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SFL - Sheela Foam

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

📢 Recent Corporate Announcements

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.

Sheela Foam Completes Merger of Subsidiaries Staqo World and Staqo Software

🟡 NEUTRAL ⭐ 3/10

M&A 📅 20 Jan 2026, 07:45 PM

Sheela Foam Limited has announced the successful completion of the merger between its two wholly-owned subsidiaries, Staqo World Private Limited and Staqo Software Private Limited. The merger was sanctioned by the NCLT New Delhi on November 21, 2025, and the final regulatory approval was received on January 19, 2026. This internal restructuring is intended to consolidate the group's software and IT service operations. The company has confirmed that this merger will have no impact on the share capital, shareholding pattern, or financial position of the parent entity.

Staqo World Private Limited has been amalgamated into Staqo Software Private Limited.
Both entities involved are 100% wholly-owned subsidiaries of Sheela Foam Limited.
The merger scheme was sanctioned by the NCLT New Delhi vide order dated November 21, 2025.
The company stated there is zero impact on the parent company's share capital or financial standing.

💡 No action is required as this is a routine internal consolidation of subsidiaries. Investors should remain focused on the company's core business performance in the mattress and foam industry.

Sheela Foam Sets Jan 30 Record Date for Kurlon Merger; Swap Ratio 52:100

🟢 POSITIVE ⭐ 9/10

M&A 📅 16 Jan 2026, 10:25 PM

Sheela Foam Limited has announced that its Composite Scheme of Arrangement, involving the merger of Kurlon Enterprise Limited and several other entities into SFL, is now effective following the filing of the NCLT order with the ROC on January 15, 2026. The company has fixed January 30, 2026, as the record date to determine eligible shareholders for the merger. Under the approved swap ratio, Kurlon Enterprise shareholders will receive 52 equity shares of Sheela Foam for every 100 shares held. This consolidation is expected to significantly strengthen Sheela Foam's market position in the Indian mattress industry.

NCLT Mumbai Bench approved the merger of Kurlon Enterprise and five other entities into Sheela Foam Limited.
Certified copy of the NCLT order filed with the Registrar of Companies (ROC) on January 15, 2026.
Record date for determining shareholder eligibility for allotment is fixed as Friday, January 30, 2026.
Share exchange ratio set at 52 equity shares of Sheela Foam for every 100 equity shares of Kurlon Enterprise Limited.
The scheme involves the consolidation of Belvedore International, Kanvas Concepts, Kurlon Retail, and others.

💡 Investors should view this as a major milestone in Sheela Foam's expansion strategy, likely leading to operational synergies and market share gains. Existing shareholders of Kurlon Enterprise should ensure their holdings are reflected by the January 30 record date to receive SFL shares.

Sheela Foam Subsidiary Kurlon Enterprise Completes Sale of Land in Gujarat

🟡 NEUTRAL ⭐ 5/10

OTHER 📅 15 Jan 2026, 06:02 PM

Sheela Foam Limited's subsidiary, Kurlon Enterprise Limited, has successfully completed the sale of its land parcel located in Bharuch, Gujarat, on January 15, 2026. The land is situated at the Jhagadia Industrial Estate, a key industrial hub in the region. While the specific transaction value was not disclosed in the regulatory filing, this move indicates a focus on asset optimization following Sheela Foam's acquisition of Kurlon. Investors should watch for the impact of this monetization on the company's balance sheet in upcoming quarterly reports.

Subsidiary Kurlon Enterprise Limited finalized the sale of land on January 15, 2026.
The land is located at 902/4, GIDC, Jhagadia Industrial Estate, Bharuch, Gujarat.
The transaction was conducted under Regulation 30 of SEBI (LODR) Regulations, 2015.
The sale aligns with potential post-merger integration and non-core asset monetization strategies.

💡 Investors should monitor the next earnings call for details on the sale consideration and how the proceeds will be utilized. This asset sale is likely a routine optimization of the Kurlon portfolio.

Sheela Foam Reports Conversion of Statutory Auditor M S K A & Associates into LLP

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jan 2026, 05:32 PM

Sheela Foam Limited has informed the exchanges that its statutory auditor, M S K A & Associates, has converted from a partnership firm to a Limited Liability Partnership (LLP) as of January 13, 2026. The firm will now be known as M S K A & Associates LLP, Chartered Accountants. This change in legal structure does not affect their current appointment or tenure. The auditors will continue to discharge their obligations for the remainder of their term as previously agreed.

Statutory Auditor M S K A & Associates converted to an LLP structure effective January 13, 2026
The firm will continue to function as Statutory Auditors for the remaining period of their tenure
The conversion was carried out under the provisions of the Limited Liability Partnership Act, 2008
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

💡 This is a routine administrative update regarding the auditor's legal status and has no impact on the company's fundamentals; no action is required.

Sheela Foam Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 05:27 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, pertains to the quarter ended December 31, 2025. This filing confirms that the company has processed share dematerialization requests and updated depository records accordingly. Such filings are standard administrative procedures for all listed entities in India to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Ensures that share certificates for dematerialization were processed and cancelled as per norms

💡 No action is required from investors as this is a routine regulatory filing confirming administrative compliance regarding share records.

Sheela Foam Dispatches Postal Ballot Notice and E-Voting Information

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Jan 2026, 05:14 PM

Sheela Foam Limited (SFL) has informed the exchanges regarding the dispatch of Postal Ballot Notices to its shareholders. The company published the required statutory advertisements in 'Financial Express' and 'Navashakti' on December 31, 2025. This filing is a routine compliance measure under Regulation 30 of SEBI (LODR) Regulations, 2015. Shareholders are being provided with e-voting facilities to participate in the company's upcoming resolutions.

Postal Ballot Notice and E-voting information dispatched to shareholders.
Statutory advertisements published in 'Financial Express' and 'Navashakti' on December 31, 2025.
Compliance filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015.
The announcement serves as a formal record of shareholder communication for upcoming corporate actions.

💡 Investors should monitor for the specific Postal Ballot Notice to understand the underlying resolutions being voted upon. No immediate portfolio action is required based on this administrative update.

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.