 "With IPO in sight, mattress maker Duroflex aims double-digit revenue growth")
Mattress maker Duroflex said it is confident of achieving healthy double-digit revenue growth, while remaining on a journey to profitability as it looks to list on the bourses in the coming 18 months.
The company has identified institutions as a large vector of growth in the coming years. Institutions like colleges, hospitals, hotels etc currently make up a small fraction of the company’s revenue.
“Right now, it’s a relatively small business for us. But we do see huge potential in that over the next two-three years and we will definitely be investing behind that,” said Shridhar Balakrishnan, group chief executive officer (CEO), Duroflex.
The company is also looking to double the revenue contribution from its furniture category, especially recliners and adjustable beds.
According to data sourced from business intelligence firm Tofler, the company recorded net sales of Rs 1,095.3 crore in financial year 2024, while its net profit for the period stood at Rs 11.20 crore — a reversal from recording a net loss of Rs 15.47 crore in FY23.
In FY25, the company grew its bottom line by over 50 per cent this year, Balakrishnan said, while refusing to reveal exact numbers.
“Our revenue growth was in the single digits, which was a conscious call to pare down our topline growth to drive profitability and improve our cash balance, because they give us confidence to invest behind growth,” said Balakrishnan.
According to estimates, mattress is a Rs 20,000 crore-odd category — of which branded players make up only Rs 6,000–7,000 crore — while the furniture market accounts for Rs 2 trillion.
In 2017, the company launched its Sleepyhead brand, and currently has 77 stores — 70 Duroflex stores across metros and Tier-I cities and seven Sleepyhead stores in Bengaluru. It plans to take its store count up to 100 by the year-end.
Duroflex competes with Sheela Foam, which makes Sleepwell and Kurl-On mattresses, and new-age companies like The Sleep Company and Wakefit.
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