Leading PU foam and mattress maker (Sleepwell, Kurl-on) with plants in India, Australia and Spain.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 761 | +19.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 9.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 44.0 | +300.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 6.54 | +3.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 9.68 | +5.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 16.81 | −4.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 6 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| International Business EBITDA Margin | Retain between 10% to 12% going forward | Q4 FY26 | Achieved 12.8% in Australia and 14.7% in Spain. Re-iterated 10-12% guidance. | Achieved |
| New Showrooms / Touchpoints | More than 1000 new touchpoints in FY26 | Q4 FY25 | FY26 target. Final status remains missed (600 vs 1000 target). No new update. | Missed |
| India Business EBITDA Margin | 13%-14% odd in 3 years, maybe touches 15% | Q4 FY25 | Committed to a target of 15% EBITDA margin. | Revised Up |
5 of Sheela Foam's 18 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹674.25 on 24 Oct 2025 → ₹574.3. High ₹808.95 (14 Jul 2026), low ₹465.05 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Sheela Foam manufactures polyurethane (PU) foam and foam-based mattresses and home-comfort products, sold in India under the Sleepwell and Kurl-on brands and internationally under Joyce (Australia) and Interplasp (Spain). Beyond mattresses, it makes comfort foam, furniture cushioning and technical-grade PU foam used in automotive lamination, acoustics and other industrial applications. Products reach customers through a pan-India network of exclusive brand outlets, dealers, multi-brand retail and e-commerce, supported by a Small-Town Initiative extending distribution into smaller towns. The group also runs Staqo, an IT-services business serving government, MSME and enterprise clients.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
1 of 6 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| International Business EBITDA Margin | Retain between 10% to 12% going forward | Q4 FY26 | Achieved 12.8% in Australia and 14.7% in Spain. Re-iterated 10-12% guidance. | Achieved |
| New Showrooms / Touchpoints | More than 1000 new touchpoints in FY26 | Q4 FY25 | FY26 target. Final status remains missed (600 vs 1000 target). No new update. | Missed |
| India Business EBITDA Margin | 13%-14% odd in 3 years, maybe touches 15% | Q4 FY25 | Committed to a target of 15% EBITDA margin. | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Sheela Foam Q1 FY27
Sheela Foam delivered a strong Q1 FY27, achieving record consolidated revenues and EBITDA, driven by robust performance in both Indian and international markets. While the U2O and e-commerce channels showed significant growth, margins faced pressure from volatile raw material prices. The company is progressing on Kurlon integration and debt reduction, targeting higher ROCE in the coming years.
Read the full callSheela Foam Q4 FY26
Sheela Foam reported a strong Q4 and FY26, driven by successful Kurlon integration, broad-based growth across brands and segments, and disciplined cost control. The company achieved record high revenue, EBITDA, and foam production for the full year, with significant margin expansion. Despite raw material volatility and some delayed synergies, management expressed confidence in continued growth and profitability, and recommended its first dividend since listing.
Read the full callSheela Foam Q3 FY26
Sheela Foam reported a strong Q3 FY26, with consolidated revenue growing 7% YoY to ₹2,771 crores and PAT jumping 3x to ₹53 crores, driven by higher profitability and reduced interest costs. The Kurlon merger is complete, contributing to a 10% core EBITDA margin for Indian operations over the last nine months. Key growth drivers included 11% mattress volume growth, 53% e-commerce growth, and nearly 100% growth in the unorganized to organized (U2O) segment. International operations in Australia and Spain also showed significant turnaround, achieving 12% EBITDA margins in Q3.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +300% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 615 | 791 | 662 | 635 | 667 | 842 | 819 | 761 |
| Expenses | 560 | 720 | 650 | 574 | 604 | 757 | 729 | 693 |
| Operating profit | 55 | 71 | 12 | 60 | 63 | 84 | 90 | 68 |
| Operating margin | 9.0% | 9.0% | 1.9% | 9.0% | 9.0% | 10.0% | 11.0% | 9.0% |
| Other income | 30 | 9 | 59 | 8 | 0 | 8 | 32 | 20 |
| Interest | 22 | 23 | 29 | 23 | 22 | 11 | 15 | 12 |
| Depreciation | 35 | 23 | 34 | 30 | 33 | 31 | 17 | 17 |
| Profit before tax | 27 | 34 | 8 | 16 | 8 | 50 | 90 | 59 |
| Tax rate | 23.0% | 27.0% | −71.0% | 33.0% | 29.0% | 23.0% | 16.0% | 25.0% |
| Net profit | 21 | 25 | 14 | 11 | 6 | 39 | 76 | 44 |
| EPS (₹ per share) | 1.94 | 2.29 | 1.25 | 0.98 | 0.52 | 3.56 | 6.92 | 4.02 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,913 | 1,879 | 2,572 | 2,963 |
| Expenses | 2,615 | 1,669 | 2,386 | 2,664 |
| Operating profit | 298 | 210 | 186 | 297 |
| Other income | 86 | 114 | 135 | 48 |
| Interest | 22 | 43 | 96 | 71 |
| Depreciation | 89 | 59 | 111 | 111 |
| Profit before tax | 274 | 222 | 113 | 164 |
| Net profit | 201 | 168 | 92 | 132 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 24 | 49 | 54 | 55 | 55 | 55 |
| Reserves | 1,185 | 1,313 | 2,620 | 2,722 | 3,025 | 2,858 |
| Borrowings | 19 | 149 | 1,000 | 956 | 1,257 | 475 |
| Other liabilities | 379 | 406 | 521 | 738 | 840 | 775 |
| Total liabilities | 1,608 | 1,917 | 4,196 | 4,470 | 5,177 | 4,162 |
| Fixed assets | 257 | 311 | 504 | 2,270 | 3,094 | 2,279 |
| Capital work in progress | 1 | 103 | 80 | 54 | 138 | 25 |
| Investments | 839 | 960 | 3,068 | 1,082 | 652 | 784 |
| Other assets | 511 | 543 | 543 | 1,064 | 1,293 | 1,073 |
| Total assets | 1,608 | 1,917 | 4,196 | 4,470 | 5,177 | 4,162 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 178 | 196 | 147 | 246 | 232 | 259 |
| Cash from investing | -163 | -210 | -186 | -2,160 | -46 | 292 |
| Cash from financing | -9 | -6 | 38 | 1,915 | -173 | -570 |
| Net cash flow | 6 | -21 | -2 | 0 | 13 | -19 |
| Free cash flow | 162 | 183 | 32 | 112 | 120 | 245 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 35 | 25 | 25 | 37 | 30 | 35 |
| Inventory days | 93 | 55 | 63 | 51 | 60 | 63 |
| Days payable | 95 | 53 | 57 | 55 | 60 | 74 |
| Cash conversion cycle | 33 | 27 | 30 | 33 | 30 | 24 |
| Working capital days | 19 | 13 | 1 | -49 | -71 | -54 |
| Return on capital employed | 25.0% | 23.0% | 16.0% | 8.0% | 4.0% | 6.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.0% |
Ownership
Promoters hold 65.39% as of Sept 2026; institutions cut 1.10 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Sheela Foam above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 47.34% | unchanged | |
| 12.08% | unchanged | |
| Mutual fund | 8.66% | newly disclosed |
| Mutual fund | 2.97% | −0.23 pp |
| 1.99% | unchanged | |
| 1.99% | unchanged | |
| 1.99% | unchanged | |
| Mutual fund | 1.53% | unchanged |
| Mutual fund | 1.41% | unchanged |
| Mutual fund | — | off the list |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
1 new, 0 added, 0 trimmed, 0 sold out — net +1.30 L shares (+1.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹262 Cr | held | Sep '23 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹205 Cr | held | Sep '23 |
| SBI Smallcap Fund SBI Mutual Fund | ₹199 Cr | held | Aug '21 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹91 Cr | held | Aug '21 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹20 Cr | held | Aug '21 |
| SBI Consumption Opportunities Fund SBI Mutual Fund | ₹19 Cr | held | Jun '26 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹8 Cr | new | Sep '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net +1.30 L shares (+1.0%)
Shares held by these funds +1%
Oct '23 1.27 cr shares Sep '26
Your own record
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