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Kanara Consumer Products ( Formerly Known As Kurl on Limited) Unlisted Shares
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Fundamentals About Kanara Consumer Products ( Formerly Known As Kurl on Limited)
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Key Financials of Kanara Consumer Products ( Formerly Known As Kurl on Limited)
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 88 | 0.63 | 0.5 | 0.7 |
| Cost of Material Consumed | 69 | 0.1 | 0.04 | 0 |
| Change in Inventory | -0.45 | 0 | -0.12 | 0.1 |
| Gross Margins | 22.1 | 84.13 | 92 | 85.71 |
| Employee Benefit Expenses | 6 | 1.6 | 1.94 | 3 |
| Other Expenses | 18 | 8.6 | 11 | 13 |
| EBITDA | -4.55 | -9.67 | -12.36 | -15.4 |
| OPM | -5.17 | -1534.92 | -2472 | -2200 |
| Other Income | 21 | -122 | 1641 | 125 |
| Finance Cost | 1 | 6 | 2 | 0.15 |
| D&A | 6 | 4 | 3 | 2.41 |
| EBIT | -10.55 | -13.67 | -15.36 | -17.81 |
| EBIT Margins | -11.99 | -2169.84 | -3072 | -2544.29 |
| PBT | 9 | -142 | 1624 | 107 |
| PBT Margins | 10.23 | -22539.68 | 324800 | 15285.71 |
| Tax | -1 | 4 | 366 | 20 |
| PAT | 10 | -146 | 1258 | 87 |
| NPM | 11.36 | -23174.6 | 251600 | 12428.57 |
| EPS | 6.72 | -98.12 | 845.43 | 58.47 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | -5.17 | -1534.92 | -2472 | -2200 |
| Net Profit Margin | 11.36 | -23174.6 | 251600 | 12428.57 |
| Earning Per Share (Diluted) | 6.72 | -98.12 | 845.43 | 58.47 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 154 | 152 | 89 | 63 |
| CWIP | 1 | 0 | 0 | 0 |
| Investments | 47 | 177 | 164 | 800 |
| Trade Receivables | 0 | 2 | 0 | 0 |
| Inventory | 17 | 13 | 0.11 | 0.02 |
| Other Assets | 89 | 39 | 1086.89 | 515.98 |
| Total Assets | 308 | 383 | 1340 | 1379 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 14.88 | 14.88 | 14.88 | 14.88 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 191 | 41 | 1302 | 1255 |
| Borrowings | 30 | 22 | 0 | 3.7 |
| Trade Payables | 11 | 8 | 12 | 3.4 |
| Other Liabilities | 61.12 | 297.12 | 11.12 | 102.02 |
| Total Liabilities | 308 | 383 | 1340 | 1379 |
About Company
Kanara Consumer Products Limited, formerly Kurl-on Limited (est. 1962), is a major Indian manufacturer of mattresses, home comfort solutions, and soft furnishings, holding a significant market share in the coir mattress industry. The company operates a vast retail network and has diversified into consumer goods, real estate, and investments. As of late 2025, it underwent structural changes, including potential consolidation of share capital and a pivot towards broader consumer goods.
The following table shows a 10-point analysis of Kanara Consumer Products Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 1962 | Formerly known as Kurl-On Limited, now repositioning post business restructuring. |
| Industry & Transition | Mattress → Diversified | Transitioned from mattress manufacturing to new business segments post brand sale. |
| Core Business Shift | Real estate & new ventures | Entering real estate development and other diversified business activities. |
| Brand Legacy | Kurl-On brand | Previously one of India’s leading mattress brands with strong market presence. |
| Strategic Change | Business exit (mattress) | Sold mattress business and restructuring operations for new growth areas. |
| Market Cap | ₹1,451 Cr | Reflects valuation in an unlisted market based on current share price. |
| Financial Strength | Asset-backed entity | Strong balance sheet supported by legacy business and restructuring gains. |
| Business Model | Investment + development | Moving towards asset-led and development-driven models. |
| Risk Profile | Transition phase | Business uncertainty due to shift from core legacy operations. |
| Future Outlook | Diversification-led growth | Growth depends on execution in new sectors like real estate. |
Company Overview
(i) Kanara Consumer Products Limited, formerly known as Kurl-On Limited, has been a well-known brand in India’s mattress industry since 1962.
(ii) The company earlier operated as a leading mattress manufacturer, with a strong distribution network across multiple cities and retail channels.
(iii) In 2023, the company exited its core mattress business, including stake divestment and brand restructuring.
(iv) Post restructuring, the company is now focusing on new business segments such as real estate development and diversified activities.
(v) The company is currently in a transition phase, repositioning itself for future growth beyond its legacy operations.
Challenges in Kanara Consumer Products Limited’s Business
- Business transition risk: Shifting from a well-established mattress business to new sectors creates execution and strategic risks.
- Uncertainty in new segments: New ventures like real estate may take time to generate stable revenue streams.
- Loss of legacy revenue base: Exit from core business impacts operational continuity and revenue visibility.
Financial Review of Kanara Consumer Products Limited
Here are some highlights of the financial performance of Kanara Consumer Products Limited over the past few years.
FY25 Performance
• Revenue from operations stood at ₹22.73 crore
• Total income reported at ₹106.54 crore
• Profit before tax stood at ₹96.85 crore
• Profit after tax reported at ₹75.33 crore
FY24 Performance
• Revenue from operations stood at ₹435.17 crore
• Total income reported at ₹491.97 crore
• Profit before tax stood at ₹1,519.55 crore (post exceptional items)
• Profit after tax reported at ₹1,165.38 crore
FY23 Performance
• Revenue stood at ₹0.63 crore
• Profit before tax stood at ₹-142 crore
• Profit after tax reported at ₹-146 crore
• Financials impacted due to business restructuring phase
Summary
Kanara Consumer Products Limited is undergoing a major transition from its legacy mattress business (Kurl-On) to diversified sectors such as real estate and new ventures. While financials show sharp fluctuations due to restructuring and exceptional items, future performance will depend on successful execution of its new business strategy.
Promoters of Kanara Consumer Products Limited
The following are the active promoters/leadership associated with the company:
| Name | Designation | LinkedIn Profile |
|---|---|---|
| T Ramesh U Pai (Founder legacy) | Promoter (Historical) | - |
| Promoter Group | Management | - |
Shareholding Pattern of Kanara Consumer Products ( Formerly Known As Kurl on Limited)
| Name | Holding |
|---|---|
| Manipal Holding Private Limited | 48.28% |
| Maharashtra Apex Corporation Limited | 40.42% |
| Others | 11.3% |
Promoters of Kanara Consumer Products ( Formerly Known As Kurl on Limited)
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Sri. T. Sudhakar Pai | Chairman, MD | 41 yrs |  |
| Mrs. Jyothi Ashish Pradhan | CFO | 18 Yrs | |
| Mr. Abhilash Kamti | CFO | 20+ | |
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Frequently Asked Questions
Kanara Consumer Products Limited unlisted shares are equity shares of Kanara Consumer Products Limited that are not listed on NSE or BSE and are traded privately in the unlisted share market.
Yes, investors can buy Kanara Consumer Products Limited unlisted shares through private market platforms that facilitate transactions in unlisted securities.
Yes, an active demat account is required to hold and receive Kanara Consumer Products Limited unlisted shares.
Yes, Kanara Consumer Products Limited unlisted shares can be sold in the private market before a potential IPO depending on buyer availability.
Yes. If Kanara Consumer Products Limited gets listed in the future, pre-IPO investors are generally subject to a six-month lock-in period after listing as per SEBI regulations.
If Kanara Consumer Products Limited shares are held for more than two years, gains are taxed at 20 percent with indexation. If sold earlier, gains are treated as short-term capital gains and taxed according to the investor’s income slab.
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