KURL-On Ltd.

Market share is 35% with over 1.2 million mattress a year, 2nd largest PU Foam in India. Leader in sleep and home comfort segment being 2ndLargest manufacturer of PU Foam in india. Awards and

KURL-On Ltd.

Company Background:

Inception Date: October, 1962

Previously Known as: Karnataka Coir Products Ltd. & Karnataka Consumer Products Ltd.

Business Activity: Kurl-On Ltd. {KOL} manufactures rubberized Coir, Latex, Foam & Polyurethane Foam and mattress.

Also entire range of Home Comfort Solutions like Pillows, cushions, bed linens as well as ergonomically designed furniture, Furnishings, etc.

Innovator of Coir Mattresses in India, KURL-On Ltd. {KOL} is a part of Famous Manipal Group which has diversified interest across education, e-commerce, Financial Services, manufacturing, software development, etc.

Kurl-On Ltd. {KOL}  caters to retail customers as well as Institutional Clients like Hotels, Hospital, etc. who prefers high quality branded mattresses with flame retardant, anti-bacterial fabrics. Sole manufacturer of hospital approved mattress.

Kurl-On Ltd. {KOL} possess a wide range of mattress with affordable range starting from Rs. 3,000 and catering till luxurious customer at a range of 2, 75,000/- Per mattress.

IT has 8 manufacturing facilities in India, 7,000 Distributors, 4 Centralized Warehouses, and 430 Showrooms under 3 different categories of franchising models. Company also exports its products to Middle East, West Asia, Singapore, Australia, Sri Lanka, Maldives and Nepal.

Kurl-On Ltd. {KOL} is a holding company and its subsidiary is named as Kurlon Enterprise Ltd in the Year 2014.

Kurl-On Enterprise Ltd, {KEL} upon its Business Transfer Agreement on 1st April, 2014. with Kurl-On Ltd. {KOL} is now handling business of Rubberized Coir, Latex Foam, Polyurethane Foam, Pillows, Spring Mattresses, Furniture and Furnishing related products and Kurl-On Enterprise Ltd stands as an Operating Company.

Kurl-On Ltd. {KOL} 14.88 Cr. Rs. 10/- each 92.73%
Kurl-On Enterprise Ltd, {KEL} 11.24 Cr Rs. 5/- each 82.3% {KOL}



PARTICULARS {In Crs.} 2015 2016 2017
Paid up Equity Capital {Fv Rs. 5} 9.40 11.20 11.2*
Net Worth 49.00 175.00 236.00
BV 52.00 156.00 105*
Sales 816.00 894.00 1034.00
EBITDA 50.00 87.00 107.00
PAT 16.00 37.00 61.00
EPS 17.50 33.50 27*
EBITDA Margin 0.06 0.10 0.10
PAT MARGIN 0.02 0.04 0.06
ROE(%) 0.34 0.21 0.26
ROCE(%) 0.19 0.42 0.39


  • KEL based on the financial performance has shown impressive growth over last three years with
  • Topline growing at a CAGR of 12.3% to Rs. 1,034 Crs. in FY2017 (Rs. 816 Crs. in FY2015).
  • EBITDA surged at a CAGR of 46.3% to Rs. 107 Crs. (Rs. 50 Crs.) and
  • PAT zoomed at a CAGR of 92.9% to Rs. 61 Crs. (Rs. 16 Crs.).
  • ROCE has improved from approximately 19% in FY2015 to approximately 39% in FY2017, an improvement of approximately 2,000 bps over last three years.
  • For FY2017 rubberized coir mattress and cushions comprised of approximately 38% of the topline for the company, foams and foam products contributed approximately 28% of the revenue and spring mattress contributed approximately 24% of the revenue of the company.


  • Nationally, the mattress industry is predominantly an unorganized market with many small regional players and just a handful of o r g a n i zed national mattress makers such as Kurl-On, Sleepwell (Sheela Foam Ltd.), Springwell, Duroflexand others. The organized mattress market has been dominated by Kurl-on which is currently the number one brand in mattress and the second largest producer of PU foams in India.
  • The I n d ia n mattress market is estimated approximately Rs. 9,000 Crs., of which approximately 75% has been dominated by cotton mattresses, which is majorly a low value unorganized market. Just about 20% of the total market for mattresses comprises the rubberized coir mattress segment. With remaining market comprising high end foam based mattress.
  • The industry has grown at an estimated CAGR of 8-10% over the past 5 years, primarily on account of rising urbanization, increase in disposable income, increase in health related issues of the Indian population and increasing awareness about sleep products.
  • CRISIL Research estimates mattress industry to grow at 8-10% over next five years to reach a total market size of approximately Rs. 13,000-14,000 Crs. by FY2021 and the organized mattress market is expected to grow at a CAGR of 11-13% to reach a market size of Rs. 5,000-5,500 Crs. by FY2021.

Leave a Reply