Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 13 Oct - India Ratings affirmed Sheela Foam's bank facilities at IND AA/Stable/IND A1+, withdrew redeemed NCD rating.
Source: Bse
Sheela Foam Limited (SFL)
Micro CapConsumer stocks · Micro cap · NSE
Sheela Foam Limited (SFL) is a leading Indian manufacturer of foam and mattresses, operating under brands like Sleepwell and Kurlon. It also has international presence in Australia (Joyce) and Spain (Interplasp), and an e-commerce platform (STAQO). The company focuses on comfort foam, technical foam, and furniture cushioning.
₹589.75
-19.80 · -3.25%
Market cap ₹6,735 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:15 pm ISTDetails
Quote21 Oct, 03:15 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:32 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -5.4% / mo · MACD + · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 39
Sector RS: 31
Sector 3M: -10.4% vs Nifty 500 -5.8%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SFLD candles · FIT view+14.7%TODAY · PROVISIONALLatest price ₹589.75 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-3.3%
RSI
34
MACD hist
-0.20
52W pos
35%
2026-10-21O ₹610.00H ₹611.00L ₹586.40C ₹589.75Vol 99,154 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SFLNifty Consumer DurablesNifty 500
- SFL
- -19.9%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -14.3 pp
Chart stats
19 Oct 2026- From 52W high
- -26.8%
- 52W range position
- 41%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.59x
- Avg traded value
- ₹7.6 Cr
- 20D price channel
- ₹595.5 - ₹676.3
₹832.5
₹456.8 - ₹832.5
₹21.1
Latest completed session
20-session average
21.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED28
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +25.7% · PAT +785.7% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model-601.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +26% YoY · PAT +786% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,032 Cr | +25.7% | -1.7% |
| EBITDA | ₹109 Cr | +45.3% | -6.8% |
| Operating margin | 11.0% | +200 bps | +0 bps |
| PAT | ₹62 Cr | +785.7% | -32.6% |
| PAT margin | 6.0% | +516 bps | -275 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.10
- P/B
- 2.07
- EV/EBITDA
- 12.89
- Market Cap
- 6735.00Cr
Profitability
- ROE
- 4.80%
- ROCE
- 6.11%
- ROA
- 4.25%
- Dividend Y
- 0.16%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- -8.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- -7.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 5.08×
- Altman Z
- 4.35
- Book Value
- 298.00
Cash Flow
- FCF Yield
- 10.50%
- FCF Positive Y
- 7/5
- OCF
- 409.00 Cr
- EPS TTM
- 19.68
Shareholding
- Promoter Hold
- 65.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 43%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,031+5.5% vs prev
Net Profit
₹ CrLatest: 161+78.9% vs prev
Return on Equity
%Latest: 5.0+66.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 34 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 29% off 52W high · 29% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
54
RS percentile
Stage 3 Topping
1M return
-7.3%
3M return
-19.9%
6M return
+8.0%
1Y return
-8.8%
RS 1D
-1
RS 20D
-4
Sector rank
#9
Industry rank
#59
Stage evidence
- 24.6% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+1.9% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 93.91-0.16%
RS vs Nifty 50094
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth4/25
Quality0/20
Balance Sheet9/15
Cash Flow10/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
28
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
28/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 10.5%.
- Piotroski is strong at 7/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -601.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
33.1
PB
2.1
EV/EBITDA
12.9
ROE
4.8%
ROCE
6.1%
FCF Yield
10.5%
Debt/Equity
0.3
MoS
-601.9%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
28
Previous: 28
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-601.9%
Previous: -625.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
28
28
28
28
28
28
28
28
28
28
28
28
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹363.26
-62.4% MoS
Growth-justified P/E
4.3
Growth-justified Value
₹84.03
-601.9% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
EUREKAFORB
Micro
Eureka Forbes Limited
Consumer Durables
match 61
38
33.0
4.3%
-6%
WATCHLIST
SAFARI
Micro
Safari Industries (India) Limited
Consumer Durables
match 60
52
39.3
15.9%
-18%
FAIR VALUE
CELLO
Micro
Cello World Limited
Consumer Durables
match 59
38
26.7
13.2%
+22%
WATCHLIST
IFBIND
Micro
IFB Industries Limited
Consumer Durables
match 57
59
28.6
15.7%
+16%
FAIR VALUE
BAJAJELEC
Micro
Bajaj Electricals Limited
Consumer Durables
match 57
21
—
-0.7%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T07:10:03.575Z
Management commentary snapshot
SFL reported strong Q4 FY26 consolidated revenue growth of 24% YoY to 1,050 Cr, with Core EBITDA margin expanding to 11.5% (up 400 bps YoY). FY26 consolidated revenue grew 11% YoY to 3,821 Cr, with Core EBITDA margin at 10.8% (up 261 bps YoY). Net debt reduced by 156 Cr.
The company demonstrated robust financial and operational performance, driven by strong volume growth in both mattress and foam segments, coupled with significant e-commerce expansion. Margin expansion and debt reduction are positive indicators, though sequential revenue and mattress volume decline in Q4 warrants monitoring.
Current business mix
Revenue by Standalone Segment (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Mattress50.5%
Technical Foam19.6%
Comfort Foam19.0%
Furniture Cushioning7.1%
Others3.8%
Growth engines
E-commerce Expansion
FY26 sales grew 39% YoY on platforms and 136% YoY on Brand.com, indicating strong digital channel adoption.
Mattress Volume Growth
Standalone mattress volume increased 12% YoY in FY26 and 13% YoY in Q4 FY26.
Foam Volume Growth
Standalone foam volume grew 18% YoY in FY26 and 34% YoY in Q4 FY26.
Capacity and execution
Solar Power Capacity
500 kWp solar addition completed at Jabalpur in FY26.
Tailwinds
Gross Margin Expansion
Consolidated gross margin improved by 98 bps YoY in Q4 FY26 and 106 bps YoY in FY26, suggesting favorable input costs or product mix.
EBITDA Margin Improvement
Consolidated Core EBITDA margin expanded by 400 bps YoY in Q4 FY26 and 261 bps YoY in FY26.
Net Debt Reduction
Net debt reduced by 156 Cr in FY26.
Headwinds
Sequential Revenue Decline
Consolidated revenue declined 2% QoQ in Q4 FY26, and standalone revenue declined 3% QoQ.
Sequential Mattress Volume Decline
Standalone mattress volume decreased 21% QoQ in Q4 FY26.
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY provides a clear view of underlying growth trends and mitigates seasonality in the consumer sector. QoQ is relevant for assessing sequential momentum and margin performance, especially for Q4 results.
Sector KPIs management disclosed
Consolidated Revenue Growth
Q4 FY26: 24% YoY; FY26: 11% YoY. Q4 FY26 revenue was -2% QoQ.
Consolidated Core EBITDA Margin
Q4 FY26: 11.5% (up 400 bps YoY, up 62 bps QoQ); FY26: 10.8% (up 261 bps YoY).
Standalone Mattress Volume Growth
Q4 FY26: 13% YoY (914K units); FY26: 12% YoY (3692K units). Q4 FY26 volume was -21% QoQ.
Standalone Foam Volume Growth
Q4 FY26: 34% YoY (14975 Tn); FY26: 18% YoY (54088 Tn). Q4 FY26 volume was 1% QoQ.
Management forward view
Sustainability Goals 2030
Identified 4 Sustainable Developmental Goals for 2030, including 10% gender diversity, 13% waste reduction, 11 persons with disability employment, and ISO 45001 safety certification.
Future Solar Power Projects
Planning 1000+ kWp solar power projects at Erode, Talwada & Nandigram in FY27 & FY28.
Waste Monetization Target
Aiming for 100% waste monetization by FY30.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Revenue Growth | 24% YoY in Q4 FY26, 11% YoY in FY26 | Sustained double-digit YoY growth and positive QoQ momentum. |
| Consolidated Core EBITDA Margin | 11.5% in Q4 FY26 | Maintenance or further expansion of margins, especially given input cost trends. |
| E-commerce Sales Growth | 39% (platforms), 136% (Brand.com) YoY in FY26 | Continued high growth rates in digital channels. |
| Standalone Mattress Volume Growth | 13% YoY in Q4 FY26 | Rebound in QoQ volume growth and sustained YoY growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 87th percentile within Consumer. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
126 docs text-extracted · 46 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Consumer: 87th pctile, median 66 · Micro: 70th pctile, median 73
Evidence depth
Financial-only
126 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 65.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 10%.
- ▸7 years of positive FCF.
Trust risks
- ▸ROCE is low at 6.1%.
- ▸ROE is low at 4.8%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sheela Foam Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 9 Oct - India Ratings affirmed Rs180 crore and Rs700 crore bank facilities; withdrew redeemed Rs181.25 crore NCD rating.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 8 Sep - Ind-Ra reaffirmed Sheela Foam debt ratings at IND AA/Stable and withdrew issuer rating on request.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 4 Aug - Sheela Foam appointed Avantika Singh Gautam as non-executive non-independent director for five years.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 13 Jul - Updated FY2025-26 annual report filed; includes mattress volumes grew 12%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.