Cupid expects ₹400 crore V2 Retail revenue in 12 months

Cupid Limited expects at least ₹400 crore of revenue from its V2 Retail partnership over the next 12 months, with supplies starting in November 2026 and availability across 425-plus stores expected by mid-December. Cupid also expects approximately ₹200 crore from Style Baazar in FY27, according to its 11 November 2026 results release.

What does Cupid expect from V2 Retail?

Cupid expects its exclusive V2 Retail arrangement to produce revenue of at least ₹400 crore over the next 12 months. The company entered the long-term partnership with V2 Retail Limited on 4 November 2026, and the estimate is a company expectation rather than reported sales because supplies are scheduled to begin only in November 2026.

Cupid will receive about 400 square feet of exclusive retail space in every existing V2 Retail store and all future stores. The arrangement covers more than 425 stores across India and is expected to provide more than 1.7 lakh square feet of dedicated space at full rollout for its Consumer Healthcare & FMCG, or fast-moving consumer goods, portfolio.

The ₹400 crore V2 Retail estimate applies to the next 12 months rather than FY27 alone. This differs from the approximately ₹200 crore Style Baazar expectation, which Cupid specifically frames as an FY27 contribution, making the two projections relevant to different periods.

When will Cupid products reach V2 Retail stores?

Cupid says supplies to V2 Retail’s 425-plus stores will begin in November 2026, with products expected to be available in all those stores by mid-December 2026. The rollout falls in the second half of financial year 2027, or H2 FY27, when management expects retail partnerships and additional manufacturing capacity to contribute at a greater scale.

The portfolio for the stores includes fragrances, including Eau De Parfums, deodorants and pocket perfumes, as well as hair-removal sprays, face wash, hair and body oils, toilet sanitizers, wellness products, personal lubricants and in-vitro diagnostic, or IVD, kits. Cupid does not disclose expected sales by product category, state or individual V2 Retail store.

Cupid reported domestic business revenue of ₹224.64 crore in H1 FY27, the first half of financial year 2027, equal to 67% of sales compared with 41% in FY26. Consumer Healthcare & FMCG contributed ₹166.88 crore, or 49% of H1 FY27 sales, but the filing does not report V2 Retail revenue because the partnership was signed after the 30 September 2026 reporting date.

What will Style Baazar contribute to Cupid in FY27?

Cupid expects approximately ₹200 crore from Style Baazar in FY27 as its consumer portfolio becomes available across more than 290 stores. The company said the Style Baazar network is expected to exceed 500 stores over the next two to three years and that the relationship could scale towards more than ₹500 crore of annual business over the next few years.

The Style Baazar relationship also involves a separate capital commitment. Cupid was allotted 1.01 crore convertible warrants of Baazar Style Retail Limited, known as Style Baazar, for a total investment commitment of ₹331.53 crore.

Cupid converted 15 lakh warrants into equity shares in May 2026 at ₹328.25 per share, valued at ₹49.24 crore. A further 30 lakh warrants were converted in September and October 2026, taking conversions to 45 lakh warrants with an aggregate conversion value of ₹147.71 crore.

Including upfront consideration, total capital deployed stood at ₹193.67 crore. The remaining 56 lakh warrants were pending conversion and would require about ₹137.87 crore of additional investment upon conversion; these amounts concern Cupid’s investment in Style Baazar rather than the projected ₹200 crore FY27 product-sales contribution.

How do the partnerships fit Cupid’s FY27 targets?

Cupid has raised its FY27 guidance to at least ₹880 crore in revenue and ₹275 crore or more in net profit. Management cited festive demand, consumer traction, organised-retail partnerships and manufacturing expansion in its expectation that H2 FY27 will be significantly stronger than the first half.

H1 FY27 total income of ₹365.95 crore represented about 42% of the revised minimum FY27 revenue guidance, while net profit of ₹100.37 crore represented around 36% of the ₹275 crore-plus profit target. These proportions were disclosed by Cupid, and the guidance remains forward-looking.

Cupid defines operating income as revenue from operations. Its FY27 revenue guidance is 47% above the original ₹600 crore estimate, while management’s revised targets for FY28 and FY29 are revenue of at least ₹1,305 crore and ₹1,950 crore, respectively, with approximate net profit of ₹390 crore and ₹605 crore.

What capacity is planned to support Cupid’s expansion?

Cupid’s approximately 1.7 lakh-square-foot Palava manufacturing facility in Maharashtra is scheduled for commissioning in the third quarter of financial year 2027, or Q3 FY27. Management expects the facility to support higher H2 FY27 volumes for international tenders as well as the domestic consumer business.

At full capacity, Palava is expected to raise annual male-condom production capacity to about 1.25 billion units from 480 million units at Sinnar. Annual female-condom capacity is expected to rise to about 125 million units from 52 million units.

The site will have dual-polymer dipping lines for natural-rubber-latex and nitrile products. Cupid said this would support its nitrile female condom under development and participation in additional global nitrile tenders, while the filing does not state how the added capacity will be allocated between domestic retail and export demand.

Conclusion

Cupid’s V2 Retail and Style Baazar arrangements provide disclosed store reach and separate sales expectations: at least ₹400 crore over 12 months from V2 Retail and approximately ₹200 crore in FY27 from Style Baazar. These plans accompany domestic revenue of ₹224.64 crore in H1 FY27 and management’s revised minimum FY27 revenue guidance of ₹880 crore.

The next milestones disclosed are Palava’s Q3 FY27 commissioning, the start of V2 Retail supplies in November 2026 and expected availability in 425-plus V2 Retail stores by mid-December 2026. Management’s FY27 guidance, the rollout across more than 290 Style Baazar stores and the pending conversion of 56 lakh Style Baazar warrants are further items to watch.