Overview

Cupid Limited, an Indian manufacturer and global exporter of male condoms, female condoms, lubricants and IVD kits, announced a substantial uplift in its FY27 revenue outlook. Management raised the full‑year revenue guidance to over Rs660 crore, representing an implied ~68.7% growth from the prior year’s revenue base, after increasing the target by at least 10% from the earlier Rs600 crore estimate.

Q1 FY27 Outlook

The company indicated that Q1 FY27 revenue will exceed Rs150 crore, which it described as one of the strongest quarterly performances in its history.

Demand Drivers

Cupid cited stronger demand across both international and domestic markets, noting heightened order visibility from private customers, institutions and government tenders in several countries. It also highlighted the commencement of a long‑term supply agreement with the Partnership for Supply Chain Management (PFSCM), Netherlands, reinforcing its global B2B position.

Core Business Performance

The male and female condom segments continue to perform well, supported by increased production capacity, new customer acquisitions and broader market reach. The lubricant business is growing steadily, while the consumer wellness and personal care segment is expanding through modern trade, organised retail and pharmacy networks across India.

Capacity and New Business Initiatives

Cupid is investing in capacity expansion, operational improvements and backward integration to sustain future growth and improve profitability. It is participating in IVD kit and menstrual cup tenders across multiple Indian states and expects its IVD business to become a meaningful long‑term growth driver through new product launches and regulatory approvals.

Management Commentary

Chairman and Managing Director Aditya Kumar Halwasiya said the strong start to FY27 reflects the company’s transformation into a diversified business with multiple growth drivers, emphasizing momentum in its international B2B business and the strategic partnership with PFSCM.

Share Price Movement

On the day of the announcement, Cupid’s shares reached a day high of Rs194.25, up 2.3% from the previous close of Rs189.85. The company’s market capitalization stands at Rs26,093 crore, and the stock has delivered a 786% total return over the last twelve months.

Recent Financial Highlights (Q4 FY26)

  • Revenue from operations: Rs132 crore, up 116% YoY from Rs61 crore in Q4 FY25.
  • Operating margin improved to 38% from 30% in the prior year.
  • Net profit rose 200% YoY to Rs36 crore, compared with Rs12 crore in Q4 FY25.
  • Earnings per share increased 200% to Rs0.27 from Rs0.09.

Manufacturing Capacity

Cupid’s modern facility, located in Sinnar near Nashik (≈200 km east of Mumbai), has a current annual capacity of over 480 million male condoms, 52 million female condoms and 210 million lubricant jelly sachets.

Disclaimer

The article contains investment commentary from Trade Brains and does not constitute investment advice. Investors are advised to conduct their own due diligence.