Cupid FY26 profit rose 164.7% as EBITDA margin hit 32.6%

Cupid Limited reported FY26 profit after tax of Rs 108.23 crore, up 164.7% from FY25, as earnings before interest, tax, depreciation and amortisation (EBITDA) margin rose 989 basis points to 32.6%. Revenue from operations increased 94.9% to Rs 357.71 crore and EBITDA reached Rs 116.70 crore.

How did Cupid’s FY26 revenue and profit change?

Cupid’s FY26 revenue and profit increased sharply, with revenue from operations rising to Rs 357.71 crore from Rs 183.52 crore in FY25 and profit after tax increasing to Rs 108.23 crore from Rs 40.89 crore. Revenue growth was 94.9%, while profit after tax growth was 164.7%, and profit before tax rose 159.7% to Rs 142.47 crore.

Cupid’s EBITDA rose 179.7% to Rs 116.70 crore in FY26 from Rs 41.73 crore in FY25, exceeding the rate of revenue growth. EBITDA margin therefore increased to 32.6% from 22.7%, while profit after tax margin rose to 30.3% from 22.3%. Total income increased 92.6% to Rs 391.40 crore during FY26.

What drove Cupid’s FY26 margin expansion?

Cupid’s margin expansion coincided with total expenses growing more slowly than total income in FY26. Total expenses rose 70.0% to Rs 241.01 crore, against the 92.6% increase in total income to Rs 391.40 crore. Raw-material costs and changes in inventories rose 120.0% to Rs 148.14 crore, while employee costs increased 9.1% to Rs 31.82 crore and other expenses increased 34.7% to Rs 61.04 crore.

Cupid’s FY26 EBITDA margin of 32.6% exceeded the 29.3% recorded in FY24 and followed a decline to 22.7% in FY25. Its profit after tax margin followed the same sequence, moving from 23.3% in FY24 to 22.3% in FY25 before reaching 30.3% in FY26. Finance costs rose to Rs 2.81 crore from Rs 2.05 crore, and depreciation increased to Rs 5.12 crore from Rs 4.48 crore.

Which products and channels generated Cupid’s FY26 sales?

Cupid generated Rs 351.06 crore of FY26 product sales, led by male condoms at Rs 181.11 crore, or 51.6% of the total. New fast-moving consumer goods (FMCG) products contributed Rs 84.26 crore, or 24.0%, followed by female condoms at Rs 60.72 crore, or 17.3%. In-vitro diagnostic (IVD) kits and lubricants provided Rs 24.97 crore, or 7.1%.

Cupid’s exports were the largest sales channel at Rs 208.13 crore, or 59.3% of the Rs 351.06 crore product-sales base. Domestic consumer healthcare and FMCG sales contributed Rs 121.61 crore, or 34.6%, while other domestic sales accounted for Rs 21.32 crore, or 6.1%. Cupid also recorded Rs 6.65 crore of other operating revenue outside the stated product-sales base.

How did Cupid perform against its FY26 guidance?

Cupid exceeded its initial FY26 revenue and profit guidance, delivering revenue from operations of Rs 357.71 crore against guidance of Rs 335 crore and profit after tax of Rs 108.23 crore against guidance of Rs 100 crore. The delivered revenue was 6.8% ahead of the initial target, while delivered profit was 8.2% ahead.

Cupid’s earnings per share, adjusted for the bonus issue, increased 170.0% to Rs 0.81 in FY26 from Rs 0.30 in FY25. Total comprehensive income reached Rs 108.12 crore, compared with Rs 39.46 crore a year earlier. The gap between product sales of Rs 351.06 crore and revenue from operations of Rs 357.71 crore reflects the additional operating revenue identified in the presentation.

How did Cupid’s balance sheet and returns change in FY26?

Cupid’s total equity increased to Rs 450.81 crore at FY26-end from Rs 342.19 crore at FY25-end, while total assets rose to Rs 553.22 crore from Rs 371.78 crore. Cash and bank balances increased to Rs 186.45 crore from Rs 68.57 crore, and non-current investments rose to Rs 74.65 crore from Rs 15.66 crore.

Cupid’s inventories increased to Rs 70.04 crore from Rs 41.67 crore and trade receivables rose to Rs 100.79 crore from Rs 67.03 crore in FY26. Current borrowings increased to Rs 38.81 crore from Rs 12.63 crore, and non-current borrowings of Rs 12.17 crore were reported after none in FY25. Debt-to-equity rose to 0.11 times from 0.04 times, while return on equity increased to 24.0% from 12.0% and return on capital employed increased to 22.1% from 10.4%.

How does Cupid’s FY26 result compare with its five-year record?

Cupid’s FY26 revenue from operations of Rs 358 crore was 2.7 times its FY22 revenue of Rs 133 crore, representing a stated compound annual growth rate of 28.1%. EBITDA increased 5.1 times to Rs 117 crore from Rs 23 crore over the same period, while profit after tax increased 6.3 times to Rs 108 crore from Rs 17 crore.

Cupid’s net worth increased to Rs 451 crore in FY26 from Rs 142 crore in FY22, a 3.2-times increase in the five-year presentation. EBITDA margin expanded from 17.3% in FY22 to 32.6% in FY26, and profit after tax margin rose from 13.0% to 30.3%. The reported FY25 interruption, when EBITDA was Rs 42 crore versus Rs 50 crore in FY24, preceded the FY26 increase to Rs 117 crore.

Conclusion

Cupid’s FY26 accounts show a substantial increase in scale and profitability: revenue from operations nearly doubled, profit after tax rose 164.7%, and EBITDA margin reached 32.6%. Male condoms remained the largest product category at Rs 181.11 crore, while exports supplied Rs 208.13 crore, or 59.3%, of the Rs 351.06 crore product-sales base.

The next updates should clarify how Cupid manages the FY26 increase in inventories to Rs 70.04 crore, receivables to Rs 100.79 crore and current borrowings to Rs 38.81 crore. They should also show whether FY26 return on equity of 24.0% and return on capital employed of 22.1% are maintained after Cupid exceeded its initial revenue guidance by 6.8% and profit guidance by 8.2%.