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CUPID - Cupid

📊 NSE: CUPID 🏢 Personal Care - Indian 📅 Last Updated: 12/13/2025 21:16

📢 Recent Corporate Announcements

Cupid Limited Receives SEBI Administrative Warning for Disclosure Non-Compliance

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 28 Apr 2026, 07:22 PM

Cupid Limited has received an administrative warning letter from SEBI dated April 23, 2026, regarding a violation of Regulation 30(7) of the SEBI (LODR) Regulations, 2015. The warning was issued due to the company's failure to disclose material information concerning the cancellation of a preferential issue. Although the company states there is no material impact on its financials or operations, the letter highlights a lapse in corporate governance and timely disclosure. The company has expressed its commitment to maintaining higher standards of regulatory adherence in the future.

SEBI issued an administrative warning letter on April 23, 2026, received by the company on April 28, 2026.
The warning pertains to the non-disclosure of the cancellation of a preferential issue, violating Regulation 30(7).
Management confirms that the warning does not have a quantifiable monetary impact on current financials or operations.
The company is required to place the warning letter before its Board of Directors and take corrective measures.

💡 Investors should view this as a minor governance lapse and monitor if the company improves its disclosure transparency moving forward. No immediate financial impact is expected, but repeated regulatory warnings could signal deeper internal control issues.

Cupid Limited Seeks Shareholder Approval for Appointment of Independent Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 18 Apr 2026, 04:52 PM

Cupid Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Bontha Prasada Rao as an Independent Director. The proposed appointment is for a five-year term effective from February 25, 2026, and requires a Special Resolution. Shareholders can cast their votes electronically through the CDSL platform between April 21, 2026, and May 20, 2026. The results of the voting will be announced within two working days after the conclusion of the e-voting period.

Proposal to appoint Mr. Bontha Prasada Rao as an Independent Director for a 5-year term.
The appointment is effective from February 25, 2026, subject to shareholder approval.
Remote e-voting period starts April 21, 2026, and ends May 20, 2026.
The cut-off date for determining voting eligibility is April 17, 2026.
The resolution is proposed as a Special Resolution requiring a 75% majority.

💡 Investors should review the candidate's profile for corporate governance alignment and participate in the e-voting process. This is a routine management update and is unlikely to have a significant impact on the stock price.

Cupid Limited Launches 100-Day 'Saksham Niveshak' Campaign for Unclaimed Dividends

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Apr 2026, 04:42 PM

Cupid Limited has initiated the second 'Saksham Niveshak' campaign, a 100-day initiative running from April 1, 2026, to July 9, 2026. This campaign follows a Ministry of Corporate Affairs circular aimed at helping shareholders claim unpaid or unclaimed dividends before they are transferred to the Investor Education and Protection Fund (IEPF). Shareholders must update their KYC, PAN, and bank details to receive these payments electronically. This is a routine administrative procedure to ensure regulatory compliance and investor service.

Campaign duration is 100 days, effective from April 1, 2026, to July 9, 2026.
Focuses on preventing the transfer of unclaimed dividends to the Investor Education and Protection Fund (IEPF).
Requires submission of specific forms (ISR-1, ISR-2, SH-13) to the RTA, Bigshare Services Private Limited.
Dividends are only payable in electronic mode, necessitating updated bank account and KYC details.

💡 Shareholders should verify their dividend records and ensure all KYC and bank details are updated with the RTA before July 9, 2026, to claim any pending funds.

Cupid Limited Submits Quarterly SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Apr 2026, 06:00 PM

Cupid Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that all share dematerialization requests were processed within the mandatory 15-day period. This filing confirms that physical certificates were duly mutilated and cancelled, and the name of the depositories was substituted in the register of members. This is a standard administrative procedure to ensure the integrity of the shareholding records.

Compliance certificate issued for the quarter ended March 31, 2026.
Dematerialization requests processed and confirmed within 15 days of receipt.
Physical security certificates were mutilated and cancelled after due verification by the RTA.
Confirmation that securities are listed on the stock exchanges where earlier securities were listed.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for performance insights.

Cupid Limited Invests ₹82.88 Cr in Baazar Style Retail to Boost FMCG Reach

🟢 POSITIVE ⭐ 8/10

M&A 📅 02 Apr 2026, 07:22 PM

Cupid Limited has completed the first phase of its strategic investment in Baazar Style Retail Limited, deploying ₹82.88 crore out of a total planned ₹331.53 crore. This investment, made via 1.01 crore warrants, provides Cupid direct access to over 260 retail stores for its expanding FMCG and wellness portfolio. The company expects this partnership to generate an incremental annual revenue of ₹500 crore within the next three years. This move aligns with Cupid's strategy to pivot from a pure-play manufacturer to a consumer-facing FMCG brand.

Deployed ₹82.88 crore as 25% of a total ₹331.53 crore strategic investment plan
Allotted 1,01,00,000 warrants convertible into equity shares of Baazar Style Retail Limited
Gains immediate access to 260+ stores, with the retail partner planning expansion to 500+ stores
Management projects ₹500 crore in incremental annual revenue within 3 years from this partnership

💡 Investors should view this as a significant step in Cupid's transformation into an FMCG player; monitor the quarterly revenue contribution from the retail segment to validate the ₹500 crore guidance.

Cupid Ltd to Invest Rs 331.5 Cr in Baazar Style Retail via 1.01 Cr Warrants

🟢 POSITIVE ⭐ 8/10

M&A 📅 02 Apr 2026, 05:51 PM

Cupid Limited has committed to a strategic investment in Baazar Style Retail Limited by subscribing to 1,01,00,000 convertible warrants at Rs 328.25 per warrant. The company has already paid the 25% upfront amount of Rs 82.88 crore, with the remaining 75% payable upon conversion into equity. This partnership provides Cupid access to Baazar Style's network of 250+ stores, which is expected to double to 500+ stores within three years. The target company is a growing fashion retailer with a FY25 turnover of Rs 1,343.71 crore.

Acquisition of 1,01,00,000 warrants at Rs 328.25 each, totaling approximately Rs 331.53 crore.
Upfront payment of Rs 82.88 crore (25%) already completed by Cupid Limited.
Strategic access to 250+ existing retail stores to scale Cupid's FMCG product portfolio.
Target company Baazar Style Retail reported FY25 revenue of Rs 1,343.71 crore and PAT of Rs 14.66 crore.
Baazar Style aims to expand its retail footprint to over 500 locations within the next 3 years.

💡 Investors should monitor the successful integration of Cupid's products into the Baazar Style retail network as a key driver for FMCG segment growth. This move signals a significant shift towards a direct-to-consumer retail strategy.

Cupid Ltd to Surpass FY26 Guidance; Targets ₹600 Cr Revenue and 30%+ PAT Margin in FY27

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 31 Mar 2026, 06:25 PM

Cupid Limited has announced that it is set to deliver its strongest quarterly performance ever, comfortably exceeding its FY26 guidance of ₹335 crore in revenue and ₹100 crore in net profit. Looking ahead, the company has provided a robust outlook for FY27, targeting a minimum revenue of ₹600 crore and net profit margins exceeding 30%. This growth is underpinned by a 1.5x capacity expansion and strong export traction across 125 countries. Additionally, the company has secured raw material visibility for the next six months, mitigating risks from crude-derived input costs.

Exceeding FY26 annual guidance of ₹335 Cr revenue and ₹100 Cr net profit.
Aggressive FY27 revenue target of at least ₹600 Cr with net profit margins > 30%.
Production capacity increased 1.5x to 770 million male and 75 million female condoms annually.
Raw material inventory secured for 6 months with favorable USD-INR export tailwinds.
Strong global presence as the first company with WHO/UNFPA pre-qualification for both condom types.

💡 The significant upward revision in FY27 guidance and strong margin profile suggest a high-growth trajectory; investors should monitor the upcoming formal Q4 results for execution consistency.

Cupid Limited Reconstitutes Audit Committee with Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Mar 2026, 07:18 PM

Cupid Limited has announced the reconstitution of its Audit Committee effective March 30, 2026, following a board resolution passed by circulation. The committee is now composed entirely of three Non-Executive and Independent Directors, which is a positive sign for corporate governance. Mrs. Rajni Mishra has been appointed as the Chairperson, while Mr. Thallapaka Venkateswara Rao and Mr. Bontha Prasada Rao will serve as members. This move ensures compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.

Audit Committee reconstituted via board resolution on March 30, 2026
Committee now consists of 3 Non-Executive and Independent Directors
Mrs. Rajni Mishra appointed as the Chairperson of the Audit Committee
Compliance maintained under SEBI (Listing Obligations and Disclosure Requirements) Regulations

💡 This is a routine governance update and requires no immediate action from investors. The focus on independent directors in the audit committee is a standard practice for maintaining financial transparency.

Cupid Limited Reconstitutes Audit Committee with 3 Independent Directors

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Mar 2026, 05:09 PM

Cupid Limited has announced the reconstitution of its Audit Committee effective March 30, 2026, following a board resolution passed by circulation. The committee is now composed entirely of three Non-Executive and Independent Directors, which aligns with high corporate governance standards. Mrs. Rajni Mishra has been appointed as the Chairperson, supported by members Mr. Thallapaka Venkateswara Rao and Mr. Bontha Prasada Rao. This update ensures the company remains in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.

Audit Committee reconstituted via board resolution passed by circulation on March 30, 2026.
The committee consists of 3 members, all of whom are Non-Executive and Independent Directors.
Mrs. Rajni Mishra appointed as the Chairperson of the Audit Committee.
The move ensures compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.

💡 This is a routine administrative update regarding corporate governance. No immediate action is required as it does not impact the company's operational or financial fundamentals.

Cupid Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Mar 2026, 05:05 PM

Cupid Limited has informed the stock exchanges that its trading window will be closed starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This restriction applies to all designated persons, including directors and their immediate relatives, preventing them from trading in the company's securities. The window will remain closed until 48 hours after the financial results for the quarter and year ending March 31, 2026, are officially published. This is a standard regulatory procedure ahead of the company's earnings announcement.

Trading window closure begins on April 1, 2026.
Restriction pertains to the financial results for the quarter and year ending March 31, 2026.
Window will reopen 48 hours after the financial results are declared.
Compliance is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no direct impact on the company's fundamentals. Investors should wait for the upcoming Q4 and annual financial results to assess the company's performance.

Cupid Promoter Aditya Kumar Halwasiya Acquires 8 Lakh Shares via Open Market

🟢 POSITIVE ⭐ 6/10

OTHER 📅 20 Mar 2026, 08:09 PM

Mr. Aditya Kumar Halwasiya, the Promoter, Chairman, and Managing Director of Cupid Limited, has acquired 8,00,000 equity shares of the company through an open market purchase. This transaction, dated March 20, 2026, represents approximately 0.06% of the company's total share capital. Following this acquisition, his personal stake has increased from 32.84% to 32.90%. The total promoter and promoter group holding now stands at 45.85%, up from 45.79%.

Acquisition of 8,00,000 equity shares (0.06% stake) via open market purchase
Promoter Aditya Kumar Halwasiya's individual holding increased from 32.84% to 32.90%
Total Promoter and Promoter Group holding rose to 45.85% from 45.79%
The transaction was executed on March 20, 2026, as per the SEBI (SAST) disclosure

💡 Investors should view this open market purchase by the CMD as a positive signal of management's confidence in the company's future prospects. It suggests that the leadership perceives the current market price as attractive or undervalued.

Cupid Limited Aligns with Japanese Quality Standards via Strategic Partnership

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 16 Mar 2026, 04:35 PM

Cupid Limited has announced a strategic branding alignment, 'Made in India' with 'Japanese Quality,' through a collaboration with Asia’s oldest latex condom manufacturer. This move is designed to enhance technological capabilities and boost confidence among global OEM partners and retail consumers. The company currently exports to over 125 countries and holds unique WHO/UNFPA pre-qualifications. This initiative complements their recent capacity expansion, which added 770 million male condoms to their annual output.

Collaboration with Asia’s oldest latex condom manufacturer to adopt 'Japanese Quality' standards.
Strategic focus on 125+ export markets and global OEM partnership growth.
Leverages 28 years of manufacturing expertise to improve product precision and reliability.
Follows a 1.5x capacity expansion, adding 770 million male and 75 million female condoms annually.

💡 This move strengthens Cupid's competitive positioning in the premium and OEM segments; investors should watch for improved margins and new international contracts resulting from this quality upgrade.

Cupid Ltd Announces Strategic Branding Alignment with Japanese Quality Standards

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 16 Mar 2026, 04:33 PM

Cupid Limited has entered into a strategic collaboration with Asia's oldest latex condom manufacturer to adopt 'Japanese Quality' standards for its 'Made in India' products. This initiative aims to bolster consumer trust and strengthen relationships with global OEM partners across 125 countries. The branding shift coincides with a significant capacity expansion at its Palava facility, which is set to add 770 million male and 75 million female condoms annually, representing a 1.5x increase in production. This move is designed to leverage the company's 28-year manufacturing heritage to capture higher market share in the premium wellness segment.

Collaboration with Asia's oldest latex manufacturer to integrate Japanese precision and quality standards.
Ongoing capacity expansion to add 770 million male and 75 million female condoms annually (1.5x growth).
Global footprint spanning over 125 countries with existing WHO and UNFPA pre-qualifications.
Strategic focus on premiumization to enhance appeal for both retail consumers and global OEM partners.

💡 Investors should monitor the impact of this premium branding on export margins and the company's ability to secure higher-value OEM contracts. The successful integration of Japanese quality standards could serve as a key differentiator in the competitive global wellness market.

Cupid Ltd Allots 107.57 Cr Bonus Shares; Paid-up Capital Rises to Rs 134.47 Cr

🟡 NEUTRAL ⭐ 7/10

ROUTINE 📅 10 Mar 2026, 01:24 PM

Cupid Limited has finalized the allotment of 1,07,57,28,560 bonus equity shares to eligible shareholders as of the record date, March 9, 2026. The bonus issue was executed in a 4:1 ratio, providing four new shares for every one existing share held. This corporate action has significantly increased the company's paid-up share capital from Rs 26.89 crore to Rs 134.47 crore. The new shares will rank pari-passu with existing shares and are expected to enhance the stock's liquidity in the market.

Allotment of 1,07,57,28,560 bonus equity shares with a face value of Re. 1 each
Bonus issue ratio maintained at 4:1 (4 new shares for every 1 existing share)
Total paid-up share capital increased from Rs 26,89,32,140 to Rs 134,46,60,700
Record date for eligibility was March 9, 2026, with allotment approved on March 10, 2026
New shares will rank pari-passu in all respects with existing equity shares

💡 Investors should monitor their demat accounts for the credit of bonus shares and note the proportional adjustment in the stock price. No further action is required as the total investment value remains fundamentally unchanged despite the increased share count.

Cupid Limited Independent Director Smeeta Bhatkal Resigns Effective March 2, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Mar 2026, 06:38 PM

Ms. Smeeta Bhatkal has resigned from her position as an Independent Director at Cupid Limited, effective from the close of business on March 2, 2026. She cited full-time professional commitments as the primary reason for her departure and confirmed that there are no other material reasons for the resignation. As a result of this change, she also ceases to be a member of the company's Audit Committee. The company has filed this disclosure in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

Ms. Smeeta Bhatkal resigned as Independent Director effective from the closure of business hours on March 2, 2026.
The resignation leads to her immediate cessation as a member of the company's Audit Committee.
The reason provided for the resignation is 'full-time professional commitments' with no other material reasons cited.
Ms. Bhatkal continues to serve as an Independent Director and Chairperson of the Audit Committee at Prime Securities Limited.

💡 This is a routine board-level change and does not affect the company's business operations or financial health. Investors should watch for the appointment of a new Independent Director to ensure continued compliance with board composition norms.

View All CUPID Announcements on Live Market Tracking →

💰 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.