House of Kieraya Ltd (Furlenco)
Furlenco's parent: FY25 consolidated revenue ₹228.7 Cr (+64%), first profit of ₹3.1 Cr after a ₹130 Cr loss, operating cash flow +₹51 Cr but ₹208 Cr of fleet capex. Sheela Foam (44% fully diluted) took contractual control on 1 Oct 2026. At ₹260 the 6.98 Cr fully diluted shares are worth ₹1,814 Cr — 22x March-2025 book and 74% above Sheela Foam's ₹149.30 subscription price of Nov 2025.
Market cap
₹2,633 Cr
6.98 Cr shares
P/E ratio
838.67
Sector average 40
Book value
₹11.88
P/B 31.77
1-year return
+155.99%
52w ₹150 – ₹377
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+155.99% ₹147 → ₹377
52-week band in this window: ₹147.43 – ₹408.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 consolidated (audited): revenue ₹228.74 Cr (+64%), rentals ₹207.95 Cr, EBITDA ₹66.4 Cr (−₹63.2 Cr), PAT ₹3.11 Cr (−₹130.22 Cr); other income ₹11.31 Cr made the profit.
- Cash: CFO +₹50.82 Cr, capex ₹207.82 Cr, FCF about −₹150 Cr, funded by ₹109.8 Cr equity and ₹70.6 Cr net debt; year-end cash ₹32.01 Cr.
- Balance sheet: net worth ₹82.85 Cr (−₹25.06 Cr), borrowings ₹150.04 Cr, leases ₹29.0 Cr, net debt ₹147 Cr (2.2x EBITDA), current ratio 0.40, interest cover 1.2x.
- Capital: 1.65 Cr equity + 4.87 Cr CCPS + 0.45 Cr OCPS = 6.98 Cr instruments; ₹69 Cr CCDs converted in FY25; EPS ₹0.36 on 6.59 Cr weighted shares.
- Owners (fully diluted): Sheela Foam 44.3%, Lightbox 21.3%, founders and trust about 10%; Sheela Foam took contractual control on 1 Oct 2026.
- Valuation at ₹260: ₹1,814 Cr market cap (21.9x book, 7.9x FY25 sales, 583x FY25 PAT, EV/EBITDA 29.6x); 74% above the ₹149.30 Nov-2025 subscription price.
- Post year-end (press): ₹125 Cr round Dec 2025; FY26 revenue ₹370.4 Cr and PAT ₹59.5 Cr; IPO of ₹1,000–1,200 Cr at about ₹7,000 Cr mooted for FY28.
- Audit: unqualified, no going-concern doubt; reservations on audit trail, payroll SOC coverage and India server backups; no dividend; contingent liabilities ₹2.34 Cr.
- What to watch: audited FY26 filing, DRHP, next round price vs ₹149.30, CCPS/OCPS conversion terms, debt refinancing of ₹74 Cr due within a year.
About Furlenco
House of Kieraya Limited (CIN U31000KA2012PLC063617; formerly House of Kieraya Private Limited and before that Kieraya Furnishing Solutions Private Limited) is the Bengaluru company behind Furlenco, India's largest furniture and home-appliance rental brand. It rents curated furniture packages, appliances and mattresses on monthly subscriptions in the main metros, sells refurbished fleet pieces and rent-to-own conversions, and runs three wholly owned subsidiaries: Kreate One Manufacturing Pvt Ltd (furniture manufacturing, turnover ₹49.96 Cr in FY25, loss ₹0.55 Cr), HOK Retail Pvt Ltd (offline retail, turnover ₹2.06 Cr, loss ₹3.15 Cr) and Furlenco Global Pte Ltd (Singapore, July year-end, immaterial and unaudited). The model is asset-heavy: the group owned ₹325.9 Cr of property, plant and equipment at 31 March 2025, of which furniture and fixtures were about ₹207 Cr, and it earns by depreciating that fleet over several rental cycles.
FY25 consolidated results (audited by M S K A & Associates, signed 9 May 2025): revenue from operations ₹228.74 Cr against ₹139.56 Cr, of which rental and other services ₹207.95 Cr (91%) and sale of products ₹20.76 Cr (9%); other income ₹11.31 Cr (₹12.34 Cr) made up largely of liabilities written back ₹5.14 Cr, mutual-fund gains ₹2.21 Cr and a forex gain ₹1.26 Cr. Costs fell sharply — employee benefits ₹30.73 Cr (₹47.78 Cr), other expenses ₹134.70 Cr (₹161.04 Cr), finance costs ₹18.62 Cr (₹32.12 Cr) — while depreciation on the bigger fleet rose to ₹44.63 Cr (₹34.89 Cr). Profit before and after tax was ₹3.11 Cr against a loss of ₹130.22 Cr; EBITDA (PBT + finance costs + depreciation) was ₹66.4 Cr, or ₹55.1 Cr excluding other income (24% of revenue), against negative ₹63.2 Cr in FY24. Without the ₹11.3 Cr of other income the group would still have lost about ₹8 Cr. Basic EPS was ₹0.36 on 6.59 Cr weighted shares (−₹133.54 in FY24, computed on equity shares only). No dividend was declared.
Cash and balance sheet: operating cash flow turned to +₹50.82 Cr from −₹75.14 Cr, but fleet and other capex of ₹207.82 Cr (₹96.46 Cr) left free cash flow at about −₹150 Cr, funded by ₹109.80 Cr of share subscriptions, ₹156.98 Cr of new borrowings against ₹86.42 Cr repaid, and ₹14.53 Cr of lease payments. At 31 March 2025 total equity was ₹82.85 Cr (negative ₹25.06 Cr a year earlier; negative ₹230 Cr at March 2023), borrowings ₹150.04 Cr (non-current ₹91.32 Cr, current ₹58.72 Cr; interest of ₹12.93 Cr was on non-convertible debentures and ₹1.55 Cr on bank term loans), lease liabilities ₹29.0 Cr, and cash plus bank balances ₹32.01 Cr — net debt about ₹147 Cr, 2.2x EBITDA, with interest cover of only 1.2x. Current liabilities of ₹267.5 Cr against current assets of ₹106.4 Cr (current ratio 0.40) include ₹73.3 Cr of rent payable, ₹38.6 Cr owed to equipment suppliers and ₹36.4 Cr of customer advances. Contractual debt outflows of ₹74.4 Cr fall due within 12 months. Contingent liabilities were ₹2.34 Cr and capital commitments ₹11.99 Cr.
Capital structure and owners: the company has 1,65,26,222 equity shares of ₹1, 4,87,34,974 compulsorily convertible preference shares of ₹10 and 45,00,000 partly paid optionally convertible preference shares, all classified as equity (share capital ₹50.39 Cr), after ₹69 Cr of compulsorily convertible debentures converted during FY25; ₹5.60 Cr of warrant money also converted. Treating every instrument as one share (the basis of the company's own EPS), the fully diluted count was 6.98 Cr at March 2025 (6.29 Cr a year earlier). On that basis Sheela Foam Limited held 44.3% (72,53,040 equity shares, 43.89% of the equity class, plus 2,36,53,754 CCPS), Lightbox Ventures II 16.6% and Lightbox Expansion Fund 4.7% (CCPS), founder Ajith Mohan Karimpana 4.7% directly plus 1.8% through the Kieraya Employee Welfare Trust, Aparajita Choudhury Karimpana 3.6%, Crescent Investment LLC 1.4% and Rangoli Resorts 0.8%; the OCPS holder and the remaining CCPS holders (Chowdry Associates, Ceutics Businesses, Crescent Enterprises and others, each below 5%) are not individually identified. The ₹109.8 Cr raised in FY25 came mainly from Sheela Foam's October 2024 package (rights issue, warrant exercise and a small secondary purchase, ₹107 Cr for about 10.5%), an implied price near ₹97 per instrument.
Since the year-end (press and stock-exchange reports, not in the filing): Sheela Foam's board approved subscribing to 20,09,377 new equity shares at ₹149.30 each (₹30 Cr) in November 2025 as part of a ₹125 Cr round led by Sheela Foam with WhiteOak and Madhu Kela (3 December 2025); FY26 results reported in the press show operating revenue of ₹370.4 Cr (+62%), rentals ₹341.1 Cr, EBITDA ₹129.5 Cr and net profit ₹59.5 Cr; late-September 2026 reports say the company is preparing a ₹1,000–1,200 Cr IPO at about ₹7,000 Cr in FY28 with ICICI Securities as adviser; and on 1 October 2026 an amendment to the July 2023 shareholders' agreement gave Sheela Foam contractual control, making House of Kieraya its subsidiary while Sheela Foam's equity-class holding stood at 34.53%. At the ₹260 board rate the 6.98 Cr fully diluted shares are worth about ₹1,814 Cr (about ₹2,030 Cr on the roughly 7.8 Cr shares after the December 2025 round): 21.9x March-2025 book value, 7.9x FY25 revenue, 583x FY25 profit, and roughly 30x the press-reported FY26 profit; enterprise value of about ₹1,961 Cr is 29.6x FY25 EBITDA and about 15x the reported FY26 EBITDA. The rate is 74% above Sheela Foam's November 2025 subscription price and about 2.7x the FY25 issue price.
Where the revenue comes from
- Furniture & appliance rental (services)91%
Revenue from sale of services ₹207.95 Cr in FY25 (₹129.46 Cr in FY24), all domestic — filed
- Sale of products9%
Sale of traded goods ₹20.76 Cr (₹9.93 Cr): refurbished fleet, rent-to-own conversions and HOK Retail stores — filed
- Other operating revenue0%
₹0.03 Cr (₹0.17 Cr) — filed; no reportable segments or major customers under Ind AS 108
Products & services
Furniture subscriptions
Monthly rental of curated furniture packages for bedrooms, living rooms, offices and co-living; 91% of FY25 operating revenue came from services.
Appliance rentals
Refrigerators, washing machines, air-conditioners, TVs and Sleepwell mattresses on subscription; appliances form the plant-and-equipment part of the ₹325.9 Cr fleet.
Rent-to-own & refurbished sales
Conversion of rentals to ownership and sale of refurbished pieces online and through HOK Retail stores: product sales ₹20.76 Cr in FY25 (₹9.93 Cr).
Kreate One Manufacturing
Wholly owned furniture manufacturing subsidiary (turnover ₹49.96 Cr in FY25, loss ₹0.55 Cr) supplying the rental fleet; largely eliminated on consolidation.
Furlenco Global (Singapore)
Overseas subsidiary with a July year-end; no revenue, loss ₹0.37 Cr; unaudited and immaterial.
What works
- • Operating turnaround is in the filed numbers: FY25 revenue +64% to ₹228.74 Cr, EBITDA swung from −₹63.2 Cr to +₹66.4 Cr, PAT ₹3.11 Cr after a ₹130.22 Cr loss, operating cash flow +₹50.82 Cr after −₹75.14 Cr.
- • Rental revenue of ₹207.95 Cr (91% of operations) is recurring subscription income; customer advances of ₹36.4 Cr and deferred income of ₹7.2 Cr are collected ahead of service.
- • Cost base reset: employee costs down 36% to ₹30.73 Cr (13% of revenue), other expenses down 16% to ₹134.70 Cr and finance costs down 42% to ₹18.62 Cr despite higher borrowings.
- • Sheela Foam (Sleepwell) is a committed strategic owner — ₹300 Cr in 2023, ₹107 Cr in October 2024, ₹30 Cr at ₹149.30 in November 2025, and contractual control from 1 October 2026 — giving the group a listed parent, mattress supply and balance-sheet support.
- • Equity rebuilt from −₹25.06 Cr to +₹82.85 Cr in one year through ₹178.8 Cr of share issues and conversions; owned fleet of ₹325.9 Cr backs ₹150 Cr of borrowings.
- • Clean audit opinion from M S K A & Associates with no CARO qualifications, no going-concern emphasis and no post-balance-sheet adjusting events; internal financial controls reported adequate.
- • Press-reported FY26 (unaudited here): revenue ₹370.4 Cr, EBITDA ₹129.5 Cr and PAT ₹59.5 Cr would put the ₹260 rate at about 30x trailing earnings rather than the 583x on FY25.
What to watch
- • Valuation: at ₹260 the fully diluted equity is worth about ₹1,814 Cr — 21.9x March-2025 book value of ₹82.85 Cr, 7.9x FY25 revenue and 583x FY25 profit; EV/EBITDA 29.6x on FY25. The rate is 74% above the ₹149.30 Sheela Foam paid in November 2025 and about 2.7x the roughly ₹97 implied by the FY25 raise.
- • Profit quality: FY25 PBT of ₹3.11 Cr relied on ₹11.31 Cr of other income, including ₹5.14 Cr of liabilities written back and ₹2.21 Cr of mutual-fund gains; the underlying result before other income was a loss of about ₹8 Cr. Expected-credit-loss provisions were ₹8.77 Cr (3.8% of revenue).
- • Cash burn: free cash flow was about −₹150 Cr in FY25 (capex ₹207.82 Cr against ₹50.82 Cr of operating cash), funded by ₹109.8 Cr of equity and ₹70.6 Cr of net new debt; growth of the fleet requires continuous external capital and further dilution — the instrument count rose 11% in FY25 and again by roughly 0.84 Cr shares in December 2025.
- • Liquidity and leverage: cash and bank balances of ₹32.0 Cr against ₹74.4 Cr of debt due within 12 months, ₹38.6 Cr owed to equipment suppliers and ₹73.3 Cr of rent payable; current ratio 0.40, net debt ₹147 Cr (2.2x EBITDA), interest cover 1.2x, NCD coupons near 13%.
- • Share-count ambiguity: 1.65 Cr equity shares sit alongside 4.87 Cr CCPS and 0.45 Cr OCPS classified as equity; the conversion ratios are not disclosed in the filing (1:1 is assumed, consistent with the EPS denominator), and dealer counts range from 2.68 Cr to 7.87 Cr — confirm which count a quoted price refers to before buying.
- • Governance and control: founders hold about 10% fully diluted while Sheela Foam (44%) has held contractual control since 1 October 2026; the company is now a subsidiary of a listed parent whose interests (supply contracts, cross-charges, a related party Falcon Assetz LLP that leases assets to the group and whose ₹1.01 Cr investment was fully impaired) may not align with minority holders. The filing names no independent directors and the board is not disclosed.
- • Audit-trail and record-keeping reservations: the auditor could not confirm that daily backups were kept on servers in India, that the audit-trail feature operated in the revenue, inventory and fixed-asset software or in the outsourced payroll system, and one subsidiary allowed direct data changes without audit trail.
- • Exit depends on an IPO that is still only a press report (₹1,000–1,200 Cr at about ₹7,000 Cr, FY28); any DRHP, lock-ins and Sheela Foam's intentions for its stake will decide liquidity. Shares are thinly traded and a shareholders' agreement may restrict transfers.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| FurlencoThis page | ₹377.40 | ₹2,633 Cr | 838.67 | 31.77 | +63.90% |
| BigBasket | ₹1,950.00 | ₹21,783 Cr | — | 6.20 | +2.08% |
| Sunday Proptech | ₹6.94 | ₹347 Cr | — | 1.42 | +50.00% |
Latest reported year: FY25 ending 31 Mar 2025.