Cupid Ltd(CUPID)

NSE: CUPIDBSE: 530843

₹ 306.5-4.25%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 41,214 crWebsite: www.cupidlimited.comUpdated: 24 Oct 2026

About

Cupid Ltd is an Indian manufacturer of male and female condoms, FMCG personal care products, and rapid diagnostic (IVD) test kits, selling to governments, UN agencies, and consumers across more than 125 countries. The company reported FY26 revenue of ₹357.71 Cr and net profit of ₹108.23 Cr. Cupid is the first company in the world to receive WHO/UNFPA pre-qualification for both male and female condoms, and is one of only a handful of manufacturers worldwide of the female condom.^[1][2]

Business segments

Male condoms: the flagship category, sold through international tenders and public-health programmes, OEM/private-label supply, and own consumer brands.^[2]
Female condoms: a category in which Cupid holds a rare global position; its latex female condom is supplied to more than 50 countries under WHO/UNFPA pre-qualification.^[2]
FMCG personal care and wellness: the fastest-scaling part of the portfolio, launched in FY2024; contributed ₹121.61 Cr in FY2026.^[2]
IVD kits and lubricants: a growing range of rapid diagnostic test kits - HIV 1&2, Hepatitis B, Syphilis, Malaria, Dengue, COVID-19 antigen and Pregnancy - alongside water-based lubricant sachets.^[2]

Products and brands

Consumer FMCG brands span sexual wellness, fragrances, personal care, diagnostics, beauty and home hygiene: Cupid, Angel, Cupi Safe, Cupi Kit, Cupi Sure, NiVi and LiVi Home.^[2]
IVD kits are marketed under the Cupikit and Cupisure brands; 15 rapid test kits in the portfolio as of FY25.^[3]
Cupid holds USFDA 510K for male condoms, Brazil ANVISA, SABS (South Africa), ISO 9001:2015, ISO 13485, ISO 25841:2017 for female condoms, and vegan certification, among others.^[2]
Development of a premium latex-free nitrile (NBR) female condom commenced in FY26; nitrile commands 25 - 35% higher pricing than latex and was historically supplied by a single global manufacturer.^[2]

Manufacturing and capacity

Existing plant at Sinnar, near Nashik, Maharashtra operates under GMP-compliant quality management systems; every condom is electronically tested before dispatch.^[2]
New 170,000 sq ft plant under construction at Palava, Maharashtra; upon full commissioning it will add ~770 million male condoms and ~75 million female condoms to existing capacity, bringing totals to ~1.25 billion male and ~125 million female condoms per year.^[2][4]
Current male condom capacity at Sinnar is 480 million units per annum (FY25).^[5]
IVD kit production capacity was 1 lakh kits/day as of Q1 FY26, with a target of 4 lakh kits/day by end-2026.^[4]
Cupid maintains over six months of raw-material inventory, including crude-linked inputs, to ensure operational continuity.^[2]

Revenue mix and key operating metrics

In FY25, male condoms accounted for 64% of segmental revenues, female condoms 15%, IVD kits 7%, and other consumer products 14%.^[4]
FMCG consumer segment grew to ₹84.26 Cr (24.01% of FY26 revenue) as reported at the Q4 FY26 earnings call; the annual report records ₹121.61 Cr FMCG revenue for FY26.^[6][2]
Exports were ₹208.13 Cr, approximately 59.3% of revenue from operations in FY26, reaching more than 125 countries.^[2]
FY26 revenue grew 94.91% year-on-year; EBITDA margin was 32.63% and net profit margin was 30.26%.^[6]

Distribution and customers

FMCG products available across more than 1.5 lakh (150,000) retail outlets in FY26, spanning over 75,000 chemists, over 47,000 cosmetics outlets, groceries, pan-plus and open-format stores.^[2]
Modern trade presence exceeded 2,900 stores listed in FY26, with e-commerce channel servicing over 52,000 orders.^[2]
Institutional customers include UNFPA (₹18.20 Cr order in FY25) and the Government of Tanzania (₹56.91 Cr cumulative orders in FY25); institutional order pipeline described as the strongest ever as of FY26.^[3][2]
IVD kits exported to Tanzania, Liberia, Ghana, Philippines and Nepal; distributed domestically across 25,000+ chemists in 6 states as of FY25.^[3]

Expansion and capex

Saudi Arabia FMCG manufacturing facility expected to be commissioned by March 2027.^[6]
Modern trade presence targeted at more than 4,000 stores for FY2027, up from over 2,900 listed in FY26.^[2]
~35% expansion in global footprint targeted over the next year (from the Q4 FY26 call).^[6]

Recent developments

September 2026: Cupid raised FY27 revenue guidance to ₹800+ Cr and net profit guidance to ₹250+ Cr; Q2 FY27 revenue expected to cross ₹200 Cr.^[7]
FY26: CE EU IVDR 2017/746 certifications received for HIV 1&2 Antibody, Hepatitis B, Syphilis and Pregnancy test kits, enabling access to European and CE-recognised markets.^[2][6]
FY26: Secured allocation under South Africa's 5-year (2025 - 2030) national condom programme - 23.4 million female condoms/year (59% share) and 153 million male condoms/year - providing ~₹79 Cr annual revenue visibility.^[6]
FY26: Promoter share-pledge reduced to 34.26% during the year.^[2]

Market Cap

₹41,214 Cr

High / Low

₹370 / 45

Stock P/E

300.5

Price / Book

91.5

Book Value

₹3

EPS

₹0.8

No. of Shares

134.47 Cr

ROCE

33.9%

ROE

27.3%

OPM

37.1%

Debt / Equity

0.11

Sales

₹358 Cr

Net Profit

₹108 Cr

Promoter holding

47.7%

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Cupid Ltd(CUPID)

About

Business segments

Products and brands

Manufacturing and capacity

Revenue mix and key operating metrics

Distribution and customers

Expansion and capex

Recent developments

Signal history

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