NSE: CUPID · BSE: 530843
CUPID LIMITED
Manufactures and exports male condoms, female condoms, water-based lubricants, in-vitro diagnostic (IVD) kits, and FMCG products. The bulk of revenue comes from male and female contraceptives & jelly, which accounted for 79.8% of segment revenue in the quarter ended 30 June 2024, with IVD kits contributing 3.6% and other/unallocated items the remaining 16.6%. FY26 product mix was male condoms at ₹181.11 cr, female condoms at ₹60.72 cr, FMCG products at ₹84.26 cr, and IVD/lubricants at ₹24.97 cr. About 59% of FY26 revenue came from exports to 125+ countries, supported by a long-term supply agreement with PFSCM Netherlands. A new manufacturing facility at Palava, set to begin next quarter, will add 770 million male condom units of capacity, and the company is developing nitrile female condoms priced 25-35% higher. The largest cost line is raw materials at 31.2% of revenue in FY26, followed by other operating expenses at 17.1% and employee costs at 8.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Male and Female Contraceptives & Jelly (80%), Others / Unallocated (17%), In Vitro Devices (IVD) (4%). FMCG personal-care manufacturer and exporter with significant overseas revenue
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 184 | 358 |
| EBITDA (ex other income) | 42 | 117 |
| margin % | 22.7 | 32.6 |
| Owners' profit | 41 | 108 |
| EPS, as reported (₹) | 1.52 | 0.81 |
| ROE % · ROCE % | 11.9 · 16.2 | 24.0 · 30.9 |
| Debt / equity (x) | 0.04 | 0.11 |
| Cash from operations | (11) | 46 |
| Capex | (19) | (25) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY22 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36 | 46 | 56 | 60 | 84 | 93 | 120 | 155 |
| Profit before tax | 4 | 14 | 16 | 20 | 32 | 43 | 47 | 60 |
| Net profit | 2 | 11 | 12 | 15 | 24 | 33 | 36 | 44 |
| EPS (₹) | 1.77 | 0.41 | 0.43 | 0.56 | 0.90 | 1.22 | 0.27 | 0.33 |
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. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ CONSUMER PRODUCTS | 84,107 | 43.9 | 6.65 | 27.4 | 14.7 | 19.0 | 6.6 | 19.8 |
| DABUR INDIA LTD | 63,864 | 32.4 | 5.41 | 21.3 | 15.8 | 19.8 | 6.6 | 24.3 |
| COLGATE PALMOLIVE LTD. | 43,846 | 32.5 | 27.68 | — | 83.7 | 107.1 | — | 31.3 |
| CUPID LIMITED ◆ | 42,357 | 115.8 | 93.96 | 280.9 | 24.0 | 30.3 | — | 40.3 |
| GILLETTE INDIA LTD | 23,582 | 35.3 | 24.92 | — | 69.1 | 83.4 | — | 29.8 |
| P&G HYGIENE & HEALTH CARE | 22,332 | 28.2 | 29.64 | — | 113.7 | 134.4 | — | 20.1 |
| EMAMI LIMITED | 16,295 | 21.8 | 5.58 | 15.6 | 26.5 | 28.4 | 5.6 | 23.5 |
| HONASA CONSUMER LIMITED | 14,649 | 50.5 | 10.38 | 46.1 | 14.2 | 16.9 | — | 17.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 115.8 | 35.3 | 14 of 15 | 7% |
| P/B | 94.0 | 6.7 | 13 of 13 | 0% |
| ROCE | 30.3 | 19.4 | 5 of 16 | 73% |
| ROE | 24.0 | 15.8 | 6 of 13 | 58% |
| Debt / Equity | 0.1 | 0.0 | 11 of 13 | 17% |
| EBITDA margin | 40.3 | 23.5 | 1 of 13 | 100% |
| Revenue growth | 158.7 | 13.4 | 1 of 14 | 100% |
| Profit growth | 194.2 | 9.4 | 1 of 13 | 100% |
| Market cap | 42357 | 9817 | 4 of 16 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Cupid converts 30L Baazar Style warrants into equity shares at Rs 328.25 | strategic transactions | high | — | — |
| 8 Oct 2026 · Cupid files SEBI Reg 74(5) demat certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Cupid raises FY27 revenue guidance to ₹800+ Cr and profit guidance to ₹250+ Cr | business updates | medium | — | — |
| 29 Sept 2026 · Promoter Aditya Halwasiya buys 5,90,304 Cupid shares in open market | ownership changes | high | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 28 Sept 2026 · Cupid promoter buys 5.9 lakh shares in open market | ownership changes | medium | — | — |
| 26 Sept 2026 · Cupid to convert up to 30 lakh warrants of Baazar Style into equity shares | strategic transactions | high | — | — |
| 25 Sept 2026 · Promoter Aditya Kumar Halwasiya buys 1,62,938 shares of Cupid Ltd | ownership changes | high | — | — |
| 25 Sept 2026 · Promoter Aditya Halwasiya buys 1.63 lakh shares of Cupid via open market | ownership changes | high | — | — |
| 25 Sept 2026 · Promoter Aditya Halwasiya buys 22 lakh shares of Cupid in open market | ownership changes | high | — | — |
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.