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Stock Analysis

Description

Cupid Limited is an Indian manufacturer and exporter specializing in male and female condoms, personal lubricants, and In-Vitro Diagnostic (IVD) kits, serving both domestic and international markets.

Key Growth Triggers

Securing a leading position in South Africa's 5-year national condom procurement program providing significant annual revenue visibility.
Strategic expansion of the IVD segment with new product certifications (CE) and increased manufacturing capacity.
Planned international manufacturing facility in Saudi Arabia for GCC market penetration.
Strong order book visibility and execution discipline in India and globally.

Order Book

Robust B2B export order book of $11.50 Million (₹100 Cr+) scheduled for execution in Q2/Q3 FY26. South African tender visibility of USD 12.98 million annually.

Key Red Flags

While not in the current news, historical data indicates increases in debtor and working capital days, suggesting potential areas for management attention.

Key Dates To Watch

January 29, 2026: Board Meeting to consider Q3 FY26 results and Bonus Share declaration.
48 hours after Q3 FY26 results publication: Trading window reopens.

Corporate Announcements

2nd Apr 26

Impact Rating: 7

Cupid Limited has made a payment of ₹8288.31 lakh (₹82.88 cr) for subscribing to 1.01 crore warrants in Baazar Style Retail. These warrants are convertible into equity shares, marking a strategic step for retail expansion.

31st Mar 26

Impact Rating: 8

Cupid Limited announces its strongest quarter in history and expects to exceed FY26 annual guidance for revenue (₹335 Cr) and net profit (₹100 Cr). The company forecasts ₹600 Cr revenue for FY27.

30th Mar 26

Impact Rating: 9

Cupid Limited saw its promoter group, led by Aditya Kumar Halwasiya, acquire 4,80,000 equity shares via open market purchase on March 30, 2026. This slightly increased their total holding to 45.89%.

30th Mar 26

Impact Rating: 6

Promoter Aditya Kumar Halwasiya of Cupid Limited purchased 4,80,000 shares in the open market, boosting the promoter group's voting capital stake to 45.89%.

30th Mar 26

Impact Rating: 3

Cupid Limited's Board of Directors has approved the reconstitution of the Audit Committee. The decision was made through a resolution passed by circulation on March 30, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Godrej Consumer	1226.90	66.69	125541.88	1.22	459.34	-2.86	3825.09	4.33	19.21	14853.33	19.81	1882.61	481.14	10.32	9.93	0.34
2.	Dabur India	513.75	50.37	91123.33	1.56	444.79	6.48	3191.32	5.37	20.24	12781.29	18.50	1808.97	452.55	8.32	11.06	0.12
3.	Colgate-Palmoliv	2092.30	42.92	56907.55	2.44	327.51	-17.10	1519.50	-6.15	105.34	5877.91	31.82	1325.91	327.51	35.96	46.23	0.04
4.	P & G Hygiene	12336.00	48.44	40043.56	0.89	209.86	-0.96	1150.17	1.32	103.79	4326.46	26.15	826.61	209.86	43.00	32.72	0.00
5.	Gillette India	8039.00	45.64	26199.10	1.39	143.65	8.00	810.81	3.71	56.06	2970.55	27.82	573.99	143.65	22.53	21.84	0.00
6.	Emami	501.95	29.07	21910.12	1.59	148.35	-30.24	798.51	-10.34	32.42	3715.13	25.35	753.77	148.35	7.48	22.73	0.02
7.	Cupid	464.85	202.17	12479.70	0.00	24.12	140.24	90.21	90.80	17.10	266.82	33.52	61.73	24.12	32.74	11.99	0.07
–	Median: 14 Co.	483.4	50.37	10922.74	0.14	42.29	6.48	526.69	5.37	19.21	1560.15	22.58	130.47	42.29	10.32	12.83	0.04

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	46	43	42	35	36	40	66	44	47	51	61	65	90
Expenses	33	29	31	32	29	28	32	32	31	35	43	43	56
Operating Profit	13	14	11	3	7	12	34	12	16	16	18	21	34
Other Income	0	0	2	0	0	1	0	0	0	0	0	0	0
Profit before tax	12	13	11	2	6	12	32	11	14	14	16	20	32
Tax %	30%	24%	25%	3%	20%	24%	26%	22%	29%	21%	28%	23%	25%
Net Profit	9	10	8	2	5	9	24	8	10	11	12	15	24
EPS in Rs	0.32	0.38	0.31	0.08	0.19	0.33	0.89	0.31	0.37	0.41	0.43	0.56	0.90

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	20	44	61	84	81	85	160	143	133	159	172	183	267
Expenses	17	32	36	50	53	65	108	107	109	118	121	141	177
Operating Profit	2	13	25	34	27	21	52	36	23	41	51	42	89
Other Income	0	1	2	1	1	2	3	5	4	5	7	19	0
Interest	0	0	0	0	0	0	1	1	0	1	2	2	3
Depreciation	2	2	2	2	2	2	2	3	3	3	3	4	5
Profit before tax	0	11	25	32	26	21	53	38	25	42	53	55	82
Net Profit	0	8	16	21	17	15	40	29	17	32	40	41	62
EPS in Rs	0.00	0.29	0.60	0.77	0.64	0.57	1.49	1.09	0.65	1.18	1.49	1.52	2.30
Dividend Payout %	0%	22%	21%	22%	29%	35%	15%	21%	35%	21%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	11	11	11	11	11	13	13	13	13	13	13	27	27
Reserves	7	13	25	43	55	63	90	118	129	154	288	315	354
Borrowings	3	2	1	0	2	2	31	0	9	6	12	19	27
Other Liabilities	5	8	14	9	10	15	30	22	23	16	7	11	34
Total Liabilities	27	35	51	63	78	93	165	152	174	189	320	372	442
Fixed Assets	16	16	16	16	16	21	26	29	31	36	58	67	67
Gross Block	32.72	34.06	35.93	38.53	40.95	47.51	55.46	60.84	65.11	73.38	98.37	111.34	–
Accumulated Depreciation	16.44	18.44	20.37	22.47	24.65	26.66	29.15	31.70	34.35	37.32	40.24	44.72	–
CWIP	0	0	0	0	0	0	3	1	6	0	0	6	9
Investments	0	0	0	5	18	22	21	48	54	69	147	103	14
Other Assets	10	19	35	42	44	50	114	74	84	83	114	196	353
Total Assets	27	35	51	63	78	93	165	152	174	189	320	372	442

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0	7	13	20	3	18	19	42	10	33	8	-11
Cash from Investing Activity	-0	-1	-1	-5	-9	-14	-37	-9	-13	-22	-80	45
Cash from Financing Activity	1	-3	-6	-4	-3	-5	16	-33	3	-11	99	-1
Net Cash Flow	0	3	6	11	-9	-0	-2	0	-1	-0	27	32

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	59	67	79	59	100	97	95	65	84	59	102	134
Inventory Days	165	155	60	133	259	168	437	230	197	229	184	450
Days Payable	81	84	27	80	162	135	579	168	134	105	1	13
Cash Conversion Cycle	144	139	112	112	198	130	-46	127	147	183	285	570
Working Capital Days	59	58	77	67	130	108	40	87	87	77	123	210
ROCE %	3%	48%	79%	72%	43%	29%	50%	28%	17%	26%	22%	17%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	45.06%	45.06%	45.06%	45.06%	45.06%	44.80%	44.80%	45.62%	42.51%	42.51%	42.51%	45.56%	45.56%
FIIs	0.58%	0.66%	0.45%	0.34%	0.45%	5.19%	5.97%	3.33%	3.14%	1.63%	0.95%	2.58%	1.48%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.11%	0.35%	0.30%
Public	54.36%	54.28%	54.49%	54.60%	54.49%	50.00%	49.24%	51.05%	54.34%	55.75%	56.43%	51.51%	52.66%