Kurlon Essentials

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Face Value


Total Share


Total Income

₹792.60 Cr

Profit After Tax

₹29.89 Cr







Market Capitalisation

₹2,339.34 Cr

Enterprise Value

₹2,348.69 Cr

Book Value


Intrinsic Value


Dividend Yield

0.78 %

Earnings Yield

1.30 %


Consumer Discretionary


Home Furnishing


Micro Cap

Cashflow - Operations

₹94.72 Cr

Cashflow - Financing

-₹29.54 Cr

Kurlon Growth

Compounded Sales Growth

  • -20.65%

    1 Year

  • -12.51%

    2 Year

  • -10.91%

    3 Year

Pro Only

Compounded Profit Growth

  • -60.27%

    1 Year

  • -36.85%

    2 Year

  • -29.18%

    3 Year

Pro Only

Return On Equity

  • 6.29%


  • 14.83%


  • 14.84%


Pro Only

About Kurlon

  • Kurl-on Enterprise (KEL) is a Kurl-on Limited (KL) subsidiary firm that sells rubberized coir, latex foam, polyurethane foam, pillows, spring mattresses, furniture, furnishing, sofas, and other home comforts and associated products.
  • Mattresses are available in 126 different configurations, according to the business. They have a network of over 10,000 dealers and 72 locations. The company has production facilities in Karnataka, Orissa, Madhya Pradesh, Uttaranchal, and Gujarat. 
  • Kurl-on ltd. was created by late T Ramesh Pai and incorporated as Karnataka Coir Products Ltd in October of 1962, more than half a century ago. With effect from October 1, 1980, the company's name was changed to Karnataka Consumer Products Ltd. The name was changed to Kurl-on Ltd in December of 1995.

  • Kurlon IPO Details

The company has not filed any DRHP for the IPO as of now.

  • Kurlon Merger & Acquisition


On April 16, 2019, the company completed the merger of Spring Air Bedding Company (India) Ltd. (“Spring Air” or “Transferor Company”) on 18.06.2020 (date of on which the certified true copy of order of Hon’ble NCLT Mumbai was filed to ROC). The deal is structured as share swap transaction. The company has issued and allotted 1,69,868 (One Lakh Sixty Nine Thousand Eight Hundred Sixty Eight) equity shares of 5/-(Rupees Five) each to the eligible shareholders of the transferor company who were holding shares as on the record date i.e. 24th July, 2020, which constitute 0.46% of the total paid up capital of the company, ranking pari-pasu in all aspects with existing Equity shares of the Company, in the ratio of 331:1 (for every 331 fully paid-up equity shares of the face value of 10/- (Rupees Ten) each held in the transferor company, 1 (one) fully paid-up equity shares of 5/- each in the capital of the Company on August 3, 2020.


DateDetailsCompany in which investment madeAmount in ( Lakhs)
21-03-2021Investment in the equity sharesKanvas Concepts private limited 1
21-03-2021Investment in the equity shares Starship Value Chain Pvt. Ltd.0.50
20-11-2020Investment in the equity share Belvedore International Ltd.5
20-04-2020Additional Investment in the equity Sirar Solar Energies (P) ltd4
20-04-2020Additional Investment in the equity.Sirar Dhotre Solar Private Ltd.4

  • Total additional Investments made in the Mutual Funds during the year is Rs. 16.56 (Cr.)

  • Kurlon Subsidiaries

Kurlon Limited Subsidiaries:

Kurlon Retail LimitedWholly owned Subsidiary
Komfort Universe Product and Services limitedWholly owned Subsidiary
Starship Value Chain & Manufacturing LimitedWholly owned Subsidiary 
Sevalal Solar (P) ltdSubsidiary
Sirar Solar Energies (P) Ltd
Sirar Dhotre Solar (P) Ltd
Belvedore International Limited Wholly owned Subsidiary
Kanvas Concept Private Limited Wholly owned Subsidiary

Kurlon Business Model

  • The company manufactures wide range of home comfort solutions ranging from mattresses (RC mattress, spring mattress & foam mattress), polyurethane foam, home furniture and furnishing products for both retail and institutional customers such as hotels, hospitals and hostels.
  • The company advertise and sell their products through their retail outlets as well as their e-commerce website (www.kurlon.com). The company also provide installation services of their products and warranty facilities to their customers.
  • Kurlon Revenue Segmentation

  • Revenue generated from manufacturing and trading of goods
  • Revenue generated from other sources
  • Kurlon Product & Services

  • Mattresses
  • Pillows
  • Sofas
  • Furniture
  • Cot
  • Kurlon Assets

Tangible assets as at March 31,2021:

Assets Amount in (Cr.)
Freehold Land9.91
Leasehold Land84.53
Office Equipment6.04
Plant & Equipment199.26
Furniture & Fixtures39.36

Intangible assets as at March 31,2021:

Assets Amount in (Cr.)
Computer Software 10.87

  • Kurlon Industry Overview

Industry Statistics

  • Sleeping mattress is designed to be used as a bed, which is filled with a cushioning material intended for sleeping. Sleeping mattresses are available in a plethora of materials such as foam, latex, innerspring and hybrid mattresses, which cater to the consumer needs. Furthermore, the engaged players keep coming up with innovative products such as mattress cooling app and contactless sleep tracker which are installed under the mattress to stay relevant in the highly competitive market.
  • The sleeping mattress market for India was valued at $2224.6 Mn in 2019 and is projected to reach $3,454.5Mn. by 2027, registering  a CAGR of 8.6%. The growth of the Indian sleeping mattress market is driven by factors such as infrastructural development ,owing to rise in number of hospitality and residential units. 
  • The growth of sleeping mattress is driven by factors such as infrastructural developments, owing to rise in number of hospitality and residential units. demand for luxury and customized mattresses is expected to rise. As the mattresses are the indicator of the quality of life of an individual and not just limited up to consumer durable market product. Furthermore, with the increase in disposable income and rise in affluent population, premium products are likely to gain high traction in near term future, 
  • Mattresses companies like Sheela Foam Limited, Peps Industries Private Limited, Springwell Mattresses Private Limited, Coirfoam (India) Private Limited, etc are key competitors of the company.

Future Prospects

 India sleeping mattress market revenue by distribution channel, 2019-2027 ($ Million):

  • The offline segment as the third highest contributor with $2,035.8 Mn. in 2019 and is estimated to reach $3,130 Mn by 202, registering a CAGR of 8.5%.
  • The online segment is estimated to reach $317.5Mn by 2027, at a significant CAGR of 9.7%


India sleeping mattress market revenue by product type, 2019-2027 ($ Million):


Market size and forecast by End user:

  • The residential segment was highest revenue contributor with $1,912 Mn in 2019, and is estimated to reach $2,932.3 Mn by 2027, registering CAGR of 8.4%. 
  • The commercial segment is estimated to reach $522.1 Mn. by 2027, at a significant CAGR of 9.6%.



Government Initiatives

  • A new scheme to promote domestic  manufacturing is in the works as the government seeks to reduce India’s dependence on imported furniture. The Department for Promotion of Industry and Internal Trade (DPIIT) is in talks with other ministries and states to rollout a scheme to make India self-reliant in furniture manufacturing through incentives such as tax breaks.

Central government Scheme:

  • Production Linked Incentive scheme
  • Duty Drawback Scheme
  • Export Promotion Capital Goods scheme

Kurlon Awards & Achievements

  • The company was  honored to receive “49th National Safety day award” conducted by the Government of Karnataka, under the category of 5TPH process boilers.

Kurlon Strengths

  • The company has acquired the license rights of Spring Air and Englander brands which are premium luxury brands in the global market which would improve the penetration in the luxury segment of the company.
  • The company has evolved so much in the last 10 years and now manufactures mattresses in 126 different configurations. Pan-India, and have partnered with a network comprising more than 10,000 dealers.
  • According to Statista Research Department, the market value of the e-commerce industry in India was approximately U.S $22 Bn in FY18. This number was estimated to reach U.S$ 200Bn.by FY27 and the company is building their online presence through their e-commerce website which increase their brand awareness in e-commerce market of India. 

Kurlon Shortcomings

  • The total revenue of company is constantly decreasing 11% year on year (y-o-y) and the net profit is decreasing 29% y-o-y since last 4 financial years, company is diversifying their business innovating new products and creating new subsidiary which is good but because of this their main revenue is affected. 

Kurlon Opportunities

  • The sleeping mattress market for India was valued at $2224.6 Mn in FY19 and is projected to reach $3,454.5Mn. by FY27, registering a CAGR of 8.6%. The numbers clearly states the increasing demand of mattress in Indian market, which provides multiple expansion opportunities to the company. 
  • The Indian market is observing an increase in the demand in customized mattresses, and major players in the market have already started to level-up their games. Today, mattresses come in all shapes, sizes, and designs to suit windows, yachts, bolsters, and for added products like L-cushions, chair cushions, and T-cushions.  A fact about the Indian mattress industry is that 30 % of the customers in India go for customized mattresses, whereas this number is only five percent for the customers abroad.
  • According to a report published by IAMAI and Kantar Research, Indian internet users are expected to reach 900 Mn by FY25 from 622 Mn internet users in FY20, increasing at a CAGR of 45% until 2025 and the e-commerce sales in India reached US$ 4.6 Bn. in October 2021. So it will be a great opportunity for the company to build their online presence through running online campaigns, contests or magazines to increase their brand awareness.

Kurlon Threats

  • Indian mattress Industry may dive into deep loss if the retail sector stays in bad condition for longer. The industry believes in to find and look for ways to turn a weakness into an opportunity. So, the industry is doing it in the following manner.
  • Counterfeiting is one of the major restraints of the market, which is destroying the brand image of original products, as the counterfeiters sell damaged, rejected, or fake mattresses under the name of brand to gain good profit. Hence the sold product do not last longer period and end up tarnishing the brand image. 
  • Bleeker outlook of consumers on their financial conditions is a big threat during the time of Covid-19. To deal with financial stress, the mattress companies are exploring EMI options for not only industries but also for smaller standalone.
  •  Lack of consumer awareness and transportation is also a major threat because long-distance warehousing of these items becomes infeasible. Though the industry is dealing with these challenges by shifting from retail to e-commerce.
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Reg Office: The Avenue, International Airport Road, Opp. Hotel Leela, Andheri(East), Mumbai-400059

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