Cupid Ltd

CUPID

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Market Cap

₹ 10,990 Cr

P/E

177.98

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Cupid Limited specializes in manufacturing male and female condoms, personal lubricants, and IVD kits, with a global footprint in 110+ countries.

The company marked a strategic shift by entering the fast-growing B2C FMCG market, launching deodorants, perfumes, and personal care products.

Cupid has embarked on significant capacity expansion, aiming to increase its condom production by over 50% in the next two years.

The company maintains strong regulatory compliance, being the first globally to achieve WHO/UNFPA prequalification for both male and female condoms.

Sector

FMCG

Industry

Personal Care - Indian - Medium / Small

Market Cap

10,990 Cr

Volatility

Low Risk

P/E Ratio

178.0

Industry P/E

254.7

PEG Ratio

5.3

P/B Ratio

28.8

52W High

424.85

52W Low

50.00

Sales CAGR

6.88%

11.40%

2.62%

10Y

12.99%

Profit CAGR

2.61%

33.30%

0.54%

10Y

11.05%

ROE

TTM

16.18%

13.86%

14.64%

10Y

18.84%

ROCE

TTM

20.66%

18.78%

19.84%

10Y

26.03%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CUPID	421.25	10,990 Cr	177.98	28.83	0.00	16.18	20.66	13.95
KAYA	342.05	532 Cr	—	0.00	0.00	59.93	-12.08	-11.74
YASHOPTICS	137.25	334 Cr	36.01	3.70	0.00	8.72	11.88	6.94
RADIXIND	176.30	262 Cr	87.25	11.81	0.29	13.55	18.85	13.28
LLOYDS	67.95	157 Cr	—	2.34	0.00	-22.68	-23.46	-98.51
ADORMUL	127.20	128 Cr	—	4.12	0.00	-3.41	-3.28	-15.27
JHS	10.00	87 Cr	—	0.50	0.00	-2.92	-3.49	-3.84

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2021	Dec 2021	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	34	37	40	63	39	42	46	56	60	84
Expenses	27	33	28	32	32	31	35	43	43	56
Operating Profit	6.80	4.35	12	31	6.66	10	11	13	16	28
OPM %	19.95	11.76	30.34	49.14	17.02	24.72	24.47	23.73	27.54	33.64
Other Income	0.00	0.00	0.73	2.98	4.89	5.73	4.41	4.63	4.94	5.78
Interest	0.04	0.04	0.39	0.94	0.23	0.64	0.41	0.78	0.62	0.70
Depreciation	0.61	0.62	0.75	0.74	0.76	1.17	1.29	1.26	1.24	1.30
Profit Before Tax	6.15	3.70	12	32	11	14	14	16	20	32
Tax %	24.39	32.43	24.47	26.36	21.88	29.30	21.42	28.06	23.22	25.04
Net Profit	4.65	2.49	8.86	24	8.26	10	11	12	15	24
EPS in Rs	0.17	0.09	0.02	0.04	0.30	0.37	0.41	0.42	0.55	0.89

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	84	81	85	161	144	133	159	171	184	224
Expenses	50	53	65	108	107	110	118	121	142	153
Operating Profit	34	27	21	53	37	23	41	50	42	71
OPM %	40.45	33.68	24.06	33.11	25.42	17.32	25.93	29.28	22.76	31.83
Other Income	0.80	1.18	2.47	3.39	5.17	4.31	4.77	7.22	20	NaN
Interest	0.12	0.06	0.11	0.53	0.39	0.13	0.79	1.81	2.05	2.45
Depreciation	2.10	2.18	2.01	2.50	2.60	2.65	2.97	2.93	4.48	4.96
Profit Before Tax	32	26	21	53	38	25	42	53	55	64
Tax %	36.61	34.50	27.28	24.41	24.13	29.53	25.37	24.20	25.45	25.37
Net Profit	21	17	15	40	29	17	32	40	41	48
EPS in Rs	0.77	0.64	0.57	1.48	1.08	0.64	1.18	1.48	1.50	2.28
Dividend Payout %	21.63	29.26	35.09	15.07	20.71	34.75	221.24	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	13	13	13	13	13	13	27
Reserves	25	43	55	63	90	118	129	154	288	315
Borrowings	0.88	0.00	2.14	2.29	31	0.00	8.80	5.97	12	19
Other Liabilities	14	9.12	10	15	30	22	23	16	6.59	11
Total Liabilities	51	63	78	93	165	152	174	189	320	372
Fixed Assets	16	16	16	21	26	29	31	36	58	67
CWIP	0.00	0.00	0.00	0.07	3.16	1.40	5.76	0.00	0.00	6.49
Investments	0.06	5.00	18	22	21	48	54	69	135	103
Other Assets	35	42	44	50	114	74	84	83	126	196
Total Assets	51	63	78	93	165	152	174	189	320	372

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Cash from Operating Activity	7.84	-11
Cash from Investing Activity	-80	45
Cash from Financing Activity	99	-1.46
Net Cash Flow	27	32

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Apr 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	45.06%	45.06%	45.06%	45.07%	44.80%	44.80%	44.80%	45.61%	42.52%	42.52%	42.52%	45.55%
FIIs	0.66%	0.46%	0.34%	0.45%	5.20%	5.39%	5.97%	3.33%	3.14%	1.63%	0.95%	2.58%
DIIs	0.00%	0.34%	0.00%	1.53%	1.08%	1.04%	0.34%	0.00%	0.00%	0.11%	0.11%	0.34%
Public	54.28%	54.14%	54.60%	52.95%	48.92%	48.77%	48.89%	51.06%	54.34%	55.75%	56.43%	51.52%
Total Shareholders	26,333	26,434	28,154	25,582	33,761	43,362	95,639	1,12,236	1,16,374	1,23,379	99,813	97,483

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Oct 29, 2025	Unity associates	Bulk	Buy	246.29	34.90 Cr	14,17,046	0.52
Oct 29, 2025	Unity associates	Bulk	Sell	246.69	15.22 Cr	6,17,046	0.22
Aug 21, 2025	Unity associates	Bulk	Buy	171.90	25.79 Cr	15,00,000	0.55
Aug 20, 2025	L7 hitech private limited	Bulk	Buy	168.31	0.03 Cr	1,500	0.00
Aug 20, 2025	L7 hitech private limited	Bulk	Sell	166.92	25.04 Cr	15,00,000	0.55
Jul 31, 2025	Saurabh v. karmase	Insider - KMP	Acquisition	7.00	0.05 Cr	70,000	0.02
Jul 18, 2025	Hrti private limited	Bulk	Sell	144.54	25.64 Cr	17,74,161	0.66
Jul 18, 2025	Hrti private limited	Bulk	Buy	144.92	25.81 Cr	17,80,746	0.66
Jul 11, 2025	P.g. infraprojects private li...	Bulk	Sell	115.51	21.22 Cr	18,37,310	0.68
May 14, 2025	Setu securities private limited	Bulk	Buy	85.15	11.92 Cr	14,00,000	0.52

Projection

Actions

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Announcements

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2021	Dec 2021	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	34	37	40	63	39	42	46	56	60	84
Expenses	27	33	28	32	32	31	35	43	43	56
Operating Profit	6.80	4.35	12	31	6.66	10	11	13	16	28
OPM %	19.95	11.76	30.34	49.14	17.02	24.72	24.47	23.73	27.54	33.64
Other Income	0.00	0.00	0.73	2.98	4.89	5.73	4.41	4.63	4.94	5.78
Interest	0.04	0.04	0.39	0.94	0.23	0.64	0.41	0.78	0.62	0.70
Depreciation	0.61	0.62	0.75	0.74	0.76	1.17	1.29	1.26	1.24	1.30
Profit Before Tax	6.15	3.70	12	32	11	14	14	16	20	32
Tax %	24.39	32.43	24.47	26.36	21.88	29.30	21.42	28.06	23.22	25.04
Net Profit	4.65	2.49	8.86	24	8.26	10	11	12	15	24
EPS in Rs	0.17	0.09	0.02	0.04	0.30	0.37	0.41	0.42	0.55	0.89

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	84	81	85	161	144	133	159	171	184	224
Expenses	50	53	65	108	107	110	118	121	142	153
Operating Profit	34	27	21	53	37	23	41	50	42	71
OPM %	40.45	33.68	24.06	33.11	25.42	17.32	25.93	29.28	22.76	31.83
Other Income	0.80	1.18	2.47	3.39	5.17	4.31	4.77	7.22	20	NaN
Interest	0.12	0.06	0.11	0.53	0.39	0.13	0.79	1.81	2.05	2.45
Depreciation	2.10	2.18	2.01	2.50	2.60	2.65	2.97	2.93	4.48	4.96
Profit Before Tax	32	26	21	53	38	25	42	53	55	64
Tax %	36.61	34.50	27.28	24.41	24.13	29.53	25.37	24.20	25.45	25.37
Net Profit	21	17	15	40	29	17	32	40	41	48
EPS in Rs	0.77	0.64	0.57	1.48	1.08	0.64	1.18	1.48	1.50	2.28
Dividend Payout %	21.63	29.26	35.09	15.07	20.71	34.75	221.24	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	13	13	13	13	13	13	27
Reserves	25	43	55	63	90	118	129	154	288	315
Borrowings	0.88	0.00	2.14	2.29	31	0.00	8.80	5.97	12	19
Other Liabilities	14	9.12	10	15	30	22	23	16	6.59	11
Total Liabilities	51	63	78	93	165	152	174	189	320	372
Fixed Assets	16	16	16	21	26	29	31	36	58	67
CWIP	0.00	0.00	0.00	0.07	3.16	1.40	5.76	0.00	0.00	6.49
Investments	0.06	5.00	18	22	21	48	54	69	135	103
Other Assets	35	42	44	50	114	74	84	83	126	196
Total Assets	51	63	78	93	165	152	174	189	320	372

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Cash from Operating Activity	7.84	-11
Cash from Investing Activity	-80	45
Cash from Financing Activity	99	-1.46
Net Cash Flow	27	32

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CUPID	421.25	10,990 Cr	177.98	28.83	0.00	16.18	20.66	13.95
KAYA	342.05	532 Cr	—	0.00	0.00	59.93	-12.08	-11.74
YASHOPTICS	137.25	334 Cr	36.01	3.70	0.00	8.72	11.88	6.94
RADIXIND	176.30	262 Cr	87.25	11.81	0.29	13.55	18.85	13.28
LLOYDS	67.95	157 Cr	—	2.34	0.00	-22.68	-23.46	-98.51
ADORMUL	127.20	128 Cr	—	4.12	0.00	-3.41	-3.28	-15.27
JHS	10.00	87 Cr	—	0.50	0.00	-2.92	-3.49	-3.84

Overview

Detailed Summary

Cupid Limited specializes in manufacturing male and female condoms, personal lubricants, and IVD kits, with a global footprint in 110+ countries.

The company marked a strategic shift by entering the fast-growing B2C FMCG market, launching deodorants, perfumes, and personal care products.

Cupid has embarked on significant capacity expansion, aiming to increase its condom production by over 50% in the next two years.

The company maintains strong regulatory compliance, being the first globally to achieve WHO/UNFPA prequalification for both male and female condoms.

Sector

FMCG

Industry

Personal Care - Indian - Medium / Small

Market Cap

10,990 Cr

Volatility

Low Risk

P/E Ratio

178.0

Industry P/E

254.7

PEG Ratio

5.3

P/B Ratio

28.8

52W High

424.85

52W Low

50.00

Sales CAGR

6.88%

11.40%

2.62%

10Y

12.99%

Profit CAGR

2.61%

33.30%

0.54%

10Y

11.05%

ROE

TTM

16.18%

13.86%

14.64%

10Y

18.84%

ROCE

TTM

20.66%

18.78%

19.84%

10Y

26.03%

Cupid Ltd

Cupid Ltd

CUPID

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Consolidated Quarterly Results (in ₹ Crores)

Standalone Profit Loss (in ₹ Crores)

Standalone Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

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Technicals

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Market Transactions

Financial Statements

AI Powered Summary

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Consolidated Quarterly Results (in ₹ Crores)

Standalone Profit Loss (in ₹ Crores)

Standalone Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Forecasts

Cupid Ltd

CUPID

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Overview

Sector

Industry

Market Cap

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Industry P/E

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