Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹6734 Cr.
Stock P/E
48.3
P/B
2
Current Price
₹616.7
Book Value
₹ 301.9
Face Value
5
52W High
₹832
52W Low
₹ 460.8
Dividend Yield
0.16%

Sheela Foam Overview

Business

Sheela Foam Ltd. is India's largest manufacturer of foam and foam-based products. Its core business involves producing and selling mattresses, pillows, foam blocks, furniture cushions, and technical foams. The company operates through a mix of Business-to-Consumer (B2C) primarily under its flagship "Sleepwell" brand, and Business-to-Business (B2B) channels, catering to sectors like furniture, automotive, footwear, and general industrial applications. It makes money by selling these diversified foam products through its extensive distribution network and direct channels.

Revenue Mix

Sheela Foam's primary revenue drivers are mattresses, pillows, and comfort products sold under the "Sleepwell" brand in India, which is a significant contributor. Beyond branded consumer products, it also manufactures industrial foams and foam components. The company has an international presence through acquisitions, notably Joyce Foam in Australia (a major player in foam manufacturing) and Interplasp in Spain (producing flexible polyurethane foam). While precise segment-wise revenue splits can vary, the Indian Sleepwell brand and the international acquisitions collectively form its major revenue streams.

Industry

Sheela Foam operates in the Indian mattress and foam manufacturing industry, which is part of the broader Household & Personal Products sector. The Indian mattress market, in particular, has historically been fragmented, with a large unorganized sector. However, there's a significant ongoing shift towards the organized sector. Sheela Foam, with its "Sleepwell" brand, is the undisputed market leader in India's organized mattress industry, holding a dominant market share. In the industrial foam segment, it is also a leading player. Internationally, its acquisitions position it as a substantial foam manufacturer in Australia and Spain.

MOAT

Brand Equity: "Sleepwell" is a highly recognized, trusted, and premium brand in the Indian mattress market, built over decades. This strong brand recall enables premium pricing and customer loyalty.

Extensive Distribution Network: The company possesses a vast and deep distribution network across India, including exclusive outlets, multi-brand stores, and a growing online presence, making its products widely accessible.

Scale & Manufacturing Expertise: As the largest organized player, SFL benefits from economies of scale in raw material procurement and manufacturing, along with strong R&D capabilities for product innovation and quality.

Product Diversification: Its presence in both consumer (mattresses, pillows) and industrial foams provides revenue stability and diversified market access.

Growth Drivers

Shift to Organized Sector: The ongoing formalization of the Indian economy and increasing consumer preference for branded, quality products will continue to drive growth from the unorganized to the organized mattress market.

Rising Disposable Incomes & Urbanization: Increasing incomes, growing middle class, and rapid urbanization lead to higher discretionary spending on home comfort, housing, and lifestyle products.

Premiumization Trend: Consumers are increasingly willing to pay for technologically advanced, specialized, and comfortable sleep solutions, boosting demand for SFL's premium offerings.

E-commerce Expansion: Growth in online retail channels provides new avenues for sales and wider market reach, especially for direct-to-consumer models.

International Acquisitions: Successful integration and growth of its acquired international businesses (e.g., Joyce Foam, Interplasp) offer new geographies and additional revenue streams.

Risks

Raw Material Price Volatility: Key inputs like polyol and TDI (derivatives of crude oil) are susceptible to significant price fluctuations, which can directly impact profit margins.

Intense Competition: The market faces competition from other organized players, new-age online mattress brands, and a persistent unorganized sector, potentially leading to pricing pressures.

Economic Slowdown: As mattresses are largely discretionary purchases, an economic downturn could lead to reduced consumer spending and impact sales volumes.

Integration Risks: Challenges in successfully integrating acquired international businesses, including cultural differences, operational synergies, and financial performance.

Supply Chain Disruptions: Global events or logistical issues could disrupt the supply of raw materials or finished goods, affecting production and sales.

Management & Ownership

Sheela Foam Ltd. is promoted by the Gautam family, with Mr. Rahul Gautam serving as the Chairman and Managing Director. The promoter group maintains a significant ownership stake in the company, demonstrating long-term commitment. The management team is generally perceived as experienced and professional, having guided the company's growth and market leadership over several decades. The company is publicly listed, with a mix of institutional investors, non-promoter corporate bodies, and retail shareholders.

Outlook

Sheela Foam is well-positioned to capitalize on the secular growth trends in the Indian organized mattress and foam industry, driven by rising disposable incomes, urbanization, and a shift from unorganized to branded products. Its strong brand equity, extensive distribution, and manufacturing scale provide a robust foundation. The international acquisitions offer diversification and new growth avenues. However, the company remains susceptible to volatility in crude-oil-linked raw material prices, which can impact profitability. Intense competition, both from established players and emerging online brands, also necessitates continuous innovation and market vigilance. While its dominant market position and strong brand are significant advantages, effective management of commodity price fluctuations and successful integration of international operations will be crucial for sustained performance.

Sheela Foam Share Price

Live · BSE / NSE · Inception: 1971
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Sheela Foam Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 845 810 813 967 850 821 875 1074 1050 1032
Other Income 37 31 32 8 61 10 11 16 18 16
Total Income 882 840 845 975 910 831 885 1090 1068 1048
Total Expenditure 765 750 742 879 823 746 788 960 933 923
Operating Profit 117 90 102 96 87 85 98 130 135 125
Interest 27 28 28 29 35 29 28 17 21 18
Depreciation 41 40 48 45 50 46 50 47 36 34
Exceptional Income / Expenses 34 31 0 0 -0 0 -8 0 16 6
Profit Before Tax 83 53 26 22 2 10 12 66 94 80
Provision for Tax 14 7 6 5 -10 5 5 16 17 20
Profit After Tax 68 47 20 17 13 5 8 50 77 59
Adjustments -4 -1 -0 0 1 2 2 3 14 2
Profit After Adjustments 65 46 20 17 13 7 10 52 91 61
Adjusted Earnings Per Share 5.9 4.2 1.8 1.5 1.2 0.6 0.9 4.8 8.4 5.6

Sheela Foam Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1550 1733 1965 2141 2174 2437 2866 2873 2982 3439 3821 4031
Other Income 17 23 21 29 40 50 79 86 117 131 54 61
Total Income 1567 1756 1986 2171 2214 2487 2945 2959 3099 3570 3875 4091
Total Expenditure 1374 1537 1749 1932 1873 2073 2551 2575 2682 3194 3427 3604
Operating Profit 193 219 237 239 340 414 394 384 418 376 448 488
Interest 12 11 9 10 13 18 17 21 69 121 95 84
Depreciation 29 30 35 40 59 73 81 90 116 183 179 167
Exceptional Income / Expenses 0 0 0 0 -12 0 0 0 23 31 8 14
Profit Before Tax 152 178 193 189 256 324 296 273 256 103 182 252
Provision for Tax 47 52 60 56 62 84 78 72 61 14 42 58
Profit After Tax 105 126 134 134 194 240 219 201 195 89 139 194
Adjustments 0 0 0 0 -1 -2 -1 -2 -12 0 20 21
Profit After Adjustments 105 126 134 134 193 238 217 199 182 89 160 214
Adjusted Earnings Per Share 10.7 12.9 13.7 13.7 19.8 24.4 22.3 20.4 16.8 8.2 14.6 19.7

Sheela Foam Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 338 464 597 730 920 1184 1393 1598 2920 3017 3252
Minority's Interest 0 0 0 0 7 9 8 8 61 7 8
Borrowings 35 22 8 6 157 133 228 284 945 530 97
Other Non-Current Liabilities 47 53 72 84 176 417 438 264 276 365 220
Total Current Liabilities 368 380 365 342 385 855 550 682 1129 1480 1495
Total Liabilities 788 918 1043 1162 1644 2598 2616 2837 5331 5400 5073
Fixed Assets 288 317 347 348 792 835 827 812 3078 3032 3151
Other Non-Current Assets 36 55 103 128 95 646 1003 592 1378 909 781
Total Current Assets 465 546 592 686 757 1116 786 1433 875 1400 1130
Total Assets 788 918 1043 1162 1644 2598 2616 2837 5331 5400 5073

Sheela Foam Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 117 61 118 152 17 44 57 41 42 44 41
Cash Flow from Operating Activities 159 122 134 138 157 254 197 218 406 247 409
Cash Flow from Investing Activities -34 2 -80 -246 -287 -208 -306 -274 -2258 -24 296
Cash Flow from Financing Activities -25 -67 -20 -27 157 -32 93 56 1854 -226 -716
Net Cash Inflow / Outflow 100 57 34 -135 27 13 -17 -0 2 -3 -10
Closing Cash & Cash Equivalent 217 118 152 17 44 57 41 42 44 41 33

Sheela Foam Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 10.73 12.87 13.7 13.71 19.83 24.37 22.28 20.39 16.78 8.18 14.62
CEPS(Rs) 13.73 15.98 17.32 17.76 25.97 32.08 30.7 29.77 28.55 24.87 29.12
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 1
Book NAV/Share(Rs) 34.69 47.52 61.22 74.83 94.27 121.38 142.73 163.82 268.42 275.49 296.45
Core EBITDA Margin(%) 10.37 10.35 10.79 9.78 13.82 14.56 10.38 9.68 9.13 6.45 9.28
EBIT Margin(%) 9.64 9.97 10.09 9.3 12.39 13.65 10.32 9.55 9.86 5.89 6.54
Pre Tax Margin(%) 8.96 9.39 9.65 8.85 11.79 12.95 9.76 8.86 7.78 2.72 4.29
PAT Margin (%) 6.17 6.63 6.67 6.25 8.94 9.6 7.21 6.52 5.91 2.34 3.29
Cash Profit Margin (%) 7.9 8.23 8.43 8.09 11.65 12.51 9.87 9.43 9.43 7.15 7.51
ROA(%) 14.27 14.71 13.64 12.13 13.85 11.32 8.39 7.37 4.76 1.66 2.66
ROE(%) 35.89 31.31 25.21 20.15 23.55 22.83 16.98 13.43 8.61 3 4.47
ROCE(%) 38.75 38.68 34.61 28.32 28.47 27.09 20.08 15.5 10.36 5.31 6.76
Receivable days 24.92 24.65 26.05 25.52 30.89 37.79 34.36 32.66 35.81 34.08 33.91
Inventory Days 23.97 24.19 29.05 30.66 34.76 39.56 37.86 38.25 37.19 33.12 31.98
Payable days 52.81 54.77 53.63 46.33 52.83 66.96 62.36 58.11 69.55 63.51 63.41
PER(x) 0 43.73 54.52 45.9 32.74 40.55 78.02 48.82 56.03 86.86 31.94
Price/Book(x) 0 11.84 12.21 8.41 6.89 8.14 12.18 6.08 3.5 2.58 1.57
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0.21
EV/Net Sales(x) -0.06 3.08 3.65 2.87 2.99 4.02 6.02 3.53 3.84 2.6 1.51
EV/Core EBITDA(x) -0.44 24.36 30.24 25.77 19.1 23.62 43.78 26.42 27.43 23.76 12.9
Net Sales Growth(%) 9.33 11.8 13.42 8.96 1.5 12.13 17.58 0.27 3.79 15.32 11.1
EBIT Growth(%) 121.94 15.45 7.04 -1.54 35.32 26.79 -8.26 -6.12 10.33 -31.02 23.72
PAT Growth(%) 145.38 19.9 6.49 0.02 45.27 23.61 -8.92 -8.18 -3.15 -54.29 56.84
EPS Growth(%) 145.39 19.9 6.49 0.03 44.63 22.9 -8.58 -8.46 -17.69 -51.24 78.6
Debt/Equity(x) 0.34 0.13 0.08 0.04 0.23 0.17 0.24 0.29 0.44 0.4 0.22
Current Ratio(x) 1.26 1.44 1.62 2 1.97 1.31 1.43 2.1 0.78 0.95 0.76
Quick Ratio(x) 0.98 1.05 1.15 1.46 1.38 0.94 0.86 1.62 0.47 0.71 0.49
Interest Cover(x) 14.02 17.22 23.32 20.68 20.73 19.31 18.46 13.96 4.73 1.86 2.91
Total Debt/Mcap(x) 0 0.01 0.01 0 0.03 0.02 0.02 0.05 0.13 0.16 0.14

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +11% +10% +9% +9%
Operating Profit CAGR +19% +5% +2% +9%
PAT CAGR +56% -12% -10% +3%
Share Price CAGR -8% -18% -12% —
ROE Average +4% +5% +9% +19%
ROCE Average +7% +7% +12% +23%

Sheela Foam Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 65.39 %
FII 4.17 %
DII (MF + Insurance) 18.52 %
Public (retail) 11.92 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 65.4865.4865.4865.765.6965.6965.6965.6965.6965.39
FII 6.326.46.596.556.234.634.074.184.154.17
DII 24.5323.422.321.0421.1721.1321.1120.3920.5618.52
Public 3.674.725.636.716.918.569.149.759.611.92
Others 0000000000
Total 100100100100100100100100100100

Sheela Foam Peer Comparison

Household & Personal Products Edit Columns

Sheela Foam Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Sheela Foam Pros & Cons

Pros

  • Debtor days have improved from 63.51 to 63.41days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 5% over the last 3 years.
  • The company has delivered a poor profit growth of -10% over past five years.
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