NSE: SFL · BSE: 540203
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India mattresses and foam (incl. Kurlon), U2O / Upcountry channel, E-commerce (brand.com + platforms), Australia (Joyce Foam), Spain, Furlenco furniture rental. Consumer durables, brand-led mattress and foam manufacturer with multi-channel distribution, international subsidiaries and a furniture rental arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,982 | 2,873 | 2,982 | 3,439 | 3,821 |
| EBITDA (ex other income) | 315 | 297 | 323 | 281 | 401 |
| margin % | 10.6 | 10.3 | 10.8 | 8.2 | 10.5 |
| Owners' profit | 0 | 201 | 182 | 96 | 160 |
| EPS, as reported (₹) | 44.83 | 20.81 | 17.66 | 8.84 | 14.62 |
| ROE % · ROCE % | 15.6 · 17.3 | 12.6 · 14.5 | 6.2 · 7.7 | 3.1 · 5.8 | 4.9 · 7.6 |
| Debt / equity (x) | 0.24 | 0.29 | 0.43 | 0.47 | 0.28 |
| Cash from operations | 197 | 212 | 57 | 252 | 409 |
| Capex | (163) | (212) | (705) | (119) | (131) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 813 | 967 | 850 | 821 | 875 | 1,074 | 1,050 | 1,032 |
| Profit before tax | 25 | 21 | 9 | 10 | 12 | 66 | 94 | 80 |
| Net profit | 9 | 19 | 22 | 7 | 10 | 53 | 92 | 62 |
| EPS (₹) | 0.90 | 1.73 | 1.98 | 0.68 | 0.88 | 4.77 | 8.36 | 5.63 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SHEELA FOAM LIMITED ◆ | 6,086 | 28.4 | 1.87 | 15.3 | 4.9 | 5.0 | 9.4 | 12.7 |
| WAKEFIT INNOVATIONS LTD | 4,487 | 25.0 | 3.96 | — | 16.7 | 6.8 | — | 17.8 |
| RESPONSIVE INDUSTRIES LTD | 3,986 | 39.3 | 2.56 | 16.6 | 9.5 | 9.2 | 13.0 | 13.1 |
| EURO PRATIK SALES LIMITED | 1,728 | 20.0 | 5.39 | 15.2 | 24.1 | 31.2 | — | 28.2 |
| STANLEY LIFESTYLES LTD | 732 | 180.3 | 1.55 | 7.5 | 2.8 | 2.3 | — | 23.0 |
| HARDWYN INDIA LIMITED | 444 | 35.0 | 1.09 | 20.7 | 3.3 | 4.6 | — | 13.1 |
| AHLADA ENGINEERS LIMITED | 47 | — | 0.34 | — | 0.1 | 0.2 | — | 13.8 |
| PRITI INTERNATIONAL LTD | 39 | 49.8 | 0.53 | — | 1.2 | 1.7 | — | 8.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.4 | 35.0 | 3 of 7 | 67% |
| P/B | 1.9 | 1.7 | 5 of 8 | 43% |
| ROCE | 5.0 | 4.8 | 4 of 8 | 57% |
| ROE | 4.9 | 4.1 | 4 of 8 | 57% |
| Debt / Equity | 0.3 | 0.0 | 7 of 8 | 14% |
| EBITDA margin | 12.7 | 13.5 | 7 of 8 | 14% |
| Revenue growth | 25.6 | (12.1) | 2 of 7 | 83% |
| Profit growth | 770.7 | (53.6) | 1 of 7 | 100% |
| Market cap | 6086 | 1230 | 1 of 8 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Sheela Foam to discuss Q2 and H1 FY27 results on November 3 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 13 Oct 2026 · Credit rating affirmed at AA/Stable, NCD rating withdrawn post full redemption | credit debt | medium | — | — |
| 11 Oct 2026 · Reg 74(5) Certificate - No Demat Requests in Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Bank loan rating affirmed at IND AA/Stable; NCD rating withdrawn post full redemption | credit debt | medium | — | — |
| 6 Oct 2026 · Sheela Foam Fully Redeems All Unsecured Non-Convertible Debentures | credit debt | medium | — | — |
| 1 Oct 2026 · House of Kieraya (Furlenco) becomes subsidiary of Sheela Foam | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · Sheela Foam to attend Bharat Connect investor conference on Sept 29 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Sheela Foam to attend Bharat Connect Rising Stars Conference on 29 Sept 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.