Sheela Foam

What Sheela Foam does

Sheela Foam Limited, founded in 1971 by Mrs. Sheela Gautam and headquartered in Noida, India, is a publicly listed polyurethane foam manufacturer (NSE: SFL) operating 18+ manufacturing facilities across Asia, Australia, and Europe and producing roughly 90,000–100,000 tonnes of 100+ foam grades annually. The company serves two principal segments: (i) a consumer home-comfort business anchored by the Sleepwell and Kurl-on mattress brands, distributed through 20,000+ retail touchpoints and 250+ distributors covering 19,100+ Indian pin codes, and (ii) a B2B industrial foam business serving 25+ sectors including aviation (via the Aerosafe brand with AeroChamp), sound, petrochemicals, construction, automotive, and packaging.

The business model combines consumer branded mattress and pillow sales (one-time unit pricing through exclusive showrooms and multi-brand retail) with industrial foam hardware sales and a 35% stake in furniture-rental platform Furlenco (recurring/subscription revenue). Manufacturing is differentiated by proprietary Variable Pressure Foaming (VPF) technology — a non-polluting process eliminating Methylene Chloride — deployed across plants including the only fully VPF facility in South Asia at Jabalpur. Specialty foam technologies such as Neem Fresche (anti-microbial) and RMIT-certified Hygroflex (67% better shape adaptability, 32% higher pressure relief vs. conventional memory foam) support premium positioning. Go-to-market is multi-channel: direct retail, distributor-led wholesale, industrial direct sales, and OEM/embedded supply.

In FY26, Sheela Foam reported consolidated revenue of Rs 3,820.84 crore (+11.1% YoY) and net profit of Rs 159.61 crore (+78.6% YoY), with ~30% share of the Indian mattress market. The company's growth strategy has been materially acquisition-driven: Rs 2,150 crore for 94.66% of Kurlon (2023), Rs 300 crore for 35% of Furlenco (2023) followed by Rs 125 crore in December 2025, and the 2019 Interplasp (Spain) deal. Leadership remains family-controlled under Chairman & Managing Director Rahul Gautam, with the Gautam family occupying CMD, Whole-Time Director, and Vice-Chairman seats alongside an independent-director-majority board structure.

Name

Sheela Foam

Legal name

Sheela Foam Ltd.

Website

https://sheelafoam.com

Company type

Public

Founded year

1971

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Sheela Foam is a publicly listed Indian polyurethane foam manufacturer (founded 1971) producing ~100,000 tonnes of foam annually across 18+ plants on 3 continents, selling consumer mattresses under Sleepwell and Kurl-on (~30% Indian market share) and industrial foams to 25+ sectors.

Ownership category

akta.pro rank

Product category

Mattresses and Sleep Products

NAICS

Urethane and Other Foam Product (except Polystyrene) Manufacturing (326150), Urethane and Other Foam Product (except Polystyrene) Manufacturing (32615)

SIC

Plastics Foam Products (3086), Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821)

akta.pro primary industry

Polyurethane (PU) Flexible Foam Manufacturing (IMANAIAC)

akta.pro secondary industries

Polyurethane (PU) Rigid Foam Manufacturing (IMANAIAD), Foam Conversion & Fabrication (Cutting, Laminating, CNC, Packaging Inserts) (IMANAIAJ), Polymer Foams & Cellular Materials (PU Foams, EPS/XPS, Structural Foams) (IMAEANAL), Foam Protective Packaging (EPS/EPE/EPP, PU, Molded Foam) (IMALAFAA)

Keywords

• Polyurethane foam manufacturing
• Mattress and comfort products
• Industrial foam solutions
• Home furnishings retail
• Furniture rental

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Mattress and Pillow Sales (Sleepwell, Kurl-on brands): Sheela Foam's primary revenue stream comes from manufacturing and selling mattresses and pillows under its flagship Sleepwell brand and the acquired Kurl-on brand. The company holds approximately 30% share in the Indian mattress market, selling across 20,000+ retail touchpoints. Revenue from Q4 FY26 was Rs 1,050 crore with strong volume growth.
2. Industrial/B2B Foam Sales: Sheela Foam sells foam to industrial customers across 25+ sectors including aviation, sound, petrochemicals, and more. The company's top 20 foams serve 25 leading industries. Through its AeroChamp Aviation collaboration, it supplies aviation-grade polyurethane foams for aircraft interiors under the Aerosafe brand.
3. Furniture Sales and Rental (Furlenco): Through its 35% stake in Furlenco (House of Kieraya), Sheela Foam generates revenue from furniture and home products sales and rental. Furlenco reported revenue of Rs 228.7 crore in FY25 with 64% year-on-year growth and achieved profitability. The company also rents furniture and appliances with a 70/30 revenue split respectively.
4. Dividend Income from Subsidiaries: The company declared a final dividend of Re 1 per equity share for FY26 (record date July 9, 2026), subject to shareholder approval at the 54th AGM on July 16, 2026.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels3 records

Core offering

Sheela Foam manufactures and sells polyurethane foam products across consumer and industrial markets. Consumer offerings include mattresses, pillows, and home comfort products sold under the Sleepwell, Kurl-on, and Furlenco brands. Industrial offerings include specialty polyurethane foams serving 25+ sectors including aviation, sound, petrochemicals, automotive, and construction. The company produces 100+ foam types totaling 90,000-100,000 tonnes annually across 18+ manufacturing locations in Asia, Australia, and Europe.

Product overview

Sheela Foam is a foam manufacturing company that operates a multi-brand portfolio across consumer and industrial markets. The company manufactures over 100 types of foam totaling 90,000-100,000 tonnes annually across 18+ manufacturing locations in three continents (Asia, Australia, Europe). Consumer products are sold under established brands including Sleepwell (flagship mattress brand), Kurl-on (acquired mattress brand), Furlenco (furniture rental brand), Joyce (Australia), and Interplasp (Spain). The company also produces industrial foam products serving 25+ industries including aviation, sound, petrochemicals, construction, furniture, automotive, and packaging. The company holds approximately 30% share in the Indian mattress market with over 20,000 retail touchpoints nationwide.

Differentiator

Problem solved

Functional benefit

Brands

• Sleepwell: Primary mattress and comfort products brand serving the Indian market
• Kurl-On
• Furlenco
• Joyce
• Interplasp
• Aerosafe
• STAQO

Products and services

• Sleepwell Mattresses and Comfort Products
• Kurl-on Mattresses
• Furlenco Furniture Rental and Purchase
• Industrial Foam Products
• Joyce Foam Products (Australia)
• Interplasp Foam Products (Spain)
• Hygroflex Advanced Memory Foam
• Aerosafe Aviation-Grade Foams

Quantifiable outcome

• 30% market share in Indian mattress market
• +5 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core, flagship and supporting.

• Kurlon Enterprise LimitedcoreStrategic or Co-development Partner · 17 July 2023Sheela Foam acquired a 94.66% stake in Kurlon Enterprise Limited for Rs 2,150 crore (funding through equity, internal accruals, and debt). The deal was expected to complete by November 30, 2023. Kurl-on is a leading mattress and comfort product brand in India, adding significantly to Sheela Foam's market share and product portfolio. The acquisition has begun delivering tangible benefits, supporting a turnaround and double-digit growth across key markets.
• Furlenco (House of Kieraya)coreStrategic or Co-development Partner · 17 July 2023Sheela Foam acquired a 35% stake in Furlenco (House of Kieraya) for Rs 300 crore, with the deal expected to complete by August 31, 2023. Furlenco is a furniture rental and home products company. Sheela Foam further invested Rs 125 crore ($13.9 million) in Furlenco in December 2025. Furlenco achieved its first annual profit in FY25 with Rs 228.7 crore revenue (+64% YoY). Furlenco plans to leverage Sheela Foam's 5,000+ dealer network for offline expansion.
• AeroChamp AviationflagshipStrategic or Co-development PartnerAeroChamp Aviation, in collaboration with Sheela Foam Limited (co-owner of the Aerosafe brand), developed aviation-grade polyurethane foams for aircraft interiors. Sheela Foam provides access to its nine manufacturing facilities and 100,000+ metric tonnes annual foam capacity. Products include seat cushions, insulation, and sandwich panels meeting FAR 25.853 fire and toxicity standards. The company is pursuing OEM seat manufacturer supply agreements and exporting to Europe.
• RMIT University, AustraliasupportingTechnology or IntegrationSheela Foam's Hygroflex foam technology was certified by RMIT University, Australia. The certification validates Hygroflex's performance claims of 67% better shape adaptability, 32% higher pressure relief, and 27% faster heat dissipation compared to conventional memory foams.

Scale indicators13 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Duroflex: Indian mattress and PU foam manufacturer with a strong retail footprint and the Sleepyhead D2C brand. Direct Indian competitor across both consumer mattress retail and industrial foam supply.
• Carpenter Co. Largest privately held polyurethane foam manufacturer in the world, supplying bedding, furniture, and industrial markets. Direct comparable for Sheela Foam's 90,000+ tonne industrial and consumer foam business.
• Wakefit Innovations: Leading India D2C mattress and sleep-products company. Competes directly with Sheela Foam in the branded memory-foam/compressed-foam category, especially with urban consumers shopping online.
• Vita Group: Global flexible PU foam manufacturer with significant bedding and furniture OEM exposure. Comparable to Sheela Foam in PU foam technology, customer base (B2B and consumer), and European/Americas manufacturing footprint.
• Centuary Mattresses: Indian mattress manufacturer and direct competitor to Sleepwell/Kurl-on across price points. Competes in the same mass-market and mid-premium Indian mattress category with similar retail distribution models.
• Recticel: European polyurethane foam producer serving bedding, automotive, and industrial applications. Highly comparable to Sheela Foam's industrial foam portfolio and VPF-based manufacturing operations.
• Sleepyhead (Duroflex-owned): D2C mattress brand owned by Duroflex, competing head-to-head with Sleepwell in online-first mattress sales. Direct competitor in the same Indian consumer sleep-products category.

Broad incumbents

• FXI (formerly Foamex): North American polyurethane and specialty foam producer serving bedding, furniture, healthcare, and industrial markets. Comparable to Sheela Foam's industrial foam division in product breadth and customer mix.
• Tempur Sealy International: Global mattress and bedding incumbent with Tempur-Pedic and Sealy brands. Comparable to Sheela Foam's Sleepwell in branded premium mattresses globally, although operating at much larger scale and different geographies.
• Leggett & Platt: Diversified bedding and furniture components manufacturer, including specialty foams and mattress innersprings. Comparable in industrial foam supply to mattress OEMs, though broader and more diversified than Sheela Foam.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/b2b-sheela-foam-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sheela Foam