Sheela Foam

₹915 16.5 | 1.8%

WEBSITE BSE:540203 NSE : SFL 10 May, 16:01

Market Cap ₹9946 Cr.

Stock P/E 57.6

P/B 3.4

Current Price ₹915

Book Value ₹ 266.8

Face Value 5

52W High ₹1370

Dividend Yield 0%

52W Low ₹ 889

Edit Ratio

Sheela Foam Research see more...

Overview Inc. Year: 1971Industry: Household & Personal Products

Sheela Foam Ltd, formerly Sheela Foam Private Ltd, manufactures mattresses underneath Sleepwell logo. The Company manufactures other foam-based home comfort products focusing primarily at Indian retail consumers, in addition to technical grades of polyurethane (PU) foam for end use in various industries. Its home comfort line consists of products, inclusive of furniture-cushioning, cushions and sofa-cum-beds, as well as PU Foam cores utilized for manufacturing finished home comfort merchandise, and comfort add-ons, which includes bed sheets and toddler care sheets. Its mattress line, supplied below its Sleepwell range, consists of pure foam mattresses, in addition to hybrids of spring and coir with foam that are able to customization as in keeping with the necessities of purchasers. Its furniture-cushioning line, offered underneath Sleepwell and Feather Foam manufacturers, includes PU Foam that constitutes upholstery material of various densities. Through its subsidiary, it manufactures PU Foam in Australia.

Sheela Foam Share Price

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Peer Comparison

Sheela Foam Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	786	883	737	701	683	761	729	645	613	879
Other Income	18	26	16	18	22	28	17	24	24	32
Total Income	803	909	753	719	705	789	746	669	638	911
Total Expenditure	676	786	665	635	604	685	652	567	547	803
Operating Profit	128	123	88	84	100	104	95	102	91	108
Interest	4	6	2	5	4	5	6	8	9	25
Depreciation	19	20	24	21	21	22	26	23	22	30
Exceptional Income / Expenses	0	0	0	0	0	0	0	-11	0	0
Profit Before Tax	105	97	62	58	75	77	63	60	60	53
Provision for Tax	28	30	12	16	22	15	17	17	16	14
Profit After Tax	77	67	49	43	54	61	46	43	45	38
Adjustments	-1	-0	-0	-0	-0	-1	-1	-0	-1	-8
Profit After Adjustments	76	67	49	42	53	61	45	43	44	31
Adjusted Earnings Per Share	7.8	6.9	5	4.3	5.4	6.2	4.6	4.4	4	2.8

Sheela Foam Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1149	1271	1418	1550	1733	1965	2141	2174	2437	2866	2873	2866
Other Income	14	8	11	17	23	21	29	40	50	79	87	97
Total Income	1163	1280	1429	1567	1756	1986	2171	2214	2487	2945	2960	2964
Total Expenditure	1068	1194	1327	1374	1537	1749	1932	1873	2073	2551	2576	2569
Operating Profit	94	85	102	193	219	237	239	340	414	394	384	396
Interest	23	19	16	12	11	9	10	13	18	17	21	48
Depreciation	31	30	28	29	30	35	40	59	73	81	90	101
Exceptional Income / Expenses	0	0	0	0	0	0	0	-12	0	0	0	-11
Profit Before Tax	40	36	58	152	178	193	189	256	324	296	273	236
Provision for Tax	9	8	15	47	52	60	56	62	84	78	70	64
Profit After Tax	31	28	43	105	126	134	134	194	240	219	203	172
Adjustments	0	0	0	0	0	0	0	-1	-2	-1	-2	-10
Profit After Adjustments	31	28	43	105	126	134	134	193	238	217	201	163
Adjusted Earnings Per Share	3.2	2.9	4.4	10.7	12.9	13.7	13.7	19.8	24.4	22.3	20.6	15.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	0%	10%	8%	10%
Operating Profit CAGR	-3%	4%	10%	15%
PAT CAGR	-7%	2%	9%	21%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-13%	-3%	8%	NA%
ROE Average	14%	18%	19%	22%
ROCE Average	15%	21%	24%	26%

Sheela Foam Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	170	197	245	338	464	597	730	920	1184	1393	1600
Minority's Interest	0	0	0	0	0	0	0	7	9	8	8
Borrowings	112	87	73	35	22	8	6	157	133	228	284
Other Non-Current Liabilities	25	32	40	47	53	72	84	176	417	438	261
Total Current Liabilities	260	310	322	368	380	365	342	385	855	550	684
Total Liabilities	566	625	679	788	918	1043	1162	1644	2598	2616	2837
Fixed Assets	268	252	286	288	317	347	348	792	835	827	812
Other Non-Current Assets	17	25	21	36	55	103	128	95	646	1003	592
Total Current Assets	282	348	373	465	546	592	686	757	1116	786	1434
Total Assets	566	625	679	788	918	1043	1162	1644	2598	2616	2837

Sheela Foam Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	21	32	77	117	61	118	152	17	44	57	41
Cash Flow from Operating Activities	97	124	147	159	122	134	138	157	254	197	212
Cash Flow from Investing Activities	-30	-27	-49	-34	2	-80	-246	-287	-208	-306	-268
Cash Flow from Financing Activities	-56	-53	-59	-25	-67	-20	-27	157	-32	93	56
Net Cash Inflow / Outflow	12	45	40	100	57	34	-135	27	13	-17	-0
Closing Cash & Cash Equivalent	32	77	117	217	118	152	17	44	57	41	42

Sheela Foam Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.16	2.85	4.37	10.73	12.87	13.7	13.71	19.83	24.37	22.28	20.62
CEPS(Rs)	6.39	5.93	7.24	13.73	15.98	17.32	17.76	25.97	32.08	30.7	30
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	17.37	20.15	25.12	34.69	47.52	61.22	74.83	94.27	121.38	142.73	164.03
Core EBITDA Margin(%)	6.37	5.5	5.81	10.37	10.35	10.79	9.78	13.82	14.56	10.38	9.65
EBIT Margin(%)	4.96	3.96	4.75	9.64	9.97	10.09	9.3	12.39	13.65	10.32	9.55
Pre Tax Margin(%)	3.13	2.59	3.7	8.96	9.39	9.65	8.85	11.79	12.95	9.76	8.86
PAT Margin (%)	2.44	1.99	2.75	6.17	6.63	6.67	6.25	8.94	9.6	7.21	6.59
Cash Profit Margin (%)	4.93	4.14	4.55	7.9	8.23	8.43	8.09	11.65	12.51	9.87	9.5
ROA(%)	5.58	4.67	6.54	14.27	14.71	13.64	12.13	13.85	11.32	8.39	7.45
ROE(%)	20.08	15.21	19.33	35.89	31.31	25.21	20.15	23.55	22.83	16.98	13.57
ROCE(%)	16.3	14.39	19.02	38.75	38.68	34.61	28.32	28.47	27.09	20.08	15.49
Receivable days	31.72	29.34	27.56	24.92	24.65	26.05	25.52	30.89	37.79	34.36	32.66
Inventory Days	30.01	31.41	28.47	23.97	24.19	29.05	30.66	34.76	39.56	37.86	38.25
Payable days	44.45	44.48	46.9	52.81	54.77	53.63	46.33	52.83	66.96	62.36	58.17
PER(x)	0	0	0	0	43.73	54.52	45.9	32.74	40.55	78.02	48.29
Price/Book(x)	0	0	0	0	11.84	12.21	8.41	6.89	8.14	12.18	6.07
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	0.17	0.1	0.03	-0.06	3.08	3.65	2.87	2.99	4.02	6.02	3.53
EV/Core EBITDA(x)	2.11	1.49	0.44	-0.44	24.36	30.24	25.77	19.1	23.62	43.78	26.42
Net Sales Growth(%)	9.96	10.62	11.53	9.33	11.8	13.42	8.96	1.5	12.13	17.58	0.27
EBIT Growth(%)	73.05	-11.88	33.29	121.94	15.45	7.04	-1.54	35.32	26.79	-8.26	-6.12
PAT Growth(%)	294.5	-9.76	53.28	145.38	19.9	6.49	0.02	45.27	23.61	-8.92	-7.16
EPS Growth(%)	296.7	-9.76	53.28	145.39	19.9	6.49	0.03	44.63	22.9	-8.58	-7.44
Debt/Equity(x)	1.27	0.96	0.59	0.34	0.13	0.08	0.04	0.23	0.17	0.24	0.29
Current Ratio(x)	1.09	1.12	1.16	1.26	1.44	1.62	2	1.97	1.31	1.43	2.1
Quick Ratio(x)	0.64	0.72	0.79	0.98	1.05	1.15	1.46	1.38	0.94	0.86	1.61
Interest Cover(x)	2.71	2.89	4.55	14.02	17.22	23.32	20.68	20.73	19.31	18.46	13.96
Total Debt/Mcap(x)	0	0	0	0	0.01	0.01	0	0.03	0.02	0.02	0.05

Sheela Foam Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	72.95	72.95	72.95	72.95	72.95	72.95	72.95	65.48	65.48	65.48
FII	2.03	2.53	3.11	3.16	3.19	3.26	3.21	6.04	6.12	6.32
DII	23.84	23.37	22.85	22.74	22.43	22.29	21.95	25.08	24.99	24.53
Public	1.18	1.15	1.1	1.15	1.43	1.5	1.89	3.4	3.4	3.67
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	3.56	3.56	3.56	3.56	7.12	7.12	7.12	7.12	7.12	7.12
FII	0.1	0.12	0.15	0.15	0.31	0.32	0.31	0.66	0.67	0.69
DII	1.16	1.14	1.11	1.11	2.19	2.17	2.14	2.73	2.72	2.67
Public	0.06	0.06	0.05	0.06	0.14	0.15	0.18	0.37	0.37	0.4
Others	0	0	0	0	0	0	0	0	0	0
Total	4.88	4.88	4.88	4.88	9.76	9.76	9.76	10.87	10.87	10.87

Pros

Debtor days have improved from 62.36 to 58.17days.
Company is almost debt free.

Cons

Stock is trading at 3.4 times its book value.
The company has delivered a poor profit growth of 8% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.