| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 73.73 | 81.15 | 92.32 |
| Expenses | 70.26 | 77.19 | 81.94 |
| Other Income | 0.16 | 0.47 | 0.07 |
| Total Revenue | 73.89 | 81.62 | 92.39 |
| Profit Before Tax | 3.63 | 4.43 | 10.44 |
| Net Profit | 2.97 | 3.58 | 8.65 |
Sham Foam
Sham Foam IPO
₹2,60,000
0.02 xOver-subscribedBidding Dates 11 Aug, 26 -13 Aug, 26
Min Investment ₹2,60,000
Lot Size1,000
Price Range ₹130 – ₹130
Issue Size ₹40.48 Cr.
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IPO Subscription Details
Retail Subscription Details
0.03 x
Non-Institutional Buyers (bHNI)
0 x
Total0.02 x
0.02 x IPO Timeline
IPO Offer Start
11 Aug,26
IPO Offer Ends
13 Aug,26
Allotment Finalisation
14 Aug,26
Refund Initiation
17 Aug,26
Listing of Shares
18 Aug,26
IPO Analysis
Strengths
The company's promoters have proven background and experience in the foam industry, providing key competitive advantage and enabling business expansion while exploring new growth avenues.
The company operates a state-of-art manufacturing facility with ISO 9001:2015 and BIS Certification, spanning 2,04,460 sq. feet with 15,000 TPA installed capacity and QR code integration for transparency.
The company has established a strong sales and distribution network spanning 13 states with robust dealer base, providing natural entry barriers and conducting periodic training programs for dealers.
Risks
The company, its promoters, and directors are involved in various legal proceedings pending at different levels of adjudication. Total amount involved across all litigation is Rs. 536.42 lakhs, with potential adverse outcomes impacting the company's reputation, business operations, and financial condition.
The company's registered office and manufacturing facility is located on a 30-year lease from August 2025 to July 2055. If the lease agreements cannot be renewed or relocated on commercially suitable terms, it may cause significant operational disruptions and relocation costs.
The company's top 10 customers contributed 25.06%, 26.83%, and 28.02% of revenue from operations for fiscal years 2026, 2025, and 2024 respectively. The company has no long-term agreements with customers, exposing it to risks from order reductions, cancellations, or customer loss.
Objectives
The company intends to purchase additional machinery and equipment to be installed at a shed structure to be constructed at the existing manufacturing unit. This aims to enhance manufacturing capabilities, improve operational efficiencies, leverage economies of scale, and reduce operational costs while maintaining tighter control over delivery schedules.
The company requires additional working capital for investment in trade receivables, inventories, and payment to trade payables to fund day-to-day operations. The expansion of business operations and increased manufacturing capacities necessitate additional working capital requirements to handle higher volumes of orders and strengthen market presence.
The company intends to deploy funds towards strategic initiatives including investments or acquisitions, brand building and promotional activities, strengthening infrastructure and systems, repayment of loans, pre-operative expenses, provision for contingencies, and ongoing general corporate purposes as approved by the Board.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 33.55 | 36.58 | 49.32 |
| Current Assets | 28.69 | 32.07 | 43.26 |
| Fixed Assets | 4.86 | 4.51 | 6.06 |
| Total Equity & Liabilities | 33.55 | 36.58 | 49.32 |
| Total Liabilities | 24.66 | 24.12 | 28.21 |
| Current Liabilities | 14.90 | 15.19 | 24.37 |
| Non Current Liabilities | 9.77 | 8.92 | 3.84 |
| Total Equity | 8.88 | 12.46 | 21.11 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 2.18 | -1.05 | 5.39 |
| Investing Activities | -0.72 | -0.31 | -2.10 |
| Operating Activities | 7.30 | 0.22 | 12.78 |
| Financing Activities | -4.40 | -0.96 | -5.28 |
About Sham Foam
Sham Foam Limited is primarily engaged in manufacturing, distribution, marketing and selling of polyurethane foam (PU Foam), mattresses and other allied home comfort products targeted at Indian consumers. The company also manufactures industrial grades of PU Foam used across various industries in India. The company operates as a full-stack vertically...more
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Managing DirectorMr. Rajinder Kumar Jindal
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