Sheela Foam Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
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On the reaction day the stock moved 3.6 pts less than Nifty Microcap 250 and 2.7 pts less than its Furniture Home Furnishing peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Sheela Foam reported Q2 FY26 standalone revenue of ₹686.60 crores, up about 12% YoY from ₹610.75 crores, while standalone profit after tax fell sharply to ₹5.65 crores from ₹11.21 crores. On a consolidated basis, Q2 revenue rose to ₹874.90 crores and PAT jumped to ₹99.6 crores (vs ₹20.24 crores), driven by share of profit from joint venture Furlenco (House of Kieraya). For H1 FY26, consolidated revenue was ₹1,695.91 crores with PAT of ₹165.1 crores, compared to ₹60.01 crores a year ago, a roughly 175% jump. Standalone operating margin compressed to 30.9% in Q2 from 41.3% a year ago. The company recorded a ₹7.84 crore exceptional loss on sale of land and buildings in Roorkee and Bangalore. The board also approved the scheme of amalgamation of Kurlon Enterprise Ltd with Sheela Foam, approved by NCLT on September 17, 2025, with prior period figures restated using the pooling of interest method. Auditor MSKA & Associates issued a clean (unqualified) limited review report.
Shareholders should note the divergence between weak standalone profitability (margin compression, exceptional loss on land sale) and much stronger consolidated earnings boosted by the Furlenco joint venture. The Kurlon merger adds scale and could support long-term growth, but near-term margins and the land divestment loss may cap upside. Stock may see mixed reaction given strong consolidated numbers but weak standalone operating performance.