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SFL - Sheela Foam

📊 NSE: SFL 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 13:10

📢 Recent Corporate Announcements

CRISIL Revises Sheela Foam's Outlook to 'Positive'; Reaffirms 'CRISIL AA-' Rating

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 24 Apr 2026, 05:42 PM

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.

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.

💡 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.

Sheela Foam Completes Sale of Fractional Shares from Kurlon Enterprise Merger

🟡 NEUTRAL ⭐ 4/10

M&A 📅 23 Apr 2026, 09:28 PM

Sheela Foam Limited has finalized the sale of fractional shares arising from the amalgamation of Kurlon Enterprise Limited (KEL) and other entities. These fractional entitlements were consolidated and allotted to a Trust, which sold the shares in the open market on April 22, 2026. The net proceeds, after deducting taxes and charges, will be distributed to eligible KEL shareholders in proportion to their holdings. This process is a standard procedural step following the Composite Scheme of Arrangement approved by the NCLT.

Fractional shares from the Kurlon Enterprise Limited merger were consolidated and sold on April 22, 2026.
The sale was conducted in the open market by a Board-appointed Trust to compensate eligible shareholders.
Net sale proceeds will be distributed to shareholders after deduction of applicable taxes and transaction charges.
The action follows the Composite Scheme of Arrangement involving Belvedore International, Kanvas Concepts, and Kurlon entities.

💡 Eligible former shareholders of Kurlon Enterprise Limited should expect a credit of fractional share proceeds to their registered bank accounts. Existing Sheela Foam investors should view this as a routine administrative closure of the merger process.

Sheela Foam Submits Quarterly SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 05:31 PM

Sheela Foam Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms the processing of dematerialization requests for the quarter ended March 31, 2026. This filing ensures that share certificates received for dematerialization were duly verified, cancelled, and the depository's name substituted in the records. This is a standard procedural disclosure required for all listed entities in India.

Compliance certificate submitted for the quarter ended March 31, 2026.
Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations.
Verification and cancellation of dematerialized share certificates completed as per mandate.

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should monitor the upcoming Q4 FY26 financial results for more significant performance indicators.

Sheela Foam Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Mar 2026, 03:34 PM

Sheela Foam Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The window will remain closed for the quarter and full year ending March 31, 2026. It is expected to reopen 48 hours after the financial results are officially made public to the exchanges.

Trading window closure effective from April 1, 2026
Closure pertains to financial results for the quarter and year ending March 31, 2026
Restriction applies to all designated persons as per the Company's Code of Conduct
Window to reopen 48 hours after the public announcement of financial results

💡 This is a routine regulatory announcement with no direct impact on stock valuation. Investors should monitor the upcoming earnings release for actual performance metrics.

Sheela Foam Cancels Participation in 11th Annual Valorem Conference

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Mar 2026, 10:21 AM

Sheela Foam Limited (SFL) has officially withdrawn its participation from the 11th Annual Valorem Conference, which was scheduled for March 23, 2026, in Mumbai. This announcement follows a previous intimation made on March 18, 2026, regarding their planned attendance. The company cited unforeseen schedule changes as the primary reason for not attending the event at this juncture. Such cancellations of investor interactions are generally routine administrative matters and do not typically reflect on the company's operational performance.

Withdrawal from the 11th Annual Valorem Conference scheduled for March 23, 2026.
Cancellation attributed to unforeseen schedule changes.
The update follows an initial participation intimation filed on March 18, 2026.
The event was organized by Valorem Advisors at Grand Hyatt, Mumbai.

💡 No action is required as this is a routine administrative update regarding investor relations. Investors should continue to track the company's quarterly performance and broader market trends.

Sheela Foam to Attend 11th Annual Valorem Investor Conference on March 23, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Mar 2026, 01:18 PM

Sheela Foam Limited (SFL) has announced its participation in the 11th Annual Valorem Conference, titled "Resilient Corporates, Relentless India," scheduled for March 23, 2026. The company's management will interact with institutional investors and analysts at the Grand Hyatt in Mumbai. This is a routine disclosure under SEBI (LODR) Regulations to maintain transparency with the investment community. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Participation in the 11th Annual Valorem Conference on March 23, 2026
Management interaction with analysts and institutional investors in Mumbai
Compliance with Regulation 30(6) of SEBI (Listing Obligations & Disclosure Requirements) Regulations
Explicit confirmation that no unpublished price sensitive information (UPSI) will be discussed

💡 This is a routine investor relations event; investors should watch for any investor presentations or transcripts released following the conference for insights into management's outlook.

Sheela Foam Independent Director Vijay Kumar Ahluwalia Retires After Second Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Mar 2026, 03:08 PM

Sheela Foam Limited (SFL) has announced that Mr. Vijay Kumar Ahluwalia has completed his second consecutive term as a Non-Executive Independent Director on March 4, 2026. Consequently, he ceased to be a director and member of various board committees effective March 5, 2026. This is a routine retirement following the completion of the maximum tenure permitted under SEBI regulations. The company will need to appoint a successor to maintain the required board and committee composition.

Mr. Vijay Kumar Ahluwalia completed his second consecutive term as Independent Director on March 4, 2026.
Effective March 5, 2026, he ceased to be a Non-Executive Independent Director of Sheela Foam Limited.
The retirement also marks the end of his chairmanship and membership in various board committees.
The transition is a routine regulatory requirement under SEBI (LODR) Regulations, 2015.

💡 This is a scheduled retirement with no impact on business operations; investors should monitor the company's next appointment to the board.

Sheela Foam Board Defers Interim Dividend Decision; No Dividend Declared

🟡 NEUTRAL ⭐ 6/10

DIVIDEND 📅 02 Mar 2026, 07:38 PM

Sheela Foam Limited's Board of Directors met on March 02, 2026, to consider the declaration of an interim dividend. Following a lengthy meeting that lasted over nine hours, the board decided to deliberate further on the matter in due course. As a result, no interim dividend was declared during this specific board meeting. This deferral suggests that the company is still evaluating its cash allocation or financial position before committing to a payout.

Board meeting held on March 02, 2026, specifically to consider an interim dividend.
The Board decided to postpone the decision and deliberate further in due course.
No interim dividend has been declared as of the conclusion of the meeting at 07:00 PM.
The meeting duration of approximately 9 hours and 15 minutes indicates extensive board discussion.

💡 Investors should maintain a neutral stance and wait for subsequent board meeting updates regarding the deferred dividend. Monitor upcoming quarterly results to see if cash flow constraints or capital expenditure plans influenced this delay.

Sheela Foam Q3 FY26: Consolidated PAT Jumps 3x to ₹53 Cr; Core EBITDA Margin at 10.9%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 04:39 PM

Sheela Foam reported a robust Q3 FY26 with consolidated revenue for the nine-month period rising 7% YoY to ₹2,771 crores. The company achieved a significant turnaround in its Kurlon acquisition, with consolidated core EBITDA margins expanding 220 bps to 10.9% in Q3. Net profit for the quarter witnessed a 3x jump to ₹53 crores, supported by strong volume growth in mattresses (11%) and foam (20%). International operations in Australia and Spain also turned around, posting 12% EBITDA margins.

Consolidated PAT for Q3 FY26 increased 3x YoY to ₹53 crores.
Mattress volumes grew 11% and Foam volumes grew 20% YoY during the quarter.
E-commerce revenue surged 53% YoY to ₹180 crores for the nine-month period.
Kurlon integration is complete, with combined India margins sustained above 10%.
Furlenco achieved an annualized revenue run rate of ₹400 crores and ₹18 crores PAT for 9M.

💡 The successful Kurlon integration and international turnaround make SFL a strong recovery play in the home comfort space. Investors should maintain a positive outlook as the company scales its high-growth U2O and E-commerce segments.

Sheela Foam Limited Releases Q3 and 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 06:37 PM

Sheela Foam Limited has released the audio recording of its investor conference call held on February 4, 2026. The call addressed the company's financial and operational performance for the quarter and nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording to hear management's detailed commentary on the business environment and future outlook.

Audio recording of the Q3 FY26 earnings call is now publicly available.
The call was conducted on February 4, 2026, following the release of financial results.
Covers operational performance for the nine months ended December 31, 2025.
Recording is accessible via the company's official website and the provided SEBI link.

💡 Investors should listen to the recording for qualitative insights into management's strategy and industry demand trends. No immediate action is required as this is a routine procedural update.

Sheela Foam Q3 FY26: Core EBITDA Jumps 39% YoY to ₹117 Cr; Revenue Up 11%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 07:14 PM

Sheela Foam reported a robust performance for Q3 FY26, with consolidated revenue growing 11% YoY to ₹1,074 crore. The company's Core EBITDA saw a significant jump of 39% YoY to ₹117 crore, driven by margin expansion from 8.7% to 10.9%. Volume growth was strong across segments, with mattresses up 11% and foam up 20% YoY. While 9M PAT remains slightly lower YoY at ₹69 crore due to higher finance costs, the quarterly recovery indicates strong operational momentum and successful integration of Kurlon.

Consolidated Revenue for Q3 FY26 grew 11% YoY to ₹1,074 crore.
Core EBITDA increased by 39% YoY to ₹117 crore with margins improving to 10.9%.
Mattress segment recorded 11% volume growth, while Foam segment saw 20% volume growth YoY.
E-commerce sales on Brand.com witnessed a massive 138% YoY growth.
International operations showed stability with Spain (Interplasp) achieving 11.9% EBITDA margin in Q3.

💡 The strong recovery in margins and volume growth across segments suggests the Kurlon integration is yielding results. Investors should monitor the sustainability of these margins and the reduction in finance costs in upcoming quarters.

Sheela Foam Q3 FY26 PAT Surges 213% YoY to ₹53 Cr; Core EBITDA Up 39%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 06:45 PM

Sheela Foam Limited (SFL) reported a robust Q3 FY26 performance with consolidated revenue growing 11% YoY to ₹1,074 crore, driven by strong volume growth in both mattress (11%) and foam (20%) segments. Core EBITDA for the quarter jumped 39% YoY to ₹117 crore, with margins expanding significantly by 220 bps to 10.9%. While 9M FY26 PAT was down 10% at ₹69 crore due to a high base effect from a one-time insurance claim last year, the Q3 PAT saw a massive 213% increase to ₹53 crore. The company attributed this turnaround to the successful integration of the Kurlon acquisition and improved performance across India, Australia, and Spain.

Q3 FY26 Revenue increased 11% YoY to ₹1,074 crore from ₹967 crore.
Core EBITDA grew 39% YoY to ₹117 crore with margin expansion of 220 bps to 10.9%.
Quarterly PAT surged 213% YoY to ₹53 crore compared to ₹17 crore in the previous year.
Mattress segment recorded 11% volume growth, while Foam volumes grew by 20% in Q3.
E-commerce volumes for 9M FY26 grew by 138% on the company's own website and 39% on third-party platforms.

💡 Investors should note the significant margin expansion and the positive impact of the Kurlon acquisition on the company's bottom line. The strong double-digit volume growth across segments suggests a healthy recovery, making it a positive development for long-term holders.

Sheela Foam Q3 Standalone PAT Surges 124% YoY to ₹38.7 Cr; Allots Shares for Kurlon Merger

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 06:24 PM

Sheela Foam Limited (SFL) reported a strong standalone performance for the quarter ended December 31, 2025, with revenue growing 7.8% YoY to ₹841.64 crore. Net profit (PAT) witnessed a significant jump of 124% YoY to ₹38.70 crore, driven by improved operating margins and a 51.6% reduction in finance costs. The company also progressed on its inorganic growth strategy by allotting 4.88 lakh equity shares to Kurlon Enterprise shareholders as part of its merger scheme. Debt levels have improved, with the debt-equity ratio falling to 0.21 from 0.39 a year ago.

Standalone Revenue from operations increased 7.8% YoY to ₹841.64 crore from ₹780.69 crore.
Net Profit (PAT) surged 124% YoY to ₹38.70 crore compared to ₹17.26 crore in Q3 FY25.
Finance costs dropped significantly to ₹11.29 crore from ₹23.32 crore in the year-ago quarter.
Allotted 4,88,146 equity shares to Kurlon Enterprise Limited shareholders following NCLT approval.
Debt-Equity ratio improved to 0.21, while outstanding NCDs reduced to ₹362.50 crore from ₹725 crore YoY.

💡 Investors should view the sharp recovery in profitability and the reduction in debt as highly positive; the focus now shifts to the realization of synergies from the Kurlon acquisition in consolidated results.

Sheela Foam Shareholders Approve Redesignation of Rahul and Tushaar Gautam to Top Leadership Roles

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 29 Jan 2026, 07:49 PM

Sheela Foam Limited (SFL) has successfully passed two key management resolutions via postal ballot with overwhelming shareholder support. Mr. Rahul Gautam has been redesignated as Chairman and Managing Director, receiving 99.86% of the total votes cast. Additionally, Mr. Tushaar Gautam has been appointed as Vice Chairman and Joint Managing Director with 99.99% approval. These changes, effective January 29, 2026, signify a structured leadership hierarchy and continuity within the promoter-led organization.

Special Resolution for Rahul Gautam as CMD passed with 94,895,611 votes in favor (99.86%)
Ordinary Resolution for Tushaar Gautam as Vice Chairman passed with 95,026,477 votes in favor (99.99%)
Promoter group participation was high at 96.95% of their total shareholding
Public institutional support for the CMD resolution was 99.48%, indicating strong confidence from professional investors

💡 These redesignations ensure leadership stability and continuity within the company. Investors should maintain their current outlook on the stock as the core management team remains the same, albeit with updated titles.

Sheela Foam to Host Q3FY26 Earnings Conference Call on February 4, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 29 Jan 2026, 01:27 PM

Sheela Foam Limited (SFL) has scheduled its earnings conference call for Wednesday, February 4, 2026, at 4:00 PM IST. The management will discuss the financial results for the quarter and nine-month period ended December 31, 2025. Key leadership, including the Chairman & Managing Director and the Group CFO, will be present to address analyst queries. This is a routine but essential event for understanding the company's recent performance and future growth trajectory.

Earnings conference call scheduled for February 4, 2026, at 16:00 Hrs IST.
Management will review financial performance for Q3 and the nine-month period ending December 31, 2025.
Top management including CMD Rahul Gautam and Group CFO Amit Kumar Gupta to lead the call.
Universal dial-in numbers and international toll-free options for UK, USA, Singapore, and Hong Kong provided.
Call transcript to be published on the company and stock exchange websites post-event.

💡 Investors should attend the call or review the transcript to understand management's outlook on raw material costs and consumer demand trends. Pay close attention to any updates regarding the integration of recent acquisitions or market share gains.

View All SFL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 5% YoY to INR 1,696 Cr in H1 FY26. Mattress segment registered 11% value growth, while the foam business grew 3% despite lower raw material costs. Furlenco revenue grew 58.18% YoY between FY24 and FY25.

Geographic Revenue Split

Overseas business EBITDA margins improved from 5-6% to over 8% in the first two quarters of FY26, representing a 250-300 basis point improvement.

Profitability Margins

Gross margins are targeted to increase from 44% to 46% through cost savings. EBITDA margins are projected to reach 12-12.5% in FY26 and 14-15% in FY27 as scale increases and fixed costs are absorbed.

EBITDA Margin

Q2 FY26 Core EBITDA margin was 10.0%, up 20 bps from 9.8% in Q2 FY25. Consolidated EBITDA for FY25 was INR 380.84 Cr, down from INR 417.64 Cr in FY24.

Capital Expenditure

No production capacity CAPEX is required as current capacity supports 2x to 2.5x current turnover. Focus is on showroom expansion with 800 units planned for the current year, which have an 18-month payback period.

⚙️ Operational Drivers

Raw Materials

TDI (Toluene Diisocyanate) and Polyol are the primary raw materials.

Capacity Expansion

Current production capacity is sufficient to support 2x to 2.5x the current turnover size. No investment is needed to expand production capacities in the near term.

Raw Material Costs

TDI prices reduced from INR 196 in Q4 FY25 to INR 172 in Q2 FY26 (12.2% decline). Polyol prices reduced from INR 117 to INR 107 (8.5% decline).

Manufacturing Efficiency

EBITDA profitability is expected to improve significantly once top-line growth exceeds 10%, allowing for better absorption of fixed costs and higher flow-through to the bottom line.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be achieved by expanding the retail footprint with 800 new showrooms, realizing INR 190 Cr in synergies from the Kurlon acquisition (INR 60 Cr remaining), and scaling the e-commerce segment which reached INR 173 Cr in FY25. Premiumization and D2C website improvements are also key drivers.

Products & Services

Mattresses, Flexible Polyurethane Foam, and Rental Furniture services.

Brand Portfolio

Sleepwell, Kurlon, Furlenco.

New Products/Services

Focus on premium mattresses and expanding the Furlenco furniture rental catalog to reach a INR 500 Cr+ revenue run rate.

Market Expansion

Planned expansion of 800 showrooms in the current year to increase market penetration.

Market Share & Ranking

Targeting a 30% share of the INR 2,000 Cr organized mattress market in the coming years.

Strategic Alliances

Furlenco is utilizing mattresses produced by Sheela Foam to create internal synergies.

🌍 External Factors

Industry Trends

The organized mattress market (INR 2,000 Cr) is growing as consumers shift from unorganized players. SFL is positioning itself for digital dominance and premiumization to capture this shift.

Competitive Landscape

The organized market is approximately INR 2,000 Cr, with SFL aiming for a 30% market share.

Competitive Moat

Brand strength (Sleepwell, Kurlon) and an extensive distribution network of 800+ showrooms provide a durable competitive advantage. The asset-light refurbishment model for manufacturing equipment ensures sustainable revenue with minimal new investment.