Cupid share price & results
- Jun 2026
- Sept 2026
Nashik-based manufacturer/exporter of condoms, lubricants and IVD kits to 125+ countries; scaling FMCG.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 155 | +158.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 39.0 | +11.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 44.0 | +193.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 34.60 | +14.5 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 5.95 | +22.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 122.06 | +89.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +34.8% 1Y
1Y: ₹234.9 on 24 Oct 2025 → ₹316.6. High ₹524.9 (1 Jan 2026), low ₹75.83 (4 Mar 2026).
- Previous close
- ₹314.05
- Market cap
- ₹42.6k Cr
- 52-week range
- ₹75.83 – ₹524.9
- One year
- +33.34%
- Price to earnings (TTM to Jun 2026)
- 310.60×
- Return on equity (TTM to Jun 2026)
- 34.60%
Overview
- Symbol
- NSE:CUPID
- Exchange
- NSE
- Currency
- INR
What Cupid Limited does
Based on the company's own presentations, annual report and earnings calls.
Cupid Limited manufactures male condoms, female condoms, water-based personal lubricants and in-vitro diagnostic (IVD) test kits at an integrated facility in Sinnar, Nashik, and exports them under multi-year institutional programs to global agencies such as WHO/UNFPA, PFSCM, the Global Fund, MSI, PSI and IDA Foundation as well as government tenders. It holds WHO/UNFPA prequalification for both male and female condoms, ISO 9001:2015 certification and USFDA (510k) clearance, and has added CE EU IVDR certification for its HIV, Hepatitis B, Syphilis and pregnancy IVD kits. Since FY24 it has also built a branded B2C FMCG business in personal care and wellness (deodorants, face wash, sunscreen, menstrual cups, hair-removal sprays and more) distributed across Indian general trade, modern trade and e-commerce, and holds a strategic investment in retail chain Baazar Style Retail to extend shelf access.
Segments
- Sexual wellness (B2B export)
- Personal lubricants
- In-vitro diagnostics (IVD)
- B2C FMCG (personal care & wellness)
- Export presence
- 125+ countries
- Manufacturing facility
- Integrated facility in Sinnar, Nashik (Maharashtra), spanning 100,000+ sq ft
- Market position
- Only condom manufacturer in India with integrated dual-polymer (latex and nitrile) manufacturing capability across male, female and nitrile female condoms
- Second manufacturing facility
- New plant under construction in Palava, Maharashtra, expected to commission H2 CY2026
- Installed male condom capacity
- ~480 million units/year
- Installed female condom capacity
- ~52 million units/year
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 4 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +193% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 42 | 46 | 56 | 60 | 84 | 94 | 120 | 155 |
| Expenses | 31 | 35 | 43 | 43 | 56 | 59 | 82 | 95 |
| Operating profit | 10 | 11 | 13 | 16 | 28 | 34 | 38 | 60 |
| Operating margin | 25.0% | 25.0% | 24.0% | 28.0% | 34.0% | 37.0% | 31.0% | 39.0% |
| Other income | 6 | 4 | 5 | 5 | 6 | 11 | 12 | 2 |
| Interest | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 14 | 14 | 16 | 20 | 32 | 43 | 47 | 60 |
| Tax rate | 29.0% | 21.0% | 28.0% | 23.0% | 25.0% | 24.0% | 24.0% | 26.0% |
| Net profit | 10 | 11 | 12 | 15 | 24 | 33 | 36 | 44 |
| EPS (₹ per share) | 0.07 | 0.08 | 0.09 | 0.11 | 0.18 | 0.24 | 0.27 | 0.33 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 162 | 174 | 183 | 358 |
| Expenses | 118 | 121 | 141 | 240 |
| Operating profit | 44 | 53 | 41 | 116 |
| Other income | 2 | 4 | 20 | 34 |
| Interest | 1 | 1 | 2 | 4 |
| Depreciation | 4 | 4 | 4 | 4 |
| Profit before tax | 42 | 52 | 55 | 142 |
| Net profit | 32 | 40 | 41 | 108 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 13 | 13 | 13 | 27 | 27 | 134 |
| Reserves | 129 | 154 | 288 | 315 | 354 | 316 |
| Borrowings | 9 | 6 | 12 | 19 | 27 | 56 |
| Other liabilities | 23 | 16 | 7 | 11 | 34 | 46 |
| Total liabilities | 174 | 189 | 320 | 372 | 442 | 553 |
| Fixed assets | 31 | 36 | 58 | 67 | 67 | 67 |
| Capital work in progress | 6 | 0 | 0 | 6 | 9 | 25 |
| Investments | 54 | 69 | 147 | 103 | 14 | 75 |
| Other assets | 84 | 83 | 114 | 196 | 353 | 386 |
| Total assets | 174 | 189 | 320 | 372 | 442 | 553 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 42 | 10 | 33 | 8 | -11 | 46 |
| Cash from investing | -9 | -13 | -22 | -80 | 45 | 28 |
| Cash from financing | -33 | 3 | -11 | 99 | -1 | 35 |
| Net cash flow | 0 | -1 | 0 | 27 | 32 | 110 |
| Free cash flow | 38 | 2 | 30 | -17 | -31 | 21 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 62 | 84 | 59 | 102 | 134 | 103 |
| Inventory days | 100 | 197 | 229 | 184 | 450 | 350 |
| Days payable | 73 | 134 | 105 | 1 | 13 | 153 |
| Cash conversion cycle | 89 | 147 | 183 | 285 | 570 | 301 |
| Working capital days | 200 | 87 | 77 | 123 | 210 | 119 |
| Return on capital employed | — | 17.0% | 26.0% | — | 17.0% | 34.0% |
| Dividend payout | 21.0% | 35.0% | 21.0% | 0.0% | 0.0% | 0.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Male and Female Contraceptives contributes 86.4% of reported segment revenue.
Quarter ended 30 Jun 2021 · Consolidated
- Male and Female Contraceptives 86.4%
₹28.99 crore
- In Vitro Devices (IVD) 10.0%
₹3.36 crore
- Others / Unallocated 3.6%
₹1.21 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Male and Female Contraceptives | 28.99 | 86.4% |
| In Vitro Devices (IVD) | 3.36 | 10.0% |
| Others / Unallocated | 1.21 | 3.6% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹33.56 crore
- Intersegment adjustment
- ₹0.00 crore
- Net segment revenue
- ₹33.56 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
What the price assumes
Growth trapTo justify its price of ₹317, this stock must grow earnings at 77% every year for 7 years. Our analysis caps realistic growth at ~41%. At that growth it is worth ₹70 — downside of 78%.
- Growth the price implies
- 76.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 40.6% a year
- net profit, FY23–FY26
- The gap
- 0.4 pp
- -78% downside if it only repeats history
Ownership
Who owns it
Promoters hold 47.69% as of Sept 2026; institutions added 1.37 pts since Jun 2026.
- Promoters 47.69%
- Foreign institutions 4.69%
- Domestic institutions 1.19%
- Public 46.41%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- +1.42 pp 34.71% held
- FPI fund +0.59 pp 1.64% held
- newly disclosed 0.03% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Cupid Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 34.71% | +1.42 pp | |
| 12.95% | unchanged | |
| 3.69% | unchanged | |
| 2.78% | −0.82 pp | |
| 2.75% | unchanged | |
| 2.64% | unchanged | |
| FPI fund | 1.64% | +0.59 pp |
| 1.59% | unchanged | |
| 1.40% | unchanged | |
| 1.30% | unchanged | |
| 1.26% | unchanged | |
| 1.04% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CUPID
Filings to Sep 2026
5 new, 0 added, 0 trimmed, 0 sold out — net +16.36 L shares.
- Held by funds
- ₹51 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹33 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹33 Cr | new | Sep '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹17 Cr | new | Sep '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | new | Sep '26 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | new | Sep '26 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | new | Sep '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net +16.36 L shares
- Funds are sitting on
- +2%
- vs est. average cost
- Held by funds
- ₹51 Cr
- 5 schemes · ≈ 0.12% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹33 Cr · 0.9% of that fund
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