Wakefit Innovations Ltd(WAKEFIT)

NSE: WAKEFITBSE: 544642

₹ 134.1-0.07%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,447 crWebsite: www.wakefit.coUpdated: 24 Oct 2026

About

Wakefit Innovations Ltd is a vertically integrated Indian sleep and home solutions company selling mattresses, furniture, and furnishings through its own digital and physical retail channels. The company posted its highest-ever annual revenue of INR 14,889 mn in FY26, growing 17% year-on-year. It operates 165 company-owned, company-operated stores across 100 cities and an MBO network of 2,250 outlets as of Q1 FY27.^[1][2]

Business segments

Mattress contributed 65.9% of revenue in Q1 FY27, growing 27.3% YoY, up from 61.4% of FY26 revenue where it grew 17% for the full year.^[2][1]
Furniture (beds, sofas, wardrobes, dining, seating) contributed ~28% of Q1 FY27 revenue and 29.3% of FY26 revenue, growing ~24% for full-year FY26.^[2][1]
Own channels (COCO stores + D2C website/app) contributed 72.3% of Q1 FY27 revenue, up from 67.2% in FY26 and 57% in FY25.^[2][1]

Distribution and retail footprint

165 active COCO stores across 100 cities and 22 states as of Q1 FY27, up from 139 stores across 76 cities at end of FY26 and 105 at end of FY25.^[2]
MBO network reached 2,250 outlets across 701 cities in Q1 FY27, up from 1,948 outlets across 536 cities at end of FY26 (a 30% YoY increase).^[2][1]
Online channel contributed 52.7% of revenue in Q1 FY27; external channels (marketplace + MBO) contributed 27.7%, growing 7.6% YoY after two prior quarters of 15 - 20% decline.^[2]

Key operating metrics

SSSG for COCO stores with at least one year of maturity was consistently above 20% in Q3 FY26.^[3]
Gross margin was 57.1% in Q1 FY27, up 130 bps YoY from 55.8% in Q1 FY26, aided by price hikes and mattress mix shift.^[2]
Operating EBITDA margin (pre-Ind AS 116, pre-ESOP) reached 9.1% in Q1 FY27, up 200 bps YoY from 7.1% in Q1 FY26, and 7.5% for full-year FY26.^[2][1]
Net working capital days compressed to 2.2 days in FY26 from 20.4 days in FY23.^[2]
Repeat customers contributed 36.7% of Q1 FY27 revenue, up from 35.3% in FY26; average units per transaction close to 2.^[2]

Pricing and raw material

Polyol and TDI spot prices rose 70 - 160% due to Middle East supply disruption; the company procured at net inflation of 30 - 40% via supplier relationships and took two price hikes of ~5% each.^[2]
Full cost impact of elevated raw materials expected to flow through H1 FY27; Q2 FY27 gross margin guided ~100 bps below Q1 FY27, with normalisation expected in Q3 if the situation stabilises.^[2]
Mattress Q1 FY27 revenue growth of 27.3% was approximately two-thirds volume-driven (store expansion, SSSG, online uptake) and one-third from price increases.^[2]

Advertising spend

A&P spend was 7.6% of revenue in Q1 FY27, up from ~5.7% for full-year FY26; guided to remain at 7 - 8% of revenues for full-year FY27 including the festive season.^[2][1]

Expansion and capex

FY27 capex revised to ₹100 - 120 cr (from prior guidance of ₹120 - 140 cr); ~80% earmarked for retail and Jumbo store rollout, ~20% for manufacturing automation.^[2]
First Jumbo store (100,000+ sq ft) planned to open June - July 2027 in Bangalore; second Jumbo store targeted August - September 2027, also in Bangalore.^[2]
On track to add ~80 net COCO stores in FY27; a similar number targeted for FY28. 27 net COCO stores were added in Q1 FY27 alone.^[2]
Jumbo store breakeven targeted at approximately 18 months from opening; furniture category expected to step up 25 - 30%+ once Jumbo stores are operational.^[1][2]

Recent developments

Board approved amending the Memorandum of Association in Q4 FY26 to include adjacent home categories: home improvement, lifestyle solutions, and ancillary products, targeting a fuller assortment for planned Jumbo stores.^[1]
Management took a conscious decision in FY27 to halt new furniture-first store openings to improve furniture unit economics, pending the opening of the larger Jumbo format stores.^[2]
ESOP expense for FY27 revised down to ₹10 - 12 cr from prior guidance of ₹12 cr (~INR 120 mn); senior hires expected to join in H2 FY27.^[2]

Market Cap

₹4,447 Cr

High / Low

₹224 / 112

Stock P/E

23.4

Price / Book

3.9

Book Value

₹34

EPS

₹5.7

No. of Shares

33 Cr

ROCE

9.3%

ROE

16.7%

OPM

8.0%

Debt / Equity

0.00

Sales

₹1,489 Cr

Net Profit

₹189 Cr

Promoter holding

37.1%

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