SHEELA FOAM LIMITED

Makes and sells mattresses, polyurethane foam and related home comfort products, with the bulk of sales in India through own showrooms, dealers and online channels. In FY26, mattress volumes grew 12% and foam volumes 18% — both records — and 600 net new showrooms were added during the year. The Upcountry (U2O) channel runs through 8,400 dealers reaching 5,000 towns across 24 states, while its own e-commerce brand grew 136% YoY and third-party platform sales rose 39%. Outside India, it operates Joyce Foam in Australia and a Spanish foam business, both posting around 10% EBITDA margins in FY26. It also runs Furlenco, a furniture rental business, with a stated FY27 target of Rs 500 crore, and is building a separate pillow category off an existing Rs 100 crore base. The Kurlon mattress brand was acquired earlier and is now integrated, contributing to consolidated revenue of Rs 3,820.84 crore. The largest cost line is raw materials at 53.8% of revenue — mainly polyol and TDI for foam production — both currently priced above their five-year averages.