Mumbai (Maharashtra) [India], September 24: Cupid Limited (“Cupid” or “the Company”) reported its FY2026 financial performance and provided updates on its consumer business, international operations, manufacturing initiatives and other corporate developments at its 33rd Annual General Meeting.
Addressing shareholders, Mr. Aditya Kumar Halwasiya, Chairman & Managing Director, Cupid Limited, presented an overview of the Company’s FY26 performance, the progress of its consumer and international businesses, key strategic initiatives undertaken during the year, and the Company’s direction for FY27 and beyond.
FY26 Performance
During FY26, total income increased 93% to ₹391 crore from ₹203 crore, while profit after tax increased 165% to ₹108 crore from ₹41 crore. EBITDA increased 180%, net profit margin crossed 30%, and net worth rose from ₹342 crore to ₹451 crore.
Business Overview
Cupid’s business comprises its international healthcare operations and Bharat consumer business.
The international business serves national health programmes, multilateral agencies and brand owners across overseas markets. During FY2026, exports reached ₹208 crore, accounting for close to 60% of revenue, across 125+ countries.
The consumer business includes condoms, personal lubricants and a portfolio of Consumer Healthcare and FMCG products. It contributed approximately ₹122 crore in FY26, including ₹84 crore from recently launched FMCG products.
Manufacturing and Product Developments
Cupid is developing nitrile capabilities, including a latex-free nitrile female condom. With its dual-polymer lines at Palava, the company is developing the capability to manufacture both latex and nitrile condoms in Bharat.
According to the company, its 170,000 sq. ft. Palava facility is planned for commissioning in the next quarter. According to the company, the facility is planned to support total annual capacity of approximately 1.25 billion male condoms and 125 million female condoms at full capacity.
Cupid also received CE certification under the European IVDR for its HIV, Hepatitis B, Syphilis and pregnancy test kits.
Consumer Distribution
Cupid invested in Baazar Style Retail Limited by subscribing to fully convertible warrants, convertible into equity shares within 18 months; the approved transaction aggregates to ₹331.53 crore. At the time of the AGM, Baazar Style Retail operated more than 280 stores, which the company identified as a potential distribution network for Cupid’s FMCG products. According to company guidance, the network is expected to cross 500 stores over the next two to three years.
The company has stated that the initiative is expected to contribute approximately ₹150 crore of revenue in FY27 and has indicated a potential annual revenue level of ₹500 crore in the next few years. These figures represent company guidance and forward-looking estimates.
The Company has also announced its “Made in India with Japanese Quality” initiative, supported by collaboration with one of Asia’s oldest condom manufacturers.
Strategic Developments After FY26
The AGM also highlighted two developments announced after the close of FY26.
In July 2026, Cupid made an additional USD 5 million follow-on investment in GII Healthcare Investment Limited, fully funded through internal accruals. The platform includes healthcare assets in Saudi Arabia.
In August 2026, the Board gave in-principle approval for a proposed manufacturing venture in South Africa with a local partner. Under the proposed structure, Cupid is expected to hold up to 49%, while the South African partner and/or qualifying local shareholders would hold at least 51%.
Under the proposed asset-light structure, Cupid would contribute its manufacturing expertise, technical know-how, technology transfer, quality systems and training, while the local partner would arrange capital expenditure, working capital and operating funding. The company has stated that the proposed facility could support its presence in South Africa and potential expansion into other African and international markets, subject to applicable approvals.
Other Corporate Developments
Cupid completed a bonus issue in January 2026, was included in the BSE Group A category in July 2026, and subsequently joined the FTSE Emerging Markets All Cap Index, effective September 21, 2026.
FY2027 Guidance and Medium-Term Targets
In the June quarter, total income increased 142% to ₹157 crore, while profit after tax increased 194% to ₹44 crore, with an EBITDA margin of 39%.
The company has stated the following FY27 guidance:
Revenue: ₹725–750 crore
Net Profit: ₹210–225 crore
For the medium term, the company has stated the following revenue targets:
FY28 Revenue: ₹1,085 crore
FY29 Revenue: ₹1,500 crore
These figures are company guidance and stated targets and are forward-looking in nature.
Operations and Business Activities
Cupid continues to operate across manufacturing, consumer distribution, international healthcare markets, new product development and global partnerships.
Mr. Aditya Kumar Halwasiya, Chairman & Managing Director, Cupid Limited, said the company’s FY27 focus includes the expansion of manufacturing capacity at Palava, consumer distribution, new product capabilities and its international operations. He also referred to the company’s GII Healthcare investment and proposed South African manufacturing venture.
About Cupid Limited
Established in 1993, Cupid Limited is engaged in the manufacturing and marketing of male and female condoms, water-based personal lubricants, IVD kits and Consumer Healthcare & FMCG products.
Cupid’s Consumer Healthcare & FMCG portfolio includes fragrance products (Eau De Parfums, Deodorants and Pocket Perfumes), personal care products (Hair Removal Sprays, Face Wash, Hair & Body Oils, Toilet Sanitizers), wellness products, IVD kits, personal lubricants and other consumer healthcare offerings. The company distributes its products through modern trade, organised retail and pharmacy channels.
The company is also developing its Palava manufacturing facility, which, according to the company, is planned to add manufacturing capacity for its international B2B healthcare and domestic Consumer Healthcare & FMCG businesses.
Cupid exports to 125+ countries. The company serves customers through PFSCM, WHO/UNFPA, institutional procurement programmes, government tenders and private export markets.
Cupid Limited is listed on the BSE (530843) and NSE (CUPID).
Disclaimer: Certain statements in this document that are not historical facts are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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