Sheela Foam Ltd. · NSE:SFL
Sheela Foam — Q2 & H1 FY26 Earnings Presentation
58 slides from Sheela Foam's earnings presentation, Nov 5, 2025
Slide 1: Intimation of Investor Presentation cover letter
November 05, 2025 To, The BSE Limited The National Stock Exchange India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai-400001 Bandra (E), Mumbai-400051 Scrip code: 540203 NSE Symbol: SFL Subject: Investor Presentation Dear Sir/Madam, Furtherance to our in
Slide 2: Earnings Presentation Q2 & H1 FY26
SHEELA FOAM LIMITED Earnings Presentation Q2 & H1 FY26
Slide 3: Safe harbour statement
Sheela Foam: Safe harbour statement All statements included or incorporated by reference in this presentation, other than statements or characterizations of historical fact, are forward- looking statements. These forward-looking statements are based on our current expectations, estimates, and projec
Slide 4: Contents
Contents Vv Founders & Management > Company Snapshot > Update on Kurlon merger > Operational & Financial highlights — H1 FY26 > Financial Performance — H1 FY26 > Financial Performance — geography wise > Operating performance — Indian Business Verticals > ESG & CSR Framework > Marketing Initiatives >
Slide 5: Founders with pedigree: ably supported by professionals
Founders with pedigree : ably supported by professionals Rahul Gautam – Chairman & MD Rakesh Chahar – Deputy MD & Whole time Director Tushaar Gautam - Vice Chairman & Joint MD Amit Kumar Gupta - Group CFO
Slide 6: Company Snapshot
Company Snapshot % Experienced management Largest manufacturers of PU Foam in India ‘Sleepwell’ ‘Kurlon’ are amongst the most trusted brands in India Backward Integrated Player with a wide product basket i?) 9 Presence across 7 Ty multiple - geographies t t Strategic move to 7) focus on high margin
Slide 7: Sheela Foam: Group of companies and brands
Sheela Foam : Group of companies and brands India business International business Mattress & foam business International subsidiaries a _—~ J @O fore, Sleepwell kurlon oyce Sey newloce Furniture rental business International consumer brand FURLENCO Twat AIR RIGHT FEELING IT business <°Stagqo plus +
Slide 8: Update on Kurlon Merger
Update on Kurlon Merger NCLT has approved the Merger Scheme between Kurlon Enterprise Limited, along with its subsidiaries (KEL) with and into Sheela Foam Limited (SFL) and their respective Shareholders and Creditors on 17th September 2025 The Appointed date being October 20, 2023, SFL is under proc
Slide 9: Operational Highlights | H1 FY26
Operational Highlights | H1 FY26 (YoY) EBO – Exclusive Brand Outlets | MBO – Multiple Brand Outlets
Slide 10: Financial Highlights | H1 FY26
Financial Highlights | H1 FY26 (YoY) Consolidated Standalone (SFL + KEL) *before Forex MTM of INR 14 cr (H1FY26)
Slide 11: Financial performance
Financial performance Standalone Consolidated (SFL + KEL) H1 FY25 H1 FY26 Variance H1 FY25 H1 FY26 Variance TOTAL REVENUE 1233 1301 6% 1622 1696 5% GROSS MARGIN 44.1% 44.2% 0.1% 43.6% 44.7% 0.9% CORE EBITDA* 107 137 28% 135 177 31% CORE EBITDA %* 8.7% 10.5% 180bps 8.3% 10.4% 210bps *before Forex MTM
Slide 12: H1 FY26 Standalone – segment wise
H1 FY26 STANDALONE – segment wise Volume Value (Cr) H1 FY25 H1 FY26 Change H1 FY25^ H1 FY26 Change MATTRESS - TOTAL 1459K 1627K 11% 587 650 11% FOAM - TOTAL 22460 Tn 24262 Tn 8% 583 602 3% TECHNICAL FOAM 8911 Tn 9857 Tn 11% 256 269 5% COMFORT FOAM 10874 Tn 11790 Tn 8% 229 233 2% FURNITURE CUSHIONING
Slide 13: H1 FY26 | Mattresses & Foam – key initiatives
H1 FY26 | Mattresses & Foam – key initiatives Mattress Comfort Foam Technical Foam Furniture Cushioning
Slide 14: H1FY26 | E-com Driving Volume Growth
H1FY26 | E-com Driving Volume Growth H1 YoY SALES H1 YoY SALES 135% GROWTH ON BRAND.COM 58% GROWTH ON PLATFORMS
Slide 15: H1FY26 | Strengthening Small Town Initiative outreach
H1FY26 | Strengthening SMALL TOWN INITIATIVE outreach 7800+ 210+ 5000+ 24+
Slide 16: International Business & Staqo
INTERNATIONAL BUSINESS & STAQO
Slide 17: Australia | Q2 & H1 FY26 (INR Cr.)
Australia | Q2 & H1 FY26 (INR Cr.) Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 Act H1 FY26 Act TOTAL REVENUE 105 92 105 202 197 Gross Margin 48.4% 54.6% 53.6% 48.7% 54.1% OTHER EXPENSES 46.3% 47.9% 44.2% 46.4% 45.9% EBITDA 2.1% 6.8% 9.5% 2.4% 8.2%
Slide 18: Spain | Q2 & H1 FY26 (INR Cr.)
Spain | Q2 & H1 FY26 (INR Cr.) Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 Act H1 FY26 Act TOTAL REVENUE 86 86 93 175 179 Gross Margin 32.0% 30.1% 33.6% 29.6% 31.9% OTHER EXPENSES 20.1% 24.4% 22.7% 20.0% 23.5% EBITDA 11.9% 5.7% 10.9% 9.6% 8.4%
Slide 19: STAQO: Q2 & H1 FY26 (INR Cr.)
STAQO : Q2 & H1 FY26 (INR Cr.) Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 Act H1 FY26 Act TOTAL REVENUE 12 14 16 24 30 TOTAL EXPENSES 68.3% 67.6% 73.5% 65.7% 70.6% EBITDA 31.7% 32.4% 26.5% 34.3% 29.4%
Slide 20: SFL | ESG & CSR Initiatives
SFL | ESG & CSR Initiatives
Slide 21: Four Sustainable Development Goals identified
FY2025 FY2030 FOUR SUSTAINABLE DEVELOPMENT Energy - Solar 25% 37% GOALS identified Waste Reduction 15% 13% Gender Diversity 6% 10% Employment of Persons 6 11 with Disability Safety Internal Audits ISO 45001
Slide 22: Environment - Focus Areas
Environment - Focus Areas ENERGY WATER WASTE Reduce water consumption intensity Monetize waste & Reduce disposal cost FY25- 0.85KL/MT FY25 – 15% FY26-0.83KL/MT FY26 – 14.5% FY30-0.76KL/MT FY30 – 13%* • Institutionalized audits to map • Kaizens for value recovery source, use, and recycling % • Reduce
Slide 23: Social - Focus Areas
Social - Focus Areas GENDER EMPLOYMENT OF PERSONS SAFETY DIVERSITY WITH DISABILITY Uplifting Society Enhancing Safety Standards FY25 - 6 persons FY25 – Internal Audits FY26 - 7 persons FY26 – Internal Audits FY30 - 11 persons FY30 – ISO 45001
Slide 24: Governance
Governance Key committees Objective
Slide 25: CSR Framework
CSR Framework
Slide 26: Vision and Key Pillars
CSR Vision We will continue to be recognized as an honest organisation awakening, empowering and inspiring the youth of India with our initiatives of awareness, action and advocacy for qualitative change in their lives And proactive emotional wellness of society Our Key Pillars Driving social change
Slide 27: Our First Pillar - Emotional wellness
Our First Pillar - Emotional wellness Key objective Initiatives FY25 Achievements Achievement till Sept’25
Slide 28: Our Second Pillar - Skill Development
Our Second Pillar - Skill Development Key objective Initiatives FY25 Achievements Impact till Sept’25
Slide 29: CSR | Glimpses
CSR | Glimpses Fe ae Oi | SHEELA FOAM - EARNINGS PRESENTATION H1-FY26
Slide 30: CSR | Glimpses
CSR | Glimpses
Slide 31: Recent awards and accolades
Recent awards and accolades SFL recognized by Rotary India for best project in ‘ Community and Skill Development’ in the country
Slide 32: Marketing Initiatives
Marketing Initiatives 1. Festive Campaigns 2. Website 3. Platform Listing 4. Product Launches 5. Influencer Collaborations 6. Social & Digital Engagement
Slide 33: Festive campaigns
Brand| Festive campaigns ¢$ Neend poori nahi, toh look poora kaise? TO SHARE MORE SUCH STORIES, VISIT - www.instagram.com/officialsleepwell/ SHEELA FOAM - EARNINGS PRESENTATION H1-FY26 <. officialsleepwell plus +
Slide 34: Festive campaigns
Brand| Festive campaigns kurlon ese . . . ‘ne Pick the mattress that’s right for You're picky about paint. i —— p20 tathtartonsuiderenge. Why not your mattress? p fae oe riceyou DEL fECk A= ~~ beginning Easy EMloffers mew piel nervou perfeck A= ~ beginning “eo SHEELA FOAM - EARNINGS PRESENTATION H1-
Slide 35: Website
Brand| Website fee Gets ¥ | free gifts +--+ worth up to --- \ 10,197" , = Sleepwell > . e EAT SLEER@® OR GREAT + ” CELEBRATIONS @ No Cost EMI* starting at 7459 Trerct Bonk | Ayes | SEE ©)SBI | "dem | andmore SHEELA FOAM - EARNINGS PRESENTATION H1-FY26 plus +
Slide 36: Platform Listing
Brand| Platform Listing Rebonded Foam _EPE Foam SHEELA FOAM - EARNINGS PRESENTATION H1-FY26 plus +
Slide 37: Product Launches (Sleepwell SpineTech & Durafirm)
Product Launches (Sleepwell SpineTech & Durafirm)
Slide 38: Product Launches (Kurlon Duorest)
Product Launches (Kurlon Duorest)
Slide 39: Product Launches (Kurlon OrthoMagic)
Product Launches (Kurlon OrthoMagic)
Slide 40: Product Launches (Kurlobond)
Product Launches (Kurlobond)
Slide 41: Product Launches (Sleepwell Pillows)
Product Launches (Sleepwell Pillows)
Slide 42: Product Launches (Sleepwell Mattress Protector)
Product Launches (Sleepwell Mattress Protector)
Slide 43: Influencers promotions
Influencers promotions AQNLNscfBsoinyvF-kmEq8EVB9FQ_rmVVxE-LNdzo_pn3DlrBOj5B2wv5x6z23BrGplqUnaE4U6vIB27V_CKI-OW1svG1QuxGSqft-Y.mp4 AQM0mXnhi_wEdWWdiStKDjEVnO-bAdH-iTT_pqm09qqWeSGd6fad0TtkNFbV9tSYp83tytJwnPi2T-ezLNQ3krGqmNXoNYWSTLqXgcQ.mp4 AQPnqespI2GmFmAklFT9yMVeaG-HdjZsAB3fINVx6AW8mSeDmXzamyC1XSG8V
Slide 44: Kurlon Kantara Collaboration
Kurlon Kantara Collaboration Kurlon OFFICIAL PARTNER’s FOR KANTARA CHAPTER 1 LAUCH
Slide 45: Discoverability and SEO
Discoverability and SEO 4500+ GMB PROFILES
Slide 46: Social and digital engagement
Social and digital engagement Overall social engagement 102 M+
Slide 47: WhatsApp engagement
Brand| WhatsApp engagement so a < 390 Sleepwell Marketing ;pwell Marketing < 300 $ Sleepwell WhatsApp Commu... s. Fr, 100ct >well WhatsApp Number v To the one who cares forever, ask hertoday and every day, " $$ _Sleepwell WhatsApp Number Did you Sleepwell? "Community aden Perhaps a good sleep at nig
Slide 48: Financials
Financials plus +
Slide 49: Consolidated income statement (INR Cr)
Consolidated income statement (INR Cr) Particulars H1 FY26 H1 FY25 Y-O-Y Revenue from Operations 1,696 1,622 5% Operating Expenses 1,520 1,487 Core EBITDA 177 135 31% Core EBITDA Margin (%) 10.4% 8.3% Forex MTM Loss 14 5 Reported EBITDA 162 130 Other Income 20 62 Depreciation 96 87 9% Finance Cost 5
Slide 50: Consolidated income statement (INR Cr)
Consolidated income statement (INR Cr) Particulars Q2-FY26 Q2-FY25 Y-O-Y Q1-FY26 Q-O-Q Revenue from Operations 875 813 8% 821 7% Operating Expenses 784 737 736 Core EBITDA 91 75 21% 85 7% Core EBITDA Margin (%) 10.4% 9.3% 10.4% Forex MTM Loss 4 5 10 Reported EBITDA 87 70 75 Other Income 11 32 10 Dep
Slide 51: Standalone Income Statement (INR Cr)
Standalone Income Statement (INR Cr) Particulars H1 FY26 H1 FY25 Y-O-Y Revenue from Operations 1,301 1,233 6% Operating Expenses 1,164 1,126 Core EBITDA 137 107 28% Core EBITDA Margin (%) 11% 9% Forex MTM Loss 14 5 Reported EBITDA 123 102 Other Income 16 58 Depreciation 63 63 Finance Cost 45 45 PBT
Slide 52: Standalone income statement (INR Cr)
Standalone income statement (INR Cr) Particulars Q2-FY26 Q2-FY25 Y-O-Y Q1-FY26 Q-O-Q Revenue from Operations 667 615 8% 635 5% Operating Expenses 600 555 564 Core EBITDA 67 60 11% 70 -5% Core EBITDA Margin (%) 10.0% 9.8% 11.1% Forex MTM Loss 4 5 10 Reported EBITDA 63 55 60 Other Income 8 30 8 Deprec
Slide 53: Thank you
Thank you For further information, please visit www.Sheelafoam.com or contact: Mr. Nikunj Jain – nikunj.jain@sheelafoam.com (7838025553) Mr. Iquebal Ahmad - iquebal.ahmad@sheelafoam.com (9717096729) IR Advisor - Mr. D. Balasubramanyam - baladanturti@yahoo.com (8130755166)
Slide 54: Annexure
ANNEXURE 1. Glossary 2. Q2 - YoY & QoQ comparison 3. Q2 - YoY & QoQ comparison – Segment wise 4. Raw Material Price & Gross Margins Movements
Slide 55: Glossary
GLOSSARY *Now merged in Sheela Foam Limited
Slide 56: Financial performance (INR Cr)
Financial performance (INR Cr) Standalone Consolidated (SFL + KEL) Q2 FY25 Q2 FY26 YoY Q1 FY26 QoQ Q2 FY25 Q2 FY26 YoY Q1 FY26 QoQ TOTAL REVENUE 615 667 8% 635 5% 813 875 8% 821 7% GROSS MARGIN 45.4% 43.9% (1.5%) 44.4% (0.5%) 44.9% 44.7% (0.2%) 44.6% 0.1% CORE EBITDA* 60 67 11% 70 (5%) 75 91 22% 85
Slide 57: Q2 FY26 Standalone – segment wise
Q2 FY26 Standalone – segment wise Volume Value (Cr) Q2 FY25 Q2 FY26 YoY Q1 FY26 QoQ Q2 FY25^ Q2 FY26 Change Q1 FY26 QoQ MATTRESS - TOTAL 722K 814K 13% 813K 0% 293 330 13% 320 3% FOAM - TOTAL 11847 Tn 12909 Tn 9% 11353 Tn 14% 300 313 4% 289 8% TECHNICAL FOAM 4729 Tn 5353 Tn 13% 4504 Tn 19% 132 142 7%
Slide 58: Raw material | Prices and Gross Margins (%)
Raw material | Prices and Gross Margins (%) TDI & Polyol Price Trend (INR/KG) SFL Consolidated Gross Margins (%) 44.9% 43.4% 44.6% 44.7% 201 200 196 40.6% 173 172 126 120 117 110 107 Q2-FY25 Q3-FY25 Q4-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q3-FY25 Q4-FY25 Q1-FY26 Q2-FY26 TDI POLYOL Gross Margins (%) Standalo