Furlenco FY26 revenue Rs 370 Cr, profit up 19 times

Furlenco, which rents furniture and home decor and runs relocation services, closed FY26 with revenue from operations of Rs 370.43 crore, up from Rs 228.74 crore in FY25 and Rs 140 crore in FY24. Total income was Rs 375.42 crore against Rs 240.05 crore.

The structural fact is the mix. Furniture rental services brought in Rs 341.07 crore, 92% of operating revenue. Product sales contributed Rs 29.36 crore, and other income was Rs 4.99 crore. This is a rental business with a small product tail, not a furniture retailer that also rents.

Profit came in at Rs 59.52 crore against Rs 3.11 crore in FY25. That is the 19X jump in the headline, and it is scale on an existing profit line rather than a first turn into the black: FY25 was already profitable.

On the cost side, employee expenses were Rs 36.18 crore, material costs Rs 27.01 crore, and other and miscellaneous expenses Rs 181.04 crore, taking total expenses to Rs 343.85 crore. Depreciation increased 57.5% and finance costs increased 75.6%, which is what an asset-heavy rental book looks like while it is growing.

One gap is worth stating plainly. Total income of Rs 375.42 crore less total expenses of Rs 343.85 crore leaves roughly Rs 31.6 crore, but the reported profit is Rs 59.52 crore, a difference of about Rs 28 crore. The source does not reconcile those two figures and offers no explanation for the difference, and neither will we.

Sheela Foam holds a 35% stake. That is a stake, not control, and there are no attributed quotes in the report.

For a consumer brand operator, the readable lesson is where the leverage sits. Revenue rose 62% while profit rose about nineteen times, which is the shape you get when the same physical unit earns repeatedly and each additional cycle costs far less than the first. Rising depreciation and finance costs are the price of that shape: you pay for the asset up front and recover it across many cycles, which makes it a working capital problem before it is a growth problem. If you are modelling a rental or subscription line, the number to build around is how many revenue cycles you get from a unit before it retires, not the value of the first transaction. This is one company’s year, not a template.