepesh Sachdeva: Okay. So 10 acres is what is on Fratelli's balance sheet, right?

Speaker #3: That's right, that's right, which is earmarked for the hospitality project.

Gaurav Sekhri: That's right, which is earmarked for hospitality project.

Speaker #4: Great, great. Thank you. Thank you so much.

[Analyst] (Manea Finance): Great. Thank you so much.

Deepesh Sachdeva: Great. Thank you so much.

Speaker #2: Thank you. The next question is from the line of DVM Peter, an individual investor. Please proceed with your question.

Operator: Thank you. The next question is from the line of DVM Teja, an individual investor. Please proceed with your question.

Speaker #5: Jai Hind, team Fratelli Vineyards. I am Wing Commander D.V.M. Teja from the Indian Air Force, and I want to congratulate the team for a good set of numbers.

[Shareholder]: Jai Hind, team Fratelli Vineyards. I am Wing Commander DVM Teja from Indian Air Force. I want to congratulate the team for a good set of numbers with the ready-to-drink products in the army and also various other campaigns. My question is, what is the growth guidance or the profitability that is expected from the USP phase henceforth?

[Wing Commander] (Indian Air Force): Jai Hind, team Fratelli Vineyards. I am Wing Commander DVM Teja from Indian Air Force. I want to congratulate the team for a good set of numbers with the ready-to-drink products in the army and also various other campaigns. My question is, what is the growth guidance or the profitability that is expected from the USP phase henceforth?

Speaker #5: With the ready-to-drink products in the Army and also various other canteens, my question is: What is the growth guidance or the profitability that is expected from the ESG sales henceforth?

Gaurav Sekhri: Sir, Gaurav Sekhri here. Firstly, thank you for your service to the nation, and thank you for your compliment to the company as well. Regarding the forecast, we are expecting this financial year, we want to maintain this growth trajectory of about 20% plus that we have already achieved in Q1. With that, we are fully expecting to be net break-even in this financial year.

Speaker #3: Sir, Gaurav Shekhri here. Firstly, thank you for your service to the nation, and thank you for your compliment to the company as well. Regarding the forecast for this financial year, we want to maintain the growth trajectory of about 20 percent plus that we have already achieved in Q1.

Speaker #3: And with that, we are fully expecting to be net-net break-even in this financial year.

Speaker #5: Okay, thank you. Thank you. I have another question related to your partnership with Blue Turquoise Coffee. So, what is the gross demographic synergy of the partnership, and how can it enable both brands to grow together?

[Shareholder]: Okay. Thank you. I have another question related to your partnership with the Blue Tokai Coffee. What is the cross-demographic synergy or the partnership that can enable both the brands grow together? I believe Blue Tokai is planning for an IPO next year. How will Fratelli get an advantage on the same?

[Wing Commander] (Indian Air Force): Okay. Thank you. I have another question related to your partnership with the Blue Tokai Coffee. What is the cross-demographic synergy or the partnership that can enable both the brands grow together? I believe Blue Tokai is planning for an IPO next year. How will Fratelli get an advantage on the same?

Speaker #5: Because I believe Blue Turquoise is planning for an IPO next year. So how will Fratelli get an advantage on the same?

Speaker #3: Sir, the Blue Turquoise partnership was an opportunistic arrangement, which worked well for both of us for that period of time. It is not an ongoing relationship as of now.

Gaurav Sekhri: Sir, the Blue Tokai partnership was an opportunistic arrangement, which worked well for both of us for that period of time. It is not an ongoing relationship as of now. We do not have any positive or negative impact with the way their business is proceeding.

Speaker #3: So, you know, we do not have any positive or negative impact with the way their business is proceeding.

Speaker #5: Understood, understood. Thank you, thank you very much. And best wishes to the entire team at Fratelli Vineyards, and happy Independence Day in advance. Thank you.

[Shareholder]: Understood. Thank you very much, and best wishes to all team Fratelli Vineyards, and Happy Independence Day in advance. Thank you.

[Wing Commander] (Indian Air Force): Understood. Thank you very much, and best wishes to all team Fratelli Vineyards, and Happy Independence Day in advance. Thank you.

Speaker #3: Thank you, sir, and Jai Hind.

Gaurav Sekhri: Thank you, sir, and Jai Hind.

Speaker #5: Jai Hind.

[Shareholder]: Jai Hind.

[Wing Commander] (Indian Air Force): Jai Hind.

Speaker #2: Thank you. Before we take the next question, a gentle reminder to participants: you may press star and one to ask a question. The next question is from the line of Erika from Chompi Enterprises.

Operator: Thank you. Before we take the next question, a gentle reminder to participants that you may press star and one to ask a question. The next question is from the line of Erica from Chompie Enterprises. Please proceed with your question.

Speaker #2: Please proceed with your question.

Speaker #6: Hello. Am I audible?

[Analyst] (Chompie Enterprises): Hello, am I audible?

Speaker #2: Yes, you are audible.

Operator: Yes, you are audible.

Gaurav Sekhri: Yes, ma'am. Yes.

Speaker #3: Yes, ma'am. Yes, yes, yes.

[Analyst] (Chompie Enterprises): Yeah, I just have two questions. How many touchpoints were added during the year, sorry, during the quarter? What is the distribution expansion target for the financial year?

Speaker #6: Yeah, I just have two questions. How many touch points were added during the year—sorry, during the quarter? And what is the distribution expansion target for the financial year?

Speaker #3: So, on the touch points, we do not give an exact number of how many we've added over a quarter. But we have added more than 6,000 touch points, just on account of having the new RTD business in the overall mix of our business.

Gaurav Sekhri: On the touchpoints, we do not give an exact number of how many we've added over a quarter, but we have added more than 6,000 touchpoints just on account of having the new RTD business in the overall mix of our business. In terms of overall touchpoints, we are north of 30,000 across the country now.

Speaker #3: And in terms of overall touchpoints, we are north of 30,000 across the country now.

Speaker #6: Okay, thanks. And can you make your distribution expansion target?

[Analyst] (Chompie Enterprises): Okay, thanks. Can you make your distribution expansion target?

Speaker #3: Distribution expansion target for us this year—again, firstly, I can't give an exact number on touchpoints at the moment. But we are looking to have Shotgun in more than 23 states by the end of this financial year.

Aditya Sekhri: Distribution expansion target for us this year again. Firstly, I can't give an exact number on touchpoints at the moment, but we are looking to have Shotgun in more than 23 states by end of this financial year.

Speaker #6: Oh, okay. Thank you so much.

[Analyst] (Chompie Enterprises): Oh, okay. Thank you so much.

Speaker #2: Thank you. The next question is from the line of Sujeet, an individual investor. Please proceed with your question.

Operator: Thank you. The next question is from the line of Sujeet, an individual investor. Please proceed with your question.

Speaker #5: Am I audible?

[Company Representative]: Am I audible?

[Unknown Shareholder]: Am I audible?

Speaker #2: Yes, sir. You are audible.

Operator: Yes, sir. You are audible.

Speaker #5: Yeah, yeah. Good evening, Gautam and Aditya. My question has already been answered by many—I mean, answered by the analyst, sorry, by you, and I mean both Chairman and MD.

[Company Representative]: Yeah. Good evening, Gaurav and Aditya. My question has already been answered by the analyst, sorry, by you and, I mean, both the Chairman and MD Director. My only question is related to two questions, that is, whether wine tourism will be available in the future. Second question is related to this one. Which part of India is top contributing to your revenue, North India, South India? As you have mentioned the states, Western or Eastern India? That is all I need.

[Unknown Shareholder]: Yeah. Good evening, Gaurav and Aditya. My question has already been answered by the analyst, sorry, by you and, I mean, both the Chairman and MD Director. My only question is related to two questions, that is, whether wine tourism will be available in the future. Second question is related to this one. Which part of India is top contributing to your revenue, North India, South India? As you have mentioned the states, Western or Eastern India? That is all I need.

Speaker #5: Director. But my only question is, related to two questions that is, whether Vine Tourism will be available in the future. Second question is, related to this one, top I mean, which part of India is top contributing to your revenue?

Speaker #5: North India, South India? As you have mentioned, states in Western or Eastern India. That's all I need.

Speaker #3: Thank you for the question, sir. This is Aditya here. I can provide you with an understanding of our regional mix. The North accounts for about 23% of our net sales.

Aditya Sekhri: Sir, thank you for the question. Aditya here. I can provide you an understanding of our regional mix. North accounts for about 23% of our net sales. South accounts for about 30%. West is roughly 25%. Defense contributes about 8%, and East is about 11%, and exports is about 2%. This is where we are across all the distribution centers.

Speaker #3: South accounts for about 30 percent. West is roughly 25 percent. Defense contributes about 8 percent. East is at about 11 percent, and exports are about 2 percent.

Speaker #3: So this is where we are across all the distribution centers.

Speaker #5: Okay. Sir, I want to know, what is the ratio of offline and online market? In the domestic part, not in the international part, I suppose.

[Company Representative]: Okay. Sir, I want to know what is the ratio of offline and online market in the domestic part, not in the international part, exports part?

[Unknown Shareholder]: Okay. Sir, I want to know what is the ratio of offline and online market in the domestic part, not in the international part, exports part?

Speaker #3: So, for us in the liquor business, the main classification is to check what the HoReCa versus the retail business is. HoReCa contributes about 35% of our net sales.

Aditya Sekhri: For us in the liquor business, for us, the main classification is to check what the HORECA versus the retail business is. HORECA contributes about 35% of our net sales, and retail is about 65%.

Speaker #3: And retail is about 65%.

Speaker #5: Okay, so most of the sales are offline? No, I mean, online is not at all present. Are you trying to say e-commerce or something?

[Company Representative]: Okay. Most of the sales are offline part. Online is not at all present, you are trying to say? E-commerce or something?

[Unknown Shareholder]: Okay. Most of the sales are offline part. Online is not at all present, you are trying to say? E-commerce or something?

Speaker #3: Sir, online for Alcobez is still in very, very limited states in India.

Aditya Sekhri: Sir, online for alcobev still in India is in very limited states.

[Company Representative]: Okay.

[Unknown Shareholder]: Okay.

Speaker #5: Okay.

Speaker #3: And therefore, the contribution is extremely minimal. West Bengal is a market where online sales are now growing, but only in fractions. However, that is also a very small component of the overall sales of the state.

Aditya Sekhri: Therefore, the contribution is extremely minimal. West Bengal is a market where online sales are growing now in fraction. However, that is also a very small component of the overall sales of the state.

Speaker #5: Okay, then last question. Earlier you mentioned hospitality. Will Vine Tourism be launched in the current year, or, as you suggested, will it only start after reaching the ₹500 crore mark?

[Company Representative]: Okay. The last question, already you have mentioned about that hospitality, whether wine tourism will be coming in the current year or after you suggested that INR 500 crore cross only you will start wine tourism.

[Unknown Shareholder]: Okay. The last question, already you have mentioned about that hospitality, whether wine tourism will be coming in the current year or after you suggested that INR 500 crore cross only you will start wine tourism.

Gaurav Sekhri: Gaurav Sekhri here, sir. We do run a small wine hospitality business even today. We have a wine experience center, and we have a four-bedroom place to stay at our property, which we sell on our website. But that is a very small scale business. A proper hospitality rollout is certainly on the cards, but I do not see it impacting us or showing in any meaningful way in revenue for the next 2 years.

Speaker #3: Gaurav Shetri here, sir. We still run a small wine hospitality business even today. We have a wine experience center, and we have a four-bedroom place to stay at our property, which we sell on our website.

Speaker #3: But that's a very small-scale business. A proper hospitality rollout is certainly on the cards, but I don't see it impacting us or showing up in any meaningful way in revenue for the next two years.

Speaker #5: Okay, okay. Thanks a lot. Thanks for answering all questions.

[Company Representative]: Okay. Thanks a lot. Thanks for answering my queries.

[Unknown Shareholder]: Okay. Thanks a lot. Thanks for answering my queries.

Speaker #2: Thank you. The next question is from the line of Barzan, an individual investor. Please proceed with your question.

Operator: Thank you. The next question is from the line of Parson, an individual investor. Please proceed with your question.

Speaker #7: Hi. Thank you so much for giving me a chance to make a similar query related to Shotgun only. So with the expansion in the outlook related to Shotgun, how exactly are we measuring the repeat purchases from existing outlets versus the new ones that are coming?

[Company Representative]: Thank you so much for giving me a chance. My questions are related to Shotgun only. With the expansion in the outlook related to Shotgun, how exactly are we measuring the repeat purchase from existing outlet versus the new one which are coming? I would like to ask that how exactly we are measuring that existing outlet, the number of cases in the Shotgun are selling more. I wanted to

[Unknown Shareholder]: Thank you so much for giving me a chance. My questions are related to Shotgun only. With the expansion in the outlook related to Shotgun, how exactly are we measuring the repeat purchase from existing outlet versus the new one which are coming? I would like to ask that how exactly we are measuring that existing outlet, the number of cases in the Shotgun are selling more. I wanted to

Speaker #7: And I would like to ask, how exactly are we measuring, at existing outlets, whether the number of cases in the shot count are selling more?

Speaker #7: And I wanted to.

Speaker #3: You are not too audible. Do you mind repeating your question?

Aditya Sekhri: You are not so audible. Do you mind repeating your question?

Speaker #7: Yeah. So I just want to ask, how exactly are we measuring the repeat purchase in the shotgun?

[Company Representative]: Yeah. I just want to ask how exactly we are measuring repeat purchase in the Shotgun.

[Unknown Shareholder]: Yeah. I just want to ask how exactly we are measuring repeat purchase in the Shotgun.

Speaker #3: So, repeat purchases in Shotgun are only growing, sir. As I just said, we are currently, right now, in the midst of making sure that our product is available across the entire universe, in every state.

Aditya Sekhri: Repeat purchases in Shotgun are only growing, sir. As I just said, we are currently right now in the midst of making sure that our product is available across the entire universe in every state. Repeats are growing, and only if repeats grow will the numbers grow. We are seeing a very healthy repeat ratio across all the markets. Tier 2 and tier 3 repeat ratios are also very healthy at the moment. In terms of the exact figure, we will be able to give you a better idea, but we have been ranging at around 55% to 60% for the last two or three quarters on Shotgun already. But a more accurate figure will be provided after H1.

Speaker #3: Repeats are growing, and only if repeats grow do the numbers grow. So, we are seeing a very healthy repeat ratio across all the markets.

Speaker #3: Tier two and tier three repeat ratios are also very, very healthy at the moment. In terms of the exact figure, we will be able to give you a better idea.

Speaker #3: But we've been ranging at around 55% to 60% for the last two or three quarters on Shotgun already. But a more accurate figure will be provided after H1.

Speaker #7: Okay. Great. One more thing, sir. I wanted to ask related to this only—that if there are markets where we are currently planning to expand, which are not traditional wine markets.

[Company Representative]: Okay, great. One more thing, sir, I wanted to ask related to this only. That if there are markets where we are currently planning to expand, which is not a traditional wine market, that certainly wines are not selling there. It is basically mostly a whiskey or a beer market.

[Unknown Shareholder]: Okay, great. One more thing, sir, I wanted to ask related to this only. That if there are markets where we are currently planning to expand, which is not a traditional wine market, that certainly wines are not selling there. It is basically mostly a whiskey or a beer market.

Speaker #7: That isn't exactly wine they're not selling there. It is basically mostly a whiskey or a beer market.

Speaker #3: Hi. Hemant Desai, Chief Business Officer. Yes, we are looking for further expansion of our distribution of Shotgun in Jammu & Kashmir and Tamil Nadu.

Hemant Arora: Hi. Hemant this side, Chief Business Officer. Yes, we are looking for further expansion of our distribution of Shotgun in Jammu, Kashmir, and Tamil Nadu. We are trying for Telangana based on the excise policies, if it helps.

Speaker #3: And we are trying for Telangana, based on the excise policies. If that helps.

Speaker #7: Okay, my question actually was related to that. If there are outlets—let's assume we are expanding to outlets which are not traditional wine markets—

[Company Representative]: My question actually was related to that if there are outlets, let's assume we are expanding to outlets which are not traditional wine markets. Let's assume Fratelli was not selling wine in that particular outlet, and now we are selling this Shotgun article.

[Unknown Shareholder]: My question actually was related to that if there are outlets, let's assume we are expanding to outlets which are not traditional wine markets. Let's assume Fratelli was not selling wine in that particular outlet, and now we are selling this Shotgun article.

Speaker #7: Let's assume we were not selling Vine in that particular outlet, and now we are selling just Shotgun.

Speaker #3: Yeah. Hi, Gaurav Shetri here. I think, if I have understood correctly, as we mentioned earlier, the addition of 6,000 new touch points that we spoke about earlier are touch points that have been added to our portfolio because of shotgun.

Gaurav Sekhri: Gaurav Sekhri here. I think if I have understood correctly, as we mentioned earlier, the addition of 6,000 new touchpoints that we spoke about earlier are touchpoints that have got added to our portfolio because of Shotgun. So these were outlets where over the last 10 years, wine sales were either minimal or zero, and therefore there was no sense for Fratelli to be present there. But now with Shotgun, it does make sense for us to be there, and we have added 6,000 such touchpoints.

Speaker #3: So these were outlets where, over the last 10 years, wine sales were either minimal or zero. And therefore, there was no sense for Fratelli to be present there.

Speaker #3: But now, with shotgun, it does make sense for us to be there. And we have added 6,000 such touchpoints.

Speaker #7: Okay, got it. Thank you so much for answering that. That's why I wanted to ask. And how exactly is Shotgun performing in those outlets?

[Company Representative]: Okay, got it. Thank you so much for answering it. That is all I wanted to ask. How exactly Shotgun are performing in those outlets?

[Unknown Shareholder]: Okay, got it. Thank you so much for answering it. That is all I wanted to ask. How exactly Shotgun are performing in those outlets?

Gaurav Sekhri: Very well. The repeat ratios are a sign of the acceptance of the product. We are at 50% plus, and that's a healthy sign, we believe, for a product which is just one year old. That is why we have now expanded our range, as we mentioned in our opening remarks. We now have a total of four Shotgun variants in the market, and a fifth one to be added soon.

Speaker #3: Very well. The repeat ratios are a sign of, you know, the acceptance of the product. We are at 50 percent plus, and that's a healthy sign, we believe, for a product which is just one year old.

Speaker #3: That is why we have now expanded our range. As we mentioned in our opening remarks, we now have a total of four shotgun variants in the market.

Speaker #3: And a fifth one will be added soon.

Speaker #7: Thank you, sir. And what is the total market? Last time, you had said that it's around ₹600 crore and expanding by 25 percent annually.

[Company Representative]: Thank you, sir. What is the total market? Last time you said that it's around INR 600 crores and expanding by 25% annually. Is it still the same?

[Unknown Shareholder]: Thank you, sir. What is the total market? Last time you said that it's around INR 600 crores and expanding by 25% annually. Is it still the same?

Speaker #7: Is it still the same?

Speaker #3: Yes. That's correct. Yes.

Gaurav Sekhri: Yes, that's correct.

Speaker #7: And we are expecting it to be expanding till 2030 by 25 percent?

[Company Representative]: We are expecting it to be expanding till 2030 by 25%?

[Unknown Shareholder]: We are expecting it to be expanding till 2030 by 25%?

Speaker #3: Yes, yes. I mean, 2030 as an outlook for the RTD industry is a little far away to give. But the way the trajectory has been for the last one and a half to two years, it's about a 25 percent increase.

Gaurav Sekhri: Yes. I mean, 2030 for an outlook for the RTD industry is a little far away to give, but the way the trajectory has been for the last one and a half to two years, it is about a 25% increase that we are seeing, essentially, on a year-on-year basis.

Speaker #3: That we're seeing, essentially, on a year-on-year basis.

Speaker #7: Okay, thank you. That's all from my side.

[Company Representative]: Thank you. That is all from my side.

[Unknown Shareholder]: Thank you. That is all from my side.

Speaker #2: Thank you. The next question is from the line of Akshay from AJ Capital. Please proceed with your question.

Operator: Thank you. The next question is from the line of Akshat from AJ Capital. Please proceed with your question.

Speaker #5: Hello. Thank you so much. Sir, your gross profit margin is coming in at around 80 percent, and your EBITDA margin comes in at around 2.4 percent.

[Analyst] (AJ Capital): Hello. Thank you so much. Sir, your gross profit margin is coming at around 80%, and your EBITDA margin comes at around 2.4%. Sir, what is this gap? Actually, it is a bit difficult for me to understand how we would be able to achieve 20% EBITDA margin going forward, sir.

Speaker #5: Sir, what is this gap actually? I'm not able to—it's a bit difficult for me to understand. How would we be able to achieve a 20% EBITDA margin going forward, sir?

Speaker #3: Sir, Gaurav Shetri here. The efficiency in EBITDA margins will come with scale. And Fratelli, even last year, was only Rs. 180–185 crores in sales.

Gaurav Sekhri: Sir, Gaurav Sekhri here. The efficiency EBITDA margins will come with scale, and Fratelli, even last year, was only INR 181, INR 185 crores in sales. This year, even with a 20% growth over the previous year, we should be at around INR 220 crores. So this is where the efficiency starts coming in, where the higher sales will translate into higher EBITDA margins. We have seen that happen, and it is visible in our month-on-month accounting as well. So, it will definitely improve EBITDA margins, and it is just a function of scale.

Speaker #3: And this year, with even a 20 percent growth over the previous year, we should be at around 220 crores. So this is where the efficiency starts coming in.

Speaker #3: Where the higher sales will translate into higher EBITDA margins. We have seen that happen, and it is visible in our month-on-month accounting as well.

Speaker #3: So it will definitely improve the EBITDA margins, and it's just a function of scale.

Speaker #5: Okay, sir. Understood. Sir, my second question is, what about the effect of FPSA? Would there be any change on the business or the industry?

[Analyst] (AJ Capital): Okay, sir. Understood. My second question is, sir, what about the effect of FTA? Would there be any change on the business or the industry? Can you elaborate it a bit?

Speaker #5: Can you elaborate on that a bit?

Speaker #3: See, FPA is happening. It's coming. The duty deductions that have been negotiated by the Government of India, there is some protection built in for Indian wines.

Gaurav Sekhri: See, FTA is happening. It is coming. The duty reductions that have been negotiated by Government of India, there is some protection built in for Indian wines. Any imported wine which is more than five US dollars in context of Australia, the duty remains 150%, and in case of Europe, that threshold is $2.5. After $2.5 is where the duty drops to 75%. So we believe that there is still sufficient protection, and what this should help in is actually growing the category. I think with imported wines now coming, maybe better quality wines at a slightly better price, it will help grow the category. The main issue with the wine business over the last decade has been that the category has not expanded as we expected. So we hope that this will lead into category expansion.

Speaker #3: Any imported wine which is more than $5 in the context of Australia, the duty remains 150 percent. And in the case of Europe, that threshold is $2.5.

Speaker #3: After $2.50 is where the duty drops—to 75 percent. So we believe that there is still sufficient protection, and what this should help in is actually growing the category.

Speaker #3: I think with imported wines now coming in—maybe better quality wines at a slightly better price—it will help grow the category. The main issue with the wine business over the last decade has been that the category has not expanded.

Speaker #3: As we expected. So we hope that this will this will lead into category expansion. And of course, if for makers like us, frankly, who are making good quality wines, this is this is an opportunity to showcase how our wines are we are making very good wines at very good price.

Gaurav Sekhri: Of course, for makers like us, frankly, who are making good quality wines, this is an opportunity to showcase how our wines are. We are making very good wines at very good price.

Speaker #5: Okay, sir. Understood. Thank you.

[Analyst] (AJ Capital): Okay, sir. Understood. Thank you.

Speaker #2: Thank you. Participants who wish to ask a question may press star and one at this time. The next question is from the line of Kiran.

Operator: Thank you. Participants who wish to ask a question may press star and one at this time. The next question is from the line of Kiran, an individual investor. Please proceed with your question.

Speaker #2: An individual investor. Please proceed with your question.

[Company Representative]: Hello, sir. Sir, I have a few questions. The very first question is with respect to the working capital. As we know that our interest cost is also high, and we are also planning to grow the revenue around 20%. Can you please throw some light, like, what could be our NP debt levels? Is it going to increase from now on? Or are we going to optimize our working capital so that the operating cash flows can actually fund the future growth?

[Unknown Shareholder]: Hello, sir. Sir, I have a few questions. The very first question is with respect to the working capital. As we know that our interest cost is also high, and we are also planning to grow the revenue around 20%. Can you please throw some light, like, what could be our NP debt levels? Is it going to increase from now on? Or are we going to optimize our working capital so that the operating cash flows can actually fund the future growth?

Speaker #7: Hello, sir. Sir, I have a few questions. The very first question is with respect to the working capital. As we know, our interest cost is also high.

Speaker #7: And we are also planning to grow the revenue around 20 percent. Can you please throw some light, like, you know, what could be our debt levels?

Speaker #7: Is it going to increase from now on, or are we going to optimize our working capital so that, you know, the operating cash flows can actually fund the future growth?

Speaker #3: Sure. Very good question. Our total loans and borrowings are at around ₹130 crores, out of which approximately ₹35-odd crores is, you know, long-term borrowing.

Gaurav Sekhri: Sure. Very good question. Our total loans and borrowings are at around INR 130 crores, out of which approximately INR 35 odd crores is long-term borrowing. We are looking at various options to bring in some liquidity into the company just for more efficiency. The company is considering various options. It is a bit premature to talk of it today. As we decide, we will surely inform you.

Speaker #3: And, you know, we are looking at various options to bring in some liquidity into the company just for more efficiency. And, you know, the company is considering various options.

Speaker #3: It's a bit premature to talk of it today. But you know, as we decide, we will surely inform you.

Speaker #5: Okay, sir. Thank you. Sir, another question with respect to the competitive intensity. One of your competitors said that, you know, in the mid-price segment and low-priced products, the competitive intensity is so high that it is very much unviable.

[Company Representative]: Okay, sir. Thank you. Sir, another question with respect to the competitive intensity. One of your competitors said that in the mid-price segment and low-priced products, the competitive intensity is so high that it is very much unviable, and it may lead to the disaster. Could you please throw some light on what is exactly happening? Is there any consolidation across the industry? Could you please share your thoughts on this?

[Unknown Shareholder]: Okay, sir. Thank you. Sir, another question with respect to the competitive intensity. One of your competitors said that in the mid-price segment and low-priced products, the competitive intensity is so high that it is very much unviable, and it may lead to the disaster. Could you please throw some light on what is exactly happening? Is there any consolidation across the industry? Could you please share your thoughts on this?

Speaker #5: And it may lead to the disaster. Can we could you please throw some light on the you know what's exactly happening? Is there any consolidation across the industry?

Speaker #5: Can you, could you please share your thoughts on this?

Speaker #3: Yeah. So, as I said earlier, this competitive pressure, and especially high discounting, is mostly prevalent in the state of Maharashtra, especially in the economy segment.

Aditya Sekhri: Yeah. Aditya here. This competitive pressure, and especially high discounting, is mostly prevalent in the state of Maharashtra, especially in the economy segment. As you know, in terms of the economy segment, there are multiple players that are present in Maharashtra. Maharashtra is the dominant state for manufacturing of wines. Therefore, the pressure is extremely high in that segment. We frankly have been quite conscious of our discounts in the market, and have been taking calibrated efforts to make sure that we are consistent with what we require to maintain our margins. However, we have been okay to let go of that sale, where competitors have been giving very high schemes in a state like Maharashtra, especially on port wines.

Speaker #3: As you know, in terms of the economy segment, there are multiple players present in Maharashtra. Maharashtra is the dominant state for manufacturing of wines.

Speaker #3: Therefore, the pressure is extremely high in that segment. We, frankly, have been quite conscious of our discounts in the market and have been taking calibrated efforts to make sure that we are consistent with what we require to maintain our margins.

Speaker #3: However, we are also—and we have been—okay to let go of that sale where competitors have been giving very, very high schemes in a state like Maharashtra.

Speaker #3: Especially on port wines.

Speaker #7: Okay. Okay, sir. Sir, one last question again with respect to the debt. What could be our peak debt from here on? Is it like it will be within ₹130 crore?

[Company Representative]: Okay, sir. Sir, one last question again with respect to the debt. What could be our peak debt from here on? Is it like it will be within INR 130 crore, or do you expect that it will go up in future?

[Unknown Shareholder]: Okay, sir. Sir, one last question again with respect to the debt. What could be our peak debt from here on? Is it like it will be within INR 130 crore, or do you expect that it will go up in future?

Speaker #7: Or do you expect that—you know—it will go up in the future?

Speaker #3: Hi, Gaurav Shetty here again. We don't expect our debt levels to go up in any meaningful way from the current level.

Gaurav Sekhri: Hi, Gaurav Sekhri here again. We do not expect our debt levels to go up in any meaningful way from the current level.

Speaker #7: Okay, sir. Okay, sir. Thank you. All the best.

[Company Representative]: Okay, sir. Thank you. All the best.

[Unknown Shareholder]: Okay, sir. Thank you. All the best.

Speaker #3: Thank you.

Gaurav Sekhri: Thank you.

Speaker #2: Thank you. The next question is from the line of Randeep Kumar Singh from Randeep HUF. Please proceed with your question.

Operator: Thank you. The next question is from the line of Randeep Kumar Singh from RandeepHUS. Please proceed with your question.

Speaker #6: Thanks again for giving me the chance. Sir, may I ask a question? समझना चाहता हूं. Gross margin, sir, हमारा 80 percent है—more than 80 percent है.

Randeep Kumar Singh: Thanks for again giving my chance. Sir, I want to understand one question. Our gross margin, sir, is 80%, more than 80%. While the industry leader is not able to maintain this high gross margin, so what is the uniqueness in our company that is able to maintain such a high gross margin, and is it sustainable, sir?

Speaker #6: और जबकि industry leader इसको maintain करने में, मतलब को, maintain नहीं कर पा रहे हैं इतना high gross margin. So, ऐसा क्या uniqueness है हमारी company में, जो इतना gross margin को maintain कर पा रही है?

Speaker #6: और क्या ये sustainable है, sir?

Speaker #3: Sir, Gaurav Shetty here. बाकी competition के बारे में तो हम comment नहीं करेंगे. Regarding us, we have always been around 74–75 percent in that range.

Gaurav Sekhri: Sir, Gaurav Sekhri here. We will not comment about the rest of the competition. Regarding us, we have always been around 74%-75%, in that range. Sometimes, with product mix change also, it has some impact on gross margin. But we are fairly consistent at the current levels, which is around 78% to about 80%.

Speaker #3: And sometimes, you know, with product mix changes also, it has some impact on gross margin. But we are fairly consistent at the current levels.

Speaker #3: Which is around 78 to about 80 percent.

Randeep Kumar Singh: Sir, what is the EBITDA margin for ready to drink, sir?

Speaker #6: Sir, ready-to-drink का beta margin क्या बनता है, sir?

Speaker #3: Sir, we cannot comment on the beta margin for the RTD business at the moment. But we can tell you that the gross margin for the RTD business is roughly 70%.

Gaurav Sekhri: Sir, we cannot comment on the EBITDA margin for the RTD business at the moment. But we can tell you that the gross margin of the RTD business is at roughly 70%.

Speaker #6: Sir, going forward, FY27 में export का कितना, मतलब target रखा गया है? Revenue में आएगा contribution, sir?

Randeep Kumar Singh: Sir, going forward, in FY27, what target has been set for export? What will be its contribution to the revenue, sir?

Randeep Kumar Singh: Sir, going forward, in FY 2027, what target has been set for export? What will be its contribution to the revenue, sir?

Speaker #3: Sir, ये debt 2 percent के बीच में ही रहेगा.

Speaker #6: Okay. Sir, future में equity valuation का कोई plan है क्या, sir? Near future.

Gaurav Sekhri: Sir, it will be between 1.5% to 2%.

Randeep Kumar Singh: Sir, is there any plan for equity dilution in the future, sir? Near future.

Speaker #3: Sir, that would be speculation. I cannot comment on that on this call.

Gaurav Sekhri: Sir, that will be speculation. Cannot comment on that on this call.

Speaker #6: Thank you sir.

Randeep Kumar Singh: Thank you, sir.

Speaker #2: Thank you. Ladies and gentlemen, to ask a question, please press star and one at this time. I repeat, to ask a question, please press star and one now.

Operator: Thank you. Ladies and gentlemen, to ask a question, please press star and one at this time. I repeat, to ask a question, please press star and one now. Ladies and gentlemen, that was the last question from the participants. I now hand over the conference to management for their closing comments. Thank you, and over to you, sir.

Speaker #2: Ladies and gentlemen, that was the last question from the participants. I now hand over the conference to management for their closing comments. Thank you, and over to you, sir.

Speaker #3: Thank you very much on behalf of the entire team at Fratelli Vineyards. I would like to thank all of you for joining us today.

Gaurav Sekhri: Thank you very much. On behalf of the entire team at Fratelli Vineyards, I would like to thank all of you for joining us today and for your continued interest and support. We truly value your engagement and the opportunity to interact with you. We look forward to staying connected and sharing our progress with you in the quarters ahead. Have a wonderful evening. Thank you.

Speaker #3: And for your continued interest and support, we truly value your engagement and the opportunity to interact with you. We look forward to staying connected and sharing our progress with you in the quarters ahead.

Speaker #3: Have a wonderful evening. Thank you.

Speaker #2: Thank you. On behalf of Co India Advisors that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.

Operator: Thank you. On behalf of Grow India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

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Q1 2027 Fratelli Vineyards Ltd Earnings Call

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