PNN
Mumbai (Maharashtra) [India], May 18: Cupid Limited (Cupid, The Company) introduced its strongest-ever quarterly efficiency in This autumn FY26 (quarter ended thirty first March 2026), pushed by sturdy execution, constant demand momentum, and improved traction throughout key enterprise segments.
Building on this sturdy near the yr, the Company has entered FY27 with wholesome enterprise momentum, supported by a robust order e-book, bettering execution visibility, and sustained demand throughout markets, offering confidence for continued development forward.
Key Consolidated Financial Highlights
Consolidated Key Financial Highlights This autumn FY26 (YoY)
* Total Income of 132.04 Cr, YoY development of 116%
* Operating Income 119.96 Cr, YoY development of 112%
* EBITDA of 37.52 Cr, YoY development of 180%
* PBT 47.45 Cr, YoY development of 197%
* Net Profit of 36.26 Cr, YoY development of 215%
Consolidated Key Financial Highlights This autumn FY26 (QoQ)
* Total Income of 132.04 Cr, YoY development of 26%
* Operating Income 119.96 Cr, YoY development of 28%
* EBITDA of 37.52 Cr, YoY development of 9%
* PBT 47.45 Cr, YoY development of 10%
* Net Profit of 36.26 Cr, YoY development of 10%
Consolidated Key Financial Highlights FY26
* Total Income of 391.40 Cr, YoY development of 93%
* Operating Income of 357.71 Cr, YoY development of 95%
* EBITDA of 116.70 Cr, YoY development of 180%
* PBT of 142.47 Cr, YoY development of 160%
* Net Profit of 108.23 Cr, YoY development of 165%
Note: Percentage figures have been rounded off to the closest entire quantity
Historic Quarterly Performance & Growth Momentum
* This autumn FY26 stands because the strongest quarter within the Company’s historical past, with Cupid Limited surpassing its FY26 annual steering of 335 Cr income and 100 Cr web revenue, reflecting distinctive enterprise momentum and execution power
* Strong efficiency was pushed by scale-up throughout key enterprise segments, supported by improved working leverage, environment friendly execution and sustained demand momentum
* Healthy traction continues throughout home and worldwide markets, offering sturdy visibility for continued development forward
* Strongest ever order pipeline continues throughout international institutional businesses, authorities procurement packages and FMCG channels
Product Mix & Business Scale-Up
* Male condoms remained the biggest income contributor with income contribution of ~181.11 Cr throughout FY26
* Female condoms contributed ~60.72 Cr, supported by growing international demand and increasing procurement alternatives
* Newly launched FMCG Products contributed ~84.26 Cr throughout FY26 and continues to scale quickly with increasing retail distribution and shopper attain
* IVD kits and Personal Lubricant contributed ~24.97 Cr with gradual scale-up and growing market alternatives
* Diversified product portfolio throughout healthcare, wellness, diagnostics and FMCG classes continues to strengthen the general enterprise combine
Export Business & Global Expansion
* Exports contribute 208.13 Cr, accounting for 59.30% of income. The Company exports its merchandise to over 125 nations, with a robust presence throughout Africa and different high-demand worldwide markets
* Sharp focus continues on strengthening exports enterprise and increasing worldwide presence throughout regulated in addition to rising markets
* Global footprint growth of roughly 35% is focused over the approaching yr by deeper market penetration, strategic partnerships and growing participation in worldwide procurement packages
* Increasing penetration into regulated markets continues to be supported by certifications, technological capabilities and long-standing international relationships
* Healthy institutional demand and repeat enterprise from main international procurement businesses proceed to help long-term worldwide development visibility
* USD/INR alternate charges at the moment stay among the many highest ranges witnessed traditionally, anticipated to behave as a beneficial tailwind given the Company’s significant export publicity and rising worldwide operations
FMCG Expansion & Style Baazar Ecosystem
* Aggressive growth of FMCG distribution footprint throughout India continues, supported by growing shopper penetration and strengthening retail entry
* Strategic funding of 331.53 Cr in Baazar Style Retail Limited considerably strengthens FMCG distribution ecosystem and market attain
* Initial deployment of 82.88 Cr representing 25% of the full funding has already been accomplished with allotment of 1,01,00,000 warrants
* Access to a quickly increasing retail community of 250+ shops is anticipated to enhance shelf presence, last-mile attain and product availability throughout key markets
* Planned growth of the Style Baazar community to 500+ shops over the following 2-3 years is anticipated to considerably improve shopper touchpoints and model visibility
* Faster rollout of the increasing FMCG portfolio is anticipated by stronger store-level execution and shopper insights
* The Style Bazaar ecosystem is anticipated to help roughly 150 Cr incremental income in FY27 with scale-up potential to roughly 500 Cr annual income over the medium time period
* Integrated go-to-market technique combining manufacturing scale, model constructing and retail distribution capabilities is anticipated to help long-term FMCG development
Strategic Investments & Ecosystem Expansion
* Strategic investments in GII Healthcare Fund and Baazar Style Retail Limited are anticipated to create vital long-term worth by each standalone appreciation and broader ecosystem benefits
* Investments stay aligned with the broader imaginative and prescient of strengthening presence throughout healthcare, wellness, FMCG and retail distribution ecosystems
*These strategic initiatives are anticipated to create extra avenues for long-term worth creation whereas supporting future enterprise scale-up alternatives
Nitrile Female Condom & Dual Polymer Expansion
* Development Program for nitrile feminine condoms commenced throughout the quarter, focusing on a premium international section traditionally equipped by a single international producer
* Global feminine condom market was estimated at roughly $770 Mn in 2024 and is projected to exceed roughly $1.2 Bn by 2030, with nitrile positioned as a premium latex-free class
* Growing demand from international procurement businesses for provide diversification continues to create sturdy alternatives inside the section
* 25-35% Higher pricing in comparison with latex options, together with sturdy technical, regulatory, and provide chain entry obstacles, proceed to make the section strategically enticing
* New manufacturing facility has been designed with built-in twin polymer dipping functionality enabling manufacturing of each Natural Rubber Latex and Nitrile condoms on devoted traces with out cross-contamination
* Integrated twin polymer functionality positions Cupid as the one condom producer in India with manufacturing capabilities throughout male condoms, feminine condoms and nitrile feminine condoms
* Upon full commissioning, expanded manufacturing capability is anticipated to help annual manufacturing of roughly 1.25 Bn male condoms and roughly 125 Mn feminine condoms
Branding & Technology Positioning
* ‘Made in India with Japanese Quality’ initiative continues to strengthen the Company’s international positioning and model differentiation
* Collaboration with Asia’s oldest latex condom producer additional strengthens technological and manufacturing capabilities
* Branding technique stays targeted on enhancing positioning throughout home shoppers in addition to international OEM companions
Diagnostics & Regulatory Certifications
* During FY26, CE (EU IVDR) certification was obtained for HIV 1&2 Antibody, Hepatitis B,Syphilis and Pregnancy check kits.
* Certification underneath EU IVDR 2017/746 representsone of probably the most stringent international regulatory requirements for diagnostics merchandise
* Access to European Economic Area markets and different CE recognised geographies is anticipated to considerably strengthen worldwide alternatives
* Eligibility for presidency tenders, multilateral healthcare packages and large-scale public well being screening initiatives globally has additional strengthened following the certification
Raw Material Security & Operating Environment
* Raw materials stock stays comfortably secured for nicely over six months throughout key product classes, together with inputs linked to crude derivatives
* Strategic stock positioning is anticipated to help operational stability, uninterrupted execution and margin resilience throughout home and worldwide markets
* Product worth revisions undertaken stay broadly aligned with prevailing inflationary situations
* Demand throughout international B2B and India targeted B2C FMCG companies continues to stay strong and buoyant, supported by increasing distribution, sustained institutional demand and rising shopper penetration* Strong uncooked materials safety and beneficial international demand traits proceed to place the enterprise nicely to navigate inflationary cycles whereas sustaining development momentum
Strategic Growth Outlook
Building on strongest ever operational momentum, increasing FMCG distribution community, rising worldwide alternatives and ongoing capability growth initiatives, Cupid Limited stays strategically positioned for vital scale-up over the following three monetary years.
Medium Term Financial Targets –
* FY27: Revenue Target 600 Cr | Net Profit Target 180 Cr* FY28: Revenue Target 875 Cr | Net Profit Target 275 Cr* FY29: Revenue Target 1,150 Cr | Net Profit Target 390 Cr
Key Growth Drivers –
* Rapid growth of FMCG distribution footprint throughout India
* Increasing contribution from high-margin B2C enterprise
* Capacity growth throughout female and male condom portfolio
* Growth in international institutional and authorities tenders
* New product additions throughout lubricants, wellness and diagnostics
* Operating leverage advantages from scale and backward integration efficiencies
* Continued concentrate on disciplined execution, margin growth and long-term shareholder worth creation for shareholders
Commenting on the efficiency, Mr. Aditya Kumar Halwasiya, Chairman and Managing Director, stated, ‘We have delivered a historic efficiency in FY26, surpassing our annual steering and reporting income of 358 Cr and web revenue of 108 Cr. This efficiency displays sturdy execution, bettering working leverage, and sustained demand throughout our companies, leading to our strongest-ever quarterly and full-year efficiency.
During the quarter, we commenced the event Program for nitrile feminine condoms, coming into a premium section which has traditionally been equipped by a single international producer. Backed by our twin polymer manufacturing functionality, we’re uniquely positioned as the one producer in India with the flexibility to provide each latex and nitrile condoms, with a deliberate capability of ~1.25 billion male condoms and ~125 million feminine condoms yearly.
We have additionally strengthened our international positioning by our ‘Made in India with Japanese Quality’ initiative, supported by our collaboration with one in every of Asia’s oldest condom producers, reinforcing our concentrate on high quality and technological excellence.
In diagnostics, we additional strengthened our regulatory portfolio throughout FY26 with the receipt of CE EU IVDR certification for our HIV and Hepatitis B check kits, together with CE certification for our Syphilis and Pregnancy check kits. These approvals collectively improve our entry to regulated markets equivalent to Europe whereas strengthening our participation in international public well being packages.
On the home entrance, our strategic funding of 331.53 Cr in Baazar Style Retail considerably strengthens our FMCG distribution. We have already deployed 82.88 Cr, offering entry to a retail community of over 260 shops, which is anticipated to scale past 500 shops over the following 2 to three years. This ecosystem is anticipated to generate ~150 Cr incremental income in FY27 and scale as much as ~500 Cr yearly over the medium time period, whereas considerably bettering our model visibility and final mile attain.
Looking forward, with sturdy export momentum, a good foreign money surroundings, and a well-secured uncooked materials place, we’re assured of sustaining this development trajectory and attaining our FY27 income goal of 600 Cr with web margins above 30%, as we proceed to construct a scalable and globally aggressive enterprise.’
About Cupid Limited
Established in 1993, CUPID Limited, India’s premier producer and model of female and male condoms, water based mostly private lubricants, IVD kits, deodorants, perfumes, almond hair oil, physique oils, petroleum jelly and different FMCG Products. The firm operates with a robust dedication to public well being and well- being, sustaining moral enterprise practices aligned with worldwide requirements. In alignment with its strategic development plans, the corporate has not too long ago expanded its product choices to incorporate Fast-Moving Consumer Goods (FMCG) equivalent to perfume merchandise (Eau De Parfums, Deodorants, Pocket Perfumes), private care gadgets (Toilet Sanitizers, Hair & Body Oils, Hair Removal Sprays, Face Wash), and different wellness options. In March 2024, the corporate accomplished a strategic land acquisition in Palava, Maharashtra, enabling it to amplify its manufacturing capability by 1.5 instances the present output. As a end result, the annual manufacturing capability will probably be augmented by roughly 770 million male condoms and 75 million feminine condoms. The firm has a distinguished presence in worldwide markets and is the primary firm on this planet to realize WHO / UNFPA pre-qualification for each female and male condoms. CUPID at the moment exports its merchandise to over 125 nations, with a considerable portion of its income generated from worldwide markets. Furthermore, CUPID has established a long-term settlement with WHO / UNFPA. The firm is listed on BSE (BSE: 530843) and NSE (NSE: CUPID).
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