CUPID
Micro CapCupid Limited
Consumer
Cupid Limited is a diversified healthcare and consumer products company with a strong global B2B export presence and a rapidly expanding FMCG business. It is a leading supplier of male and female condoms, personal lubricants, and IVD kits, exporting to over 125 countries, and scaling a branded FMCG platform domestically.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +114% YoY · PAT +200% YoY · margin expansion · +28% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹120 Cr | +114.3% | +27.7% |
| EBITDA | ₹38 Cr | +192.3% | +11.8% |
| Operating margin | 31.0% | +700 bps | -600 bps |
| PAT | ₹36 Cr | +200.0% | +9.1% |
| PAT margin | 30.0% | +857 bps | -511 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Cupid delivered a historic FY26, surpassing annual guidance with ₹358 Cr revenue and ₹108 Cr net profit, driven by strong execution and demand across exports, FMCG, and IVD. Q4 FY26 marked the strongest quarter ever, reflecting improved operating leverage and sustained growth momentum.
The company has demonstrated strong financial performance, exceeding its FY26 guidance. Strategic investments in FMCG distribution and product innovation, particularly in nitrile condoms and IVD kits, position it for continued growth. The robust order book and secured raw material position provide good visibility, though execution on ambitious FY27 targets and FMCG scale-up remains key.
FY26 Revenue Contribution
Latest issuer-disclosed distribution across 4 reported categories.
Domestic FMCG Distribution
positiveStrategic investment in Baazar Style Retail provides access to 260+ stores, expected to scale to 500+ stores in 2-3 years, targeting ₹150 Cr incremental revenue in FY27.
Nitrile Female Condoms
positiveDevelopment program commenced for nitrile female condoms, a premium segment with higher pricing and global demand for supply diversification.
IVD Portfolio Expansion
positiveReceipt of CE EU IVDR certification for HIV, Hepatitis B, Syphilis, and Pregnancy test kits enhances access to regulated markets and public health programs.
Global Institutional Business
positiveStrongest ever order pipeline across global institutional agencies and government procurement programs, with repeat orders supporting consistent inflows.
Condom Manufacturing Capacity
positivePlanned annual capacity of ~1.25 billion male condoms and ~125 million female condoms, with integrated dual-polymer capability.
FMCG Retail Network
positiveDirect access to 260+ Baazar Style Retail stores from day one, with plans to scale to 500+ stores over the next 2-3 years.
Favorable Currency Environment
positiveElevated USD/INR levels are supporting export realizations for the company.
Strong Raw Material Position
positive6+ months raw material inventory secured, protecting against supply disruptions and input volatility.
Growing Global Demand
positiveCompany is well-positioned to benefit from growing global demand and increasing participation in regulated and emerging markets.
Concentration Risk Mitigation
neutralManagement states diversified markets reduce concentration risk, implying it was a factor previously.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY highlights the significant annual growth and overall business expansion, while QoQ shows the strong sequential momentum in the 'strongest ever quarter' and the ramp-up of new initiatives like FMCG distribution.
EBITDA Margin
positiveQ4 FY26 EBITDA Margin was 31.27% (vs 23.73% in Q4 FY25). FY26 EBITDA Margin was 32.63% (vs 22.74% in FY25).
Premiumization
positiveCompany commenced development program for nitrile female condoms, a premium segment commanding 25–35% higher pricing.
Distribution Expansion
positiveFMCG products are available across 1.50 lakh+ retail outlets nationwide, including 75,043 chemists and 47,543 cosmetics outlets.
Input Cost Trends
positiveManagement states 6+ months raw material inventory is secured, providing protection against supply disruptions and input volatility.
FY27 Revenue Target
positiveManagement is confident of achieving FY27 revenue target of ₹600 Cr with net margins above 30%.
FMCG Revenue Potential
positiveBaazar Style ecosystem is expected to generate ~₹150 Cr incremental revenue in FY27 and scale up to ~₹500 Cr annually over the medium term.
Global Footprint Expansion
positiveTargeting ~35% expansion in global footprint over the next year, driven by new partnerships and deeper market penetration.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Target | ₹600 Cr | Progress towards ₹600 Cr revenue and sustained net margins above 30%. |
| Baazar Style Retail Store Expansion | 260+ stores | Ramp-up to 500+ stores over the next 2-3 years and associated incremental revenue generation. |
| Nitrile Female Condom Development | Development program commenced | Progress in development, regulatory approvals, and commercialization of nitrile female condoms. |
| Global Footprint Expansion | ~35% expansion targeted | Execution on new partnerships and deeper market penetration in global markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -63.9% / mo
Technical chart
CUPIDweekly · 1Y+50.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 45. Wait for confirmation.
- SMA20 falling (~177.1% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 72% off 52W high · 96% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 20/25 to the score.
- Quality contributes 16/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -134.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 20%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 91st pctile, median 67 · Micro: 85th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 3.5%.
- ▸FCF yield is positive at 0.5%.
- ▸ROCE is 33.5%.
Trust risks
- ▸OPM spread across recent quarters is 20%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 175.00
- P/B
- 41.79
- EV/EBITDA
- 155.29
- Market Cap
- 18889.00Cr
Profitability
- ROE
- 27.30%
- ROCE
- 33.50%
- ROA
- 19.53%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 75.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 39.00×
- Altman Z
- 8.44
- Book Value
- 3.35
Cash Flow
- FCF Yield
- 0.39%
- FCF Positive Y
- 3/5
- OCF
- 46.00 Cr
- EPS TTM
- 0.80
Shareholding
- Promoter Hold
- 46.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 98%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.