amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Kurlon Ltd Unlisted Shares
DRHP Status : Not Filed
970
Fundamentals About Kurlon Ltd
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Kurlon Ltd
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 783.67 | 795 | 859 | 820 |
| Cost of Material Consumed | 340.45 | 452 | 471 | 524 |
| Change in Inventory | 13.2 | 4 | 16 | -1 |
| Gross Margins | 56.56 | 43.14 | 45.17 | 36.1 |
| Employee Benefit Expenses | 65.39 | 74 | 70 | 79 |
| Other Expenses | 262.59 | 246 | 259 | 230 |
| EBITDA | 102.04 | 19 | 43 | -12 |
| OPM | 13.02 | 2.39 | 5.01 | -1.46 |
| Other Income | 8.93 | 14 | 8 | 12 |
| Finance Cost | 5.26 | 6 | 7 | 6 |
| D&A | 31.76 | 36 | 36 | 25 |
| EBIT | 70.28 | -17 | 7 | -37 |
| EBIT Margins | 8.97 | -2.14 | 0.81 | -4.51 |
| PBT | 53.73 | -9 | 8 | -55 |
| PBT Margins | 6.86 | -1.13 | 0.93 | -6.71 |
| Tax | 23.84 | -3 | -2 | -4 |
| PAT | 29.89 | -6 | 10 | -51 |
| NPM | 3.81 | -0.75 | 1.16 | -6.22 |
| EPS | 8.18 | -1.64 | 2.74 | -13.96 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 13.02 | 2.39 | 5.01 | -1.46 |
| Net Profit Margin | 3.81 | -0.75 | 1.16 | -6.22 |
| Earning Per Share (Diluted) | 8.18 | -1.64 | 2.74 | -13.96 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 213.12 | 211 | 189 | 252 |
| CWIP | 7.19 | 4 | 1 | 0.55 |
| Investments | 111.31 | 107 | 16 | 10 |
| Trade Receivables | 49.29 | 56 | 55 | 69 |
| Inventory | 116.64 | 120 | 80 | 90 |
| Other Assets | 220.88 | 225 | 416 | 109.45 |
| Total Assets | 718.43 | 723 | 757 | 531 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 18.27 | 18.27 | 18.27 | 18.27 |
| FV | 5 | 5 | 5 | 5 |
| Reserves | 465.49 | 443 | 451 | 265 |
| Borrowings | 12.39 | 7.5 | 17 | 0.13 |
| Trade Payables | 93.14 | 120 | 113 | 119 |
| Other Liabilities | 129.14 | 134.23 | 157.73 | 128.6 |
| Total Liabilities | 718.43 | 723 | 757 | 531 |
About Company
The following table shows a 10-point analysis of Kurlon Enterprise Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹1,050–1,100 cr PAT ~₹45–55 cr PAT margin ~4–5% |
Leading manufacturer of sleep solutions including mattresses (coir, foam, spring), pillows and bed linen under Kurlon, Kurl-On and Featherlite brands. Diversified into furniture and home solutions with 2,500+ dealers and strong retail presence. Benefits from established brand legacy and rising demand for organized bedding products. |
| Industry & Market Position | Market leader in coir & spring mattresses Strong organized segment presence |
Competitive advantage through brand trust, quality certifications and wide product portfolio. Positioned well against unorganized players and imports. Exposed to raw material volatility (coir, foam, steel) and competition from established mattress brands. |
| Revenue Growth Trend | FY23–FY25 CAGR ~10–15% FY25 growth ~10–12% YoY |
Steady expansion driven by premium product mix, distribution growth and housing demand. Supported by offline retail and e-commerce penetration. Growth stable but moderate compared to high-growth consumer discretionary peers. |
| Profitability & Margins | EBITDA margin ~10–12% PAT margin ~4–5% ROE positive |
Margins stable due to operational efficiencies and premiumisation strategy. Earnings moderately impacted by input cost fluctuations but supported by pricing power and brand strength. |
| Cash Flow Quality | Positive operating cash flow Consistent dividend payouts |
Reliable cash generation from operations and dealer network collections. Low capital expenditure intensity post scale-up. Efficient working capital management supports steady inflows. |
| Balance Sheet Strength | Strong net worth Low to moderate debt |
Comfortable leverage with liquidity buffers. Brand equity and wide distribution provide downside resilience. No major structural balance sheet risks observed. |
| Valuation Comfort | Unlisted price ~₹450–520 (Feb 2026) P/E ~18–22x (EPS ~₹22–25 est.) Market cap ~₹1,800–2,100 cr |
Reasonable valuation for a branded sleep solutions leader with steady growth profile. Supported by margins, brand moat and sector tailwinds. Attractive relative to several listed consumer peers. |
| Management & Governance | Promoter-led (Kurlon group) Transparent disclosures & annual reporting |
Long-standing track record in mattress manufacturing and brand building. Clean governance standards with consistent compliance and reporting practices. |
| Growth Triggers & Catalysts | Premium mattress & furniture demand Distribution & e-commerce expansion Housing & consumption revival No confirmed IPO plans |
Growth supported by organized bedding shift, urbanization and product innovation. Incremental upside from efficiency gains and potential export expansion. Focused on steady value creation rather than listing-driven catalysts. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO/DRHP |
Moderate liquidity in unlisted market with partial capital lock-in. Exit primarily through OTC transactions or strategic sale. Liquidity risk present but supported by defensive consumer brand positioning. |
Kurlon Enterprise Limited (KEL) is the operating subsidiary of Kurl-On Limited, headquartered in Bengaluru. KEL was formed after a Business Transfer Agreement in 2011, which transferred the main business of rubberized coir, latex foam, polyurethane foam, pillows, spring mattresses, furniture, and related home comfort products from Kurl-On Limited to KEL effective 1st April 2014. The following are the key highlights:
- KEL is an unlisted public limited company and the main operating entity for Kurlon’s mattress and home comfort business.
- Kurl-On Limited holds 85.06% of KEL shares as of 31 March 2019.
- KEL has a wholly-owned subsidiary, Kurl-On Retail Limited, which handles retail and wholesale sales of mattresses, pillows, sofas, furniture, and home goods across India.
- Kurl-On Retail was incorporated in 2012 and has undergone several name changes, reflecting its expanded retail operations.
Challenges
The following highlights potential operational and market challenges for Kurlon Enterprise Limited.
- Heavy competition in the mattress and home furnishing segment from established domestic and international brands.
- Limited publicly available financial data may impact investor assessment.
- Dependency on the parent company (Kurl-On Limited) for strategic and operational guidance.
- Retail sector fluctuations affecting Kurlon Retail sales and revenue.
Financial Review (FY19–FY24)
Due to limited publicly available information, only key historical financial and corporate facts are presented.
- As of 31 March 2019, Kurl-On Limited held 85.06% of KEL shares.
- KEL operates as the main revenue-generating entity for Kurlon’s mattress and home comfort business.
- Subsidiary Kurl-On Retail Ltd drives retail sales, supplementing wholesale revenue.
- No detailed revenue, profit, or valuation figures are publicly available.
- Business continuity and expansion rely on KEL’s operational execution and parent company support.
Quick Summary
This section summarises Kurlon Enterprise Limited in brief:
- Operating subsidiary of Kurl-On Limited, headquartered in Bengaluru.
- Main business: mattresses, pillows, latex and coir foam, furniture, and related home comfort products.
- Parent company holds 85.06% shares.
- Wholly-owned subsidiary: Kurl-On Retail Ltd, handling retail and wholesale operations.
- Unlisted public limited company; limited publicly available financial data.
Click here to view the official website of Kurlon Ltd.
Shareholding Pattern of Kurlon Ltd
Latest News
Latest Post
Frequently Asked Questions
Kurlon Enterprise Limited manufactures and sells mattresses, pillows, foam products, furniture, and other home comfort solutions in India.
No, it is an unlisted public limited company.
Kurl-On Limited holds 85.06% of KEL shares, making it the majority shareholder.
Yes, it has one wholly-owned subsidiary, Kurl-On Retail Ltd, which manages retail and wholesale operations.
Bengaluru, Karnataka, India.
As an unlisted company, shares can typically be acquired through private transactions or trusted unlisted share platforms.
Risks include competition in the home furnishing segment, reliance on parent company guidance, and limited publicly disclosed financial information.
+91-9599071664
amit@unlistedkraft.in