General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1 — At a Glance
Wakefit sells mattresses. It also sells sofas, curtains, bathrobes and yoga mats, but the mattress is the thing that pays the bills — 65.9% of revenue this quarter, growing 27.3% year on year per management.
Revenue for the June 2026 quarter was ₹405 Cr, up 16.6%. Operating Profit was ₹56 Cr against ₹44 Cr in the same quarter last year. Profit after tax came in at ₹23 Cr.
That PAT number sits next to a ₹122 Cr PAT in the March 2026 quarter, and the gap is a tax entry. In Q4 FY26 the company recognised a deferred tax asset of ₹1,034.4 mn, pushing a credit of ₹980.7 mn through the P&L. This quarter the deferred tax line ran the other way — a charge of ₹73.0 mn. Management describes the movement as non-cash and accounting-driven, with no impact on cash tax outflow. Excluding deferred tax movements, the company puts PAT at ₹306.8 mn, or 7.6% of revenue.
Twenty-seven new company-owned stores opened in three months, taking the count to 165 across 100 cities. The whole of FY26 added 42.
Meanwhile, somebody in the Middle East did something to the price of polyol, and a mattress company in Bengaluru had to hold two board-level conversations about it. More on that in a bit.
2 — Introduction
Incorporated in 2016, Wakefit Innovations Limited is an Indian direct-to-consumer home and sleep solutions company. It listed on the NSE and BSE on December 15, 2025, after an IPO of 66,096,866 equity shares at ₹195 apiece — ₹9,117 mn of offer-for-sale and ₹3,772 mn of fresh issue. Net proceeds from the fresh issue were ₹3,491.96 mn, earmarked for 117 new COCO-Regular stores, lease payments on existing ones, equipment, marketing, and general corporate purposes.
The eight months since listing have been eventful in the way that first-year-listed companies tend to be. CFO Navesh Gupta resigned effective December 31, 2025. Parul Gupta was appointed CFO effective February 10, 2026; her background per the company’s disclosures spans Syngene, Myntra, Jabong, Aircel and Airtel. In January 2026, shareholders approved a reclassification of compulsorily convertible preference shares into equity and amendments to the Articles of Association, alongside ratification of 12,806,928 ESOPs. Two resolutions in that postal ballot — numbers 4 and 5 — did not pass. Nitesh Prakash joined as Senior Vice President, Home Interiors, effective March 30, 2026.
The equity capital line tells the corporate-structure story without anyone having to narrate it: ₹1 Cr through FY25, then ₹33 Cr in FY26. Reserves went from ₹500 Cr to ₹1,099 Cr in the same year. That is an IPO and a preference-share conversion landing in the same twelve months.
The tenth Annual General Meeting is scheduled for September 9, 2026, per the newspaper publication filed on August 12.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3 — Business Model: WTF Do They Even Do?
They make things you lie on, sit on, and step out of the shower onto.
Three categories. Mattresses — memory foam, ShapeSense, Eco Latex, Xpert Grid, rollup, foldable, dual comfort. Furniture — sofas, beds, chairs, dining sets, engineered wood cabinets, solid wood coffee tables. Furnishings and décor — cushions, pillows, curtains, mats, rugs, runners, towels, bathrobes, lightings. FY26 revenue mix: mattresses 61.4%, furniture 29.3%, furnishings 9.3%. In Q1 FY27 that shifted to roughly 66% / 28% / 6.3%.
The model is vertically integrated. Five manufacturing facilities — two in Hosur (wood furniture, sofas, chairs; and mattresses), one in Sonipat (mattresses, sofas), two in Bengaluru (fabrication and R&D; accessories) — totalling over 6.99 lakh sq ft of built-up area, running robotic arms, roller belts, CNC and something called the ‘Every Part Every Interval’ process. Behind that sits a 1.6 lakh sq ft mother warehouse in Hosur, 10 inventory holding points and 24 points of delivery.
Distribution is where the company spends its adjectives. Own channels were 72.3% of revenue this quarter, up from about 70%; external channels the remaining 27.7%. Online was 52.7% and offline 47.3% — a split management describes as evidence of a “research anywhere, buy anywhere” model. There are 165 COCO stores and 2,250 multi-brand outlets across 701 cities.
The stores themselves carry, per management, “barely about 4 to 5 lakh rupees of inventory,” with fulfilment centralised. Payback on the newer mini format is trending to 10–11 months, which management says is two to three months longer than earlier mega-stores that carried both mattresses and furniture. Opening a store, management says, lifts a town’s run-rate about 2.7x to 3x.
The company was the first
