Buy Sheela Foam; target of Rs 1450: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Sheela Foam

Sheela Foam (SFL) is the market leader in domestic mattresses industry with a value market share of ~25% in organised segment. The company’s “Sleepwell” is one of the leading brands in the domestic mattresses industry. Apart from India (contributes ~70% to topline), SFL also manufactures Polyutherene (PU)/technical foams in Australia and Spain with revenue contributions of 15% each. Revenue, earnings grew at CAGR of 11%, 13%, respectively, in FY18-22 • Cash surplus b/s with average three-years RoE, RoCE of 19%, 22%,respectively.

Outlook

We maintain our BUY rating on the stock. We introduce our FY25E estimates. We roll over our valuation on FY25E and value SFL at 40x P/E FY25E EPS with a target price of Rs 1450.

For all recommendations report, click here

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Sheela Foam - 08 -02 - 2023 - ic