Cupid Limited (CUPID)
₹353.70 +0.34% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Cupid's revenue was ₹155 Cr (+158.7% year on year, +28.9% on the previous quarter), and net profit ₹44.1 Cr (+194.2% year on year); the operating margin was 38.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹155 | +158.7% | +28.9% |
| Operating profit | ₹60.1 | +264.6% | +58.1% |
| Net profit | ₹44.1 | +194.2% | +22.6% |
| EPS (₹) | 0.33 | +194.6% | +22.2% |
| Operating margin | 38.8% | — | — |
EPS restated for the 4:1 bonus of Mar 2026: Q1 FY26 ₹0.56 to ₹0.11.
CUPID delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 25.43% of the CUPID shares traded on NSE were taken to delivery, against the stock's own 20-session average of 31.61%. That is close to its usual level.
Delivery in the last 5 sessions: 27.9% · 28.2% · 31.5% · 31.4% · 25.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Cupid Limited has completed the conversion of 30,00,000 warrants of Baazar Style Retail Limited into equity shares at a predetermined price of ₹328.25 per share. This tranche represents a transaction value of approximately ₹98.48 crore, which is around 22% of Cupid's TTM revenue of ₹452 crore. Following this conversion, Cupid has converted a cumulative 45,00,000 warrants out of its total 1,01,00,000 allotted warrants, leaving 56,00,000 warrants outstanding.
- Converted 30,00,000 warrants into equity shares of Baazar Style Retail Limited
- Predetermined conversion price set at ₹328.25 per equity share
- Total cumulative warrants converted stands at 45,00,000
- 56,00,000 warrants remain outstanding for future conversion out of 1,01,00,000 total allotted
Cupid Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirms that securities received for dematerialization were processed, mutilated, and cancelled within the prescribed 15-day limit. This is a standard procedural compliance filing confirming no operational issues in share processing.
- Regulation 74(5) demat compliance confirmed for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent, Bigshare Services Private Limited, on October 07, 2026
- Dematerialization requests confirmed, mutilated, and cancelled within the statutory limit of 15 days
Cupid Limited released its Q2 FY27 business updates, projecting Q2 revenue to surpass ₹200 Cr, up sharply from ₹154.7 Cr in Q1 FY27 and ₹84 Cr in Q2 FY26. Consequently, management raised full-year FY27 guidance to ₹800+ Cr revenue (up 124% vs FY26 revenue of ₹357.3 Cr) and ₹250+ Cr net profit (up 132% vs FY26 PAT of ₹107.8 Cr). Key strategic moves include an asset-light manufacturing venture in South Africa, a $5 million follow-on investment from GII Healthcare, and conversion of up to 30 lakh warrants of Baazar Style Retail at ₹328.25 per share.
- Q2 FY27 total revenue expected to cross ₹200 Cr
- Revised FY27 revenue guidance upward to ₹800+ Cr (vs FY26 revenue of ₹357.3 Cr)
- Revised FY27 net profit guidance upward to ₹250+ Cr (vs FY26 net profit of ₹107.8 Cr)
- Approved conversion of up to 30 lakh warrants of Baazar Style Retail at ₹328.25 per share
- Secured an additional USD 5 million follow-on investment from GII Healthcare Investment Limited
Cupid Limited promoter, Chairman, and Managing Director Aditya Kumar Halwasiya acquired 5,90,304 equity shares (0.04% of total equity) via open market purchases on September 28, 2026. Following this transaction, his direct holding increased from 34.67% to 34.71%, while overall promoter group holding rose from 47.62% to 47.66%. At current market levels of around Rs 264.5 per share, the transaction represents a purchase value of approximately Rs 15.6 crore.
- Promoter Aditya Kumar Halwasiya acquired 5,90,304 equity shares via open market on September 28, 2026
- Acquisition represents 0.04% of the total share and voting capital
- Aditya Halwasiya's personal holding increased from 34.67% (46,61,35,031 shares) to 34.71% (46,67,25,335 shares)
- Total promoter and promoter group holding expanded from 47.62% to 47.66% (64,09,24,585 shares)
Cupid Limited's board has approved the conversion of up to 30,00,000 warrants into equity shares of Baazar Style Retail Limited in one or more tranches. The transaction involves a cash consideration of approximately ₹73.86 crore, priced at the predetermined rate of ₹328.25 per share. Cupid originally had approval for 1,01,00,000 warrants, of which 15,00,000 were converted in May 2026 and 86,00,000 remain outstanding. The move represents ~16.3% of Cupid's TTM revenue (₹452 crore) and aims to leverage Baazar Style's network of 283+ stores to scale Cupid's B2C FMCG distribution.
- Approved conversion of up to 30,00,000 warrants of Baazar Style Retail into equity shares at ₹328.25 per warrant.
- Cash consideration for this conversion tranche is approximately ₹73.86 crore.
- Out of an original 1,01,00,000 warrants approved on January 21, 2026, 15,00,000 were converted on May 15, 2026, leaving 86,00,000 outstanding prior to this decision.
- Strategic goal is to leverage Baazar Style's 283 existing stores (expanding to 500+ within 3 years) to distribute Cupid's FMCG portfolio.
- Baazar Style reported FY26 consolidated turnover of ₹1,84,086.90 lakh and PAT of ₹4,686.78 lakh.
Cupid Limited's Chairman and Managing Director, Aditya Kumar Halwasiya, has acquired 1,62,938 equity shares (0.01% of total share capital) through open market purchases on September 25, 2026. Following this transaction, his personal shareholding increased slightly from 34.65% to 34.67%. Total promoter and promoter group holding in the company stands marginally higher at 47.62% (or 47.54% on a diluted basis), up from 47.60%. The transaction value represents approximately Rs 4.40 crore at current market prices, indicating minor insider accumulation.
- Acquisition of 1,62,938 equity shares of face value Re. 1/- each via open market
- Aditya Kumar Halwasiya's personal holding increased from 34.65% (46,59,72,093 shares) to 34.67% (46,61,35,031 shares)
- Total promoter group holding edged up from 47.60% (64,01,71,343 shares) to 47.62% (64,03,34,281 shares)
- Total equity share capital remained at Rs 134,46,60,700 divided into 134,46,60,700 equity shares of Re. 1/- each
Promoter, Chairman, and Managing Director Mr. Aditya Kumar Halwasiya has acquired 22,00,000 equity shares (0.16% stake) of Cupid Limited via the open market on September 24, 2026. Following this transaction, his direct holding increased from 34.49% to 34.65% of the total share capital. Consequently, total promoter and promoter group shareholding increased to 47.60% (64,01,71,343 shares) from 47.44%. The acquisition represents approximately Rs 59.4 crore at the current market price of Rs 270 per share.
- Acquisition of 22,00,000 equity shares (0.16% voting capital) via open market purchases
- Aditya Kumar Halwasiya's personal holding increased from 34.49% (46,37,72,093 shares) to 34.65% (46,59,72,093 shares)
- Total promoter group holding rose from 47.44% to 47.60% (64,01,71,343 shares)
- Columbia Petro Chem Private Limited holding remains unchanged at 12.95% (17,41,99,250 shares)
Promoter, Chairman and Managing Director Aditya Kumar Halwasiya acquired 11,00,000 equity shares (0.08% stake) of Cupid Limited via the open market on September 23, 2026. Following this purchase, his direct personal shareholding increased from 34.41% to 34.49%. The overall promoter and promoter group stake marginally rose from 47.36% to 47.44%. Total voting equity post-transaction stands at 134,46,60,700 shares.
- Acquisition of 11,00,000 equity shares of face value Re. 1 each via the open market
- Aditya Kumar Halwasiya's direct stake rose from 34.41% (46,26,72,093 shares) to 34.49% (46,37,72,093 shares)
- Total promoter group holding increased from 47.36% to 47.44% (63,79,71,343 shares)
- Transaction date recorded as September 23, 2026
Cupid Limited announced the voting results and scrutinizer's report for its 33rd Annual General Meeting held on September 22, 2026. All six agenda items were approved with requisite majorities, each receiving over 99.8% votes in favor. Key passed resolutions include the adoption of FY26 standalone and consolidated financial statements, re-appointment of Director Aditya Kumar Halwasiya, continuation of Independent Director Thallapaka Venkateswara Rao, and appointment of Keral Prasad Yadaw as Independent Director. Overall voter turnout represented 47.48% of total outstanding shares across 4,88,654 shareholders.
- All 6 resolutions passed with over 99.85% votes in favor
- Total voter turnout stood at 47.476% across 63,83,91,528 polled shares
- Adoption of FY26 standalone accounts passed with 99.9995% votes in favor
- Re-appointment of Director Aditya Kumar Halwasiya approved with 99.9628% approval
- Total shareholder base stood at 4,88,654 on the cut-off date of September 15, 2026
At its 33rd AGM, Cupid Limited outlined an upgraded FY27 guidance of ₹725–750 crore in revenue and ₹210–225 crore in PAT, up sharply from FY26 revenue of ₹391 crore and PAT of ₹108 crore. The company announced its 170,000 sq. ft. Palava facility will be commissioned next quarter, expanding capacity to 1.25 billion male condoms and 125 million female condoms annually. Cupid also detailed long-term targets of ₹1,085 crore revenue in FY28 and ₹1,500 crore in FY29, driven by FMCG distribution expansion including a ₹331.53 crore commitment to Baazar Style Retail. Additionally, post-FY26 international moves include a $5 million investment in GII Healthcare and a proposed 49% asset-light venture in South Africa.
- Raised FY27 revenue guidance to ₹725–750 crore and PAT guidance to ₹210–225 crore
- Medium-term targets set for ₹1,085 crore revenue in FY28 and ₹1,500 crore in FY29
- 170,000 sq. ft. Palava facility commissioning next quarter to support 1.25B male and 125M female condoms capacity
- Committed ₹331.53 crore to Baazar Style Retail network, targeting ₹150 crore FY27 revenue
- FY26 total income grew 93% to ₹391 crore with PAT jumping 165% to ₹108 crore
Cupid Limited's Chairman and Managing Director, Aditya Kumar Halwasiya, acquired 24,00,000 equity shares (0.18% of total share capital) via open market purchases on September 22, 2026. Following the acquisition, his direct holding increased from 34.23% (46.03 crore shares) to 34.41% (46.27 crore shares). Total promoter and promoter group shareholding in the company rose from 47.18% to 47.36%.
- Promoter acquired 24,00,000 equity shares via open market on September 22, 2026
- Aditya Kumar Halwasiya's personal holding increased from 34.23% to 34.41%
- Total promoter group holding rose from 47.18% (63.45 cr shares) to 47.36% (63.69 cr shares)
- Acquisition represents 0.18% of total diluted voting capital
Cupid Limited announced that its Promoter, Chairman, and Managing Director, Mr. Aditya Kumar Halwasiya, acquired 41,00,000 equity shares (0.30% stake) via open market purchases on September 21, 2026. Following this transaction, Mr. Halwasiya's direct shareholding increased from 33.92% to 34.23%. Total promoter and promoter group holding in the company expanded from 46.87% to 47.18%. At the current share price of Rs 262.4, this purchase represents an estimated transaction value of approximately Rs 107.6 crore.
- Promoter Aditya Kumar Halwasiya acquired 41,00,000 equity shares through the open market on September 21, 2026.
- The acquisition represents 0.30% of total voting capital and 0.30% of diluted share capital.
- Aditya Kumar Halwasiya's personal holding increased from 45,61,72,093 shares (33.92%) to 46,02,72,093 shares (34.23%).
- Total promoter and promoter group holding rose from 63,03,71,343 shares (46.87%) to 63,44,71,343 shares (47.18%).
Promoter, Chairman, and Managing Director Aditya Kumar Halwasiya acquired 5,90,000 equity shares (0.04% stake) of Cupid Limited via the open market on September 15, 2026. Following this purchase, his direct individual shareholding increased from 33.88% to 33.92%. Total promoter and promoter group shareholding edged up from 46.83% to 46.87%. The acquisition represents a minor incremental purchase relative to the company's total equity base of 134.47 crore shares.
- Acquisition of 5,90,000 equity shares of Re. 1/- face value via open market on September 15, 2026
- Individual holding of Aditya Kumar Halwasiya increased from 33.88% (45,55,82,093 shares) to 33.92% (45,61,72,093 shares)
- Total promoter group stake increased from 46.83% to 46.87% (63,03,71,343 shares)
- Total voting capital of the company stands unchanged at Rs. 134,46,60,700 across 134,46,60,700 equity shares
Promoter, Chairman and Managing Director Aditya Kumar Halwasiya bought 11,00,000 equity shares (0.08% stake) of Cupid Limited via open market transactions on September 11, 2026. Following this purchase, his direct holding increased from 33.80% (45,44,82,093 shares) to 33.88% (45,55,82,093 shares). Total promoter and promoter group shareholding edged up from 46.75% to 46.83%. At the current market price of Rs 281.9, the acquired shares represent an estimated transaction value of roughly Rs 31 crore.
- Acquisition of 11,00,000 equity shares (0.08% of total share capital) via open market purchases
- Aditya Kumar Halwasiya's personal holding increases from 33.80% to 33.88%
- Total promoter and promoter group stake rises from 46.75% (62,86,81,343 shares) to 46.83% (62,97,81,343 shares)
- Transaction executed on September 11, 2026
- Target equity voting capital post-acquisition stands at Rs 134,46,60,700 across 134,46,60,700 shares of Re 1 face value
Cupid Limited has dispatched notices to shareholders who have not claimed their 1st Interim Dividend for FY 2019-20 for seven consecutive years. Affected shareholders must encash their unpaid dividends on or before December 16, 2026. Failing this, the underlying shares and unclaimed amounts will be transferred to the Investor Education and Protection Fund (IEPF) Authority within 30 days. This is a mandatory statutory compliance procedure under Section 124(6) of the Companies Act, 2013.
- Notices dispatched on September 10, 2026, for unclaimed 1st Interim Dividend of FY 2019-20
- Deadline to claim unpaid dividends is set for December 16, 2026
- Shares and dividends unpaid for 7 consecutive years will be transferred to IEPF demat account within 30 days of the deadline
- Shareholders can claim transferred shares back from the IEPF Authority under standard rules
Financial Performance
Revenue Growth by Segment
B2C FMCG segment grew from zero to over INR 50 Cr (20%+ of topline) in FY25, targeting INR 125 Cr in FY26. B2B Exports contribute INR 93.58 Cr (52% of sales). IVD segment turned PAT positive in FY25.
Geographic Revenue Split
Exports to 110+ countries account for 52% of total revenue (INR 93.58 Cr). Domestic India operations account for the remaining 48%.
Profitability Margins
FY24 Net Profit was INR 39.85 Cr (23.3% margin). FY26 guidance targets Net Profit of over INR 100 Cr (approx. 29.8% margin based on INR 335 Cr topline).
EBITDA Margin
EBITDA margins are expanding due to a strategic pivot toward a higher-margin product mix, specifically IVD and B2C wellness products.
Capital Expenditure
Capacity expansion underway to scale production to 1.25 billion male condoms and 125 million female condoms annually within 18-24 months. New facility at Palava will boost production by 1.5x.
Credit Rating & Borrowing
The company operates with zero debt and maintains strong cash reserves. Borrowing costs are not applicable due to debt-free status.
Operational Drivers
Raw Materials
Latex and Silicon Oil are the primary raw materials. Specific percentage of total cost is not disclosed, but pricing is strategically monitored.
Key Suppliers
Not specifically disclosed, but the company has vendor approvals from Cipla Health and Godrej Consumer Products for OEM/white-label manufacturing.
Capacity Expansion
Male Condoms: 480 million current, expanding to 1,250 million. Female Condoms: 52 million current, expanding to 125 million within 18-24 months.
Raw Material Costs
Latex and silicon oil pricing is closely monitored; procurement is managed strategically to mitigate raw material inflation risks.
Manufacturing Efficiency
Implementation of real-time production monitoring to drive precision and scalability; removing execution bottlenecks through smarter procurement.
Strategic Growth
Expected Growth Rate
40%
Growth Strategy
Achieving growth through a 1.5x capacity boost at the new Palava facility, scaling B2C FMCG revenue to INR 125 Cr by FY26, obtaining CE/WHO certifications for IVD kits to access European/African markets, and expanding OEM partnerships with Cipla and Godrej.
Products & Services
Male condoms, female condoms, water-based personal lubricants, IVD kits, deodorants, perfumes, almond hair oil, body oils, petroleum jelly.
Brand Portfolio
CUPID
New Products/Services
IVD kits (Malaria tests) and mass-market wellness products are expected to drive high-margin growth.
Market Expansion
Targeting regulated markets in Europe and Africa via upcoming CE and WHO prequalifications for IVD kits.
Market Share & Ranking
India's premier manufacturer of male and female condoms; only Indian manufacturer of female condoms with WHO/UNFPA prequalification.
Strategic Alliances
Long-term agreements with WHO and UNFPA; OEM/white-label collaborations with Cipla Health and Godrej Consumer Products.
External Factors
Industry Trends
The female condom market is growing faster than the male segment; India's IVD sector is expanding rapidly due to preventive healthcare awareness; domestic condom penetration remains low at <5%.
Competitive Landscape
Intense competition in sexual wellness and personal care FMCG markets requires continuous investment in branding and distribution.
Competitive Moat
Durable moat through being the first company globally with WHO/UNFPA prequalification for both male and female condoms, creating a high barrier to entry.
Macro Economic Sensitivity
Highly sensitive to USD-INR exchange rates due to 52% export revenue; sensitive to preventive healthcare awareness trends.
Consumer Behavior
Shift toward preventive healthcare is driving IVD demand; cultural stigma continues to limit adoption in semi-urban and rural areas.
Geopolitical Risks
Geopolitical disruptions remain a key risk to the cost structure and delivery timelines for the export business (48-52% of revenue).
Regulatory & Governance
Industry Regulations
Operations governed by WHO/UNFPA prequalification, USFDA (510k) clearance, ISO 9001:2015, and upcoming CE certifications for IVD kits.
Legal Contingencies
No incidents of corruption, conflicts of interest, fines, or penalties were reported for the 2024-25 reporting year.
Risk Analysis
Key Uncertainties
Regulatory dependence for international market access; delays in certifications could impact expansion timelines.
Geographic Concentration Risk
52% of revenue is concentrated in international markets across 110 countries, with significant exposure to Africa.
Third Party Dependencies
High dependency on WHO/UNFPA for institutional B2B business.
Technology Obsolescence Risk
Company is mitigating risks by adopting cutting-edge technology and real-time production monitoring.
