Sheela Foam Limited is a leading player in India’s mattress and foam products industry and a leader in Polyurethane (PU) Foam. It has a nationwide presence in manufacturing PU Foam with a track record, since 1971.[1]
Largest Manufacturer of Polyurethane FoamThe company is India's largest manufacturer of flexible slab stock Polyutherane (PU) foam and mattresses underSleepwell, Furlenco, and Kurlon[1]with a30% market share in India’s mattress segment and a 40% market share in Australia. The Kurlon brand holds a 12-13% market share of the modern mattress market.[2][3][4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Sheela Foam | 584.35 | 107.62 | 6350.88 | 0.00 | 5.65 | -46.97 | 666.80 | 8.47 | 5.09 | 2783.23 | 8.62 | 59.01 | 11.20 | 2.27 | 1.77 | 0.27 |
| 2. | Wakefit Innovati | 169.47 | – | 5539.42 | 0.00 | 35.57 | – | 724.00 | – | -1.53 | 1273.69 | 4.70 | -42.04 | 35.57 | – | -4.25 | 0.50 |
| 3. | Responsive Ind | 192.72 | 25.03 | 5115.39 | 0.05 | 53.26 | 8.08 | 313.75 | -10.23 | 15.83 | 1400.94 | 21.44 | 204.33 | 53.26 | 3.49 | 12.11 | 0.14 |
| 4. | Euro Pratik Sale | 311.40 | 43.85 | 3206.09 | 0.00 | 22.70 | -13.59 | 96.56 | 10.10 | 49.53 | 283.86 | 35.71 | 76.72 | 22.95 | 11.92 | 34.10 | 0.08 |
| 5. | BirlaNu Ltd | 1760.00 | – | 1326.61 | 1.70 | -42.86 | 25.56 | 810.15 | 4.61 | -2.58 | 3596.59 | 1.44 | -104.37 | -42.86 | 1.13 | -3.15 | 0.88 |
| 6. | Safe Enterprises | 266.35 | 22.37 | 1241.31 | 0.00 | 33.25 | 96.05 | 112.38 | 94.56 | 96.45 | 192.93 | 35.97 | 55.48 | 33.25 | 5.45 | 50.13 | 0.00 |
| 7. | Stanley Lifesty. | 203.92 | 35.78 | 1166.30 | 0.00 | 6.00 | -9.68 | 105.40 | 2.33 | 10.13 | 436.60 | 20.73 | 32.60 | 5.60 | 2.50 | 4.42 | 0.71 |
| – | Median: 12 Co. | 223.46 | 33.89 | 1203.8 | 0.0 | 5.83 | 7.24 | 107.04 | 10.1 | 10.9 | 261.55 | 17.56 | 15.71 | 7.83 | 2.59 | 4.72 | 0.29 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 515.42 | 513.36 | 791.21 | 456.32 | 503.69 | 634.63 | 518.89 | 486.88 | 690.59 | 533.42 | 422.96 | 614.75 | 666.80 |
Expenses | 463.27 | 460.19 | 719.93 | 395.42 | 456.07 | 574.38 | 460.55 | 436.69 | 644.93 | 470.46 | 377.37 | 559.67 | 604.16 |
Operating Profit | 52.15 | 53.17 | 71.28 | 60.90 | 47.62 | 60.25 | 58.34 | 50.19 | 45.66 | 62.96 | 45.59 | 55.08 | 62.64 |
Other Income | 23.96 | 22.05 | 9.06 | 11.21 | 37.07 | 8.35 | 17.76 | 59.34 | 20.08 | 19.86 | 22.10 | 29.94 | -0.15 |
Profit before tax | 66.95 | 42.44 | 34.19 | 58.75 | 43.69 | 15.89 | 61.74 | 69.10 | 13.07 | 72.52 | 52.07 | 27.26 | 7.98 |
Tax % | 21.34% | 27.19% | 27.08% | 27.30% | 26.62% | 32.66% | 32.30% | 18.48% | 6.81% | 28.27% | 26.46% | 22.52% | 29.20% |
Net Profit | 52.67 | 30.90 | 24.93 | 42.71 | 32.06 | 10.70 | 41.80 | 56.33 | 12.18 | 52.02 | 38.29 | 21.12 | 5.65 |
EPS in Rs | 5.40 | 2.84 | 2.29 | 4.38 | 2.95 | 0.98 | 4.28 | 5.18 | 1.12 | 5.33 | 3.52 | 1.94 | 0.52 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 953 | 1,077 | 1,265 | 1,376 | 1,580 | 1,738 | 1,703 | 1,694 | 2,008 | 2,039 | 1,880 | 2,588 | 2,783 |
Expenses | 897 | 1,013 | 1,124 | 1,213 | 1,387 | 1,555 | 1,478 | 1,457 | 1,774 | 1,830 | 1,669 | 2,352 | 2,543 |
Operating Profit | 56 | 64 | 141 | 162 | 193 | 184 | 224 | 237 | 234 | 208 | 210 | 236 | 240 |
Other Income | 8 | 13 | 21 | 26 | 23 | 30 | 32 | 47 | 70 | 75 | 114 | 95 | 37 |
Interest | 12 | 10 | 7 | 7 | 6 | 7 | 8 | 9 | 7 | 8 | 44 | 94 | 96 |
Depreciation | 20 | 22 | 23 | 24 | 28 | 31 | 33 | 33 | 32 | 41 | 58 | 89 | 110 |
Profit before tax | 32 | 46 | 132 | 157 | 182 | 176 | 215 | 243 | 265 | 234 | 222 | 147 | 71 |
Net Profit | 25 | 34 | 90 | 111 | 126 | 124 | 166 | 181 | 197 | 171 | 168 | 112 | 53 |
EPS in Rs | 7.70 | 10.60 | 27.74 | 11.39 | 12.90 | 12.67 | 16.96 | 18.56 | 20.22 | 17.54 | 15.48 | 10.31 | 4.91 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 16 | 16 | 16 | 24 | 24 | 24 | 24 | 24 | 24 | 49 | 54 | 54 | 55 |
Reserves | 170 | 204 | 294 | 397 | 522 | 645 | 806 | 989 | 1,185 | 1,313 | 2,620 | 2,739 | 2,742 |
Borrowings | 91 | 72 | 46 | 4 | 1 | 0 | 3 | 2 | 19 | 149 | 1,000 | 949 | 743 |
Other Liabilities | 193 | 248 | 288 | 350 | 341 | 353 | 337 | 406 | 379 | 406 | 521 | 647 | 681 |
Total Liabilities | 471 | 540 | 645 | 775 | 888 | 1,023 | 1,170 | 1,421 | 1,608 | 1,917 | 4,196 | 4,390 | 4,221 |
Fixed Assets | 165 | 190 | 201 | 233 | 254 | 269 | 279 | 278 | 257 | 311 | 504 | 561 | 2,239 |
Gross Block | 165 | 190 | 335 | 257 | 304 | 350 | 392 | 421 | 429 | 523 | 761 | 898 | – |
Accumulated Depreciation | 0 | 0 | 134 | 23 | 50 | 81 | 113 | 144 | 172 | 212 | 257 | 337 | – |
CWIP | 17 | 8 | 2 | 3 | 4 | 1 | 17 | 1 | 1 | 103 | 80 | 39 | 47 |
Investments | 23 | 30 | 53 | 73 | 195 | 416 | 443 | 623 | 839 | 960 | 3,068 | 3,112 | 862 |
Other Assets | 266 | 311 | 390 | 466 | 436 | 337 | 431 | 519 | 511 | 543 | 543 | 677 | 1,073 |
Total Assets | 471 | 540 | 645 | 775 | 888 | 1,023 | 1,170 | 1,421 | 1,608 | 1,917 | 4,196 | 4,390 | 4,221 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 121 | 110 | 171 | 102 | 114 | 120 | 130 | 178 | 196 | 147 | 246 | 228 |
Cash from Investing Activity | -26 | -41 | -41 | 4 | -71 | -240 | -103 | -163 | -210 | -186 | -2,160 | -53 |
Cash from Financing Activity | -54 | -31 | -32 | -50 | -9 | -8 | -9 | -9 | -6 | 38 | 1,915 | -165 |
Net Cash Flow | 40 | 39 | 97 | 56 | 34 | -129 | 18 | 6 | -21 | -2 | -0 | 10 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 31 | 27 | 21 | 26 | 23 | 22 | 27 | 35 | 25 | 25 | 37 | 34 |
Inventory Days | 51 | 48 | 41 | 52 | 53 | 57 | 73 | 93 | 55 | 63 | 51 | 45 |
Days Payable | 52 | 57 | 49 | 63 | 46 | 43 | 50 | 95 | 53 | 57 | 55 | 51 |
Cash Conversion Cycle | 30 | 17 | 13 | 15 | 30 | 35 | 50 | 33 | 27 | 30 | 33 | 27 |
Working Capital Days | 12 | -23 | -32 | -10 | 4 | 9 | 20 | 19 | 13 | 1 | -49 | -82 |
ROCE % | 16% | 20% | 42% | 42% | 39% | 29% | 29% | 25% | 23% | 16% | 8% | 5% |
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Stock Analysis
Sheela Foam Limited is a leading manufacturer of mattresses and foam products in India, with a significant market presence and brand recognition.
The company benefits from strong brands (Sleepwell, Kurlon), market leadership, and diversification into furniture rental (Furlenco) and IT services. The integration synergies from the Kurlon amalgamation and planned showroom expansions are also key drivers.
Currently no data available for Order Book.
The company has faced challenges with poor sales growth over the last five years and historically low return on equity and interest coverage ratios.
January 30, 2026: Record date for allotment of Sheela Foam Limited equity shares to Kurlon Enterprise Limited shareholders as part of the Composite Scheme of Arrangement.
Corporate Announcements
