Cupid lifts FY27 revenue target 47% to Rs 880 crore-plus

Cupid Limited raised its FY27 revenue target 47% from Rs 600 crore to more than Rs 880 crore in November 2026 after H1 FY27 revenue from operations rose 137.5% year on year to Rs 342.58 crore and profit after tax rose 156.5% to Rs 100.37 crore. Management also set a profit-after-tax target of more than Rs 275 crore.

Why did Cupid raise its FY27 revenue guidance?

Cupid raised its FY27 revenue guidance because reported first-half growth and management's expected H2 scaling led it to lift the target to more than Rs 880 crore in November 2026. The latest target follows guidance of more than Rs 800 crore issued on 30 September 2026 and a Rs 725 crore to Rs 750 crore range issued on 7 August 2026.

The latest revenue target is 47% above Cupid's original FY27 target of Rs 600 crore, while the profit-after-tax target rose from Rs 180 crore to more than Rs 275 crore. The presentation also lists an interim updated target of more than Rs 660 crore revenue and more than Rs 180 crore profit after tax, showing several revisions during FY27.

Cupid's FY26 delivery record is included in management's guidance track record. Cupid reported FY26 revenue of Rs 357.71 crore against guidance of Rs 335 crore, or 107% of guidance, and net profit of Rs 108.23 crore against Rs 100 crore guidance, or 108% of guidance.

How did Cupid perform in H1 FY27?

Cupid reported H1 FY27 revenue from operations of Rs 342.58 crore, compared with Rs 144.25 crore in H1 FY26, while earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 114.83 crore from Rs 44.89 crore. Profit after tax increased to Rs 100.37 crore from Rs 39.14 crore in the same year-on-year comparison.

Profitability margins also increased over the prior first half. EBITDA margin was 33.5% in H1 FY27, versus 31.1% in H1 FY26, while profit-after-tax margin rose to 29.3% from 27.1%, an increase of 217 basis points, where one basis point equals one-hundredth of a percentage point.

Quarterly data shows revenue continued to rise sequentially, although EBITDA declined from Q1 FY27. Q2 FY27 revenue from operations was Rs 187.86 crore, 21.4% above Rs 154.72 crore in Q1 FY27 and 122.5% above Rs 84.45 crore in Q2 FY26; Q2 EBITDA was Rs 54.77 crore, 8.8% below Q1's Rs 60.06 crore.

Which businesses are expected to support Cupid's H2 FY27?

Cupid expects H2 FY27 to exceed H1 as its Palava facility is commissioned in Q3 FY27 and the Style Baazar and V2 Retail partnerships scale up, according to Chairman and Managing Director Aditya Kumar Halwasiya. Management expects Style Baazar to contribute about Rs 200 crore in FY27 and describes V2 Retail as an estimated Rs 400 crore opportunity over the next 12 months.

Domestic fast-moving consumer goods, or FMCG, was Cupid's larger sales contributor in H1 FY27. Total domestic revenue was Rs 224.64 crore, or 66.6% of H1 revenue, compared with global export revenue of Rs 112.73 crore, or 33.4%; in FY26, exports had accounted for Rs 208.13 crore and 59.3% of revenue, while domestic FMCG generated Rs 121.61 crore.

Institutional supply is another stated operating driver. Cupid said its long-term agreement with the Partnership for Supply Chain Management, or PFSCM, had commenced and that it had supplied the South Africa 2025-30 programme since December 2025. The programme covers 23.4 million female condoms annually, representing 59% of the allocation, and about 133 million male condoms annually.

Cupid also implemented a minimum 10% price increase across its export portfolio. The company said sizeable state-government orders were expected in in-vitro diagnostics, or IVD, and that CE European Union In Vitro Diagnostic Regulation certification could open international tenders; these were identified opportunities rather than reported H1 orders.

What does Cupid need to deliver in H2 FY27?

Cupid's presentation says H1 FY27 delivered 42% of its revenue guidance and 36% of its profit-after-tax guidance, implying H2 total income of more than Rs 514 crore and profit after tax of more than Rs 175 crore. Management describes the planned H2 as Cupid's strongest half-year ahead.

The presentation uses total income for the stated H2 implication, rather than revenue from operations. H1 FY27 total income was Rs 365.95 crore, including Rs 23.37 crore of other income, compared with revenue from operations of Rs 342.58 crore; this distinction matters when comparing the H2 statement with the annual revenue target of more than Rs 880 crore.

Cost growth provides context for the first-half earnings result. Raw-material costs and changes in inventories rose 178.0% year on year to Rs 162.17 crore, total expenses increased 129.2% to Rs 227.74 crore, and total income increased 136.1% to Rs 365.95 crore. In Q2 FY27, other income was Rs 21.11 crore, versus Rs 2.27 crore in Q1 FY27.

Cupid's November 2026 medium-term outlook sets minimum revenue targets of more than Rs 1,305 crore for FY28 and more than Rs 1,950 crore for FY29. Management's associated net-profit indications are about Rs 390 crore for FY28 and about Rs 605 crore for FY29, with the presentation labelling the revenue figures as minimums and the profit figures as approximate.

Conclusion

Cupid's November 2026 guidance upgrade combines reported H1 growth with management's expectation of a substantially larger second half. The sales mix shifted toward domestic FMCG, which contributed 66.6% of H1 FY27 revenue, from an FY26 position in which global exports represented 59.3% of revenue, while institutional supply and export pricing remain part of the disclosed operating backdrop.

The next disclosed milestones are the planned Palava commissioning in Q3 FY27 and the scale-up of Style Baazar and V2 Retail. Delivery against management's stated H2 requirement of more than Rs 514 crore total income and more than Rs 175 crore profit after tax will determine progress toward the FY27 targets and the FY28 and FY29 revenue minimums.