Date: September 22, 2026

Financial Performance Overview

Cupid Limited delivered exceptional FY26 performance with total income increasing 93% to ₹391 crore from ₹203 crore in the previous year. Profit after tax grew 165% to ₹108 crore from ₹41 crore. EBITDA increased 180% year-over-year, and net profit margin crossed 30%. Net worth improved from ₹342 crore to ₹451 crore. The company exceeded its initial FY26 guidance of ₹335 crore revenue and ₹100 crore profit.

For Q1 FY27 (June quarter), total income grew 142% to ₹157 crore, while profit after tax increased 194% to ₹44 crore, achieving an EBITDA margin of 39%.

Business Segment Performance

The company operates through two complementary growth engines:

Global Healthcare Business:

  • Exports reached ₹208 crore in FY26, accounting for approximately 60% of total revenue
  • Serves 125+ countries through national health programmes, multilateral agencies, and brand owners
  • First company globally with WHO/UNFPA pre-qualification for both male and female condoms
  • Order pipeline at strongest level in company history

Bharat Consumer Business:

  • Contributed approximately ₹122 crore in FY26
  • Includes ₹84 crore from recently launched FMCG products
  • Portfolio includes condoms, personal lubricants, Consumer Healthcare and FMCG products
  • Expanding across modern trade, organized retail, and pharmacy channels

Capacity Expansion and Manufacturing

The company is developing a 170,000 sq. ft. Palava facility scheduled for commissioning in the next quarter (Q3 FY27). At full capacity, the facility will support approximately 1.25 billion male condoms and 125 million female condoms annually. This represents the company's largest manufacturing investment.

Cupid is developing nitrile capabilities, including a premium latex-free nitrile female condom targeting a global market expected to exceed $1.2 billion by 2030. The dual-polymer lines at Palava will enable manufacturing of both latex and nitrile condoms in India.

The company received CE certification under European IVDR for HIV, Hepatitis B, Syphilis and pregnancy test kits, supporting access to European markets.

Distribution Expansion

Cupid committed ₹331.53 crore to Baazar Style Retail, providing access to more than 280 stores with the network expected to cross 500 stores over the next 2-3 years. This initiative is expected to contribute approximately ₹150 crore of revenue in FY27, with potential to scale towards ₹500 crore annually in the coming years.

The company strengthened its positioning through "Made in India with Japanese Quality" initiative supported by collaboration with one of Asia's oldest condom manufacturers.

Strategic Developments Post-FY26

July 2026: Made additional USD 5 million follow-on investment in GII Healthcare Investment Limited, fully funded through internal accruals. This strengthens the strategic relationship and provides greater exposure to GCC healthcare opportunity, including healthcare assets in Saudi Arabia.

August 2026: Board gave in-principle approval for proposed manufacturing venture in South Africa with local partner. Under proposed structure, Cupid would hold up to 49%, while South African partner and/or qualifying local shareholders would hold at least 51%. The asset-light model would see Cupid contribute manufacturing expertise, technical know-how, technology transfer, quality systems and training, while local partner arranges capital expenditure, working capital and operating funding.

Corporate Actions and Market Recognition

  • Completed bonus issue in January 2026
  • Included in BSE Group A category in July 2026
  • Joined FTSE Emerging Markets All Cap Index effective September 21, 2026
  • Maintains robust balance sheet and strong capital position

Financial Guidance

FY2027 Guidance:

  • Revenue: ₹725–750 crore
  • Net Profit: ₹210–225 crore

Medium-term Targets:

  • FY28 Revenue: ₹1,085 crore
  • FY29 Revenue: ₹1,500 crore

Management Commentary

Mr. Aditya Kumar Halwasiya, Chairman & Managing Director, emphasized the company's focus on building a larger and more diversified FMCG and healthcare platform while maintaining discipline on profitability, governance, capital allocation and sustainable growth. The growth plan is supported by wider distribution network across India, increasing contribution from consumer products, new manufacturing capacity, opportunities from global tenders, and broader international manufacturing and healthcare platform.

Company Background

Established in 1993, Cupid Limited is one of India's leading healthcare and consumer wellness companies manufacturing and marketing male and female condoms, water-based personal lubricants, IVD kits, and Consumer Healthcare & FMCG products including fragrance products, personal care products, wellness products, and other consumer healthcare offerings.