Furniture, Home Furnishing industry

23 companies · ₹21,463 cr · 7 with AI deep dives · Q1FY27 report

West Asia input shock splits the bucket: mattresses gain volume while furniture stalls

Turning upmargin troughed at 6.0% and has risen for 7 quarters to 9.0%, on positive revenue growth

Revenue YoY: +7.1%
EBITDA margin: 9.0%; -10bps YoY
Price, 1 year: -19.7%; 25% of names up
P/E vs own 5y: -51.0%; 28.8x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2,533 cr	2,649 cr	-4.4%	2,364 cr	+7.1%	2,649 cr	-4.4%
EBITDA margin	9.0%	6.6%	+240bps	9.1%	-10bps	9.1%	-10bps

Revenue

Jun 26: 2,533 cr
Mar 26: 2,649 cr
QoQ: -4.4%
Jun 25: 2,364 cr
YoY: +7.1%
Peak: 2,649 cr
vs peak: -4.4%

EBITDA margin

Jun 26: 9.0%
Mar 26: 6.6%
QoQ: +240bps
Jun 25: 9.1%

Sept 26: 1 of 9 reported so far, so it is not in the trend above.

Breadth: 50% of 6 companies grew revenue year on year (was 80% a quarter earlier) and 33% expanded margin (was 40%).

Exhibit 2What it costs

22.96x - 43.77x across the panel today

The median name trades at 28.8x, -51.0% against this industry's own 5-year median of 58.8x, and -68.6% against its own peak of 91.6x.

Exhibit 3Structure

₹21,463 cr

Sheela Foam Ltd is 28.9% of this industry by market cap. The top 5 are 81.2% and the top 10 are 96.5%.

small 5micro 189 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 28.77x, 5y ROCE above its median of 9.69%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (12 of 12)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Sheela Foam Ltd	₹6,281 cr	29.2x	15.8x	6.6%	10.3%	+25.6%	Unlock
Wakefit Innovations Ltd	₹4,419 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindMiddle East conflict drives raw-material swings in petrochemical inputs4 managements

Sheela Foam and Wakefit both say polyol and TDI make up roughly 60-70% of mattress cost. Both report sharp price swings and expect gross-margin pressure to carry into Q2. BirlaNu…

SFL (Q1FY27): “The raw material prices were fluctuating in the range of plus 40% to minus 20% in this…”

tailwind2 managements tailwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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