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Latest filing: 2026-10-09 18:23
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India Ratings affirms Sheela Foam at 'IND AA'/Stable; rates Rs 180 Cr loans, withdraws NCDs
India Ratings has reaffirmed Sheela Foam's bank loan facilities of Rs 700 crore and assigned an 'IND AA/Stable/IND A1+' rating to additional facilities of Rs 180 crore. Concurrently, the agency withdrew its rating on Rs 181.25 crore of non-convertible debentures following their full redemption in October 2026. SFL's consolidated net leverage improved to 1.9x in FY26 (from 3.3x in FY25), driven by debt repayment post-Kurlon acquisition, while FY27 consolidated revenue is projected by Ind-Ra to reach Rs 4,200-4,300 crore.
Confidence: HIGH
What changedIndia Ratings assigned 'IND AA/Stable' to additional Rs 180 crore bank facilities, reaffirmed Rs 700 crore, and withdrew the rating on fully redeemed Rs 181.25 crore NCDs.
Why it mattersConfirms the company's deleveraging trajectory post-Kurlon buyout and secures competitive borrowing costs with high-grade credit affirmation.
Additional bank loan rated: Rs 180 croreExisting bank loan reaffirmed: Rs 700 croreRedeemed NCDs withdrawn: Rs 181.25 croreFY26 Consolidated Net Leverage: 1.9xInd-Ra Projected FY27 Revenue: INR 42,000 million - 43,000 million
📅 Short termNeutral to mildly positive; demonstrates ongoing balance sheet health and debt clearance with no change in headline rating.
📈 Long termStrong operational standing, ~30% modern mattress market share, and expected deleveraging below 1x leverage support long-term credit and financial stability.
⚠ Risk flags
- Susceptibility to volatile raw material costs (TDI and Polyol)
- Gross margins moderated to 40.6% in 1QFY27 from 43.7% in FY26
- Cyclicality in consumer discretionary spending
Key Highlights
Reaffirmed 'IND AA/Stable/IND A1+' on Rs 700 Cr bank loans and assigned same rating to additional Rs 180 Cr facilities
Withdrew rating on Rs 181.25 Cr NCDs upon full redemption post-Kurlon acquisition financing
Consolidated net leverage declined from 3.3x in FY25 to 1.9x in FY26, with gross debt falling to Rs 713.7 Cr
Interest coverage improved to 4.1x in FY26 from 2.4x in FY25, supported by 10.3% EBITDA margin
Ind-Ra projects FY27 consolidated revenue of Rs 4,200 Cr to Rs 4,300 Cr with 10%-11% EBITDA margins
👀 What to Watch
Track whether full synergy benefits from Kurlon materialize in Q2/Q3 FY27 EBITDA margins and monitor if consolidated net debt drops below 1x leverage as projected.
Sheela Foam Gains Control of Furlenco Parent (FY26 Turnover Rs 375 Cr) as Subsidiary
Sheela Foam Limited (SFL) has amended its shareholders' agreement with House of Kieraya Limited (operating as Furlenco), changing its status from a jointly controlled entity to a direct subsidiary effective October 1, 2026. SFL maintains a 34.53% equity stake without paying any additional cash or issuing shares, achieving control via changes in affirmative voting rights. House of Kieraya reported a turnover of Rs 375 crore in FY26, up from Rs 240 crore in FY25 and Rs 152 crore in FY24. This change will require consolidating Furlenco's revenue and financials into SFL's consolidated statements, contributing roughly 9.3% relative to SFL's TTM revenue of Rs 4,031 crore.
Confidence: HIGH
What changedAmendment to affirmative vote matters in the shareholders' agreement grants SFL contractual control of House of Kieraya Limited, transitioning it from a joint venture to a subsidiary.
Why it mattersEnables consolidation of Furlenco's fast-growing revenue (Rs 375 crore in FY26) into SFL's top line and solidifies SFL's footprint in the branded online furniture rental and retail market.
House of Kieraya FY26 Turnover: Rs. 375 CroreHouse of Kieraya FY25 Turnover: Rs. 240 CroreHouse of Kieraya FY24 Turnover: Rs. 152 CroreSFL Equity Holding: 34.53%Target Turnover vs SFL TTM Revenue: ~9.3%
📅 Short termAccounting shift will lead to full line-item revenue and cost consolidation of Furlenco in SFL's consolidated earnings in upcoming quarters.
📈 Long termStrengthens omnichannel furniture presence and advances SFL's stated roadmap to scale Furlenco to a Rs 500-700 crore turnover threshold ahead of a potential IPO.
⚠ Risk flags
- Furniture rental business margin profile and profitability impact post-consolidation remain to be monitored
- Control achieved contractually without owning a majority equity stake (holds 34.53%)
Key Highlights
Status changed from jointly controlled entity to subsidiary effective October 1, 2026
SFL equity holding unchanged at 34.53% with zero cash or share consideration paid
House of Kieraya turnover reached Rs 375 crore in FY26, up from Rs 240 crore in FY25 and Rs 152 crore in FY24
Target's FY26 turnover represents ~9.3% of Sheela Foam's TTM revenue of Rs 4,031 crore
👀 What to Watch
Track subsequent quarterly financial statements for the line-by-line consolidation of House of Kieraya and watch for updates on the planned eventual IPO once Furlenco reaches the Rs 500-700 crore revenue run rate.
Rs 1,000 Cr+ Q1 Revenue: Sheela Foam Hits Milestone with Strong Growth in India and International
Sheela Foam reported a milestone Q1 FY27 with consolidated revenues exceeding Rs 1,000 crore and EBITDA over Rs 100 crore for the first time in any first quarter. The company achieved a PAT of Rs 62 crore, supported by 20% standalone India revenue growth and significant margin recovery in international subsidiaries. Australia and Spain saw EBITDA margins jump to 12.8% and 14.7% respectively, driven by strategic restructuring. Management is focusing on the 'Unorganized to Organized' (U2O) segment, which grew 81% YoY, and integrating Furlenco furniture into its 3,500+ retail outlet network.
Confidence: HIGH
What changedThe company has transitioned from an integration phase (post-Kurlon/Furlenco) to an execution phase, showing strong volume growth in the value segment and margin recovery abroad.
Why it mattersThe strong performance in the U2O segment and international margin recovery suggests the company is successfully navigating raw material volatility while capturing market share from unorganized players.
Q1 Consolidated Revenue: >Rs 1,000 crQ1 PAT: Rs 62 crU2O Value Growth: 81%Spain EBITDA Margin: 14.7%Australia Revenue: Rs 120 crQ1 Revenue vs TTM Revenue: ~26.2%
📅 Short termThe stock may react positively to the milestone revenue and the sharp turnaround in international subsidiary profitability.
📈 Long termStructural growth is expected from the conversion of unorganized market share and the scaling of the furniture business through Furlenco synergies.
⚠ Risk flags
- Volatility in raw material prices (TDI and Polyol)
- Lower gross margins if foam growth continues to outpace mattress growth
Key Highlights
Consolidated revenue crossed the Rs 1,000 crore mark for the first time in a Q1 period
U2O segment (unorganized to organized) recorded 81% value growth with a network of 10,000 dealers
Spain subsidiary margins improved to 14.7% from 5.7% YoY, while Australia reached 12.8% from 6.8%
E-commerce segment grew 30% overall, with Brand.com (own website) sales surging 69% YoY
Combined market share of Sleepwell and Kurlon in the organized mattress market is estimated at ~20%
👀 What to Watch
Watch for the realization of the remaining Rs 60 crore in Kurlon synergies and the execution of the Furlenco 'shop-in-shop' rollout, targeting 100 stores initially.
SFL Q1 FY27: PAT Surges 9.5x to ₹62 Cr, Revenue Crosses ₹1,000 Cr Mark
Sheela Foam Limited (SFL) reported a strong start to FY27, with consolidated revenue growing 26% YoY to ₹1,032 cr. The company achieved a significant turnaround in profitability, with PAT jumping 9.5x to ₹62 cr compared to ₹7 cr in the same quarter last year. EBITDA margins expanded by 139 bps to 10.6%, driven by value-accretive growth in the mattress and foam segments. This performance marks the first time the group has achieved over ₹1,000 cr revenue and ₹100 cr EBITDA in a first quarter.
Confidence: HIGH
What changedSFL has transitioned from a low-profit base in Q1 FY26 to a high-growth trajectory in Q1 FY27, achieving record first-quarter revenue and EBITDA levels.
Why it mattersThe results demonstrate strong operating leverage and the successful integration of recent acquisitions, with value growth (15-26%) significantly outpacing volume growth (4-6%), indicating improved pricing power or product mix.
Q1 FY27 Revenue: ₹1,032 crQ1 FY27 PAT: ₹62 crEBITDA Margin: 10.6%Q1 Revenue vs TTM Revenue: 27.01%Cash EPS: ₹10.3
📅 Short termThe stock is likely to react positively to the 9.5x PAT growth and the milestone of crossing ₹1,000 cr quarterly revenue.
📈 Long termStructural growth is supported by the expansion of 800 new showrooms and the premiumization strategy. The company's ability to maintain margins despite raw material volatility remains the primary long-term focus.
⚠ Risk flags
- Raw material price spikes in TDI and Polyol
- Execution risk in scaling Furlenco to the IPO threshold
- Dependence on top-line growth exceeding 10% for fixed cost absorption
Key Highlights
Consolidated PAT grew 9.5x YoY to ₹62 cr from ₹7 cr in Q1 FY26
Consolidated revenue increased 26% YoY to ₹1,032 cr, representing ~27% of TTM revenue
EBITDA margins expanded by 139 bps to 10.6%, with absolute EBITDA up 45% to ₹109 cr
E-commerce sales on brand.com grew by 69% YoY, while marketplace platforms grew 19%
Mattress segment registered 15% value growth and 6% volume growth YoY
👀 What to Watch
Investors should monitor the sustainability of the 10.6% EBITDA margin and the progress of the remaining ₹60 cr in synergies from the Kurlon acquisition. The scaling of Furlenco towards its ₹500-700 cr turnover target for a potential IPO is also a key milestone to track.
Q1 FY27: 26% Revenue Growth to ₹1,032 Cr; EBITDA up 45% YoY for Sheela Foam
Sheela Foam reported a strong Q1 FY27 with consolidated revenue crossing ₹1,000 Cr for the first time in a first quarter, reaching ₹1,032 Cr (+26% YoY). Consolidated EBITDA grew 45% YoY to ₹109 Cr, with margins expanding by 139 bps to 10.6%. The bottom line saw a significant jump with PAT rising to ₹62 Cr from ₹7 Cr in the previous year's quarter. Growth was supported by a 69% YoY surge in e-commerce sales on brand platforms and strong international margins in Spain (14.7%) and Australia (12.8%).
Confidence: HIGH
What changedSheela Foam achieved record Q1 performance with consolidated revenue and EBITDA exceeding ₹1,000 Cr and ₹100 Cr respectively for the first time in a June quarter.
Why it mattersThe results demonstrate strong operating leverage, where a 26% top-line growth led to a 45% EBITDA increase, validating the integration of Kurlon and the scaling of the e-commerce segment.
Consolidated Revenue (Q1 FY27): ₹1,032 CrConsolidated EBITDA Growth: 45% YoYConsolidated PAT: ₹62 CrQ1 Revenue vs TTM Revenue: 27.0%Remaining Kurlon Synergies: ₹60 CrBrand.com Sales Growth: 69% YoY
📅 Short termPositive sentiment is expected as the company delivered strong double-digit growth in both revenue and profitability, alongside margin expansion.
📈 Long termStructural growth is supported by a planned 800-showroom expansion and the potential IPO of Furlenco once it reaches a ₹500-700 Cr turnover threshold.
⚠ Risk flags
- Raw material price spikes in TDI and Polyol
- Execution risk in retail footprint expansion
- Fixed cost absorption risk if top-line growth falls below 10%
Key Highlights
Consolidated Revenue reached ₹1,032 Cr, representing 27% of TTM revenue.
Consolidated EBITDA grew 45% YoY to ₹109 Cr, achieving a 10.6% margin.
E-commerce sales on Brand.com platforms surged by 69% YoY.
Standalone mattress volumes grew 6% YoY to 859,000 units.
International operations in Spain delivered a high EBITDA margin of 14.7% on ₹133 Cr revenue.
👀 What to Watch
Watch for the realization of the remaining ₹60 Cr in Kurlon synergies and the execution of the 800-showroom retail expansion plan. Monitor raw material costs (TDI and Polyol) as the company targets a 200 bps improvement in gross margins.
Rs 43.94 Cr Standalone PAT: Sheela Foam Reports 310% YoY Profit Growth in Q1 FY27
Sheela Foam (SFL) reported a strong standalone performance for Q1 FY27, with revenue from operations growing 19.9% YoY to Rs 760.92 Cr. Standalone Net Profit surged to Rs 43.94 Cr from Rs 10.70 Cr in Q1 FY26, supported by a Rs 6.26 Cr exceptional gain from the sale of land and buildings in Haridwar. The company significantly strengthened its balance sheet, reducing outstanding unsecured Non-Convertible Debentures (NCDs) to Rs 181.25 Cr from Rs 543.75 Cr a year ago. Standalone EPS improved to Rs 4.02 compared to Rs 0.98 in the previous year's quarter.
Confidence: HIGH
What changedSheela Foam reported its Q1 FY27 standalone results, showing a sharp recovery in profitability and a substantial reduction in debt compared to the same period last year.
Why it mattersThe results indicate improved operational efficiency and synergy realization post-acquisitions, while the debt reduction lowers financial risk and improves interest coverage.
Standalone Revenue (Q1 FY27): Rs 760.92 CrStandalone PAT (Q1 FY27): Rs 43.94 CrYoY Revenue Growth: 19.9%Exceptional Gain (Land Sale): Rs 6.26 CrOutstanding NCDs: Rs 181.25 CrInterest Service Coverage Ratio: 5.27
📅 Short termThe stock may see positive momentum due to the sharp YoY growth in standalone profitability and significant debt reduction.
📈 Long termLong-term value depends on the successful integration of Kurlon, the eventual IPO of Furlenco, and maintaining margins despite raw material price volatility.
⚠ Risk flags
- Raw material price spikes in TDI and Polyol
- Execution risk in aggressive retail expansion
- Dilution of stake in House of Kieraya (Furlenco) to 34.53%
Key Highlights
Standalone Revenue from operations increased 19.9% YoY to Rs 760.92 Cr from Rs 634.63 Cr.
Standalone Net Profit grew 310% YoY to Rs 43.94 Cr, including a Rs 6.26 Cr exceptional gain from asset sales.
Outstanding Unsecured NCDs reduced by Rs 362.5 Cr over the last 12 months to Rs 181.25 Cr.
Interest Service Coverage Ratio improved significantly to 5.27x from 1.70x in the year-ago period.
Standalone EPS rose to Rs 4.02 from Rs 0.98 in Q1 FY26.
👀 What to Watch
Investors should monitor the consolidated results to assess the performance of Kurlon and Furlenco, and track the progress of the planned 800-showroom retail expansion.
100% Approval for Migration of ESFL from NSE Emerge to Main Board
Shareholders of Essen Speciality Films Limited (ESFL) have unanimously approved the migration of the company's equity shares from the NSE Emerge (SME) platform to the NSE Main Board. The special resolution received 100% 'In Favor' votes from both promoters and participating public shareholders. This transition comes despite a challenging financial year where the company reported a net loss of ‡9.22 cr in FY26. Migration to the Main Board is a significant milestone that typically enhances stock liquidity and institutional visibility.
Confidence: HIGH
What changedThe company has successfully completed the shareholder approval process required to move its listing from the SME platform to the NSE Main Board.
Why it mattersMigration to the Main Board removes SME-specific trading lot restrictions, potentially increasing retail and institutional participation. It also signals the company's intent to adhere to more stringent Main Board compliance and reporting standards.
Total Valid Votes: 1,79,83,960Votes in Favor: 100%Promoter Votes: 1,75,96,240FY26 Net Profit: ‡-9.22 crPromoter Holding: 70.85%
📅 Short termThe stock may see improved sentiment as it 'graduates' from the SME segment, though the immediate focus will remain on the company's ability to turn around its operating losses.
📈 Long termStructurally positive as it allows for broader institutional ownership and better price discovery, though long-term value depends on recovering margins and managing high client concentration.
⚠ Risk flags
- Recent financial losses (FY26 PAT of ‡-9.22 cr)
- High client concentration (IKEA)
- Sensitivity to crude oil price volatility
Key Highlights
100% of the 1,79,83,960 valid votes cast were in favor of the migration resolution
Promoter and Promoter Group contributed 1,75,96,240 votes, representing 97.84% of the total votes cast
Public shareholders contributed 3,87,720 votes, representing 2.16% of the total votes cast
The resolution was officially deemed passed on July 30, 2026, following a 30-day e-voting period
👀 What to Watch
Monitor the timeline for final approval from the National Stock Exchange (NSE) and the subsequent listing date on the Main Board. Investors should evaluate if the increased visibility offsets the company's recent trend of quarterly losses.
Sheela Foam Recommends Re 1 Dividend; Sets July 9 as Record Date for FY26 Payout
Sheela Foam Limited has proposed a final dividend of Re 1 per equity share (20% of face value) for the financial year 2025-26. The payout is subject to approval at the upcoming AGM on July 16, 2026, with the record date fixed for July 9, 2026. The company has outlined specific TDS requirements, including a 10% rate for resident shareholders with a valid PAN and 20% for those without. Investors seeking tax exemptions or lower rates must submit documentation by July 3, 2026.
Key Highlights
Recommended final dividend of Re 1 per share (20% of Rs 5 face value) for FY 2025-26.
Record date for dividend entitlement is July 9, 2026; AGM scheduled for July 16, 2026.
Standard TDS rate of 10% for residents with PAN; 20% for invalid PAN or non-linking with Aadhaar.
Exemption from TDS for resident individuals if total annual dividend does not exceed Rs 10,000.
Deadline for submission of tax-related documents (Form 15G/15H/TRC) is July 3, 2026.
👀 What to Watch
Ensure your PAN and Aadhaar are linked and updated with your Depository Participant to avoid a higher 20% TDS. Submit tax exemption forms by July 3, 2026, if you are eligible for lower withholding.
Sheela Foam Fixes July 9, 2026 as Record Date for Re. 1 Final Dividend
Sheela Foam Limited has declared July 9, 2026, as the record date to determine eligibility for a final dividend of Re. 1 per equity share (20% of face value) for FY 2025-26. The dividend is subject to shareholder approval at the upcoming 54th Annual General Meeting (AGM) scheduled for July 16, 2026. The company also announced the remote e-voting period from July 13 to July 15, 2026. Additionally, the AGM will cover the re-appointment of statutory auditors and several independent directors to the board.
Key Highlights
Final dividend of Re. 1 per equity share recommended on a face value of Rs. 5 each.
Record date for dividend entitlement and AGM voting eligibility is July 9, 2026.
54th Annual General Meeting to be conducted via Video Conferencing on July 16, 2026.
Proposed appointment of four Independent Directors and re-appointment of CMD Rahul Gautam.
Dividend to be paid within 30 days of shareholder approval at the AGM.
👀 What to Watch
Investors seeking the dividend should ensure they hold the stock before the ex-dividend date. Shareholders should also review the proposed board changes and participate in the e-voting process starting July 13.
Sheela Foam Announces 54th AGM on July 16; Recommends Re. 1 Dividend per Share
Sheela Foam Limited has scheduled its 54th Annual General Meeting for July 16, 2026, to be conducted via video conferencing. The company has recommended a final dividend of Re. 1 per equity share (20% of face value) for FY 2025-26, with July 9, 2026, set as the record date for entitlement. Key agenda items include the re-appointment of Mr. Rahul Gautam as Chairman and Managing Director and the induction of four new Independent Directors to the board. Additionally, the statutory auditors are proposed for a second five-year term starting from FY 2026-27.
Key Highlights
Final dividend of Re. 1 per share (20% of face value Rs. 5) recommended for FY 2025-26.
Record date for dividend entitlement and AGM voting eligibility fixed as July 9, 2026.
Proposed re-appointment of Mr. Rahul Gautam as Chairman and Managing Director.
Induction of four Independent Directors with terms ranging from 3 to 5 years to strengthen board governance.
Re-appointment of M S K A & Associates LLP as Statutory Auditors for a second 5-year term until 2031.
👀 What to Watch
Investors interested in the dividend payout should ensure they hold the stock before the July 9 record date. The significant refresh of the board with multiple independent director appointments is a positive sign for corporate governance.
Sheela Foam Announces Cessation of 3 Independent Directors on Completion of Tenure
Sheela Foam Limited has announced the cessation of three Non-Executive Independent Directors—Mr. Som Mittal, Mr. Ravindra Dhariwal, and Mr. Anil Tandon—effective June 06, 2026. This transition occurs due to the completion of their second consecutive terms, as mandated by regulatory requirements. Consequently, these directors have also stepped down from their respective chairmanships and memberships across various Board Committees. The company will now need to appoint new independent directors to ensure compliance with board composition norms.
Key Highlights
Three Independent Directors (Som Mittal, Ravindra Dhariwal, and Anil Tandon) ceased office on June 06, 2026.
The cessation is a result of the completion of their second consecutive five-year terms.
All three directors have simultaneously vacated their positions in various Board Committees.
The change is in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
👀 What to Watch
Investors should monitor the company's upcoming filings for the appointment of new independent directors to ensure the board maintains its governance standards and committee expertise.
Sheela Foam FY26: Record Revenue of ₹3,821 Cr and First-Ever Dividend Recommendation
Sheela Foam reported a strong FY26 performance with consolidated revenue growing 11% YoY to ₹3,821 crores and core EBITDA rising 46% to ₹414 crores. The company successfully integrated the Kurlon acquisition, contributing to a 78% YoY increase in consolidated PAT to ₹161 crores. Notably, the Board recommended a 20% dividend, marking the first-ever dividend payout in the company's history. Debt reduction of ₹156 crores and improved margins in international operations further strengthened the balance sheet.
Key Highlights
Consolidated revenue for FY26 reached ₹3,821 crores, with Q4 revenue growing 24% YoY to ₹1,050 crores.
Core EBITDA margins expanded by 261 basis points to 10.8% for the full year, reaching ₹414 crores.
The Board recommended a maiden dividend of 20% following successful Kurlon integration and debt reduction.
Furlenco subsidiary turned profitable with a PAT of ₹60 crores on revenue of ₹370 crores (up 60% YoY).
Net debt reduced by ₹156 crores during the fiscal year, with ROCE (excluding intangibles) improving to 18%.
👀 What to Watch
Investors should take confidence in the successful integration of Kurlon and the company's transition to a dividend-paying entity. The strong growth in the 'Unorganized to Organized' segment and turnaround in Furlenco suggest multiple levers for future valuation re-rating.
Sheela Foam FY26 PAT Surges 78% to ₹161 Cr; Q4 Core EBITDA Up 90%
Sheela Foam Limited (SFL) delivered a strong financial performance for FY26, with consolidated revenue growing 11% YoY to ₹3,821 crore. Profitability saw a significant boost as Core EBITDA rose 46% to ₹414 crore and PAT increased by 78% to ₹161 crore. The fourth quarter was particularly robust, with revenue up 24% and Core EBITDA surging 90% YoY to ₹121 crore. Additionally, the company reduced its net debt by ₹156 crore and declared a final dividend of 20%.
Key Highlights
Consolidated FY26 PAT grew 78% YoY to ₹161 Cr, while Q4 FY26 PAT surged 7X to ₹92 Cr.
Core EBITDA margin expanded significantly by 400 bps YoY to 11.5% in Q4 FY26.
Consolidated revenue for FY26 reached ₹3,821 Cr, an 11% increase over the previous year.
Net debt was reduced by ₹156 Cr during the fiscal year, improving the balance sheet.
E-commerce sales showed strong momentum with 136% growth on the Brand.com platform.
👀 What to Watch
Investors should take note of the successful integration of Kurlon and the resulting margin expansion. The strong growth in high-margin segments and debt reduction makes SFL a compelling pick in the home comfort sector.
Sheela Foam Q4 PAT Jumps 7x to ₹92 Cr; FY26 PAT Up 78% with 11.5% EBITDA Margin
Sheela Foam reported a robust performance for Q4 FY26, with consolidated revenue growing 24% YoY to ₹1,050 crore. The company's net profit for the quarter saw a massive 7-fold increase to ₹92 crore, while full-year PAT rose 78% to ₹161 crore. Margin expansion was a key highlight, with Q4 core EBITDA margins improving by 400 bps to 11.5% driven by integration benefits from the Kurlon acquisition and operating leverage. Volume growth remained strong across both mattress (13%) and foam (34%) segments in Q4.
Key Highlights
Consolidated revenue for FY26 reached ₹3,821 crore, marking an 11% YoY growth.
Q4 FY26 PAT surged to ₹92 crore from ₹13 crore in the previous year, a 7x increase.
Core EBITDA margins expanded by 400 bps YoY to 11.5% in Q4 FY26.
Foam segment volumes grew by 34% YoY in Q4, while mattress volumes rose by 13%.
The Board has recommended a 20% dividend for the fiscal year.
👀 What to Watch
Investors should view these results positively as the Kurlon integration is yielding significant margin expansion and record profitability. The strong volume growth in the foam segment suggests gaining market share, making the stock a strong hold with a positive bias.
Sheela Foam Reports Strong FY26 Growth; Recommends Re. 1 Dividend per Share
Sheela Foam Limited (SFL) delivered a robust financial performance for the year ending March 31, 2026, with standalone revenue rising to ₹2,962.27 crore from ₹2,675.25 crore in FY25. Net profit for the full year surged by approximately 40.8% to reach ₹130.57 crore, supported by improved operational efficiencies and a significant Q4 performance. The company's Q4 FY26 standalone profit stood at ₹75.52 crore, a sharp increase from ₹13.58 crore in the same quarter last year, partly aided by an exceptional gain. Reflecting this growth, the Board has recommended a final dividend of ₹1 per equity share (20% of face value).
Key Highlights
Standalone Revenue for FY26 grew 10.7% YoY to ₹2,962.27 crore.
Full-year Net Profit increased to ₹130.57 crore in FY26 from ₹92.70 crore in FY25.
Q4 FY26 Standalone Net Profit jumped to ₹75.52 crore vs ₹13.58 crore in Q4 FY25.
Recommended a final dividend of ₹1 per equity share (20% of ₹5 face value).
Basic EPS for the full year improved to ₹11.96 from ₹8.49 in the previous fiscal.
👀 What to Watch
Investors should take note of the significant bottom-line expansion and the company's ability to maintain dividend payouts. The stock remains a watch for long-term growth in the home comfort and bedding segment given the steady revenue trajectory.
Sheela Foam Appoints 3 New Independent Directors and Re-appoints Key Executive Leadership
Sheela Foam Limited has announced a significant board restructuring, appointing three highly experienced Independent Directors with backgrounds in consumer goods, technology, and chemicals. Ms. Hiroo Mirchandani and Mr. Rajeev Srivastava join for five-year terms, while Mr. Sudhir Shenoy joins for three years, all effective June 2026. Additionally, the company has secured leadership continuity by re-appointing its core executive team, including Chairman Rahul Gautam and Vice Chairman Tushaar Gautam, for five-year terms starting April 2027. These moves aim to strengthen corporate governance and ensure long-term strategic stability for the Sleepwell brand owner.
Key Highlights
Appointment of 3 new Independent Directors including Ms. Hiroo Mirchandani and Mr. Rajeev Srivastava for 5-year terms.
Re-appointment of Mr. Rahul Gautam as Chairman and Managing Director for a 5-year term effective April 1, 2027.
New director Mr. Rajeev Srivastava brings experience managing P&Ls exceeding $15 billion across Asia Pacific & Japan.
Leadership continuity ensured with 5-year re-appointments for the Vice Chairman, Deputy MD, and Whole-Time Director.
New board members bring diverse expertise from Asian Paints, Pfizer, Dow India, and Redington Group.
👀 What to Watch
Investors should view these appointments as a positive step toward strengthening corporate governance and professionalizing the board with diverse industry expertise. The continuity of the core executive team provides long-term strategic clarity for the company.
Sheela Foam Appoints 3 Independent Directors and Re-appoints Core Leadership for 5-Year Terms
Sheela Foam has announced a major board restructuring, appointing three highly experienced Independent Directors with backgrounds in global firms like Pfizer, Redington, and Dow India. These appointments, effective June 2026, aim to strengthen corporate governance and strategic oversight. Additionally, the company has secured leadership continuity by re-appointing its core promoter management team, including Chairman Rahul Gautam, for five-year terms starting April 2027. This dual approach provides a balance of fresh external expertise and long-term internal stability for the Sleepwell brand owner.
Key Highlights
Appointment of Ms. Hiroo Mirchandani and Mr. Rajeev Srivastava as Independent Directors for 5-year terms starting June 2026.
Mr. Sudhir Shenoy, former CEO of Dow India, appointed as Independent Director for a 3-year term.
Re-appointment of Mr. Rahul Gautam as Chairman and Managing Director for 5 years effective April 01, 2027.
Extension of terms for key executives Namita Gautam, Rakesh Chahar, and Tushaar Gautam for 5 years each.
New independent directors bring over 30-40 years of experience in technology, chemicals, and consumer goods sectors.
👀 What to Watch
Investors should view the induction of high-caliber independent directors as a positive step for corporate governance. The long-term extension of the current leadership team ensures strategic continuity for the company's growth plans.
Sheela Foam Q4 FY26 PAT Surges to ₹75.5 Cr; Recommends ₹1 Dividend
Sheela Foam Limited reported a robust performance for Q4 FY26, with revenue from operations growing 23.8% year-on-year to ₹819.20 crore. Net profit for the quarter saw a massive jump to ₹75.52 crore compared to ₹13.58 crore in the previous year's corresponding quarter, supported by a ₹15.77 crore exceptional gain. For the full financial year 2025-26, the company recorded a net profit of ₹130.57 crore, up from ₹92.70 crore in FY25. Additionally, the board has recommended a final dividend of ₹1 per equity share (20% of face value).
Key Highlights
Q4 FY26 revenue from operations increased by 23.8% YoY to ₹819.20 crore.
Net profit for Q4 FY26 rose significantly to ₹75.52 crore from ₹13.58 crore in Q4 FY25.
Full-year FY26 PAT grew by 40.8% to reach ₹130.57 crore compared to ₹92.70 crore in FY25.
Finance costs for the full year decreased to ₹70.98 crore from ₹97.08 crore in the previous year.
Board recommended a final dividend of ₹1 per share (20% on face value of ₹5).
👀 What to Watch
The strong growth in bottom-line and reduction in finance costs indicate improving operational health; investors should hold for long-term value as the company scales.
Sheela Foam Appoints Former HUL & J&J Executive Neeraj Jain as Independent Director for 5 Years
Sheela Foam Limited (SFL) has appointed Mr. Neeraj Jain as an Additional Director in the Independent category for a five-year term effective May 14, 2026. Mr. Jain is a highly experienced professional with over 35 years in finance and strategy, having served as CFO at Johnson & Johnson Medical India and General Manager at Hindustan Unilever. His expertise in financial stewardship, M&A, and risk management is expected to enhance the board's governance and strategic oversight. The appointment is subject to shareholder approval and follows the recommendation of the Nomination & Remuneration Committee.
Key Highlights
Appointment of Mr. Neeraj Jain as Independent Director for a term of 5 consecutive years starting May 14, 2026.
Mr. Jain brings over 35 years of experience in finance, governance, and strategy from leading MNCs like HUL and Johnson & Johnson.
Expertise includes financial stewardship, risk management, M&A, and supply chain optimization.
The appointee is a rank-holding Chartered Accountant and Company Secretary with no relation to existing directors.
👀 What to Watch
Investors should view this as a positive governance move that brings high-caliber MNC leadership experience to the board. No immediate action is required, but this strengthens the company's long-term strategic and financial oversight capabilities.
CRISIL Revises Sheela Foam's Outlook to 'Positive'; Reaffirms 'CRISIL AA-' Rating
CRISIL Ratings has revised the outlook on Sheela Foam Limited's long-term bank facilities to 'Positive' from 'Stable', while reaffirming the rating at 'CRISIL AA-'. The revision covers total bank loan facilities of Rs. 163.27 crore, which includes a Rs. 72 crore cash credit and a Rs. 91.27 crore working capital demand loan. A 'Positive' outlook signifies the potential for a rating upgrade in the near to medium term, reflecting strong financial stability. This update underscores the company's robust credit profile and its ability to service debt obligations efficiently.
Key Highlights
CRISIL revised the outlook on Rs. 163.27 crore of bank facilities from 'Stable' to 'Positive'.
Long-term rating reaffirmed at 'CRISIL AA-', signifying high safety for financial obligations.
Facilities include Rs. 72 crore Cash Credit from Citibank and Rs. 91.27 crore Working Capital Demand Loan from YES Bank.
The 'Positive' outlook indicates a potential rating upgrade based on sustained financial performance and market leadership.
👀 What to Watch
The outlook upgrade is a positive signal for long-term investors, suggesting strengthening fundamentals and potential for reduced interest costs. Investors should monitor for a formal rating upgrade in subsequent reviews.
