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Sheela Foam Limited (SFL)

₹616.85 +1.94% last close, 16 Oct

📊 NSE: SFL 🏢 Furniture, Home Furnishing 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sheela Foam's revenue was ₹1,032 Cr (+25.6% year on year, -1.7% on the previous quarter), and net profit ₹62.3 Cr (+790.6% year on year); the operating margin was 10.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,032	+25.6%	-1.7%
Operating profit	₹109	+45.2%	-6.6%
Net profit	₹62.3	+790.6%	-32.1%
EPS (₹)	5.63	+727.9%	-32.7%
Operating margin	10.6%	—	—

Full quarterly financials → Results calendar →

SFL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 48.24% of the SFL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.34%. That is close to its usual level. Volume was 0.3 times its average, well below normal.

48.24%Delivery, 16 Oct

49.34%Own 20-session average

0.3×Volume vs its average

₹616.85NSE close · +1.94%

Delivery in the last 5 sessions: 41.8% · 73.8% · 51.4% · 61.9% · 48.2%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

India Ratings affirms SFL's bank facilities at IND AA/Stable; withdraws redeemed NCD rating

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Oct 2026, 03:31 PM

Sheela Foam Limited announced that India Ratings and Research has affirmed its 'IND AA/Stable/IND A1+' rating on existing bank loan facilities of Rs 700 crore and assigned the same rating to additional facilities of Rs 180 crore. Total rated bank loan facilities now stand at Rs 880 crore. Additionally, the rating of 'IND AA/Stable' on Rs 181.25 crore non-convertible debentures (NCDs) was withdrawn following their full redemption on maturity (06/10/2026). This disclosure replaces a previously submitted draft communication from October 9, 2026.

Reaffirmed 'IND AA/Stable/IND A1+' rating on existing bank loan facilities of Rs 700 crore
Assigned 'IND AA/Stable/IND A1+' rating to additional bank loan facilities of Rs 180 crore
Withdrew 'IND AA/Stable' rating on Rs 181.25 crore NCDs (ISIN: INE916U08012) after full repayment on October 6, 2026
Total rated bank facilities across multiple lenders stand at Rs 880 crore

💡 Track subsequent quarterly interest costs and balance sheet leverage post-redemption of the Rs 181.25 crore debentures, alongside Q2 FY27 earnings.

India Ratings affirms Sheela Foam at 'IND AA'/Stable; rates Rs 180 Cr loans, withdraws NCDs

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 09 Oct 2026, 06:23 PM

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.

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

💡 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 Fully Redeems Outstanding Unsecured Non-Convertible Debentures

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 06 Oct 2026, 09:18 PM

Sheela Foam Limited has made the final payment of interest and principal redemption for its Unsecured Non-Convertible Debentures (NCDs) on October 06, 2026. Following this transaction, all outstanding unsecured NCDs have been fully redeemed, leaving zero unsecured debentures outstanding. With total debt standing at ₹475 Cr against a net worth of ₹2,913 Cr (D/E of 0.16), this repayment further strengthens the company's balance sheet.

Final payment of interest and principal completed on October 06, 2026
100% of outstanding Unsecured Non-Convertible Debentures fully redeemed
Zero unsecured NCDs remain outstanding as on October 06, 2026
Redemption contributes toward lowering existing total debt of ₹475 Cr

💡 Track the upcoming quarterly filings to evaluate the reduction in overall debt levels and the resulting savings on finance costs.

Sheela Foam Gains Control of Furlenco Parent (FY26 Turnover Rs 375 Cr) as Subsidiary

🟢 POSITIVE ⭐ 7/10

M&A 📅 01 Oct 2026, 03:43 PM

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.

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

💡 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.

Sheela Foam Shareholders Approve Appointment of Avantika Singh Gautam as Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 19 Sep 2026, 11:33 PM

Sheela Foam Limited announced the results of its Postal Ballot concluded on September 19, 2026. Shareholders approved the Ordinary Resolution for the appointment of Ms. Avantika Singh Gautam (DIN: 08368772) as a Non-Executive Non-Independent Director with requisite majority. The e-voting process followed the postal ballot notice originally issued on August 20, 2026. The filing represents a routine board appointment without direct financial impact on the company's ₹4,031 Cr TTM revenue base.

Shareholders approved the appointment of Ms. Avantika Singh Gautam as Non-Executive Non-Independent Director via Ordinary Resolution
Postal ballot voting concluded and resolution deemed passed on September 19, 2026
Follows initial Postal Ballot Notice issued on August 20, 2026
Approval secured via e-voting with requisite majority as per Scrutinizer's Report

💡 Track subsequent board committee compositions and strategic inputs from the newly appointed director in future corporate disclosures.

Sheela Foam Schedules One-on-One Virtual Investor Meeting for September 17, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 04:42 PM

Sheela Foam Limited has informed the exchanges that its management will participate in a one-on-one virtual meeting with investors on September 17, 2026. The meeting will follow standard disclosure norms, with no unpublished price sensitive information (UPSI) intended to be discussed. This is a routine institutional interaction under SEBI LODR Regulation 30(6).

One-on-one virtual investor meeting scheduled for Thursday, September 17, 2026
Intimation submitted pursuant to Regulation 30(6) of SEBI LODR Regulations, 2015
Company clarified that no Unpublished Price Sensitive Information (UPSI) will be discussed

💡 Monitor any subsequent post-meet presentation or transcript filings on the exchanges for commentary on operational synergies and demand trends.

India Ratings Affirms Sheela Foam's IND AA/Stable Rating; NCD Size Reduced to Rs 181.25 Cr

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 08 Sep 2026, 07:09 PM

India Ratings and Research has reaffirmed Sheela Foam Limited's credit rating for bank loan facilities (Rs 700 Cr) and Non-Convertible Debentures (NCDs) at 'IND AA/Stable'. The rated NCD size was reduced from Rs 725 Cr to Rs 181.25 Cr following repayments, with expectations to fully retire acquisition-related NCDs by mid-FY27. The agency highlighted an improved net leverage ratio of 1.9x in FY26 compared to 3.3x in FY25, supported by lower debt and expanding operational scale.

Credit rating reaffirmed at 'IND AA/Stable' for bank loans and NCDs on September 08, 2026
NCD issue size under rating reduced from Rs 7,250 million to Rs 1,812.50 million due to scheduled repayments
Consolidated net leverage (net debt/EBITDA) improved to 1.9x in FY26 from 3.3x in FY25
Bank loan facilities reaffirmed at 'IND AA/Stable/IND A1+' totaling Rs 7,000 million
Ind-Ra projects consolidated revenue of Rs 42,000-43,000 million in FY27 with EBITDA margins between 10%-11%

💡 Track the debt reduction milestones through mid-FY27 to confirm full repayment of acquisition NCDs and assess raw material cost pressures on gross margins in upcoming quarterly results.

Sheela Foam CHRO Shaili Tyagi Steps Down; MD to Oversee HR on Interim Basis

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 05:56 PM

Sheela Foam Limited announced the resignation of Ms. Shaili Tyagi from the position of Chief Human Resources Officer (CHRO), effective close of business hours on August 31, 2026. Until a suitable replacement is appointed, her responsibilities will be overseen by the Managing Director on an interim basis. This is an administrative leadership change and does not affect the company's daily commercial operations or financial position (TTM revenue: ₹4,031 Cr).

Resignation of Chief Human Resources Officer (CHRO) Ms. Shaili Tyagi
Cessation effective close of business hours on August 31, 2026
Managing Director to oversee and discharge HR responsibilities on an interim basis

💡 Track the appointment of a permanent Chief Human Resources Officer in upcoming regulatory disclosures.

Sheela Foam Schedules One-on-One Investor Meeting for August 26, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 04:22 PM

Sheela Foam Limited has informed the exchanges of a scheduled one-on-one investor meeting on Wednesday, August 26, 2026. The meeting will take place at the company's corporate office. The company stated that no unpublished price sensitive information (UPSI) will be discussed during the interaction.

One-on-one investor meeting scheduled for Wednesday, August 26, 2026
Interaction to take place in person at the corporate office
Company confirmed that no UPSI will be discussed

💡 Track post-meet investor presentations or transcript disclosures if filed, alongside monitoring integration progress and synergy realization from the Kurlon acquisition.

Sheela Foam Schedules One-on-One Virtual Investor Meeting on August 27, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 12:11 PM

Sheela Foam Limited has notified the stock exchanges that its management will participate in a one-on-one virtual investor meeting scheduled for Thursday, August 27, 2026. The meeting is conducted under Regulation 30(6) of SEBI Listing Regulations. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction.

One-on-one virtual meeting scheduled with investor(s) on Thursday, August 27, 2026
Intimation submitted pursuant to Regulation 30(6) of SEBI LODR Regulations, 2015
Company confirmed no unpublished price sensitive information (UPSI) will be shared
Filing released to exchanges on August 21, 2026

💡 Track post-meet disclosures or presentation updates, if any are uploaded to the exchanges following the interaction.

Sheela Foam Issues Postal Ballot Notice for Appointment of Promoter Director Holding 1.99% Stake

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 20 Aug 2026, 05:01 PM

Sheela Foam Limited has issued a Postal Ballot notice seeking shareholder approval via remote e-voting for the appointment of Ms. Avantika Singh Gautam as a Non-Executive Non-Independent Director for a 5-year term effective August 4, 2026. Ms. Gautam is part of the promoter group (wife of Vice Chairman & Joint MD Tushaar Gautam) and holds 21,74,120 shares, representing 1.99% of the company's equity capital. Remote e-voting commences on August 21, 2026, and concludes on September 19, 2026, with August 14, 2026, set as the cut-off date.

Postal ballot seeks approval for the appointment of Ms. Avantika Singh Gautam as Non-Executive Non-Independent Director for a 5-year term from August 4, 2026
Appointee holds 21,74,120 equity shares, representing 1.99% of the total paid-up share capital
E-voting window is open from August 21, 2026 (10:00 AM IST) to September 19, 2026 (05:00 PM IST)
Voting eligibility is based on the cut-off date of August 14, 2026

💡 Track the e-voting results expected after September 19, 2026. This is a standard corporate governance procedure with no direct impact on day-to-day operations.

Rs 1,000 Cr+ Q1 Revenue: Sheela Foam Hits Milestone with Strong Growth in India and International

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 07:34 PM

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.

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%

💡 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 Schedules Investor Meetings with Emkay and Equirus on August 13-14, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 03:45 PM

Sheela Foam Limited (SFL) has announced its participation in two upcoming institutional investor conferences in Mumbai. The company will attend the Emkay Global Flagship Conference on August 13, 2026, followed by the Equirus Annual India Conference on August 14, 2026. These group meetings are routine interactions and the company has stated that no unpublished price sensitive information (UPSI) will be discussed. Investors should note that SFL is currently focused on realizing the remaining Rs 60 Cr in synergies from its Kurlon acquisition and expanding its retail footprint by 800 showrooms.

Participation in Emkay Global Flagship Conference on August 13, 2026, at 10:00 AM
Participation in Equirus Annual India Conference on August 14, 2026, at 10:00 AM
Company is targeting a 30% share of the INR 2,000 Cr organized mattress market
TTM Revenue stands at Rs 3,821 Cr with a current OPM of 10.3%
Management aims for a 200 bps improvement in gross margins from 44% to 46%

💡 Monitor for any post-event investor presentations or transcripts that may provide updates on the execution of the 800-showroom expansion and the timeline for the Furlenco IPO.

Sheela Foam Releases Audio Recording of Q1 FY27 Investor Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 07:01 PM

Sheela Foam Limited has released the audio recording of its investor conference call held on August 05, 2026, following the announcement of its Q1 FY27 financial results. The company, which reported a TTM revenue of 3,821 Cr, is currently focused on integrating the Kurlon acquisition and scaling its Furlenco segment. Management previously indicated a target of 30% market share in the 2,000 Cr organized mattress market. This filing is a standard regulatory disclosure to ensure transparency for all shareholders.

Audio recording link provided for the investor call held on August 05, 2026.
Company is targeting a 200 bps improvement in gross margins from 44% to 46%.
Management aims to realize the remaining 60 Cr in synergies from the Kurlon acquisition.
Planned expansion of 800 new showrooms in the current year to increase retail footprint.
Furlenco segment is being scaled toward a 500-700 Cr turnover threshold for a potential IPO.

💡 Investors should listen to the recording to understand management's commentary on raw material price trends (TDI and Polyol) and the execution timeline for the 800-showroom expansion.

Sheela Foam Appoints Ms. Avantika Singh Gautam as Non-Executive Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 04 Aug 2026, 04:52 PM

Sheela Foam Limited has appointed Ms. Avantika Singh Gautam as a Non-Executive, Non-Independent Director for a five-year term effective August 04, 2026. Ms. Gautam is a media professional with over 20 years of experience in broadcast journalism and is related to the promoter family as the wife of Mr. Tushaar Gautam. The appointment is subject to shareholder approval and comes as the company maintains a 65.39% promoter holding. While the role is non-executive, her background in communication may support the company's brand-building efforts in the premium mattress segment.

Appointment for a fixed term of 5 consecutive years starting August 04, 2026
Appointee has over 20 years of experience in media, including roles at India Today Group and Network18
Ms. Gautam is the wife of Mr. Tushaar Gautam and daughter-in-law of Mr. Rahul Gautam (Promoter group)
Appointment is subject to the formal approval of the company's shareholders

💡 Investors should monitor the upcoming shareholder resolution for this appointment and observe if the appointee's media expertise translates into improved brand communication for the Sleepwell and Furlenco brands.

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.