Ahead of its IPO debut, Duroflex plans to add 23 stores by end of FY26

Sridhar Balakrishnan, Group CEO, Duroflex

Ahead of its planned IPO in 18 months, mattress maker Duroflex, along with its sub-brand Sleepyhead, plans to add 23 stores by the end of this fiscal. The company posted a revenue of ₹1,095.30 crore and a profit after tax (PAT) of ₹11.20 crore in FY24, according to data from Tofler. In FY25, Duroflex recorded single-digit revenue growth but achieved a 50 per cent increase in EBITDA over the previous year, according to Group CEO, Sridhar Balakrishnan.

Currently, the company operates around 77 outlets across India, including seven under its online-first sub-brand, Sleepyhead, which caters to first-jobbers or early-career couples.

Expansion strategy

A key to Duroflex’s offline expansion strategy is a focus on a ‘city saturation model’ – expanding deeply in strong markets like Bengaluru and other metros before entering new geographies. “We’re well-disciplined about our store expansion. It’s not just about adding numbers but about choosing the right cities and the right locations that are economically meaningful to us,” said Balakrishnan.

To support this retail growth, the company has also boosted its manufacturing capacity with its new plant in Hosur adding to its existing roster of seven manufacturing and ordering units spread across the country.

With Sleepyhead now entering the retail space, the company acknowledges the potential for some overlap with Duroflex but is confident that clearly defined target audiences will differentiate the brands. “We are conscious of how the brands operate, and we’ve defined our prime prospects very sharply. That ensures differentiation — whether it’s in the kind of products we sell, the price points we offer, or the experience at the store,” Balakrishnan added.

(Report by BL intern Rohan Das)

Published on April 29, 2025