Financial Performance Summary

Q2 FY27 Financial Highlights:

  • Total Income: ₹208.97 Crore, up 132% YoY and 33% QoQ
  • Operating Income: ₹187.86 Crore, up 122% YoY and 21% QoQ
  • EBITDA: ₹54.77 Crore with 29% margin
  • PBT: ₹72.89 Crore, up 126% YoY and 22% QoQ
  • Net Profit: ₹56.22 Crore, up 133% YoY and 27% QoQ
  • Net Profit Margin: 30% (139 bps improvement YoY)

H1 FY27 Financial Highlights:

  • Total Income: ₹365.95 Crore, up 136% YoY
  • Operating Income: ₹342.58 Crore, up 137% YoY
  • Net Profit: ₹100.37 Crore, up 156% YoY
  • Net Profit Margin: 29% (217 bps improvement YoY)
  • EBITDA: ₹114.83 Crore, up 156% YoY

Business Segment Performance (H1 FY27):

  • Domestic Business Contribution: ₹224.64 Crore (67% of total sales vs 41% in FY26)
  • Consumer Healthcare & FMCG Business: ₹166.88 Crore (49% of total sales)
  • International Business Contribution: ₹112.73 Crore (33% of total sales)

Strategic Developments & Partnerships

Style Baazar Partnership:

  • Allotted 1.01 crore convertible warrants of Baazar Style Retail Limited
  • Total investment commitment: ₹331.53 crore
  • Completed conversions: 45 lakh warrants valued at ₹147.71 crore
  • Capital deployed: ₹193.67 crore including upfront consideration
  • Pending conversion: 56 lakh warrants requiring ₹137.87 crore additional investment
  • Current availability: 290+ Style Baazar stores
  • Expected network expansion: 500+ stores over next 2-3 years
  • FY27 expected contribution: ₹200 crore
  • Future scaling: ₹500+ crore annual business

V2 Retail Partnership:

  • Long-term exclusive retail partnership signed November 4, 2026
  • Dedicated space: 400 sq. ft. per store across 425+ existing and future stores
  • Total dedicated space: 1.7 lakh+ sq. ft. across India
  • Rollout timeline: Supplies begin November 2026, full availability by mid-December 2026
  • Expected revenue: ₹400 crore over next 12 months

Manufacturing Capacity Expansion

Palava Facility:

  • Location: Palava, Maharashtra
  • Size: ~170,000 sq. ft.
  • Commissioning: Q3 FY27
  • Capacity enhancement:
  • Male condoms: From 480 million to ~1.25 billion per annum
  • Female condoms: From 52 million to ~125 million per annum
  • Features: Dual-polymer dipping lines for natural rubber latex and nitrile production

International Expansion Initiatives

South Africa Venture:

  • Board in-principle approval: August 2026
  • Structure: Asset-light manufacturing venture with South African partner
  • Ownership: Cupid to hold up to 49%
  • Partner responsibility: Capital expenditure and working capital arrangement
  • Current business: Supplies to South Africa's national programme for 2025-30

GII Healthcare Investment:

  • Follow-on investment: USD 5 million in July 2026
  • Funding: Internal accruals
  • Focus: Healthcare sector exposure in GCC region

West Bengal Project:

  • Board in-principle approval: August 2026
  • Structure: Proposed wholly owned subsidiary
  • Project: Medical-devices manufacturing
  • Status: Land, commercial and financial feasibility under evaluation

Capital Markets Developments

  • Included in BSE Group 'A'
  • Included in NIFTY Smallcap 250
  • Joined FTSE Emerging Markets All Cap Index effective September 21, 2026

Guidance Updates

FY27 Guidance Evolution:

  • Original: ₹600 Cr revenue, ₹180 Cr net profit
  • Updated: ₹660 Cr+ revenue, ₹180 Cr+ net profit
  • Revised (August 7, 2026): ₹725-750 Cr revenue, ₹210-225 Cr net profit
  • Revised (September 30, 2026): ₹800 Cr+ revenue, ₹250 Cr+ net profit
  • Latest (November 2026): ₹880 Cr+ revenue, ₹275 Cr+ net profit

Medium-term Guidance:

  • FY28: ₹1,305+ Cr revenue, ~₹390 Cr net profit
  • FY29: ₹1,950+ Cr revenue, ~₹605 Cr net profit

Guidance Achievement Status:

  • H1 FY27 total income (₹365.95 Cr) represents ~42% of revised FY27 revenue guidance
  • H1 FY27 net profit (₹100.37 Cr) represents ~36% of revised FY27 profit guidance

Management Commentary

Mr. Aditya Kumar Halwasiya, Chairman & Managing Director, highlighted:

  • Domestic business contribution increased to 67% of H1 sales from 41% in FY26
  • International business benefits from PFSCM agreement and South Africa's national programme
  • Price revisions across export portfolio supported realizations
  • Consumer business expansion through organized retail partnerships
  • Palava facility commissioning in Q3 FY27 to enhance production capacity and flexibility
  • West Bengal medical-devices manufacturing project under evaluation
  • South Africa venture to benefit from local production incentives
  • GII investment to strengthen Middle East relationships
  • Company focus on becoming debt-free
  • Expectation of H2 FY27 being significantly stronger than H1

Business Overview

Cupid Limited manufactures and markets:

  • Male and female condoms
  • Water-based personal lubricants
  • IVD kits
  • Consumer Healthcare & FMCG products including:
  • Fragrance products (Eau De Parfums, Deodorants, Pocket Perfumes)
  • Personal care products (Hair Removal Sprays, Face Wash, Hair & Body Oils, Toilet Sanitizers)
  • Wellness products
  • Distribution: 125+ countries exports
  • Certifications: First company with WHO/UNFPA prequalification for both male and female condoms
  • Customer base: PFSCM, WHO/UNFPA, institutional procurement programmes, government tenders, private export markets