Kurlon Enterprises Ltd
India's oldest mattress brand, bought by Sheela Foam (Sleepwell) in 2023 and amalgamated into it in 2026 – every 100 Kurlon shares became 52 listed Sheela Foam shares.
Market cap
₹1,969 Cr
3.66 Cr shares
P/E ratio
Loss making
Sector average 45
Book value
₹62.84
P/B 8.56
1-year return
+17.90%
52w ₹414 – ₹554
Currently 89% of the way through its 52-week range.
Indicative price history
1Y change
+16.35% ₹462 → ₹538
52-week band in this window: ₹445.97 – ₹539.27. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Sheela Foam bought 94.66% for about ₹2,150 Cr in 2023 and merged Kurlon into itself under an NCLT scheme approved on 17 September 2025.
- Swap ratio 52 Sheela Foam shares for every 100 Kurlon shares; record date 30 January 2026, new shares traded from 22 April 2026.
- FY24 standalone revenue ₹800 Cr with a ₹48.9 Cr loss after integration write-downs; FY23 revenue ₹843 Cr with a small profit.
About Kurlon
Kurlon Enterprise Ltd owns the Kurl-on mattress franchise, the rubberised-coir and spring-mattress brand that has been sold across India since 1962. Incorporated in 2011 to house the operating business demerged from Kurlon Ltd (now Kanara Consumer Products), the company runs manufacturing plants in Karnataka, Odisha, Uttarakhand, Gujarat and Madhya Pradesh and sells mattresses, pillows, sofas and furniture through a network of about 10,000 dealers and exclusive Kurl-on stores.
In July 2023 Sheela Foam Ltd, the listed maker of Sleepwell, agreed to buy 94.66% of Kurlon for about ₹2,150 Cr, valuing the company at roughly ₹2,270 Cr. The remaining 5% stayed with individual investors, which is how the stock came to trade in the unlisted market. The first year under new ownership was painful: FY24 revenue fell to ₹800 Cr from ₹843 Cr and the company booked a loss of ₹48.9 Cr after one-time integration, restructuring and inventory adjustments, versus a small profit in FY23.
On 17 September 2025 the NCLT Mumbai bench approved a composite scheme that folded Belvedore International, Kanvas Concepts, Kurlon Retail and other group entities into Kurlon Enterprise and then amalgamated Kurlon into Sheela Foam. Kurlon shareholders on the record date of 30 January 2026 received 52 Sheela Foam shares for every 100 Kurlon shares; the new Sheela Foam shares started trading on 22 April 2026 and fractional entitlements were sold through a trust. The unlisted quote on this page therefore tracks 0.52x the Sheela Foam market price and residual paper holdings are being converted, not traded on a standalone basis.
Figures are from the FY24 annual report, dealer summaries and Sheela Foam's exchange disclosures. FY25 standalone numbers were not separately published before the merger, so only FY23 and FY24 are shown. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Mattresses72%
Rubberised coir, spring and foam mattresses under Kurl-on, Ortho and Spinekare
- Pillows, comforters & accessories13%
Sleep accessories sold through the same dealer network
- Furniture & sofas10%
Home furniture and sofa-cum-beds
- Foam & other5%
PU foam sheets and institutional supplies
Products & services
Kurl-on coir mattresses
Rubberised-coir mattresses, the brand's original product and still the largest seller in South India.
Spring and foam mattresses
Pocket-spring, bonnell-spring and PU/memory-foam ranges including the Ortho and Spinekare lines.
Pillows and bedding
Pillows, comforters, mattress protectors and cushions.
Furniture
Sofas, sofa-cum-beds and home furniture sold through Kurl-on stores.
What works
- • Six-decade brand with the widest coir-mattress distribution in South and East India, now paired with Sleepwell's foam capacity and dealer network.
- • Sheela Foam has reported about ₹100 Cr of annual run-rate synergy savings from the integration and rising Kurlon volumes in FY25.
- • The merger converts an illiquid unlisted holding into listed Sheela Foam shares with a transparent exchange ratio.
What to watch
- • Kurlon no longer exists as a separate company: value now depends entirely on Sheela Foam's share price, which has lagged the market since the acquisition.
- • FY24 showed a ₹48.9 Cr loss, a 40% fall in equity and a 30% shrinkage in the asset base as the new owner cleaned up the balance sheet.
- • Any residual physical or unconverted holdings face paperwork with the RTA and the trust that handled fractional shares; check entitlement before buying.