Sheela Foam

₹849.8 -21.7 | 2.5%

WEBSITE BSE:540203 NSE : SFL 22 Oct, 16:01

Market Cap ₹9237 Cr.

Stock P/E 49.8

P/B 3.1

Current Price ₹849.8

Book Value ₹ 272.7

Face Value 5

52W High ₹1297.4

Dividend Yield 0%

52W Low ₹ 849.2

Edit Ratio

Sheela Foam Research see more...

Equity Research: Sheela Foam Limited

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.)	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Net Sales	737	701	683	761	729	645	613	879	845	810
Other Income	16	18	22	28	18	24	24	32	37	31
Total Income	753	719	705	789	747	669	638	911	882	840
Total Expenditure	665	635	604	685	651	567	547	803	765	750
Operating Profit	88	84	100	104	96	102	91	108	117	90
Interest	2	5	4	5	7	8	9	25	27	28
Depreciation	24	21	21	22	26	23	22	30	41	40
Exceptional Income / Expenses	0	0	0	0	0	-11	0	0	34	31
Profit Before Tax	62	58	75	77	63	60	60	53	83	53
Provision for Tax	12	16	22	15	19	17	16	14	14	7
Profit After Tax	49	43	54	61	44	43	45	38	68	47
Adjustments	-0	-0	-0	-1	-0	-0	-1	-8	-4	-1
Profit After Adjustments	49	42	53	61	43	43	44	31	65	46
Adjusted Earnings Per Share	5	4.3	5.4	6.2	4.4	4.4	4	2.8	5.9	4.2

Sheela Foam Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	1271	1418	1550	1733	1965	2141	2174	2437	2866	2873	2982	3147
Other Income	8	11	17	23	21	29	40	50	79	86	117	124
Total Income	1280	1429	1567	1756	1986	2171	2214	2487	2945	2959	3099	3271
Total Expenditure	1194	1327	1374	1537	1749	1932	1873	2073	2551	2575	2682	2865
Operating Profit	85	102	193	219	237	239	340	414	394	384	418	406
Interest	19	16	12	11	9	10	13	18	17	21	69	89
Depreciation	30	28	29	30	35	40	59	73	81	90	116	133
Exceptional Income / Expenses	0	0	0	0	0	0	-12	0	0	0	23	65
Profit Before Tax	36	58	152	178	193	189	256	324	296	273	256	249
Provision for Tax	8	15	47	52	60	56	62	84	78	72	61	51
Profit After Tax	28	43	105	126	134	134	194	240	219	201	195	198
Adjustments	0	0	0	0	0	0	-1	-2	-1	-2	-12	-14
Profit After Adjustments	28	43	105	126	134	134	193	238	217	199	182	186
Adjusted Earnings Per Share	2.9	4.4	10.7	12.9	13.7	13.7	19.8	24.4	22.3	20.4	16.8	16.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	4%	7%	7%	9%
Operating Profit CAGR	9%	0%	12%	17%
PAT CAGR	-3%	-7%	8%	21%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-21%	-11%	6%	NA%
ROE Average	9%	13%	17%	21%
ROCE Average	10%	15%	20%	25%

Sheela Foam Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	197	245	338	464	597	730	920	1184	1393	1598	2920
Minority's Interest	0	0	0	0	0	0	7	9	8	8	61
Borrowings	87	73	35	22	8	6	157	133	228	284	945
Other Non-Current Liabilities	32	40	47	53	72	84	176	417	438	264	276
Total Current Liabilities	310	322	368	380	365	342	385	855	550	682	1129
Total Liabilities	625	679	788	918	1043	1162	1644	2598	2616	2837	5331
Fixed Assets	252	286	288	317	347	348	792	835	827	812	3078
Other Non-Current Assets	25	21	36	55	103	128	95	646	1003	592	1378
Total Current Assets	348	373	465	546	592	686	757	1116	786	1433	875
Total Assets	625	679	788	918	1043	1162	1644	2598	2616	2837	5331

Sheela Foam Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	32	77	117	61	118	152	17	44	57	41	42
Cash Flow from Operating Activities	124	147	159	122	134	138	157	254	197	218	406
Cash Flow from Investing Activities	-27	-49	-34	2	-80	-246	-287	-208	-306	-274	-2258
Cash Flow from Financing Activities	-53	-59	-25	-67	-20	-27	157	-32	93	56	1854
Net Cash Inflow / Outflow	45	40	100	57	34	-135	27	13	-17	-0	2
Closing Cash & Cash Equivalent	77	117	217	118	152	17	44	57	41	42	44

Sheela Foam Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	2.85	4.37	10.73	12.87	13.7	13.71	19.83	24.37	22.28	20.39	16.78
CEPS(Rs)	5.93	7.24	13.73	15.98	17.32	17.76	25.97	32.08	30.7	29.77	28.55
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	20.15	25.12	34.69	47.52	61.22	74.83	94.27	121.38	142.73	163.82	268.42
Core EBITDA Margin(%)	5.5	5.81	10.37	10.35	10.79	9.78	13.82	14.56	10.38	9.68	9.13
EBIT Margin(%)	3.96	4.75	9.64	9.97	10.09	9.3	12.39	13.65	10.32	9.55	9.86
Pre Tax Margin(%)	2.59	3.7	8.96	9.39	9.65	8.85	11.79	12.95	9.76	8.86	7.78
PAT Margin (%)	1.99	2.75	6.17	6.63	6.67	6.25	8.94	9.6	7.21	6.52	5.91
Cash Profit Margin (%)	4.14	4.55	7.9	8.23	8.43	8.09	11.65	12.51	9.87	9.43	9.43
ROA(%)	4.67	6.54	14.27	14.71	13.64	12.13	13.85	11.32	8.39	7.37	4.76
ROE(%)	15.21	19.33	35.89	31.31	25.21	20.15	23.55	22.83	16.98	13.43	8.61
ROCE(%)	14.39	19.02	38.75	38.68	34.61	28.32	28.47	27.09	20.08	15.5	10.36
Receivable days	29.34	27.56	24.92	24.65	26.05	25.52	30.89	37.79	34.36	32.66	35.81
Inventory Days	31.41	28.47	23.97	24.19	29.05	30.66	34.76	39.56	37.86	38.25	37.19
Payable days	44.48	46.9	52.81	54.77	53.63	46.33	52.83	66.96	62.36	58.11	69.55
PER(x)	0	0	0	43.73	54.52	45.9	32.74	40.55	78.02	48.82	56.03
Price/Book(x)	0	0	0	11.84	12.21	8.41	6.89	8.14	12.18	6.08	3.5
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	0.1	0.03	-0.06	3.08	3.65	2.87	2.99	4.02	6.02	3.53	3.84
EV/Core EBITDA(x)	1.49	0.44	-0.44	24.36	30.24	25.77	19.1	23.62	43.78	26.42	27.43
Net Sales Growth(%)	10.62	11.53	9.33	11.8	13.42	8.96	1.5	12.13	17.58	0.27	3.79
EBIT Growth(%)	-11.88	33.29	121.94	15.45	7.04	-1.54	35.32	26.79	-8.26	-6.12	10.33
PAT Growth(%)	-9.76	53.28	145.38	19.9	6.49	0.02	45.27	23.61	-8.92	-8.18	-3.15
EPS Growth(%)	-9.76	53.28	145.39	19.9	6.49	0.03	44.63	22.9	-8.58	-8.46	-17.69
Debt/Equity(x)	0.96	0.59	0.34	0.13	0.08	0.04	0.23	0.17	0.24	0.29	0.44
Current Ratio(x)	1.12	1.16	1.26	1.44	1.62	2	1.97	1.31	1.43	2.1	0.78
Quick Ratio(x)	0.72	0.79	0.98	1.05	1.15	1.46	1.38	0.94	0.86	1.62	0.47
Interest Cover(x)	2.89	4.55	14.02	17.22	23.32	20.68	20.73	19.31	18.46	13.96	4.73
Total Debt/Mcap(x)	0	0	0	0.01	0.01	0	0.03	0.02	0.02	0.05	0.13

Sheela Foam Shareholding Pattern

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	72.95	72.95	72.95	72.95	72.95	65.48	65.48	65.48	65.48	65.48
FII	3.11	3.16	3.19	3.26	3.21	6.04	6.12	6.32	6.4	6.59
DII	22.85	22.74	22.43	22.29	21.95	25.08	24.99	24.53	23.4	22.3
Public	1.1	1.15	1.43	1.5	1.89	3.4	3.4	3.67	4.72	5.63
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	3.56	3.56	7.12	7.12	7.12	7.12	7.12	7.12	7.12	7.12
FII	0.15	0.15	0.31	0.32	0.31	0.66	0.67	0.69	0.7	0.72
DII	1.11	1.11	2.19	2.17	2.14	2.73	2.72	2.67	2.54	2.42
Public	0.05	0.06	0.14	0.15	0.18	0.37	0.37	0.4	0.51	0.61
Others	0	0	0	0	0	0	0	0	0	0
Total	4.88	4.88	9.76	9.76	9.76	10.87	10.87	10.87	10.87	10.87

Pros

Company is almost debt free.

Cons

Company has a low return on equity of 13% over the last 3 years.
Debtor days have increased from 58.11 to 69.55days.
Stock is trading at 3.1 times its book value.
The company has delivered a poor profit growth of 7% 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.