# Mattress — company-by-company sector analysis

> Mattress: Sheela Foam Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Mattress has underperformed NIFTY 500 by 9.6% over 52 weeks and 15.7% over 13 weeks. 1 of 1 covered companies beat NIFTY on Mansfield relative strength, while 1 of 1 beat the sector itself. Sheela Foam Ltd leads with revenue of ₹3,820 crore, based on 2 of 2 comparable companies through Mar 2026.

### Is the Mattress sector outperforming NIFTY 500?

Mattress has underperformed NIFTY 500 by 9.6% over 52 weeks and 15.7% over 13 weeks. 1 of 1 covered companies beat NIFTY on Mansfield relative strength, while 1 of 1 beat the sector itself.

### Which Mattress company is largest by revenue?

Sheela Foam Ltd leads with revenue of ₹3,820 crore, based on 2 of 2 comparable companies through Mar 2026.

### Which Mattress company is growing fastest?

Sheela Foam Ltd has the fastest current revenue growth at 11.1%, across 1 of 2 comparable companies.

### Which Mattress company has the strongest 4-Factor Sector Score?

Sheela Foam Ltd ranks first at 76.7/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Mattress company reports the most CAPEX?

Wakefit Innovations Ltd reports the largest latest CAPEX at ₹8 crore, with 1 of 2 companies comparable.

### Which Mattress company has the least gross debt?

Wakefit Innovations Ltd has the lowest comparable gross debt at ₹272 crore. Sheela Foam Ltd has the highest at ₹908 crore.

### Which Mattress company has the lowest comparable PEG?

Sheela Foam Ltd has the lowest comparable Guarded PEG at 1.09, among 1 of 2 companies that pass the metric’s comparability rules.

### How much history does this Mattress comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Mattress has underperformed NIFTY 500 by 9.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 15.7%. 1 of 1 covered company currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Sheela Foam Ltd is the strongest against the sector itself at +21.1%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 16%
52-week sector return versus NIFTY 500: -9.6%
Stocks leading NIFTY: 1/1
Stocks leading sector: 1/1

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 2
Combined market value: ₹12.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Sheela Foam Ltd (SFL): 77/100 — Favorable setup; evidence 94%
   - Growth & earnings 31.1/35 | Capital efficiency 12.6/25 | Valuation 13.0/20 | Relative strength 20.0/20
   - Exact sum: 31.1 + 12.6 + 13 + 20 = 76.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Wakefit Innovations Ltd (WAKEFIT): 54/100 — Thin evidence · provisional; evidence 39%
   - Growth & earnings 23.1/35 | Capital efficiency 11.2/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 23.1 + 11.2 + 10 + 10 = 54.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Sheela Foam Ltd is the scale leader at ₹3,820 crore, 154% ahead of Wakefit Innovations Ltd. Sheela Foam Ltd's growth is 11.1% from a ₹3,820 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Sheela Foam Ltd is the scale benchmark; Sheela Foam Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Sheela Foam Ltd's growth falls below Sheela Foam Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Sheela Foam Ltd · ₹3,820 crore | 154% versus #2 · Wakefit Innovations Ltd | 8/8 recent comparable periods | 2/2 companies · 26 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Sheela Foam Ltd (SFL): ₹3.8K Cr
2. Wakefit Innovations Ltd (WAKEFIT): ₹1.5K Cr

### Revenue growth — fastest growers
1. Sheela Foam Ltd (SFL): 11%

### 20-quarter Revenue history
- SFL: Jun 2021 ₹551 Cr | Sep 2021 ₹786 Cr | Dec 2021 ₹881 Cr | Mar 2022 ₹647 Cr | Jun 2022 ₹729 Cr | Sep 2022 ₹722 Cr | Dec 2022 ₹761 Cr | Mar 2023 ₹729 Cr | Jun 2023 ₹645 Cr | Sep 2023 ₹613 Cr | Dec 2023 ₹879 Cr | Mar 2024 ₹845 Cr | Jun 2024 ₹810 Cr | Sep 2024 ₹813 Cr | Dec 2024 ₹967 Cr | Mar 2025 ₹850 Cr | Jun 2025 ₹821 Cr | Sep 2025 ₹875 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹385 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹362 Cr | Sep 2025 ₹377 Cr | Dec 2025 ₹421 Cr | Mar 2026 ₹344 Cr

### 20-quarter Revenue growth history
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 -8.1% | Dec 2022 -14% | Mar 2023 13% | Jun 2023 -12% | Sep 2023 -15% | Dec 2023 16% | Mar 2024 16% | Jun 2024 26% | Sep 2024 33% | Dec 2024 10% | Mar 2025 0.6% | Jun 2025 1.4% | Sep 2025 7.6% | Dec 2025 11% | Mar 2026 24%
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.4% | Mar 2026 14%

## Operating Economics & Margin Trend

What the numbers say: Sheela Foam Ltd leads opm at 11%; Wakefit Innovations Ltd leads margin change at +9 percentage points.

Investor read: Sheela Foam Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Sheela Foam Ltd · 11% | 0% versus #2 · Wakefit Innovations Ltd | 4/8 recent comparable periods | 2/2 companies · 26 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Sheela Foam Ltd (SFL): 11%
2. Wakefit Innovations Ltd (WAKEFIT): 11%

### Margin change — fastest expanders
1. Wakefit Innovations Ltd (WAKEFIT): +9.0 pp
2. Sheela Foam Ltd (SFL): +8.0 pp

### 20-quarter OPM history
- SFL: Jun 2021 6.9% | Sep 2021 14% | Dec 2021 11% | Mar 2022 9.8% | Jun 2022 9.4% | Sep 2022 11% | Dec 2022 10% | Mar 2023 11% | Jun 2023 12% | Sep 2023 11% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 7.0% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 3.0% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 11% | Mar 2026 11%
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 5.0% | Mar 2025 2.0% | Jun 2025 4.8% | Sep 2025 11% | Dec 2025 14% | Mar 2026 11%

### 20-quarter Margin change history
- SFL: Jun 2021 −3.4 pp | Sep 2021 −3.5 pp | Dec 2021 −6.7 pp | Mar 2022 −1.7 pp | Jun 2022 +2.5 pp | Sep 2022 −3.1 pp | Dec 2022 −0.8 pp | Mar 2023 +1.3 pp | Jun 2023 +2.6 pp | Sep 2023 +0.2 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −5.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 −7.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +8.0 pp
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +9.0 pp | Mar 2026 +9.0 pp

## Profit Scale & Acceleration

What the numbers say: Wakefit Innovations Ltd leads with ₹188 crore of TTM profit, 16% above Sheela Foam Ltd. Sheela Foam Ltd shows 67% growth from a ₹162 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Wakefit Innovations Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Wakefit Innovations Ltd · ₹188 crore | 16% versus #2 · Sheela Foam Ltd | Not enough history | 2/2 companies · 26 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Wakefit Innovations Ltd (WAKEFIT): ₹188 Cr
2. Sheela Foam Ltd (SFL): ₹162 Cr

### Profit growth — fastest growers
1. Sheela Foam Ltd (SFL): 67%

### 20-quarter Net profit history
- SFL: Jun 2021 ₹25 Cr | Sep 2021 ₹76 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹92 Cr
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹-2 Cr | Mar 2025 ₹-26 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹122 Cr

### 20-quarter Profit growth history
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 68% | Sep 2022 -30% | Dec 2022 -9.0% | Mar 2023 -10% | Jun 2023 2.4% | Sep 2023 -17% | Dec 2023 -49% | Mar 2024 48% | Jun 2024 9.3% | Sep 2024 -55% | Dec 2024 -45% | Mar 2025 -80% | Jun 2025 -85% | Sep 2025 -50% | Dec 2025 212% | Mar 2026 608%

## Capacity Spending & Returns On It

What the numbers say: Wakefit Innovations Ltd reports ₹8 crore of CAPEX; Wakefit Innovations Ltd has the highest covered intensity at 2.1%. Coverage is only 1 of 2 companies and 3 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Wakefit Innovations Ltd · ₹8 crore | Not enough peers | 3/3 recent comparable periods | 1/2 companies · 3 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Wakefit Innovations Ltd (WAKEFIT): ₹8 Cr

### CAPEX intensity — highest reinvestment intensity
1. Wakefit Innovations Ltd (WAKEFIT): 2.1%

### 20-quarter CAPEX history
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹17 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 5.6% | Jun 2025 2.2% | Sep 2025 2.1% | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Wakefit Innovations Ltd has the clearest covered balance-sheet capacity with ₹391 crore net cash and gross debt of ₹272 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Wakefit Innovations Ltd · ₹272 crore | 70% versus #2 · Sheela Foam Ltd | 4/6 recent comparable periods | 2/2 companies · 29 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Wakefit Innovations Ltd (WAKEFIT): ₹272 Cr
2. Sheela Foam Ltd (SFL): ₹908 Cr

### Net debt — lowest net debt
1. Wakefit Innovations Ltd (WAKEFIT): ₹-391 Cr
2. Sheela Foam Ltd (SFL): ₹738 Cr

### 20-quarter Gross debt history
- SFL: Jun 2021 ₹349 Cr | Sep 2021 ₹328 Cr | Dec 2021 ₹328 Cr | Mar 2022 ₹466 Cr | Jun 2022 ₹467 Cr | Sep 2022 ₹492 Cr | Dec 2022 ₹492 Cr | Mar 2023 ₹571 Cr | Jun 2023 ₹571 Cr | Sep 2023 ₹573 Cr | Dec 2023 ₹573 Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹908 Cr
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹23 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹209 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹269 Cr | Mar 2025 ₹293 Cr | Jun 2025 ₹277 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹272 Cr

### 20-quarter Net debt history
- SFL: Jun 2021 ₹184 Cr | Sep 2021 ₹202 Cr | Dec 2021 ₹202 Cr | Mar 2022 ₹336 Cr | Jun 2022 ₹336 Cr | Sep 2022 ₹221 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹-183 Cr | Jun 2023 ₹-183 Cr | Sep 2023 ₹-1.0K Cr | Dec 2023 ₹-1.0K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹941 Cr | Dec 2024 ₹941 Cr | Mar 2025 ₹946 Cr | Jun 2025 ₹946 Cr | Sep 2025 ₹978 Cr | Dec 2025 ₹978 Cr | Mar 2026 ₹738 Cr
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹66 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-391 Cr

## Return On Capital Employed

What the numbers say: Wakefit Innovations Ltd leads ROCE at 11.2%, 5.1 percentage points above Sheela Foam Ltd. Wakefit Innovations Ltd has the strongest latest improvement at +9.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Wakefit Innovations Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Wakefit Innovations Ltd · 11.2% | 83.3% versus #2 · Sheela Foam Ltd | 1/1 recent comparable periods | 2/2 companies · 20 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Wakefit Innovations Ltd (WAKEFIT): 11%
2. Sheela Foam Ltd (SFL): 6.1%

### ROCE change — fastest improvers
1. Wakefit Innovations Ltd (WAKEFIT): +9.3 pp
2. Sheela Foam Ltd (SFL): +4.7 pp

### 20-quarter ROCE history
- SFL: Jun 2021 — | Sep 2021 20% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 6.7% | Dec 2023 11% | Mar 2024 4.5% | Jun 2024 11% | Sep 2024 3.2% | Dec 2024 8.0% | Mar 2025 1.9% | Jun 2025 4.5% | Sep 2025 2.6% | Dec 2025 5.1% | Mar 2026 6.6%
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -0.4% | Mar 2025 -3.4% | Jun 2025 -1.0% | Sep 2025 1.3% | Dec 2025 — | Mar 2026 5.9%

### 20-quarter ROCE change history
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.5 pp | Dec 2022 — | Mar 2023 −2.2 pp | Jun 2023 — | Sep 2023 −5.4 pp | Dec 2023 — | Mar 2024 −6.6 pp | Jun 2024 — | Sep 2024 −3.5 pp | Dec 2024 −2.9 pp | Mar 2025 −2.6 pp | Jun 2025 −6.3 pp | Sep 2025 −0.6 pp | Dec 2025 −2.9 pp | Mar 2026 +4.7 pp
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +9.3 pp

## Valuation Against Growth & Quality

What the numbers say: Sheela Foam Ltd has the lowest comparable Guarded PEG at 1.09×. Only 1 of 2 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Sheela Foam Ltd · 1.09× | Not enough peers | 0/8 recent comparable periods | 1/2 companies · 1 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Sheela Foam Ltd (SFL): 1.1

### P/E — lowest P/E
1. Wakefit Innovations Ltd (WAKEFIT): 22.3
2. Sheela Foam Ltd (SFL): 55.3

### 20-quarter Guarded PEG history
- SFL: Jun 2021 — | Sep 2021 1.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- SFL: Jun 2021 46.1 | Sep 2021 47.5 | Dec 2021 60.9 | Mar 2022 72.7 | Jun 2022 60.2 | Sep 2022 59.8 | Dec 2022 60.0 | Mar 2023 47.3 | Jun 2023 63.9 | Sep 2023 53.6 | Dec 2023 62.4 | Mar 2024 57.1 | Jun 2024 72.3 | Sep 2024 74.0 | Dec 2024 99.4 | Mar 2025 82.2 | Jun 2025 115.4 | Sep 2025 128.7 | Dec 2025 124.1 | Mar 2026 62.3
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 146.2 | Mar 2026 26.5

## Enterprise Value & Book Value

What the numbers say: Sheela Foam Ltd leads both ev/ebitda at 16.5× and p/bv at 2.56×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Sheela Foam Ltd · 16.5× | 73.6% versus #2 · Wakefit Innovations Ltd | 0/8 recent comparable periods | 2/2 companies · 22 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Sheela Foam Ltd (SFL): 16.5
2. Wakefit Innovations Ltd (WAKEFIT): 62.6

### P/BV — lowest P/BV
1. Sheela Foam Ltd (SFL): 2.6
2. Wakefit Innovations Ltd (WAKEFIT): 3.8

### 20-quarter EV/EBITDA history
- SFL: Jun 2021 27.1 | Sep 2021 28.2 | Dec 2021 36.1 | Mar 2022 41.1 | Jun 2022 33.9 | Sep 2022 34.3 | Dec 2022 33.2 | Mar 2023 26.9 | Jun 2023 33.9 | Sep 2023 32.2 | Dec 2023 35.7 | Mar 2024 27.2 | Jun 2024 29.9 | Sep 2024 27.6 | Dec 2024 29.0 | Mar 2025 22.5 | Jun 2025 27.6 | Sep 2025 23.4 | Dec 2025 20.6 | Mar 2026 16.5
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 74.3 | Mar 2026 62.6

### 20-quarter P/BV history
- SFL: Jun 2021 11.9 | Sep 2021 10.1 | Dec 2021 12.2 | Mar 2022 12.8 | Jun 2022 11.0 | Sep 2022 9.4 | Dec 2022 8.5 | Mar 2023 6.8 | Jun 2023 7.4 | Sep 2023 7.0 | Dec 2023 4.7 | Mar 2024 3.6 | Jun 2024 3.4 | Sep 2024 3.3 | Dec 2024 3.6 | Mar 2025 2.6 | Jun 2025 2.7 | Sep 2025 2.4 | Dec 2025 2.0 | Mar 2026 1.7
- WAKEFIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 10.8 | Mar 2026 4.4

## Market action

Sheela Foam Ltd has the strongest one-year price move in Mattress at +13%. It also leads on Mansfield relative strength against NIFTY at +23.1%. 1 of 1 covered company is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Sheela Foam Ltd (SFL): 13%

### Strongest relative strength versus NIFTY 500
1. Sheela Foam Ltd (SFL): 23%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Sheela Foam Ltd (SFL) — market value ₹8.3K Cr; latest fundamentals Mar 2026
- Wakefit Innovations Ltd (WAKEFIT) — market value ₹4.3K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 0. Withheld: 0. Graded companies: 2.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Mattress index?

The Nifty Mattress index tracks India's listed Mattress companies as a single basket. This page follows the same 2 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Mattress sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Mattress stocks in India?

Ranked by this page's four-factor score, Sheela Foam Ltd places first among 2 listed Mattress companies, followed by Wakefit Innovations Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Mattress stocks are listed in India?

This comparison covers 2 listed Mattress companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Mattress company is the biggest?

Sheela Foam Ltd is the largest, with trailing-twelve-month revenue of ₹3,820 crore, ahead of Wakefit Innovations Ltd at ₹1,504 crore. That covers 2 of 2 companies with comparable reporting through Mar 2026.

### Which Mattress company is growing fastest?

Sheela Foam Ltd has the fastest revenue growth at 11.1% year on year, across 1 of 2 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Mattress company has the best profit margins?

Sheela Foam Ltd has the highest operating margin at 11%, from 2 of 2 comparable companies. Wakefit Innovations Ltd shows the biggest recent improvement, at +9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Mattress company makes the most profit?

Wakefit Innovations Ltd earns the most, at ₹188 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. Sheela Foam Ltd has the fastest profit growth at 67%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Mattress company earns the highest return on capital?

Wakefit Innovations Ltd leads on return on capital employed at 11.2%, across 2 of 2 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Mattress stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Sheela Foam Ltd screens cheapest at 1.09×. Only 1 of 2 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Mattress company has the strongest balance sheet?

Wakefit Innovations Ltd carries the lowest comparable gross debt at ₹272 crore, from 2 of 2 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Mattress company is investing most in new capacity?

Wakefit Innovations Ltd reports the largest capital spending at ₹8 crore, across 1 of 2 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Mattress sector beating the market?

Mattress has underperformed NIFTY 500 by 9.6% over the last 52 weeks and 15.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 1 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Mattress stock has the strongest price momentum?

Sheela Foam Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Mattress company scores highest for research priority?

Sheela Foam Ltd scores 76.7 out of 100 with 94% evidence confidence, from 31.1 points on growth and earnings, 12.6 on capital efficiency, 13 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Mattress companies does this comparison cover, and over what period?

It compares 2 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Mattress sector?

The 2 Mattress companies on this page carry ₹12,618 crore of combined market value. Sheela Foam Ltd is the largest at ₹8,321 crore, about 66% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Mattress sector performing?

1 of the 1 covered Mattress companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/mattress