Furniture, Home Furnishing industry

23 companies · ₹24,364 cr · 5 with AI deep dives · Q1FY27 report

RAC summer surge and jewellery SSSG coexist with a sector-wide margin squeeze from West Asia commodity shock

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: -14.8%; 17% of names up
P/E vs own 5y: -40.6%; 36.2x 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%
YoY: -10bps
Peak: 9.1%
vs peak: -10bps

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

29.92x - 70.57x across the panel today

The median name trades at 36.2x, -40.6% against this industry's own 5-year median of 61.0x, and -60.5% against its own peak of 91.6x.

Exhibit 3Structure

₹24,364 cr

Sheela Foam Ltd is 29% of this industry by market cap. The top 5 are 82.2% and the top 10 are 96.6%.

small 6micro 179 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 36.22x, 5y ROCE above its median of 10.58%, 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	₹7,540 cr	35.0x	18.5x	9.3%	11.8%	+25.6%	Unlock
Wakefit Innovations Ltd	₹5,157 cr	27.2x	-	8.9%	14.6%	-	Unlock
BirlaNu Ltd	₹1,092 cr	-	18.8x	-1.6%	3.2%	+11.6%	Unlock
Stanley Lifestyles Ltd	₹773 cr	165.0x	8.2x	4.6%	20.9%	-8.6%	Unlock
Responsive Industries Ltd	₹4,612 cr	45.5x	19.1x	7.8%	16.1%	-43.0%	Unlock
Euro Pratik Sales Ltd	₹2,606 cr	30.2x	23.1x	32.1%	33.1%	+60.1%	Unlock
Hardwyn India Ltd	₹627 cr	50.9x	29.1x	4.5%	10.7%	-19.4%	Unlock
Tirupati Foam Ltd	₹42 cr	20.5x	9.9x	13.6%	8.1%	+22.3%	Unlock
Milestone Furniture Ltd	₹25 cr	-	-285.4x	-1.5%	-4.2%	-	Unlock
Shashwat Furnishing Solutions Ltd	₹14 cr	-	519.0x	-4.0%	0.1%	+34.1%	Unlock
Golden Carpets Ltd	₹7 cr	-	-115.1x	-5.6%	-10.7%	-53.8%	Unlock
Magenta Lifecare Ltd	₹6 cr	47.1x	10.3x	4.0%	7.1%	+107.1%	Unlock

Sheela Foam Ltd

Mcap: ₹7,540 cr
P/E: 35.0x
EV/EBITDA: 18.5x
ROCE: 9.3%
Margin: 11.8%
Rev YoY: +25.6%

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Wakefit Innovations Ltd

Mcap: ₹5,157 cr
P/E: 27.2x
EV/EBITDA: -
ROCE: 8.9%
Margin: 14.6%
Rev YoY: -

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BirlaNu Ltd

Mcap: ₹1,092 cr
P/E: -
EV/EBITDA: 18.8x
ROCE: -1.6%
Margin: 3.2%
Rev YoY: +11.6%

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Stanley Lifestyles Ltd

Mcap: ₹773 cr
P/E: 165.0x
EV/EBITDA: 8.2x
ROCE: 4.6%
Margin: 20.9%
Rev YoY: -8.6%

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Responsive Industries Ltd

Mcap: ₹4,612 cr
P/E: 45.5x
EV/EBITDA: 19.1x
ROCE: 7.8%
Margin: 16.1%
Rev YoY: -43.0%

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Euro Pratik Sales Ltd

Mcap: ₹2,606 cr
P/E: 30.2x
EV/EBITDA: 23.1x
ROCE: 32.1%
Margin: 33.1%
Rev YoY: +60.1%

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Hardwyn India Ltd

Mcap: ₹627 cr
P/E: 50.9x
EV/EBITDA: 29.1x
ROCE: 4.5%
Margin: 10.7%
Rev YoY: -19.4%

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Tirupati Foam Ltd

Mcap: ₹42 cr
P/E: 20.5x
EV/EBITDA: 9.9x
ROCE: 13.6%
Margin: 8.1%
Rev YoY: +22.3%

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Milestone Furniture Ltd

Mcap: ₹25 cr
P/E: -
EV/EBITDA: -285.4x
ROCE: -1.5%
Margin: -4.2%
Rev YoY: -

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Shashwat Furnishing Solutions Ltd

Mcap: ₹14 cr
P/E: -
EV/EBITDA: 519.0x
ROCE: -4.0%
Margin: 0.1%
Rev YoY: +34.1%

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Golden Carpets Ltd

Mcap: ₹7 cr
P/E: -
EV/EBITDA: -115.1x
ROCE: -5.6%
Margin: -10.7%
Rev YoY: -53.8%

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Magenta Lifecare Ltd

Mcap: ₹6 cr
P/E: 47.1x
EV/EBITDA: 10.3x
ROCE: 4.0%
Margin: 7.1%
Rev YoY: +107.1%

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Exhibit 6What managements said

from Consumer Durables earnings calls · as of 2026-06-30

headwindWest Asia war driving unprecedented commodity, freight, and FX cost shock across the sector12 managements

The West Asia conflict is the dominant cross-sector headwind: crude oil up from USD 67 to USD 97 per barrel (Whirlpool), Morbi gas from ₹48 to ₹86-88/SCM (Kajaria), copper above…

WHIRLPOOL (Q1FY27): “the crude oil prices, which similar time last year were operating at USD 67, are now…”

headwind7 managements tailwind4 managements tailwind5 managements tailwind7 managements headwind4 managements mixed3 managements

6 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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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