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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2023-24)
Investment Thesis
Shaya Polymers Limited is a small PU foam manufacturer incorporated in 2017 with revenues of ~Rs. 25 Cr. It operates in a competitive but growing sector with demand from furniture, mattresses, and automotive applications. The company is early-stage with limited public financial disclosures, and its growth trajectory will depend on capacity expansion and ability to secure larger institutional customers.
Pros
Cons
Business Segments
PU Foam Products
Manufacturing of polyurethane foam for furniture, mattresses, and automotive applications
Revenue Model
B2B and B2C sales of polyurethane foam products to furniture manufacturers, mattress brands, and automotive OEMs/Tier-1 suppliers. Revenue generated through bulk supply of foam slabs and custom-cut components.
Detailed Analysis
Growth Plans
Growing organized furniture and mattress market in India driven by urbanization and rising disposable incomes
Potential for automotive foam segment growth as India's auto sector expands
Industry Tailwinds
Growing organized furniture and mattress market in India driven by urbanization and rising disposable incomes
Potential for automotive foam segment growth as India's auto sector expands
Comparable Companies
SHEELAFOAM · ~4,000 Cr
Unlisted
Frequently Asked Questions
About Shaya Polymers Limited
Shaya Polymers Limited is an Indian manufacturer of polyurethane (PU) foam products with revenues of approximately Rs. 25 Cr. The company produces PU foam for furniture, mattresses, automotive seating, and industrial applications. The company has a high leverage ratio relative to its size, creating financial risk. Shaya Polymers operates in the fragmented Indian foam manufacturing segment.
Key Milestones
Incorporated in 2017 in Tamil Nadu as a Public Limited company
Established manufacturing operations with revenues reaching approximately Rs. 25 Cr
Operational presence in Pune, Maharashtra serving western India markets
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You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
Usually credited within 2–3 business days
Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Industry Headwinds
Volatile petrochemical raw material prices squeezing margins
Competition from large established PU foam manufacturers with stronger brand recognition
Key Strengths
Established customer relationships in furniture and mattress sector
PU foam sector benefits from housing growth
Manufacturing capability in growing material segment
Key Weaknesses
High leverage creates debt servicing pressure
Thin margins in commodity foam manufacturing
Raw material import dependence—forex risk
Net profit margin is thin at 2.0% (FY2023-24) — limited buffer against revenue or cost shocks
Source: Financial data
The PU foam market is dominated by large players like Sheela Foam (market cap ~Rs. 4,000+ Cr) and Kurlon, making it difficult for smaller manufacturers to compete on price and scale.
Source: Company Financial Filings
Polyol and MDI (methylene diphenyl diisocyanate) — the primary raw materials for PU foam — are petroleum derivatives with volatile prices, affecting margins.
Source: Company Financial Filings
At Rs. 25 Cr revenue, the company is subscale relative to industry leaders, limiting bargaining power with both suppliers and customers.
Source: Company Financial Filings
High leverage creates debt servicing pressure
Source: AlphaHub Research
Thin margins in commodity foam manufacturing
Source: Company Financial Filings
Raw material import dependence—forex risk
Source: AlphaHub Research
The PU foam market is dominated by large players like Sheela Foam (market cap ~Rs. 4,000+ Cr) and Kurlon, making it difficult for smaller manufacturers to compete on price and scale.
Polyol and MDI (methylene diphenyl diisocyanate) — the primary raw materials for PU foam — are petroleum derivatives with volatile prices, affecting margins.
At Rs. 25 Cr revenue, the company is subscale relative to industry leaders, limiting bargaining power with both suppliers and customers.