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Q3 & 9MFY26, Investor Presentation February, 2026 Pour more into Life
Q3 & 9MFY26, Investor Presentation February, 2026 Pour more into Life
Table of Content 04 03 02 01Q3 & 9MFY26 Financial Highlights An Overview of India’s Leading Winemaker Strategic Priorities Annexure 3
4 This presentation includes forward-looking statements regarding the business, financial performance, strategy, and outcomes of Fratelli Vineyards, as well as the industry it operates in. These statements are subject to risks, uncertainties, and assumptions that may cause actual results to differ from those expressed or implied. Factors such as changes in economic, political, regulatory, or market conditions could affect the accuracy of these statements. Fratelli Vineyards, its affiliates, advisors, representatives, subsidiary undertakings, officers, or employees do not guarantee the accuracy of the assumptions underlying these forward-looking statements, nor do they guarantee the future accuracy of the statements or the occurrence of forecasted developments. The company assumes no obligation to publicly amend, modify, or revise any forward-looking statements based on subsequent developments, information, or events. Given these uncertainties, viewers are advised not to place undue reliance on these forward-looking statements. Disclaimer
New Sparking Wine: Fratelli Brut 5 Backs Fratelli’s long term premiumisation strategy Offered at an attractive price point of around Rs 1,500 MRP, with best-in-class packaging Targeting iconic and luxury HoReCa touchpoints along with Platinum and Gold retail outlets on a pan-India level Will enable Fratelli to strengthen presence in the super premium sparkling category.
Fratelli X Manish Malhotra 6 • A landmark collaboration between Fratelli Vineyards and Manish Malhotra, commemorating 15 years of SETTE through a limited-edition collector’s bottle. • Manish Malhotra’s signature motif, inspired by Indian heritage, reimagined on the bottle to bring together luxury design and fine wine. • The final vintage from the original SETTE vines, crafted as a tribute piece for collectors, marking a defining chapter in the brand’s journey. Offered at a price point of around Rs 3,500.
OUR RTD LAUNCH… • Shotgun RTD is a new vertical aimed at expanding the total addressable market and strengthening Fratelli’s presence across existing and emerging markets • Deepen presence in Tier 2 and Tier 3 cities • Enhancing reach in regions with low wine consumption 7
Tapping into the growing RTD Space Wine RTD beverages grew the fastest among major alcobev categories, recording 20% growth in 9MFY26 Introduced in February 2025, Shotgun continues to deliver strong market traction Aligns with India’s growing wine RTD TAM ~ Rs 500 Cr Shotgun captured ~6%* market share as on 31st December 2025 Strengthening presence across Tier 2 and Tier 3 cities. Distribution expanded to 18 states with Pan India WOD of ~7,000 outlets, including ~1,900 new outlet additions. Progressing well towards achieving 100K units by end of FY26. 06 05 04 03 02 01 *based on data available for the states where Fratelli’s RTD is present 8
Income Statement*- 9M & Q3FY26 In Rs Cr. ** Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 Net revenue from operations 64.4 46.3 59.4 147.8 149.9 COGS 15.6 9.6 13.5 32.3 29.7 Gross Profit 48.8 36.7 45.9 115.6 120.2 Gross Profit Margin 76% 79% 77% 78% 80% EBITDA 5.5 1.5 1.6 4.7 7.3 EBITDA Margin 8.6% 3.2% 2.7% 3.2% 4.9% Depreciation 2.1 2.3 1.9 6.7 5.6 Finance cost 3.3 3.4 2.7 9.9 8.3 PBT 0.1 -4.2 -3.1 -11.8 -6.6 Tax 0.07 -1.1 -0.8 -2.9 -1.7 Profit After Tax 0.05 -3.1 -2.2 -8.9 -4.9 * Standalone Fratelli Wines numbers o Net Sales: Overall revenue recorded ~8% growth in Q3 FY26 compared to Q3 FY25, led by continued robust performance in the luxury segment. Year-to-date performance remained marginally lower, with a ~1% decline, primarily due to regulatory disruptions that prevailed in Telangana, Uttarakhand and Maharashtra during the first half of FY26. o Gross Margins: Gross profit margins stood at ~78% in 9MFY26, while Q3 margins moderated to 76% due to changes in product mix. o Regulatory Impact: Telangana witnessed a temporary slowdown due to the expiry of retail licenses. With fresh licenses issued in December 2025; normalization of sales is expected in Q4FY26. Sales in Uttarakhand were impacted due to a change in the excise policy. Only imported products or those manufactured within Uttarakhand are allowed to be sold in departmental stores. o EBITDA: For Q3 FY26, EBITDA more than doubled, with margins improving by 530 bps, reflecting operating leverage, controlled Expenditure & saving in electricity expenses due to solar installation o Finance and Depreciation: Finance costs increased due to borrowings undertaken for capacity expansion, while depreciation expenses were higher owing to the commissioning of new assets. o Brand Investments: Increased brand investment in RTD products, including rebranding and collaborations. ** Rounded off to nearest decimal 9
Financial highlights* - Q3 & 9MFY26 64 59 148 150 Q3FY26 Q3FY25 9MFY26 9MFY25 49 46 116 120 Q3FY26 Q3FY25 9MFY26 9MFY25 6 2 5 7 Q3FY26 Q3FY25 9MFY26 9MFY25 -2 -9 -5 * Standalone Fratelli Wines numbers Gross Profit in Rs Cr.Revenue in Rs Cr. PAT in Rs Cr.EBITDA in Rs Cr. 10
Q3FY26: Operational and Strategic Highlight 1/3 - Fratelli’s Market Share in Indian Wine Market • Luxury Portfolio Performance: Luxury Portfolio grew well, delivering 13% growth in Q3 FY26 vs Q3 FY25 and 20% growth on a YTD basis. • J’noon: J’noon delivered healthy growth, with Q3 growth of 34% and YTD growth of 53%. • Sette: Sette delivered steady growth, with Q3 growth of 5% and YTD growth of 8%. • Premium : The Premium Segment’s YTD performance declined by 14%, while the segment recorded a marginal decline of 1% in Q3, with sales witnessing a recovery during Q3 across Karnataka, Telangana, and Maharashtra. • Pinot Noir: Launched in July 2025, doubled its sales as of nine months ended December 2025, with WOD presence across 1,600 outlets. • Shotgun: Shotgun’s distribution expanded to 18 states and continued it’s strong momentum. • International Expansion: Global presence expanded to 13 countries. Exports have doubled. • CSD Channel Expansion: Three new SKUs, including Tilt, were added to the CSD portfolio, with sales expected from Q4 FY26, supporting continued momentum. • Sustainability: At the Akluj Winery, approximately 45% of the energy requirements are met through solar power. • Harvest: Harvest 2026 has been encouraging, delivering remarkable yields despite heavy rains, with quality expected to remain at par and aligned with premium segment offerings. • Supply Chain Optimization: Streamlining supply chain operations to ensure consistent wine quality across markets • New Product Launches: Sette 15th Anniversary Edition launched in Maharashtra, with further state expansion planned in Q4 FY26 and FY27. • F7 Port Wine: F7 Port Wine launched in Maharashtra during Q3 FY26 with phased rollout across additional states planned • Fratelli Brut: New launch in the super premium sparkling wine category, in line with the focus on expanding the premium and above segment. 11 Operational Strategic
Capex planned with long – term growth vision Future Ready Investments for Long Term Growth Completed Capex (Rs Cr.) Hospitality in Maharashtra Brand Building for RTD *Capex incurred for 9MFY26 Vineyard Infrastructure Plant and Machinery Upcoming Capex Rs 100 Cr Over a Period of 2-3 Targeting a Topline Growth of +15-20% Will be Utilised forUtilised for Core Business 17 14 37 10 2 FY23 FY24 FY25 FY26 12
Winning in Luxury and Premium Segment Fratelli is the Market Leader in the Luxury Category with J’NOON & Sette 25 Labels >70% Premium & Above Category 13 Countries Exported 60% Red Wine 35% White + Sparkling Wine 5% Rose Bottles 9MFY26 Premium and Above Category % RTD 11% 10% 79% Luxury Super Premium Premium 100% 100% 100% 79% 24% 21% 76% FY22 FY23 FY24 FY25 9MFY26 Can Shotgun 75% 74% 75% 75% 73% 25% 26% 24% 25% 27% FY22 FY23 FY24 FY25 9MFY26 Premium & Above Value 13
EU – FTA : Impact on Domestic Wine Industry 14 India–EU FTA → Policy Framework Implications for Domestic Wine Industry Tariff Reduction: India’s prevailing wine import duty (~150%) is set to reduce under the EU- FTA framework. No Immediate Structural Disruption: The staggered framework allows for a measured adjustment by domestic producers and market participants. Domestic Focus Areas: Producers continue to prioritise quality improvements, brand building, and wider availability. Potential for Market Expansion: Improved accessibility of imported wines may support broader wine adoption in India. Minimum Import Price Condition: Duty benefits apply only to wines imported above the EUR 2.50 CIF threshold per 750 ml bottle. Protection for Lower-Priced Wines : Wines imported below EUR 2.50 will continue to attract the existing duty structure. Phased Duty Reduction: An initial duty cut to ~75% is expected after one year, with rates easing over a 7–10 year period toward ~20% for premium wines and ~30% for mid-priced wines. Limited Price Overlap: Even after duty reductions, EU wines are expected to be priced around Rs 2,000 MRP in Maharashtra, limiting direct overlap with most domestic wines. Gradual Competitive Impact: Any impact from duty reductions is expected to play out progressively rather than immediately. Existing Import Presence: Imported wines are already present in India through promotions and pricing schemes. Fratelli Vineyards is well poised to benefit from the evolving wine market, backed by a diversified portfolio, focus on Quality , and continued innovation
Continue Winning Global Accolades Gold Wins 2025 2025 2025 Commendable wins at Mundus Vini & Spiritz conclave First Indian wine to win a Double Gold Top winner at the IWSA with Gold, Silver, and Best in Show accolades Over 220 International and national awards 15
Vision 2030 Targeting ₹500+ crore revenue with 20% + margin Revenue Growth Target : Expected Revenue Growth 20%+ CAGR EBITDA Margin : EBITDA Margin Target FY30: 20%+ Capex : ₹100 Cr planned for hospitality venture and other initiatives over next 2 -3 years Growth Drivers : oShotgun (RTD format) introduced recently; gaining traction oHospitality venture oFocus on premiumization oIncrease in touch points and foray into new markets 0403 0201 16
An Overview of India’s Leading Winemaker
Raising a glass to the journey so far – built brick by brick, over the last 16 years… Fratelli’s inception was the vision of Kapil Sekhri 240 acres of vineyard setup at Akluj, Maharashtra 2007 Setup of winery at Motewadi,Maharashtra Launch of Fratelli’s first varietal wines •Cabernet Sauvignon •Sauvignon Blanc •Chenin Blanc 2010 Sette – India’s #1 luxury wine was launched. Launch of India’s First Chardonnay & Sangiovese Launch of India’s first and only Zero Dosage Sparkling Grand Cuvee Brut 2011 2014 Launch of M/S range – crafted by wine maestros, Piero Masi and Steven Spurrier Launch of Noi Sparkling 2016 2017 Launch of J’NOON in collaboration with Jean Reached overall capacity Of 2.65 Mn Litres 2018 2019 Launch of TiLT –Wine in a can Noi spritzer – India’s first spritzer in a can Launch of Noi Rose Sparkling 2020 2022 Added additional capacity of 1Mn Litres Added 100 acres under active farming in Jambhali, Maharashtra 2023 2024 Got Listed via share swap; rebranded as Fratelli Vineyards. Partnered with Blue Tokai for collaborations 2025 Winery capacity expanded to 5.4 Mn Litres Launch of RTD, ‘Shotgun’ Launch of Pinot Noir Charles Boisset 18
Our Focus : Building Moats Imported 12 grape varietals from the best regions of France & Italy These varietals were then grafted on Indian root stock to develop indigenous clones Excellence in viticulture and terroir to create exceptional wines These are completely suited to Indian climatic & soil conditions to give superior quality wines Can be used to produce exquisite wines that cannot be replicated over the next several years Commanding 1/3rd market share in a market where entry barrier of time is a very strong moat 400 acres under active farming ~1,000 acres supported by long term contract farmers 12 varietals imported from France 15 years of agronomical experience Virgin, high minerality soil allows concentrated taste 13-30°c temperature perfect for cultivation of & flavour grapes Fratelli’s collection of proprietary clones helps produce a unique portfolio of wines oChardonnay oCabernet Sauvignon oCabernet Franc oMercelan oPetit Verdot oMerlot oChenin Blanc oShiraz oMüller Thurgau oGewürztraminer oSangiovese Grosso oSauvignon Blanc Vast lead in size of business over the next in line. Positioned to scale up significantly, backed by unique business approach 19
144 197 216 182 FY22 FY23 FY24 FY25 105 148 167 144 73% 75% 77% 79% FY22 FY23 FY24 FY25 9 27 29 0 FY22 FY23 FY24 FY25 0.6 8 9 -13 FY22 FY23 FY24 FY25 Financial Trajectory : Investing For The Future Gross Profit in Rs Cr. & Gross Profit Margin %Revenue in Rs Cr. PAT in Rs Cr.EBITDA in Rs Cr. Consistent Improvement in Gross Margin ; Streamlining supply chain; EBITDA margin impacted due to launch of new products and investment in brand building 20
Strategic Priorities & Outlook
DRIVERS OF CONSUMPTION TRENDS IN INDIA* Urbanization & Population Growth Urban population to increase by ~100 million, raising urbanization from 35% to 40% *Industry Data Rising affluence Growing middle - class fuels demand for premium products like wine and high-end spirits, with fine wine sales at 22.8% CAGR Rural take off Rural per capita consumption to rise 4.3x, outpacing urban growth at 3.5x Alcohol Consumption Trends In Tier 2 beyond Tier 2 cities (e.g., Kochi, Indore) seeing notable growth. Improved retail experiences can further boost market potential Youth demographics Workforce-aged population (15-59) to reach 950 million, boosting economic activity 05 04 03 02 01 22
Geared For Progress Robust operating model Family driven and professionally managed, vineyard to bottling operation Successfully adapted finest grape varietals to Indian terroir Portfolio of award winning luxury & premium wines Exercising levers to sustain growth momentum Expanding business through enhanced capacities and distribution Strengthening wine portfolio with premium brands/via premier partnerships Enhancing category accessibility via Wine- in-a-Can & Shotgun Laying the foundation for the next tier of performance Grow vineyard tourism business through hospitality offering/partnerships Increased winery capacity to meet production demand for 3- 4 year horizon Enhancing penetration in Tier II & III towns by augmenting distribution and marketing initiatives 23
India’s Next Big Luxury Destination Development of a one-of-a-kind, ultra-luxury vineyard tourism property at Akluj – Planning underway Spread across 170 acres of vineyard estate Targeting 40 luxury keys by end of FY27 Positioned as a first-of-its-kind luxury wine tourism hub in India Integrated Offerings Luxury Stay Curated Tours Wine Tastings Weddings 24 Images for Representational Purpose only not actual site images
Annexure
LUXURY RANGE J’NOON WHITE J’NOON RED Sette Sette 15th Anniversary Limited Edition Flagship Wines Global Awards J’NOON – A luxury wine crafted in collaboration with Jean-Charles Boisset, marking Fratelli as the only Indian winery with such prestigious international partnerships Sette /Sette 15th Anniversary Edition– Fratelli’s flagship barrel-aged wine, and India’s first luxury wine brand, created with meticulous cellar craftsmanship Award - Winning Craftsmanship – Both J’NOON and Sette have earned Gold and Double Gold at international competitions, reinforcing Fratelli’s quality and commitment to excellence 26
SUPER PREMIUM RANGE Master selection Red Master selection WhiteMaster selection Rosé Fratelli Brut Master selection Late Harvest Master Selection – Inspired by the Hariyal, Maharashtra’s state bird, these blends are curated by international experts to express Fratelli’s refined winemaking style Approachable Blends – Crafted for enthusiasts and experts alike, offering nuanced complexity with broad appeal Fratelli Brut – Inspired by the night sky of Akluj, Fratelli Brut is the flagship sparkling wine of our portfolio, meticulously crafted using the Champagne méthode traditionnelle 27
PREMIUM RANGE Cabernet Franc Shiraz Shiraz Pinot Noir Merlot Cabernet SauvignonSangiovese Chenin Blanc Sangiovese BiancoChardonnay Sauvignon Blanc Shiraz Rosé Premium Grape Selection – Unique single varietals made from the finest French and Italian grape varieties Diverse Offerings – A portfolio of 11 wines across red, white, and rosé categories Founders’ Tribute – Label inspired by Fratelli’s seven brothers Modern Relevance – Renovated in 2021 to stay relevant to changing audience preferences 28
PREMIUM RANGE noi RoséNoi Classic CheninClassic Shiraz Classic Merlot Everyday Enjoyment – Easy to drink, making it perfect for everyday consumption Noi Sparkling Wine – A fruity, vibrant, and bubbly sparkling wine, specially crafted to suit the Indian palate Classic Range – Fratelli’s entry-level wines, offering a seamless introduction to the world of wine 29
VALUE RANGE Kyra Reserve Sidus Port F7 Port WineZiva Range Mosso Peach Wine Pocket-Friendly Wines – Establishing a unique category presence in various markets with affordable offerings Ziva Range – A full selection of red, white, and rosé wines catering to diverse tastes Market Penetration – Strong presence in interior and Tier 2 markets, expanding reach Mosso – A peach wine, specifically launched to cater to distinct geographic preferences 30
CANS & RTD TiLt White TiLT Bubbly Rosé Noi Spritzer Classico TiLT Red TiLT Bubbly RTD- Shotgun Market Leader in Wine-in-a-Can – Pioneering the wine-in-a-can segment in India Vegan & Gluten-Free – India’s only certified vegan and gluten-free wine Award-Winning – Recognized at the International Canned Wine Championship for its quality and innovation CANS Deeper Penetration – Enabling Fratelli recruiting new customers into Tier 2 & Tier 3 cities Targeting Early Drinkers – Expanding the wine category by appealing to new, younger consumers Successful Launch – Progressing toward achieving 100K cases in the first year of launch Shotgun 31
Strong Board Gaurav Sekhri Chairman and Managing Director Educated in London, and with over 3 decades of experience, he started his career in 1992 with Tinna Group of companies, promoted by the Sekhri family. He was actively involved in the group’s International trading business. Over his career, he has been involved in executive roles in various joint ventures and managing multi-faceted businesses. He has been a part of the board of Fratelli from its inception. He is an active member of YPO since 2012. Also, served the YPO Delhi Chapter Board from 2016 till 2020 as the Chapter Chair. Puja Sekhri Director Key driver for formulation of marketing strategies to promote Fratelli as a leading brand in the premium wine category. Focused on driving revenue growth, building brand awareness and strategic tie-ups for strengthening the brand positioning. Keen oversight on front-end functions for aligning marketing efforts with business goals and objectives. Aditya Brij Sekhri Director Graduated from George Washington University, where he completed his Bachelors in Business Administration, with a Concentration in Marketing and a Minor in International Affairs. Has recent experience in Management Consulting as an analyst at KPMG India. 32
Strong Board Rahul Narang, Independent Director Graduate of Babson College in Entrepreneurship and a participant in Harvard Business School’s Owners President Management Program, has led The Narang Group to become a leading premium food & beverage company in India. The group founded in 1999, initially launched Red Bull in the country and has since introduced top brands like Evian, Perrier, and Lindt. The Narang Group now owns Ocean Beverages, the top brand in the fruit water and premium mixer segment, and Qua, the leading premium natural mineral water in India. Sanjay Kumar Jain, Independent Director A Commerce graduate from Shri Ram College of Commerce, University of Delhi, and a qualified Chartered Accountant (1990), he brings over 35 years of experience across strategic advisory, research, M&A, fund raising, business development, corporate finance, and investor relations. He has been closely associated with alcohol sector companies and brings valuable board-level experience. Nakul Nitin Zaveri, Independent Director Nakul Nitin Zaveri is a Partner at LeapFrog Investments, co-leading the firm’s climate investment strategy to enable sustainable pathways for emerging markets. With over 20 years of experience in entrepreneurial, operational, and investment roles, he specializes in driving impactful investments across renewables, climate tech, and efficiency-focused value chains. An Oxford MBA graduate, Nakul is committed to fostering growth in sustainable technologies and aligning climate initiatives with consumer priorities. Adhiraj Sarin, Independent Director B. Tech, Electrical and Electronics Engineering from IIT Kanpur. He has vast experience in commodity business. He has been Managing Director at 'Bunge India', Specialty Engineering Company 'Tube Investments Of India', 'Bombay Dyeing Textiles' & 'Hindustan Lever Limited'. He was CEO of Louis Dreyfus Commodities India. He is currently working as Corporate advisor with 'Master & Little'. 33
Principles in Practice Before AfterKey Initiatives and Impact Strengthening Farmer Partnerships : Deep-rooted engagement with farmers as part of a fully integrated value chain Reducing Logistics Footprint : 95% of packaging materials sourced domestically Ethical Brand Building : Committed to developing globally competitive brands with a responsible marketing approach Empowering Local Communities : Over 300 rural families employed through vineyard development. More than 700 individuals from these families are now part of the Fratelli workforce Sustainable Resource Management : Strong focus on water security and comprehensive waste management systems. Access to safe drinking water provided to over 2,000 villagers in Garwad through a water ATM 34
Beyond the Vineyard Adopted Zilha Parishad School in Shipaiwadi, near the Akluj winery Reinforcing long-term commitment to local education and community welfare Installed a ‘Water ATM’ in Garwad village Providing safe and clean drinking water to the local population Social impact 35
Solar Energy Adoption Images for Representational Purpose only not actual site images Installed 520 kW solar capacity 45% of electricity consumption for Akluj winery will be met through renewable solar power Expected savings in electricity costs- approximately ₹50 lakhs 36
An Overview of Industry Dynamic
India’s Untapped Wine Potential Consumption Volume CAGR1 (%) Wine Industry Growth2 (USD Mn) Domestic Wine Share1 (%) 1. Industry Report 2. Market Research Wine accounts for less than 1% of India’s alcohol market Wine consumption is expected to grow steadily in the coming years Domestic wine producers are poised to capture the majority share of this growth 1.30% 1.00% 8.00% 1.80% 3.60% 5.70% 2.60% 6.30% 14.50% 2015-20 2020-23 2023-2028P Beer IMFL Wine 195 803 2023 2032P 33% 28% 26% 27% 27% 26% 23% 67% 72% 74% 73% 73% 74% 74% 2015 2020 2021 2022 2023 2025P 2028P Imported Domestic 38
Unlocking Growth in Underpenetrated Wine Segment Indian Luxury Wine & Spirit Market1 (USD Bn) Global Canned Wine Market2 (USD Bn) Indian RTD Market3 (USD Mn) Sustainable & Organic Preferences: Rising demand for organic, responsibly produced wines is shaping premium consumer choices Canned Wines Gaining Traction: Strong appeal among younger consumers and Gen Z, aligning with convenience and on-the-go lifestyles RTDs Driving Category Expansion: Attracting novice and casual drinkers, enabling wider adoption and increasing category penetration 1. Market Research Report 1,2,3 5 6 2023 2030 1.4 4.6 2024 2034 72 211 2024 2030 39
Untapped Wine Opportunity, Driven by Favourable Economic Trends Urban Population on an Upward Trajectory 1 Rising Share of Young, Aspirational Consumers 1. World Bank 2. Industry Data Urban Surge & Premiumization: Urban population to rise by ~100M; fine wine sales growing at 22.8% CAGR Rural & Tier 2 Acceleration: Rural per capita alcohol consumption to rise 4.3x vs 3.5x in urban; Tier 2 cities like Kochi & Indore gaining traction 31% 31% 32% 32% 32% 33% 33% 34% 34% 34% 35% 35% 36% 36% 69% 69% 68% 68% 68% 67% 67% 66% 66% 66% 65% 65% 64% 64% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Urban Population as Percentage of Population Rural Population as Percentage of Population 27.1% 26.6% 26.1% 25.7% 25.4% 25.1% 24.7% 24.4% 24.2% 23.9% 63.2% 63.5% 63.7% 64.0% 64.2% 64.5% 64.7% 64.9% 65.1% 65.3% 9.7% 9.9% 10.2% 10.4% 10.5% 10.8% 11.1% 11.4% 11.8% 12.1% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0-14 15-59 60+ 40
Expanding Middle Class Powering Premiumization Growing Disposable Income (In Tn USD) Young Workforce Advantage: 650M people aged 25 - 59 to drive sustained demand and economic activity Rising Incomes & Aspirations: Expanding middle class with higher disposable income driving demand for premium alcohol choices India’s Per Capita Dispososable Income USD Thousand 2.9 2.7 3.2 3.4 2.9 3.2 3.5 3.9 4.2 2019 2020 2021 2022 2023 2024 2025 2026 2027F 2.11 1.93 2.28 2.41 2.54 2.77 3.03 3.32 3.64 4 4.39 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F 2029F 1.Industry Data 41
COMPANY CONTACT Thank you Mr. Mohit Kumar Company Secretary Fratelli Vineyards Ltd Email: secretarial@fratelliwines.in INVESTOR RELATION CONTACT Ms. Priya Sen Go India Advisors Email: priya@goindiaadvisors.com Phone : +91 8334841047 Ms. Riddhi Shah Go India Advisors Email: riddhi@goindiaadvisors.com Phone : +91 7303699539