BSE: 512361
CUPID BREWERIES AND DISTILLERI
Manufactures and plans to manufacture alcoholic beverages in India across three categories — Indian-made foreign liquor (IMFL/IML), beer, and craft/micro-brewery products — through a network of subsidiaries. As of FY26 and Q1 FY27, the company reported zero revenue from operations, with standalone revenue limited to Rs. 0.20 lakh of other income for the full year, and a standalone net loss of Rs. 44.63 lakh and consolidated net loss of Rs. 367.14 lakh. The group is in a pre-revenue scaling-up phase: it signed an agreement in June 2026 to buy an operational alco-beverage manufacturing unit at Gopalpur, Odisha from United Spirits Limited (a Diageo Group company) for Rs. 22.50 Crores, with installed capacity of approximately 2,50,000 cases per month. Its stated group-level licensed production pipeline targets approximately 8.40 million cases of IMFL/IML, 1.50 million cases of beer, and 1.09 million litres of craft/micro-brewery output. The company has 11 subsidiaries including step-down entities, raised capital via a March 2026 preferential allotment of 3,93,60,307 equity shares taking paid-up capital to Rs. 91.34 Crores, and engaged JLL for further fundraising. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IMFL / IML, Beer, Craft / Micro Brewery. Pre-revenue, scaling-stage alco-beverages manufacturer with no operating revenue and accumulated losses.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 0 |
| EBITDA (ex other income) | (3) |
| margin % | — |
| Owners' profit | (4) |
| EPS, as reported (₹) | (0.40) |
| ROE % · ROCE % | (0.5) · (0.4) |
| Debt / equity (x) | 0.04 |
| Cash from operations | (18) |
| Capex | (20) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (2) | (0) | (1) | (1) | (1) |
| Net profit | (0) | (2) | (0) | (1) | (1) | (1) |
| EPS (₹) | 0.07 | 0.46 | 0.04 | (0.14) | (0.09) | (0.10) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 1,02,805 | 54.5 | 11.34 | 44.6 | 9.8 | 9.8 | 0.3 | 9.2 |
| RADICO KHAITAN LTD | 60,497 | 75.9 | 16.48 | 59.5 | 12.6 | 15.4 | 15.1 | 6.4 |
| UNITED BREWERIES LTD | 31,450 | 64.9 | 6.89 | 39.9 | 6.6 | 7.9 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,831 | 86.9 | 11.96 | 38.5 | 6.9 | 7.8 | — | 6.7 |
| TILAKNAGAR INDUSTRIES LTD | 12,016 | — | 3.98 | 33.6 | — | — | 29.9 | 6.8 |
| PICCADILY AGRO INDUSTRI L | 5,737 | 40.5 | 6.37 | 26.8 | 15.3 | 17.5 | 18.3 | 16.2 |
| GLOBUS SPIRITS LTD | 2,170 | 21.7 | 1.66 | 10.3 | 3.1 | 3.7 | 16.7 | 5.5 |
| INDIA GLYCOLS LTD | 1,976 | 6.0 | 0.67 | 5.4 | 10.0 | 7.3 | 12.6 | 5.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.3 | 2.0 | 1 of 25 | 100% |
| ROCE | (0.3) | 2.4 | 19 of 25 | 25% |
| ROE | (0.3) | 4.3 | 17 of 24 | 30% |
| Debt / Equity | 0.0 | 0.5 | 3 of 25 | 92% |
| Profit growth | 61.1 | 13.0 | 6 of 24 | 78% |
| Market cap | 218 | 715 | 18 of 26 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Cupid Breweries Q2 FY27: Losses continue with zero operating revenue | compliance | minimal | — | — |
| 17 Oct 2026 · Q2 FY27 results: Zero revenue, consolidated H1 loss Rs 237.61 lakh | results | high | — | — |
| 17 Oct 2026 · Q2 FY27 results approved; associate to begin commercial operations | results | high | — | — |
| 14 Oct 2026 · Board meeting on Oct 17 to approve Q2 FY26-27 results | results | low | — | — |
| 13 Oct 2026 · Routine compliance filing: RTA certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · Independent Director Rohit Shetty exits after completing his tenure | management changes | medium | — | — |
| 30 Sept 2026 · Independent Director Rohit Shetty ceases on tenure completion | management changes | medium | — | — |
| 30 Sept 2026 · Voting results declared for 40th AGM held on 30 Sep 2026 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 40th AGM held via video conferencing; 7 resolutions passed including director appointments | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed for designated persons ahead of Q2 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.