SFL
Micro CapSheela Foam Limited
Consumer
Sheela Foam Limited (SFL) is a leading Indian foam and mattress manufacturer, operating under brands like Sleepwell and Kurlon. It also has international operations in Australia (Joyce) and Spain (Interplasp) and a digital-first brand STAQO. The company focuses on comfort, technical, and furniture cushioning foams.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +24% YoY · PAT +608% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,050 Cr | +23.5% | -2.2% |
| EBITDA | ₹117 Cr | +333.3% | +2.6% |
| Operating margin | 11.0% | +800 bps | +0 bps |
| PAT | ₹92 Cr | +607.7% | +73.6% |
| PAT margin | 8.8% | +723 bps | +383 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
SFL reports strong Q4 FY26 consolidated revenue growth of 24% YoY, with Core EBITDA up 90% YoY, driven by robust volume and value growth in both Mattress and Foam segments. FY26 PAT reached ₹161 Cr.
SFL delivered strong Q4 and FY26 results, with significant YoY growth in revenue and profitability, particularly in the core domestic business. The integration of Kurlon and e-commerce initiatives appear to be driving volume. However, QoQ revenue decline in Q4 consolidated and standalone, despite strong YoY, warrants closer scrutiny of sequential momentum.
E-commerce Sales
39% YoY sales growth on platforms; 136% YoY sales growth on brand.com in FY26.
Kurlon Brand Performance
Kurlon delivered highly engaging content and activated ~125 creators, generating >15 Mn video views and 7 Mn reach in Q4.
U20 Outreach Expansion
Strengthening U20 outreach with 24+ branches, 8400+ dealers, 230+ distributors, 5500+ retailers in FY26.
International Business
Joyce (Australia) EBITDA 10.0% in FY26, Interplasp (Spain) EBITDA 10.4% in FY26, STAQO EBITDA 27.8% in FY26.
Solar Power Capacity
500 kWp solar addition at Jabalpur completed. 1000+ kWp solar power project planned at Erode, Talwada & Nandigram in FY27 & FY28.
Digital Adoption
Strong e-commerce growth indicates increasing consumer preference for online channels and direct-to-consumer engagement.
Brand Building Initiatives
Kurlon's successful influencer campaigns and engaging content are driving consideration and market presence.
Sequential Revenue Decline
Consolidated revenue declined 2% QoQ and standalone revenue declined 3% QoQ in Q4 FY26, despite strong YoY growth.
Forex MTM Loss
Consolidated Forex MTM Loss of ₹21 Cr in FY26 and ₹4 Cr in Q4 FY26.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for understanding annual performance and overcoming seasonality in consumer goods. QoQ is important to assess sequential momentum, especially given the Q4 FY26 consolidated revenue decline of -2% QoQ and standalone -3% QoQ, despite strong YoY growth.
Consolidated Revenue Growth
24% YoY in Q4 FY26; 11% YoY in FY26.
Consolidated Core EBITDA Margin
11.5% in Q4 FY26 (+400 bps YoY); 10.8% in FY26 (+261 bps YoY).
Consolidated PAT
₹161 Cr in FY26.
Standalone Mattress Volume Growth
13% YoY in Q4 FY26; 12% YoY in FY26.
Sustainability Goals
Targeting 10% gender diversity, 13% waste reduction, and 11 persons with disability employment by 2030.
Water Conservation
Aim to reduce water consumption intensity from 44.5 KL/Person (FY26) to 39 KL/Person (FY30).
Safety Standards
Enhancing safety standards to achieve ISO 45001 certification by FY30.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Revenue Growth (QoQ) | -2% in Q4 FY26 | Reversal of sequential decline and sustained positive QoQ growth in subsequent quarters. |
| Core EBITDA Margin | 11.5% (Q4 FY26 consolidated) | Sustained or improving margins amidst potential input cost fluctuations and competitive pressures. |
| E-commerce Growth | 39% YoY on platforms, 136% YoY on brand.com (FY26) | Continued high growth rates and increasing contribution of e-commerce to overall sales mix. |
| International Business Performance | Joyce EBITDA 10.6% (Q4 FY26), Interplasp EBITDA 12.3% (Q4 FY26) | Stability and growth in international segment margins and revenue, particularly in Australia. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +7.7% / mo
Technical chart
SFLweekly · 1Y+2.1%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 67.
- SMA20 rising (~7.1% over last month) — short-term momentum positive.
- RSI(14) at 67 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 10% off 52W high · 49% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 9.6%.
- Piotroski is strong at 7/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -883.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 70th percentile of the scored universe and 70th percentile within Consumer. Main check: financial discipline is weak at 40/100.
Healthy Trust Lite: Promoter holding is 65.7%. Key concern: 5 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 70th pctile, median 67 · Micro: 56th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 65.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 10.9%.
- ▸7 years of positive FCF.
Trust risks
- ▸5 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 6.2%.
- ▸ROE is low at 4.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 47.70
- P/B
- 2.25
- EV/EBITDA
- 14.40
- Market Cap
- 7326.00Cr
Profitability
- ROE
- 4.89%
- ROCE
- 6.17%
- ROA
- 3.15%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- -7.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- -6.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 4.14×
- Altman Z
- 4.46
- Book Value
- 298.00
Cash Flow
- FCF Yield
- 9.62%
- FCF Positive Y
- 7/5
- OCF
- 409.00 Cr
- EPS TTM
- 14.62
Shareholding
- Promoter Hold
- 65.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.