Cupid H1 FY27 net profit rises 156% to Rs 100.37 crore

Cupid Limited reported net profit of Rs 100.37 crore for the first half of financial year 2027 (H1 FY27), up 156% from H1 FY26, as domestic operations contributed Rs 224.64 crore, or 67% of sales, in the half year ended 30 September 2026. Total income rose 136% to Rs 365.95 crore, and management raised FY27 revenue guidance to Rs 880 crore or more.

How did Cupid perform in H1 FY27?

Cupid’s profit grew faster than income in H1 FY27, with net profit rising 156% to Rs 100.37 crore from Rs 39.14 crore in H1 FY26, while total income increased 136% to Rs 365.95 crore from Rs 154.98 crore. Operating income, defined by Cupid as revenue from operations, rose 137% to Rs 342.58 crore from Rs 144.25 crore. Profit before tax increased 157% to Rs 132.81 crore from Rs 51.74 crore.

Cupid reported a net profit margin of 29% for H1 FY27, compared with 27% a year earlier, while its results table stated a 217-basis-point change. Earnings before interest, tax, depreciation and amortisation (EBITDA) reached Rs 114.83 crore, up 156% year on year. The release described the consolidated results for the quarter and half year ended 30 September 2026 as unaudited.

Why did Cupid’s domestic business account for 67% of sales?

Cupid said domestic business contributed Rs 224.64 crore in H1 FY27, accounting for 67% of sales against 41% in FY26, led by its Consumer Healthcare and fast-moving consumer goods (FMCG) business. That consumer operation generated Rs 166.88 crore, equal to 49% of H1 sales. The reported mix shows domestic operations had a larger contribution in H1 FY27 than in the prior financial year.

Cupid reported international business of Rs 112.73 crore, representing 33% of H1 FY27 sales. The company attributed this contribution to institutional demand through the PFSCM agreement and supplies under South Africa’s 2025-30 national programme, while saying export-portfolio price revisions were reflected in H1 FY27 realisations.

Cupid expects its Consumer Healthcare and FMCG portfolio to be available in more than 290 Style Baazar stores. Management expects the channel to contribute about Rs 200 crore in FY27 and to scale towards more than Rs 500 crore in annual business over the next few years, while Style Baazar’s network is expected to exceed 500 stores in two to three years. These figures are company expectations, not reported revenue.

What were Cupid’s Q2 FY27 results?

Cupid reported total income of Rs 208.97 crore for the second quarter of FY27 (Q2 FY27), up 132% year on year from Rs 90.23 crore and 33% quarter on quarter from Rs 156.98 crore in Q1 FY27. Q2 operating income rose 122% year on year to Rs 187.86 crore, while profit before tax increased 126% to Rs 72.89 crore. Net profit was Rs 56.22 crore, up 133% from Rs 24.13 crore in Q2 FY26 and 27% from Rs 44.15 crore in Q1 FY27.

Cupid reported Q2 FY27 EBITDA of Rs 54.77 crore and an EBITDA margin of 29%. Its net profit margin was 30%, compared with 29% in Q1 FY27 and 29% in Q2 FY26; the filing stated sequential and year-on-year changes of 139 basis points and 135 basis points, respectively. Q2 net profit of Rs 56.22 crore represented more than half of the Rs 100.37 crore reported for H1 FY27.

What is Cupid’s FY27 outlook and expansion plan?

Cupid raised its FY27 guidance to revenue of at least Rs 880 crore and net profit of at least Rs 275 crore, replacing original targets of Rs 600 crore and Rs 180 crore. The company said H1 FY27 total income of Rs 365.95 crore represented about 42% of revised revenue guidance, while H1 net profit of Rs 100.37 crore accounted for about 36% of the Rs 275 crore-plus profit target. Management described the latest revenue target as 47% above the original estimate.

Management expects the second half of FY27 to be significantly stronger than H1 as the Palava facility is commissioned in Q3 FY27, supplies to V2 Retail begin and the Style Baazar network expands. The approximately 1.70 lakh-square-foot Palava facility is designed to lift annual capacity to about 1.25 billion male condoms from 480 million, and to 125 million female condoms from 52 million. Its dual-polymer lines are intended to produce natural-rubber-latex and nitrile products, including support for a nitrile female condom under development.

Cupid entered a long-term exclusive retail partnership with V2 Retail on 4 November 2026, securing about 400 square feet of dedicated space in each of more than 425 existing stores and future stores. At full rollout, the arrangement would provide more than 1.70 lakh square feet of retail space, with products expected to be available across all existing stores by mid-December 2026. Cupid expects the partnership to generate at least Rs 400 crore of revenue in the next 12 months.

Conclusion

Cupid’s H1 FY27 release shows both higher earnings and a changed sales mix: net profit rose 156% to Rs 100.37 crore, while domestic business accounted for 67% of sales versus 41% in FY26. Q2 added Rs 56.22 crore of net profit and Rs 208.97 crore of total income, with the company citing domestic consumer expansion, institutional exports and export-price revisions in its operating update.

The next disclosed milestones are commissioning of the Palava facility in Q3 FY27 and the planned V2 Retail rollout by mid-December 2026. Management’s FY27 targets of at least Rs 880 crore in revenue and at least Rs 275 crore in net profit depend in part on a stronger H2, retail-partnership execution and the planned manufacturing capacity addition.