Sheela Foam Ltd

About [ edit ]

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. #

The Brands of Sheela Group includes:
SLEEPWELL - The flagship brand for mattresses and comfort accessories
FEATHER FOAM - A PU Foam
LAMIFLEX – Manufacturing of POLYETHER/POLYESTER foam for lamination

Key Points [ edit ]
  • Market Cap 9,855 Cr.
  • Current Price 2,020
  • High / Low 2,382 / 1,222
  • Stock P/E 44.7
  • Book Value 209
  • Dividend Yield 0.00 %
  • ROCE 26.5 %
  • ROE 22.9 %
  • Face Value 5.00

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 22.46%

Cons

  • Stock is trading at 9.68 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 9.32% over past five years.
  • Debtor days have increased from 30.82 to 37.12 days.
  • Promoter holding has decreased over last 3 years: -12.73%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
528 502 535 569 535 514 497 658 504 269 608 826
476 451 493 508 478 452 427 564 430 241 501 682
Operating Profit 52 51 42 61 57 62 70 94 74 28 106 144
OPM % 10% 10% 8% 11% 11% 12% 14% 14% 15% 10% 18% 17%
Other Income 7 6 6 8 7 9 11 7 0 11 9 16
Interest 2 2 2 3 2 2 2 3 5 4 4 5
Depreciation 10 9 10 10 10 10 10 12 27 17 17 20
Profit before tax 47 45 36 56 52 60 69 86 42 17 94 135
Tax % 32% 28% 32% 31% 27% 35% 15% 25% 23% 32% 26% 26%
Net Profit 32 33 24 39 38 39 59 64 32 11 69 99
EPS in Rs 6.59 6.68 4.99 7.98 7.76 7.94 12.04 13.18 6.50 2.32 14.14 20.35

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
987 1,092 1,221 1,359 1,550 1,680 1,889 2,066 2,121 2,207
931 1,011 1,136 1,267 1,374 1,484 1,673 1,856 1,833 1,855
Operating Profit 56 82 85 92 176 196 216 211 288 352
OPM % 6% 7% 7% 7% 11% 12% 11% 10% 14% 16%
Other Income 6 12 0 10 16 23 21 28 40 36
Interest 24 23 19 16 12 11 9 10 13 18
Depreciation 25 31 30 28 29 30 35 40 59 81
Profit before tax 12 40 36 58 152 178 193 189 256 288
Tax % 35% 22% 23% 26% 31% 29% 31% 29% 24%
Net Profit 8 31 28 43 105 126 134 134 193 211
EPS in Rs 4.68 18.66 17.12 26.24 64.39 25.74 27.41 27.42 39.65 43.31
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:9%
3 Years:8%
TTM:0%
Compounded Profit Growth
10 Years:%
5 Years:34%
3 Years:15%
TTM:10%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:12%
1 Year:47%
Return on Equity
10 Years:%
5 Years:25%
3 Years:22%
Last Year:23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
16 16 16 16 16 24 24 24 24 24
Reserves 122 153 180 229 322 439 573 706 895 994
Borrowings 248 214 188 146 115 59 48 31 310 285
157 183 241 289 335 395 398 401 421 514
Total Liabilities 543 567 625 679 788 918 1,043 1,162 1,651 1,818
228 268 252 286 288 318 348 412 858 872
CWIP 41 1 17 8 10 36 52 1 18 22
Investments 5 8 0 0 10 0 98 318 231 360
268 290 356 385 481 564 544 432 544 563
Total Assets 543 567 625 679 788 918 1,043 1,162 1,651 1,818

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
60 97 124 147 159 122 134 138 164
-4 -30 -27 -49 -34 2 -80 -246 -295
-64 -56 -53 -59 -25 -67 -20 -27 158
Net Cash Flow -8 12 45 40 100 57 34 -135 27

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 16% 14% 19% 38% 39% 35% 28% 26%
Debtor Days 43 35 36 31 28 30 28 27 37
Inventory Turnover 6.47 6.24 6.93 7.14 7.34 6.63 6.42 5.01

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
85.68 85.68 85.68 75.00 75.00 75.00 75.00 75.00 75.00 72.95 72.95 72.95
2.51 2.08 2.03 3.06 3.31 3.39 3.04 2.90 2.81 1.67 1.34 1.29
9.04 9.45 9.69 17.06 18.47 19.40 19.77 20.00 20.15 23.32 23.55 23.63
2.77 2.79 2.60 4.88 3.22 2.21 2.19 2.10 2.04 2.06 2.16 2.13

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