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Swing Capital

Sheela Foam Ltd

NSE: SFL BSE: 540203

Sheela Foam Limited is a leading player in India’s mattress and foam products industry and a leader in Polyurethane (PU) Foam. It has a nationwide presence in manufacturing PU Foam with a track record, since 1971. [1]

₹595
52W: ₹457 — ₹770
PE 52.1 · Book ₹267 · +123% vs book
Market Cap₹6,497 Cr
Stock P/E52.1Price to Earnings
ROCE6.39%Return on Capital
ROE4.37%Return on Equity
Div. Yield0%Face Value ₹5

Strengths

  • +Company has reduced debt.

Weaknesses

  • −The company has delivered a poor sales growth of 11.8% over past five years.
  • −Company has a low return on equity of 4.28% over last 3 years.
  • −Dividend payout has been low at 2.79% of profits over last 3 years
  • −Promoter holding has decreased over last 3 years: -7.26%

Shareholding Pattern

Promoters65.69%
FIIs4.15%
DIIs20.55%
Public9.6%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters65.48%65.48%65.69%▲0.265.69%65.69%65.69%65.69%65.69%
FIIs6.4%6.6%▲0.26.56%▼0.06.23%▼0.34.62%▼1.64.07%▼0.54.18%▲0.14.15%▼0.0
DIIs23.4%22.3%▼1.121.03%▼1.321.17%▲0.121.12%▼0.121.11%▼0.020.39%▼0.720.55%▲0.2
Public4.72%5.62%▲0.96.71%▲1.16.91%▲0.28.55%▲1.69.14%▲0.69.75%▲0.69.6%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales513487504615791662635667842819
Expenses460437456560720650574604757729
Operating Profit53504855711260638490
OPM %10%10%9%9%9%2%9%9%10%11%
Net Profit3156322125141163976
EPS ₹2.845.182.951.942.291.250.980.523.566.92

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,962Cr, up 14.5% YoY. OPM at 10%.

Debt Position

Borrowings at ₹475Cr. Debt-to-equity ratio: 0.17x. Healthy balance sheet.

Capex Cycle

CWIP at ₹25Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 20.55% (-1.40pp change). FIIs: 4.15% (+0.94pp change). Promoters hold 65.69%.

Margin & Efficiency

ROCE declining from 20% (Mar 2015) to 6% (Mar 2026). Working capital days: -37.

Valuation

PE 52.1x with 6.39% ROCE. Price is 123% above book value of ₹267. Dividend yield: 0%.

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