Sham Foam Ltd.
SHAM-FOAMSME
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Overview
Sham Foam Limited manufactures polyurethane (PU) foam and foam-based home comfort products in India, supplying both consumer bedding (mattresses, pillows and cushions under brands such as Featherfresh and Restivia) and industrial-grade PU foam used by customers in furniture and other end-use segments. The company operates a technology-driven, ISO 9001:2015 and BIS-certified manufacturing facility in Ambala, Haryana with installed foam capacity of about 15,000 TPA, and sells largely through a pan-India dealer network (over 1,300 dealers) across 13 states without operating its own retail stores.
Opening Date
Aug 11, 2026
Closing Date
Aug 13, 2026
Listing Date
Aug 18, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
40.48 Cr
Fresh Issue
40.48 Cr
Offer for Sale
0 Cr
Price Band
₹130 - ₹130
Lot Size
1000
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
12.58
EPS
10.33
ROE
51.53%
ROCE
45.73%
RONW
40.97%
Debt to Equity Ratio
0.19
PAT Margin
9.37%
EBITDA Margin
11.91%
P/B
5.16
Bull vs Bear
Bull case
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The company makes most products in-house at one plant, so it can control quality and delivery times, which helps keep dealers and repeat customers.
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A dealer network across 13 states helps reach customers without owning stores, which is harder for new entrants to copy quickly.
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Capacity expansion is planned at the same site, which can improve efficiency and reduce waste if execution goes well.
Bear case
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Outstanding litigation involving the company and promoters could create cash outflows and hurt trust with dealers, lenders, and regulators if outcomes go against them.
- •
The registered office and factory are on leased premises from promoters, so renewal or any dispute could disrupt production and force costly relocation.
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Top 10 customers contribute about 25% of revenue, so losing a few accounts or facing slower payments can quickly pressure cash flows and profits.
Net takeaway
This is mainly a PU foam manufacturer with a growing home-comfort product range, using a large dealer network and one controlled manufacturing base to keep quality and delivery steady. For long-term investors, the story works best if the planned capacity upgrade improves efficiency and the company keeps dealers and customers loyal. But legal matters, reliance on a leased promoter-owned facility, and customer concentration can strain operations and cash. The key thing to monitor is working capital discipline, especially receivables and cash flow trends.
