CUPID
Cupid share price & financials
- Price
- ₹214.78
- Market cap
- ₹37.7k Cr
- Sector
- Fast Moving Consumer Goods
What Cupid Limited does
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
Quarterly results
Q1 FY27: revenue up 141.5%, net profit up 193.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 47 | 51 | 61 | 65 | 90 +91% | 104 +104% | 132 +116% | 157 +142% |
| EBITDA | 16 | 16 | 18 | 21 | 34 +113% | 45 +181% | 50 +178% | 62 +195% |
| Net profit | 10 | 11 | 12 | 15 | 24 +140% | 33 +200% | 36 +200% | 44 +193% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +38.1% 1Y
1Y: ₹202.68 on 10 Sept 2025 → ₹280. High ₹524.9 (1 Jan 2026), low ₹75.83 (4 Mar 2026).
Financials, as filed
Revenue grew 34.1% a year over 3 years, FY23 to FY26. Operating margin widened to 38.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹162 Cr | ₹177 Cr | ₹203 Cr | ₹391 Cr |
| Operating profit | ₹44 Cr | ₹56 Cr | ₹62 Cr | ₹150 Cr |
| Operating margin | 27.2% | 31.6% | 30.5% | 38.4% |
| Interest | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹4 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Net profit | ₹32 Cr | ₹40 Cr | ₹41 Cr | ₹108 Cr |
| Net margin | 19.8% | 22.6% | 20.2% | 27.6% |
| Cash from operations | ₹33 Cr | ₹8 Cr | ₹-11 Cr | ₹46 Cr |
| Free cash flow | ₹30 Cr | ₹-17 Cr | ₹-31 Cr | ₹21 Cr |
| ROCE | 26.0% | 22.0% | 17.0% | 34.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹27 Cr | ₹134 Cr |
| Reserves | ₹118 Cr | ₹129 Cr | ₹154 Cr | ₹288 Cr | ₹354 Cr | ₹316 Cr |
| Borrowings | ₹0 Cr | ₹9 Cr | ₹6 Cr | ₹12 Cr | ₹27 Cr | ₹56 Cr |
| Other liabilities | ₹22 Cr | ₹23 Cr | ₹16 Cr | ₹7 Cr | ₹34 Cr | ₹46 Cr |
| Total liabilities | ₹152 Cr | ₹174 Cr | ₹189 Cr | ₹320 Cr | ₹442 Cr | ₹553 Cr |
| Fixed assets | ₹29 Cr | ₹31 Cr | ₹36 Cr | ₹58 Cr | ₹67 Cr | ₹67 Cr |
| Capital work in progress | ₹1 Cr | ₹6 Cr | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹25 Cr |
| Investments | ₹48 Cr | ₹54 Cr | ₹69 Cr | ₹147 Cr | ₹14 Cr | ₹75 Cr |
| Other assets | ₹74 Cr | ₹84 Cr | ₹83 Cr | ₹114 Cr | ₹353 Cr | ₹386 Cr |
| Total assets | ₹152 Cr | ₹174 Cr | ₹189 Cr | ₹320 Cr | ₹442 Cr | ₹553 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −7.20 pp while promoters added +3.73 pp. The shareholder count grew 196% to 2,95,432.
- Promoters
- 46.2%
- FIIs
- 4.2%
- DIIs
- 0.3%
- Public
- 49.2%
Since Jun 2025
- Public −7.20 pp
- Promoters +3.73 pp
- FIIs +3.22 pp
How it drifted, 12 quarters
Over this window the public fell from 54.6% to 49.2% — −5.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 45.1%, FIIs 0.3%, Public 54.6%.Dec '23: Promoters 45.1%, FIIs 0.5%, Public 54.5%.Mar '24: Promoters 44.8%, FIIs 5.2%, Public 50.0%.Jun '24: Promoters 44.8%, FIIs 6.0%, Public 49.2%.Sep '24: Promoters 45.6%, FIIs 3.3%, Public 51.0%.Dec '24: Promoters 42.5%, FIIs 3.1%, Public 54.3%.Mar '25: Promoters 42.5%, FIIs 1.6%, DIIs 0.1%, Public 55.8%.Jun '25: Promoters 42.5%, FIIs 0.9%, DIIs 0.1%, Public 56.4%.Sep '25: Promoters 45.6%, FIIs 2.6%, DIIs 0.3%, Public 51.5%.Dec '25: Promoters 45.6%, FIIs 1.5%, DIIs 0.3%, Public 52.7%.Mar '26: Promoters 46.0%, FIIs 1.0%, DIIs 0.2%, Public 52.8%.Jun '26: Promoters 46.2%, FIIs 4.2%, DIIs 0.3%, Public 49.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Maybank Securities Pte Ltd - Odi FPI fund newly disclosed 1.05% held
- Quadrature Capital Vector Sp Limited FPI fund newly disclosed 1.03% held
- Aditya Kumar Halwasiya +0.39 pp 33.29% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Cupid Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Aditya Kumar Halwasiya | 33.29% | +0.39 pp |
| Columbia Petro Chem Private Limited | 12.95% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 3.69% | −0.05 pp |
| Setu Securities Private Limited | 3.60% | unchanged |
| Cliff Trexim Private Limited | 2.75% | −0.75 pp |
| Veena Garg | 2.64% | unchanged |
| Vajra Machineries Private Limited | 1.59% | unchanged |
| Majestic Commercial Private Limited | 1.40% | unchanged |
| Radharani Sales Private Limited | 1.34% | unchanged |
| Highpoint Commercial Private Limited | 1.26% | unchanged |
| Maybank Securities Pte Ltd - Odi FPI fund | 1.05% | newly disclosed |
| Garg Brothers Private Limited | 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.
What the price assumes
Growth trapTo justify its price of ₹280, this stock must grow earnings at 68% every year for 7 years. Our analysis caps realistic growth at ~50%. At that growth it is worth ₹130 — downside of 54%.
- Growth the price implies
- 68.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 50.0% a year
- net profit, FY23–FY26
- The gap
- 0.2 pp
- -54% downside if it only repeats history
Learn to analyse Cupid Limited
Guides on how to read this kind of business and the numbers that matter.