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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SHEELA FOAM LIMITED ◆ | 7,553 | 35.2 | 2.32 | 18.5 | 4.9 | 5.0 | 9.4 | 12.7 |
| WAKEFIT INNOVATIONS LTD | 5,136 | 28.6 | 4.54 | — | 16.7 | 6.8 | — | 17.8 |
| RESPONSIVE INDUSTRIES LTD | 4,612 | 45.5 | 2.96 | 19.1 | 9.5 | 9.2 | 13.0 | 13.1 |
| EURO PRATIK SALES LIMITED | 2,597 | 30.1 | 8.10 | 22.9 | 24.1 | 31.2 | — | 28.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Investor meet scheduled for 17 September 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · India Ratings reaffirms Sheela Foam credit rating at IND AA with Stable outlook | credit debt | medium | — | — |
| 1 Sept 2026 · CHRO Shaili Tyagi resigns, effective Aug 31, 2026 | management changes | medium | — | — |
| 21 Aug 2026 · Postal ballot notice and e-voting info published in newspapers | compliance | minimal | — | — |
| 21 Aug 2026 · Investor meeting scheduled for August 26, 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Sheela Foam schedules investor meeting on August 27, 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Sheela Foam seeks approval for Avantika Singh Gautam director appointment | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Sheela Foam Q1 FY27 call transcript: revenue crosses INR1,000 cr, EBITDA up 45% | investor communications | medium | — | — |
| 7 Aug 2026 · Sheela Foam to attend investor conferences on Aug 13 and Aug 14 | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Sheela Foam shares audio recording link of Q1 FY27 investor call | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| STANLEY LIFESTYLES LTD | 773 | 190.4 | 1.64 | 7.9 | 2.8 | 2.3 | — | 23.0 |
| HARDWYN INDIA LIMITED | 449 | 35.4 | 1.11 | 20.9 | 3.3 | 4.6 | — | 13.1 |
| PRITI INTERNATIONAL LTD | 46 | 59.5 | 0.64 | — | 1.2 | 1.7 | — | 8.6 |
| AHLADA ENGINEERS LIMITED | 45 | — | 0.33 | — | 0.1 | 0.2 | — | 13.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.2 | 35.4 | 3 of 7 | 67% |
| P/B | 2.3 | 2.0 | 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 | 7553 | 1685 | 1 of 8 | 100% |
| 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 |
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.
