WAKEFIT
Micro CapWakefit Innovations Limited
Consumer
Wakefit Innovations Limited is India's largest and fastest-growing D2C home and furnishing solutions provider. It offers mattresses, furniture, and furnishings, operating a full-stack vertically integrated model with omnichannel sales. The company focuses on product innovation and customer experience.
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.
Investable fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
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
Bad · 0/100Rev -11% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹344 Cr | -10.7% | -18.3% |
| EBITDA | ₹36 Cr | +500.0% | -39.0% |
| Operating margin | 11.0% | +900 bps | -300 bps |
| PAT | ₹122 Cr | NDF | +281.3% |
| PAT margin | 35.5% | +4405 bps | +2787 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
Wakefit reported record FY26 revenue of INR 14,889 mn, up 16.9% YoY, driven by strong mattress and furniture growth. Operating EBITDA surged 524.5% YoY to INR 1,123 mn (7.5% margin). Q4FY26 revenue grew 13.5% YoY, but discretionary spending moderated in H2FY26 due to headwinds.
Wakefit demonstrated robust FY26 growth and significant operating leverage, with strong YoY improvements in revenue and EBITDA. While Q4FY26 faced macroeconomic headwinds and raw material volatility, management's proactive pricing and cost optimization efforts, alongside continued omnichannel expansion, support the long-term thesis for market share gains in a formalizing market.
Revenue by Category (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Omnichannel Expansion
Ended FY26 with 139 COCO stores and 1,948 MBO stores across 536 cities, with owned channels contributing 67.2% of revenue.
Mattress Portfolio Strength
Mattress segment witnessed healthy momentum with ~17% YoY growth in FY26 and 20% growth in Q4FY26, outperforming industry trends.
Furniture Category Growth
Furniture category delivered growth of ~24% on a YoY basis in FY26.
Cross-selling and Platform Play
Offering mattresses, furniture, and furnishings under a single brand enables cross-selling and up-selling, with 35.3% revenue from repeat customers.
COCO Store Expansion
Company ended FY26 with 139 active COCO stores, adding 42 new stores and closing 8 during the year.
MBO Store Expansion
30% increase in MBO store counts, ending March 2026 with 1,948 stores across 536 cities.
Long-term Market Opportunity
Indian home and furniture market opportunity remains intact, driven by urbanization, premiumization, online adoption, and preference for organized players.
Market Formalization
Indian home and furnishings market is rapidly formalizing, with organized share expected to reach ~45% by CY2030P.
Raw Material Cost Volatility
Q4FY26 saw significant volatility in raw material categories, with Polyol and TDI prices increasing 30% to 160%.
Moderated Discretionary Spending
Multiple external headwinds impacted H2FY26, weighing on consumer demand and discretionary spending.
Heightened Competitive Intensity
Competitive intensity remained elevated during Q4FY26 as players increased spending to stimulate subdued demand.
Raw Material Price Fluctuations
Volatility in raw material prices (e.g., Polyol, TDI) can impact gross margins, requiring prudent price increases and cost optimization.
Competitive Spending
Increased investments in advertising and marketing initiatives, coupled with heightened competitive intensity, led to moderation in margins.
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.
Management explicitly states that YoY trends are appropriate parameters to gauge performance due to the seasonality element in the business.
Revenue from operations growth FY26
16.9% YoY
Operating EBITDA Margin FY26
7.5%
Gross Margin FY26
55.8%
Mattress Volume Growth FY26
15.4% YoY (915,402 units vs 793,348 units)
FY27 Revenue Growth Target
Targeting revenue growth in FY27 driven by Mattress portfolio strength and improving reach of furniture and furnishing business.
Cost Management & Pricing Actions
Closely monitoring raw material prices, navigating volatility with prudent price increases and focused cost optimization efforts.
Omnichannel Ecosystem Strengthening
Focus remains on strengthening omnichannel ecosystem, deepening customer engagement, and investing in innovation.
Tier 2 Town Expansion
Intend to prioritize store expansion in Tier 2 towns to deepen geographic reach.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA Margin | 7.5% (FY26) | Sustained improvement or impact from raw material costs and marketing spend. |
| Retail Channel Growth | 49% YoY (FY26) | Continued strong growth and contribution from new COCO/MBO stores. |
| Raw Material Price Trends | Polyol/TDI up 30-160% in Q4FY26 | Stabilization or further increases and company's ability to pass on costs. |
| Owned Channels Revenue Contribution | 67.2% (FY26) | Continued increase, indicating successful direct customer engagement and higher profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
47Neutralnear 52W low
Technical chart
WAKEFITdaily · 3Y-38.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 38.
- SMA20 falling (~9.7% over last month) — short-term momentum negative.
- RSI(14) at 38 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 47% off 52W high · 6% 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
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 73.6%.
- Growth contributes 24/25 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Quality is weaker at 12/20; 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.
Mixed Trust: Claim history is still being built. It ranks around the 24th percentile of the scored universe and 23rd percentile within Consumer. Main check: financial discipline is weak at 48/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 8%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 23rd pctile, median 67 · Micro: 13th 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
Mixed 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 pledge is zero.
- ▸FCF yield is positive at 1.6%.
Trust risks
- ▸Promoter holding fell 8%.
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at -1.5%.
- ▸ROE is low at -8.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 19.40
- P/B
- 3.29
- EV/EBITDA
- 14.06
- Market Cap
- 3749.00Cr
Profitability
- ROE
- 23.60%
- ROCE
- 11.20%
- ROA
- 10.79%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 49.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 6.50×
- Altman Z
- 5.94
- Book Value
- 34.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 245.00 Cr
- EPS TTM
- 5.73
Shareholding
- Promoter Hold
- 37.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
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.