Sheela Foam Limited is a prominent and leading player in India's mattress and foam products industry, holding a strong position as a leader in Polyurethane (PU) Foam. With a history dating back to 1971, the company has established a nationwide manufacturing presence for PU Foam. Sheela Foam is recognized as the largest manufacturer of Polyurethane Foam (PU) in India, Australia, and New Zealand, and also has a presence in Spain and Europe. Founded in 1972 by Mr. K.K. Poddar, Sheela Foam Ltd is one of the largest manufacturers of mattresses, pillows, cushions, and other foam-based products in India, headquartered in Noida.
The company is India's largest manufacturer of flexible slab stock Polyurethane (PU) foam and mattresses. It operates under well-known brands like Sleepwell, Furlenco, and Kurlon. Post-acquisitions, Sheela Foam commands a significant market share in India's mattress segment. It holds approximately 13% market share in India's modern mattress segment, while Kurlon, the second-largest player, holds about 8%. Together, the combined entity will have a 21% market share in the modern mattress segment. The company's flagship brands include 'Sleepwell' for mattresses and home comfort, 'Feather Foam' (a pure PU Foam), and 'Lamiflex' (a polyester foam for lamination). Following strategic acquisitions, the Kurlon brand contributes a substantial 12-13% market share to the modern mattress market. Other notable brands include Restonic, Dreamzee, SleepX, Superfoam, and Comforto.
Sheela Foam Limited operates as an India-based company specializing in the manufacturing of polyurethane (PU) foam and mattresses. The company offers an extensive range of products catering to home comfort, technical applications, and institutional use. Its product portfolio is segmented into:
- Mattresses Segmentation: Includes spring range, technology range, custom cell range, back support range, flexi PUF range, economy range, and an online brand.
- Comfort Foam and Home Care Products: Encompasses foam sheets, foam blocks, comfort range accessories, foam cores, furniture cushions, pillows, bedsheets, comforters/blankets, mattress protectors, and sofa-cum-beds.
- Technical Foam: Comprises automotive foams, reticulated foams, ultraviolet stable foams, and silentech foams.
- Furniture Foam: Includes specialized products like Sleepwell Resitec, Sleepwell Cool Gel, and Primo.
Sheela Foam boasts a significant global manufacturing footprint with 11 plants across India, 5 in Australia, and 1 in Spain. In India, the company operates 11 manufacturing plants with a total integrated capacity of 123 kilotons per annum (ktpa). In Australia, it operates five manufacturing plants (under the name Joyce Foam) with a capacity of 11 ktpa. The manufacturing plant in Yecla, Spain, with a capacity of 22 ktpa, serves the European and US markets. The company has plans to double its foaming capacity in Australia to 20 ktpa with a new site currently under construction in Adelaide.
The company has strategically strengthened its market position through key acquisitions. Sheela Foam acquired a controlling stake of 94.66% in Kurlon Enterprises, the maker of Kurl-on mattresses, at an equity valuation of ₹2,150 crore. This acquisition is expected to solidify Sheela Foam's position as an undisputed market leader and accelerate its growth and profitability. The acquisition of 94.66% stake in Kurlon Enterprise Limited was completed on October 20, 2023.
Additionally, Sheela Foam is acquiring a 35% stake in the online furniture firm Furlenco (operated by House of Kieraya) for ₹300 crore. This primary fund infusion into Furlenco marks an entry into the rapidly growing online furniture e-commerce business, utilizing a digital-first approach to engage with new-age customers. Rahul Gautam, Sheela Foam's Chairman and Managing Director, highlighted that with Kurlon's strong presence in the South and East, and Sheela Foam's strength in the North and West, the combined entity will further cement its leadership in the modern mattress market.
As of recent reporting periods, the market capitalization of Sheela Foam Ltd (SFL) is approximately ₹8,114.72 Crore as of June 25, 2025. Earlier reports indicated a market cap of ₹7,361 Crore.
Q4 FY25 Results:
- Net profit declined by 66.74% to ₹21.49 crore in the quarter ended March 2025, compared to ₹64.62 crore in the previous quarter ended March 2024.
- Sales rose by 0.53% to ₹849.60 crore in the quarter ended March 2025, compared to ₹845.15 crore in the previous quarter ended March 2024.
FY25 Annual Results:
- For the full financial year, net profit declined by 47.33% to ₹96.09 crore in the year ended March 2025, compared to ₹182.44 crore in the previous year ended March 2024.
- Sales increased by 15.32% to ₹3439.19 crore in the year ended March 2025, compared to ₹2982.31 crore in the previous year ended March 2024.
Q3 FY25 Performance:
- Net profit declined by 19.32% to ₹24.93 crore in the quarter ended December 2024, compared to ₹30.90 crore in the previous quarter ended December 2023.
- Sales rose by 54.12% to ₹791.21 crore in the quarter ended December 2024, compared to ₹513.36 crore in the previous quarter ended December 2023.
Sheela Foam Limited (SFL) operates an integrated manufacturing facility with a capacity of 123,000 MTPA. It boasts a robust distribution network comprising over 100 exclusive distributors, more than 5,400 exclusive retail dealers, and over 7,850 multi-brand outlets. Complementing this, Kurlon has one of the largest direct dealership networks in the sector, spanning over 10,000 touchpoints, including more than 450 Exclusive Brand Outlets (EBOs) and over 4,500 Multi Brand Outlets (MBOs).
The Chairman of the company is Rahul Gautam, and the Managing Director is Tushaar Gautam. Rahul Gautam, Tushaar Gautam, and Rangoli Resorts P Ltd are identified as major promoters of Sheela Foam. However, the company recently experienced a management change with the resignation of Mr. Nilesh Sevabrata Mazumdar, effective July 1, 2025, citing personal reasons. He was to be succeeded by a new CEO, as Mr. Mazumdar's resignation was effective June 30, 2025.
India Ratings and Research has affirmed its rating for Sheela Foam Limited, reflecting the company's strengthened market position in the Indian organized mattress segment. This enhancement is attributed to a significantly larger scale of operations in terms of revenue and profitability, alongside an improved distribution reach following the acquisition of Kurlon Enterprises Limited (KEL). The agency has also assigned an 'IND A1+' rating to the company's short-term debt facilities. The strategic acquisitions position Sheela Foam as a dominant player in India's organized mattress market, offering enhanced geographical coverage, a diversified product portfolio, and strengthened distribution capabilities across both urban and rural markets.
