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Cupid Limited Investor Presentation 2026
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Investor Presentation
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CUPID LIMITED
Manufacturer & Exporter of Male Condoms, Female Condoms, Water based Lubricants & In Vitro Diagnostics (IVD) Kits
Date: - 15th May, 2026
To,
Department of Corporate Services,
BSE LIMITED,
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai – 400 001
SCRIP CODE: 530843
The National Stock Exchange of India Ltd.
Exchange Plaza, 5th Floor, Bandra-Kurla
Complex, Bandra (East),
Mumbai - 400051
Fax No. – 6641 8125 / 26
SCRIP CODE: CUPID
Subject: - Investor Presentation
Dear Sir / Madam,
With reference to captioned subject attached herewith the Investor Presentation for quarter and financial year ended 31st March, 2026 your reference.
Kindly take the same on your records.
Thanking You.
Yours faithfully
For Cupid Limited
SAURABH
VISHWAS
KARMASE
Digitally signed by
SAURABH VISHWAS
KARMASE
Date: 2026.05.15
19:45:52 +05'30'
Saurabh V. Karmase
Company Secretary and Compliance Officer
Factory & Registered Office:
CIN No.: L25193MH1993PLC070846
A-68, M.I.D.C. (Malegaon), Sinnar,
Nashik - 422113, Maharashtra, India
+91 2551 230280 / 230772
+91 7722009580
www.cupidlimited.com
[email protected]
Q4 FY26
Result Presentation
Disclaimer
CUPID LIMITED
This presentation and the accompanying slides (the Presentation), which have been prepared by Cupid Limited (Cupid, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantee of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict.
These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks.
The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
Q4 FY26 Result Presentation
Cupid Limited @ Glance
CUPID LIMITED
Cupid Limited is a diversified healthcare and consumer products company with a strong global B2B export presence and a rapidly expanding FMCG business. The company is one of the leading supplier of male and female condoms, personal lubricants, and IVD kits, exporting to over 125 countries and working closely with global institutions such as WHO/UNFPA, PFSCM, Global Fund, MSI, PSI & IDA Foundation.
The export business remains the company's core strength, supported by multi-year international programs, global certifications, and a proven execution track record. WHO/UNFPA prequalification for both male and female condoms, along with key regulatory approvals, positions Cupid among a select group of globally trusted suppliers.
In parallel, Cupid is scaling a branded FMCG platform across personal care and wellness categories, building domestic distribution while gradually expanding its presence in international markets. This dual B2B-B2C model provides stability, margin upside, and long-term growth visibility.
With disciplined execution and a clear growth strategy, Cupid Limited is evolving into a balanced, globally relevant healthcare and FMCG platform.
Q4 FY26 Result Presentation
Management Comment On Q4 FY26 Performance
CUPRU
Aditya Kumar Halwasiya
Chairman & Managing Director
We have delivered a historic performance in FY26, surpassing our annual guidance and reporting revenue of ₹358 Cr and net profit of ₹108 Cr. This performance reflects strong execution, improving operating leverage and sustained demand across our businesses, resulting in our strongest ever quarterly and full year performance.
During the quarter, we commenced the development Program for nitrile female condoms, entering a premium segment which has historically been supplied by a single global manufacturer. Backed by our dual polymer manufacturing capability, we are uniquely positioned as the only manufacturer in India with the ability to produce both latex and nitrile condoms, with planned capacity of ~1.25 billion male condoms and ~125 million female condoms annually.
We have also strengthened our global positioning through our 'Made in India with Japanese Quality' initiative, supported by our collaboration with one of Asia's oldest condom manufacturers, reinforcing our focus on quality and technological excellence.
In diagnostics, we further strengthened our regulatory portfolio during FY26 with the receipt of CE EU IVDR certification for our HIV and Hepatitis B test kits, along with CE certification for our Syphilis and Pregnancy test kits. These approvals collectively enhance our access to regulated markets such as Europe while strengthening our participation in global public health programs.
On the domestic front, our strategic investment of ₹331.53 Cr in Baazar Style Retail significantly strengthens our FMCG distribution. We have already deployed ₹82.88 Cr, providing access to a retail network of over 260 stores, which is expected to scale beyond 500 stores over the next 2 to 3 years. This ecosystem is expected to generate ~₹150 Cr incremental revenue in FY27 and scale up to ~₹500 Cr annually over the medium term, while significantly improving our brand visibility and last mile reach.
Looking ahead, with strong export momentum favorable currency environment and a well secured raw material position, we are confident of sustaining this growth trajectory and achieving our FY27 revenue target of ₹600 Cr with net margins above 30%, as we continue to build a scalable and globally competitive business.
Q4 FY26 Result Presentation
Record FY26 Performance & Business Visibility
CUPid LIMITED
Surpassed FY26 guidance of ₹335 Cr revenue and ₹100 Cr net profit
Performance Momentum
- Q4 FY26 marked the strongest quarter in Cupid Limited’s history
- Growth driven by scaling across exports, FMCG, IVD & institutional business
- Improved operating leverage & efficient execution supported profitability
Order Book & Revenue Visibility
- Strongest ever order pipeline across global institutional agencies, government procurement programs and FMCG channels
- Healthy pipeline across international tenders and institutional procurement
- Repeat orders from global agencies supporting consistent inflows
- Export-led B2B business remains the core revenue anchor
FY 26 Revenue Contribution
- Male Condoms ₹ 181.11 Cr, 51.60%
- Female Condoms ₹ 60.72 Cr, 17.27%
- IVD Kits & Lubricants ₹ 24.97 Cr, 7.11%
- New FMCG Products ₹ 84.26 Cr, 24.01%
Q4 FY26 Result Presentation
FMCG Scale-Up Through Baazar Style Ecosystem
CUPID LIMITED
Strategic Investment Creating Retail-Led Growth Platform
Strategic investment of ₹331.53 Cr in Baazar Style Retail Limited
First phase completed with deployment of ₹82.88 Cr
Allotted 1.01 Cr warrants, convertible into equity shares
Investment to strengthen Cupid's FMCG distribution and retail access
Retail Access & Market Reach
Direct access to 260+ stores from day one
Store network planned to scale to 500+ stores over next 2-3 year
Enhances shelf visibility, last-mile reach and consumer engagement
Enables faster rollout of expanded FMCG and personal care portfolio
Revenue Scale-Up Potential
₹150 Cr incremental revenue expected in FY27
₹500 Cr annual business potential within three years
Strengthens transition from export-led B2B to balanced B2B + B2C growth model
Q4 FY26 Result Presentation
Premium Product Innovation & Manufacturing Edge
CUPID LIMITED
Integrated Dual-Polymer Capability Creates Global Differentiation
Nitrile Female Condom Opportunity
Development Program commenced for nitrile female condom
Nitrile category commands 25–35% higher pricing
Opportunity supported by global demand for supply diversification beyond single-source dependency
$770 Mn in 2024
Projected ~$1.2 Bn by 2030
Global female condom market
Manufacturing Differentiation
- ~1.25 Bn male condoms
- ~125 Mn female condoms
Expanded facility to support annual capacity
New facility designed for dual-polymer dipping
Manufacturing of Natural Rubber Latex and Nitrile condoms on dedicated lines with no cross-contamination
Only condom manufacturer in India with integrated dual-polymer capability across male condoms, female condoms and nitrile female condoms
Brand & Technology Alignment
Collaboration with
Asia’s oldest latex condom manufacturer
Strategic branding initiative
“Made in India with Japanese Quality”
Strengthens technology, product quality and global OEM positioning
Q4 FY26 Result Presentation
Brand Architecture
CUPID LIMITED
Q4 FY26 Result Presentation
New Product Launches
CUPID LIMITED
Flavour Condoms Banana & Grape 3s & 12s
Super Dotted with Benzocaine: 3s & 12s
Cupid Angel Bling & Passion - 150ml
Cupid Face Wash Gel: 100ml
Face Wash 20ml - 24pcs/Jar
Cupid Angel Bloom - 50ml
Cupid Ultra Pocket Pack - 18ml
Cupid Talcum Powder: 20gm & 100gm
Sunscreen
Shower Gel
Body Mist
Hand wash
Colour Cosmetics
Q4 FY26 Result Presentation
CUPID LIMITED
Rapid Retail Expansion Driving FMCG Scale
FMCG products currently available across 1.50 lakh+ retail outlets nationwide. Presence spans multiple high-frequency trade channels, ensuring wide consumer access
Q4 FY26 Result Presentation
Regulatory Approvals Strengthening Global Market Access
CUPR
IVD Certification Advantage
CE EU IVDR certification received for HIV 1&2 Antibody, Hepatitis B Surface Antigen test kits Syphilis and pregnancy
Enables access to European Economic Area and other CE-recognized markets
Strengthens eligibility for government tenders, multilateral programs and public health screening initiatives
IVD portfolio emerging as a scalable growth engine beyond core sexual wellness products
Export Business & Market Opportunities
Exports contribute ₹208.13 Cr, 59.30% of revenue
Presence across 125+ countries
Strong base across Africa and other high-demand public health markets
Increasing penetration into regulated markets supported by certifications
Tender pipeline with global procurement agencies provides multi-year visibility
Backed by key global certifications, the Company has strengthened access to regulated markets, driving strong export growth across 125+ countries and reinforcing its global revenue contribution and market position.
Q4 FY26 Result Presentation
Strategic Growth Outlook
CUPID LIMITED
Building on strong operational momentum, expanded distribution reach, and capacity enhancements, the Company targets a significant scale-up in revenue and profitability over the next three years.
FY27
Revenue ₹ 600 Cr
Net Profit ₹ 180 Cr
FY28
Revenue ₹ 875 Cr
Net Profit ₹ 275 Cr
FY29
Revenue ₹ 1,150 Cr
Net Profit ₹ 390 Cr
Growth Drivers
Q4 FY26 Result Presentation
Growth Outlook & Business Resilience
CUPR
The Company is well positioned to deliver resilient growth, supported by strong export momentum, strategic investments, robust demand, and disciplined operational execution.
| Strong Growth Visibility | Favorable External Tailwinds | Operational Strength & Stability | Robust Demand Environment | Strategic Value Creation | Resilient Business Model |
|---|---|---|---|---|---|
| • Targeting ~35% expansion in global footprint over the next year | |||||
| • Driven by new partnerships, deeper market penetration & global tenders | |||||
| • Continued momentum across exports and international markets | • Elevated USD/INR levels supporting export realizations | ||||
| • Strong positioning to benefit from growing global demand | |||||
| • Increasing participation in regulated & emerging markets | • 6+ months raw material inventory secured | ||||
| • Protection against supply disruptions & input volatility | |||||
| • Ensures consistent execution & margin resilience | • Sustained growth across Global B2B & India B2C FMCG segments | ||||
| • Supported by distribution expansion & institutional demand | |||||
| • Pricing actions aligned with inflation, maintaining balance of growth & margins | • Investments in GII Healthcare Fund & Baazar Style Retail | ||||
| • Unlocking long-term value + ecosystem synergies | |||||
| • Strengthening presence across healthcare, wellness & retail distribution | • Strong inventory + pricing discipline → Inflation-ready operations | ||||
| • Diversified markets → Reduced concentration risk | |||||
| • Well-positioned for sustainable, long-term growth |
Q4 FY26 Result Presentation
Q4 FY26 Financial Highlights
CUP
Financial Takeaways
Strong revenue growth driven by exports, FMCG scale-up, and steady demand momentum
Operating leverage and scale efficiencies supporting healthy margins
Strong liquidity enabling expansion while maintaining balance sheet discipline
Healthy order book and diversified mix providing strong earnings visibility
Q4 FY26 Result Presentation
Consolidated Q4 FY26 Financials Performance
CUPID LIMITED
(Amount in ₹ Cr and Margins In %)
Q4 FY26 Result Presentation
Consolidated FY26 Financials Performance
CUPID LIMITED
(Amount in ₹ Cr and Margins In %)
Q4 FY26 Result Presentation
CUPR
LIMITED
Consolidated Comparative Profit & Loss Statement
(€ in Cr except EPS)
| Particulars | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Revenue from operations | 119.96 | 56.48 | 112.39% | 357.71 | 183.52 | 94.91% |
| Other Income | 12.08 | 4.63 | 33.69 | 19.66 | ||
| Total Income | 132.04 | 61.11 | 116.07% | 391.40 | 203.18 | 92.63% |
| Raw Material Consumption & Changes in Inventories | 54.67 | 21.00 | 148.14 | 67.33 | ||
| Employee costs | 8.81 | 8.55 | 31.82 | 28.29 | ||
| Other expenses | 18.97 | 13.53 | 61.04 | 46.18 | ||
| Total Expenses | 82.45 | 43.08 | 241.01 | 141.80 | ||
| EBITDA | 37.52 | 13.40 | 179.93% | 116.70 | 41.73 | 179.69% |
| Finance Costs | 0.87 | 0.78 | 2.81 | 2.05 | ||
| Depreciation | 1.27 | 1.26 | 5.12 | 4.48 | ||
| PBT | 47.45 | 16.00 | 196.62% | 142.47 | 54.86 | 159.69% |
| Tax | 11.19 | 4.49 | 34.23 | 13.97 | ||
| Net Profit | 36.26 | 11.51 | 215.03% | 108.23 | 40.89 | 164.71% |
| Total Comprehensive Income | 36.37 | 10.33 | 108.12 | 39.46 | ||
| EPS | 0.27 | 0.09 | 200.00% | 0.81 | 0.30 | 170.00% |
Q4 FY26 Result Presentation
CUPR
LIMITED
Consolidated Profit & Loss Statement
(In ₹ Cr)
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from operations | 357.71 | 183.52 | 171.09 |
| Other Income | 33.69 | 19.66 | 7.22 |
| Total Income | 391.40 | 203.18 | 178.30 |
| Raw Material Consumption & Changes in Inventories | 148.14 | 67.33 | 59.29 |
| Employee costs | 31.82 | 29.17 | 16.41 |
| Other expenses | 61.04 | 45.30 | 45.29 |
| Total Expenses | 241.01 | 141.80 | 120.99 |
| EBITDA | 116.70 | 41.73 | 50.10 |
| Finance Costs | 2.81 | 2.05 | 1.81 |
| Depreciation | 5.12 | 4.48 | 2.93 |
| PBT | 142.47 | 54.86 | 52.58 |
| Tax | 34.23 | 13.97 | 12.73 |
| Net Profit | 108.23 | 40.89 | 39.85 |
| Total Comprehensive Income | 108.12 | 39.46 | 39.38 |
Q4 FY26 Result Presentation
Consolidated Balance Sheet
CUPB LIMITED
(In ₹ Cr)
| Equities & Liabilities | FY26 | FY25 | FY24 |
|---|---|---|---|
| Equity | |||
| Equity Share capital | 134.47 | 26.85 | 13.42 |
| Other Equity | 316.34 | 315.35 | 287.87 |
| Non Controlling Interests | - | - | - |
| Total Equity | 450.81 | 342.19 | 301.29 |
| Non Current Liabilities | |||
| Non Current Borrowings | 12.17 | - | - |
| Lease Liabilities | 3.82 | 5.03 | - |
| Deferred Tax Liabilities | 2.70 | 0.83 | 1.33 |
| Long Term Provision | 1.13 | 2.53 | 0.32 |
| Total Non Current Liabilities | 19.82 | 8.39 | 1.65 |
| Current Liabilities | |||
| Current Borrowings | 38.81 | 12.63 | 12.06 |
| Lease Liabilities | 1.58 | 1.33 | - |
| Trade Payables | 30.53 | 1.25 | 0.05 |
| Current Tax Liabilities (Net) | 1.07 | 1.17 | - |
| Short Term Provisions | 2.46 | 1.00 | 1.10 |
| Other Financial Liabilities | 4.91 | 2.62 | 2.43 |
| Other Current Liabilities | 3.24 | 1.20 | 1.37 |
| Total Current Liabilities | 82.60 | 21.20 | 17.01 |
| Total Liabilities | 553.22 | 371.78 | 319.94 |
| Assets | FY26 | FY25 | FY24 |
| --- | --- | --- | --- |
| Non Current Assets | |||
| Fixed assets | 92.52 | 73.11 | 58.13 |
| Non Current Investments | 74.65 | 15.66 | 12.05 |
| Other Non Current Financial Assets | 0.66 | 1.12 | 0.07 |
| Deferred Tax Assets (Net) | - | - | - |
| Other Non Current Assets | - | - | - |
| Total Non Current Assets | 167.83 | 89.90 | 70.25 |
| Current Assets | |||
| Inventories | 70.04 | 41.67 | 15.65 |
| Trade receivables | 100.79 | 67.03 | 47.98 |
| Cash & Bank Balance | 186.45 | 68.57 | 39.45 |
| Other Current Financial Assets | 16.04 | 3.39 | 1.96 |
| Current Tax Assets (Net) | - | - | - |
| Other Current Assets | 12.08 | 101.21 | 144.65 |
| Total Current Assets | 385.39 | 281.88 | 249.69 |
| Total Assets | 553.22 | 371.78 | 319.94 |
Q4 FY26 Result Presentation
CUPID LIMITED
Steady Growth Over the years in Annual Performance (Consolidated)
Note - Issued 4:1 Bonus Shares During FY26
Q4 FY26 Result Presentation
20
Stock Data
CUPID LIMITED
As On 15-05-2026
As On 31-03-2026
| BSE (530843 | INE509F01029) | NSE (CUPID) |
|---|---|---|
| Share Price (₹) | 121.23 | |
| Market Capitalization (₹ Cr) | 16,301.32 | |
| No. of Shares Outstanding | 1,34,46,60,700 | |
| Face Value (₹) | 1.00 | |
| 52-week High-Low (Adjusted) | ₹ 133.92 - ₹ 16.82 |
Share Holding Pattern
Share Performance From 04th April 2024 Till Date
Q4 FY26 Result Presentation
CUPID LIMITED
CUPID LIMITED
Cupid Limited
A-68, MIDC, Sinnar, Nashik-422113
Phone: 02551-230280
Website: www.cupidlimited.com
Email: [email protected]
Thank You
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Kirin Advisors Private Limited
713-B, Lodha Supremus II, Wagle Estate,
Thane West - 400 604.
Phone: 022 4100 2455
Website: www.kirinadvisors.com
Email: [email protected]