Kurl-on primarily is in the business of manufacturing, purchase and sale of mattress, foam and related products. Kurlon ltd is the holding company of Kurlon Enterprise Limited. They have expanded their product lines to include foam and spring mattresses and entered the furniture and furnishings business.

The company is known for prioritizing consumer satisfaction & on-time delivery of the goods. Its sheer focus on communicating the importance of good sleep, body posture and anti-bacterial residual has helped it in spreading awareness amongst various communities and placed them as the market leader. Kurl-on long-lived assets are all located in Indian market and major chunk of revenue is derived from Indian market.

Financial Highlights

Revenues from operation, on a standalone basis, increased by 8.37 % from INR 772.25 crores to INR 842.87 crores in FY23 whereas profit after tax for the year decreased to INR (-13.17) crore from INR 2.45 crore in the previous fiscal.

On a Consolidated basis the Overall Revenue increased by 23% from INR 1,792.13 crore to INR 2,205.42 crore in FY23. Consolidated Profit after tax and other comprehensive income decreased from INR 128 crore to INR 117 crore during this time. This fallout was witnessed because of higher input cost and ongoing transformative action plan which started to accomplish future demand in an efficient manner, but pre & post pandemic era cut down the string for them.

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Financial Figures (INR Crore)

DESCRIPTION Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
Revenue 2,205.42 1,792.13 1,338.85 1,492.22 989.99 823.99
EBITDA 269.63 251.17 251.77 238.95 160.55 136.07
PBT 174.1 175.08 176.92 159.16 116.59 94.84
PAT 117.65 128.36 131.86 129.43 85.89 67.51
Cash Flow from Operations -136.98 48.23 330.71 169.87 97.84 56.51
Cash Flow from Investing 140.70 -12.66 -267.97 -131.9 -80.65 -45.94
Cash Flow from Finance -5.32 -36.13 -71.02 -21.88 -20.92 -12.81
Debt to Equity 0.5 0.28 0.17 0.29 0.35 0.45
EBITDA Margin 12.23 14.02 18.81 16.01 16.22 16.51
Current Ratio 1.38 1.52 1.61 1.65 1.38 1.41
EPS 105.24 118.28 117.25 115.78 82.83 65.1

Kurlon Enterprise ltd currently exports its products to Asian countries like Sri Lanka and Nepal. In the past few years, it has won the Coir Board of India's awards for outstanding performance in export of Rubberized Coir Product. It manufactures products in 135 different configurations, Pan-India and having a retail reach out of more than 4000+ counters, 50+ Warehouses and 12 strategically located manufacturing facilities across Karnataka, Orissa, Madhya Pradesh, Uttarakhand, and Gujarat that anticipate and change in behavior, evolving needs and provide them with an absolute comfort, convenience, good health and growth.

The Indian mattress industry is mainly dominated by the unorganized sector with the easy availability of local vendors and ginner in the neighborhood and organized sector used to be second fiddle but the scenario in commercial market was vice versa and with the rise in infrastructure project across India, hygiene concern, easy access to warehouses and e-channel along with customization and wide range of products helped the organized sector to piers in retail market and bring paradigm shift & brands like kurlon established and spread their wings in all tiers. This encouraged them to bring in new products like rubberized coir, latex foam, polyurethane foam, pillows, spring mattresses by doing various research on consumer behavior and their needs.

Shareholding Pattern

The majority of shares are being held by the Promotors which is equivalent to 84.6% of shares, followed by Foreign Bodies (6.44%), Individuals (4.17%), Trusts (3.62%) etc.


Kurl-On Enterprises has 8 subsidiaries and has no associates or joint venture companies.

Kurlon Retail Limited, Komfort Universe Products and Service Limited, Belvedore International Limited, Kanvas Concepts Private Limited, Starship Value Chain & Manufacturing Private Limited, Sirar Solar Energies, Sirar Dhotre Solar & Sevalal Solar Private Limited

Key Personnel

Sri. T Sudhakar Pai – Managing Director

Mrs. Jyothi Ashish Pradhan – Chief Executive Officer

Mr. Abhilash Kamti – Chief Financial Officer

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