About Sheela Foam Limited

Sheela Foam Limited, incorporated in 1971, is engaged primarily in manufacturing bedding articles, home comfort products, furniture cushioning and specialised polyurethane foam under well-known brands, with India as the principal market and exports to select international customers as disclosed in segment notes. The Company operates manufacturing facilities across India and conducts overseas operations through subsidiaries in Australia, Spain, Hungary, U.S., and Dubai as part of its consolidated group footprint focused on foam manufacturing, IT services, and branded mattress trading distribution. As at March 31, 2025, wholly owned subsidiaries include Joyce Foam Pty Limited Australia, Staqo Software Private Limited India, Sleepwell Enterprises Private Limited India, International Foam Technologies S.L Spain, Staqo World Private Limited India, Sheela Foam Trading L.L.C Dubai; with step-down subsidiaries such as Interplasp, S.L Spain and Joyce WC NSW Pty Limited Australia, and Kurlon Enterprise Limited India consolidated with 97.43 ownership, alongside multiple Kurlon subsidiaries in retail, logistics, trading, and interiors. Key milestones disclosed include acquisition of Kurlon Enterprise Limited with finalised purchase consideration of Rs 1,970.78 crore and subsequent consolidation, and increasing the joint venture stake in House of Kieraya Limited to 43.89 during FY 2024–25 through warrant exercise and rights issue.

Sheela Foam Limited Business Segment

• The standalone business is considered a single operating segment engaged in manufacturing products of the same typeclass, with no separate reportable operating segments under Ind AS 108; revenue by geography for FY 2024–25 was Within India Rs 2,575.06 crore and Outside India Rs 12.45 crore, based on customer location and excluding other operating revenue. 
• At the consolidated level, the Group is majorly engaged in manufacturing of products of the same typeclass and reports no separate operating segments; consolidated revenue by geography for FY 2024–25 was Within India Rs 2,679.12 crore and Outside India Rs 760.07 crore, as per geographic disclosure. 

Geographic split (standalone)

• India — Rs 2,575.06 crore (99.5%) 
• International — Rs 12.45 crore (0.5%) 

Geographic split (consolidated)

• India — Rs 2,679.12 crore (77.9%) 
• International — Rs 760.07 crore (22.1%) 
• USA within international — Not disclosed 

Sheela Foam Limited Key Management

• Rahul Gautam — Executive Chairman 
• Namita Gautam — Whole time Director 
• Tushaar Gautam — Managing Director 
• Rakesh Chahar — Whole time Director 
• Amit Kumar Gupta — Chief Financial Officer 
• Md. Iquebal Ahmad — Company Secretary 
• Nilesh Sevabrata Mazumdar — Chief Executive Officer (w.e.f. April 01, 2023 up to March 31, 2025) 

Latest Updates on Sheela Foam Limited

• Finalisation of Kurlon Enterprise Limited acquisition purchase price at Rs 1,970.78 crore, with Rs 30.00 crore adjustment on purchase price allocation completed during FY 2024–25. 
• Progress on Scheme of Amalgamation of Kurlon Enterprise Limited into Sheela Foam Limited pending statutory and NCLT Mumbai approvals; to be accounted upon approval per Appendix C to Ind AS 103. 
• Increase in joint venture stake in House of Kieraya Limited to 43.89 during FY 2024–25 via exercise of share warrants and rights issue, carrying amount Rs 411.64 crore under equity method. 
• Establishment and operation of Sheela Foam Limited — Employees Stock Option Plan 2022, with options outstanding 3,56,900 as at March 31, 2025 and fair value ranges disclosed using Black–Scholes and Monte Carlo methods; employee stock option expense Rs 7.42 crore in FY 2024–25. 
• Recognition of exceptional income in FY 2024–25 related to insurance recovery for FY 2023–24 Silvassa fire losses of inventory and fixed assets previously recorded; prior-year gain on sale of land and building Rs 29.38 crore was recognised in FY 2023–24. 

Corporate guarantees updated: AUD 3.885 million additional guarantee on December 18, 2024 for Joyce Foam Pty Limited; reduction of Spain subsidiary financial guarantee to EUR 8.60 million as at March 31, 2025.