Cupid doubles to Rs 391 crore in FY26, guides Rs 725-750 crore for FY27 on retail and export scale-up

Cupid Ltd makes everyday health and personal care products such as male and female condoms, lubricants and rapid test kits for HIV, hepatitis B, syphilis and pregnancy, selling in bulk to global health programmes abroad and under its own brands in Indian shops. At its 33rd Annual General Meeting on September 22, 2026, the company said FY26 total income rose 93% to Rs 391 crore from Rs 203 crore while profit after tax rose 165% to Rs 108 crore from Rs 41 crore, and it raised FY27 guidance to Rs 725-750 crore revenue and Rs 210-225 crore net profit . The takeaway is that Cupid beat its own FY26 targets and now plans to nearly double sales again in FY27 on two legs — global tender exports and a fast-scaling Indian consumer business fed by new Palava capacity and a Rs 331.53 crore retail access deal — which also raises execution risk on trading mix, margins and capital deployment.

FY26 beat and a fast start to FY27

Cupid said it exceeded its initial FY26 guidance of Rs 335 crore revenue and Rs 100 crore profit and ended the year with its strongest quarter in history . Chairman and Managing Director Aditya Kumar Halwasiya presented the FY26 review and FY27 direction at the AGM .

Standalone quarterly trend shows accelerating scale:

Quarter	Total income (Rs crore)	Net profit (Rs crore)
Q2 FY25	47.29	10.04
Q3 FY25	50.76	11.08
Q4 FY25	61.11	11.55
Q1 FY26	64.75	15.02
Q2 FY26	90.21	24.12
Q3 FY26	104.40	32.87
Q4 FY26	132.04	36.26
Q1 FY27	156.98	44.16

Annual picture on the same standalone basis:

Year	Total income (Rs crore)	Net profit (Rs crore)
FY24	178.31	39.85
FY25	203.18	40.93
FY26	391.40	108.27

Revenue from operations, which excludes other income, rose from Rs 39.13 crore in Q1 FY25 period base to Rs 154.72 crore in Q1 FY27 . Year on year revenue growth accelerated from 52.8% in Q1 FY26 to 158.7% in Q1 FY27 . In the June quarter of FY27, total income grew 142% to Rs 157 crore while profit after tax grew 194% to Rs 44 crore .

Profitability is strong but off the peak

EBITDA margin, which shows operating profit before interest, tax and depreciation as a share of revenue, expanded sharply in FY26. Net worth rose from Rs 342 crore to Rs 451 crore in FY26 .

Period	EBITDA margin
Q2 FY25	38.5%
Q3 FY25	34.1%
Q4 FY25	32.0%
Q1 FY26	35.8%
Q2 FY26	40.5%
Q3 FY26	48.3%
Q4 FY26	41.3%
Q1 FY27	40.3%
FY24	33.5%
FY25	33.5%
FY26	42.1%

The company quoted a 39% EBITDA margin for the June quarter , broadly in line with the 40.3% in the financial matrix . That is well above the FY25 average but below the 48.3% peak in Q3 FY26 . Net margin expanded from 22.3% in FY25 to 30.3% in FY26 on a standalone basis, then eased from 30.2% in Q4 FY26 to 28.5% in Q1 FY27 . One watch is mix: purchases of traded goods jumped to Rs 54.62 crore in Q1 FY27, about 35% of revenue, which can support fast growth but can pressure margins if the trading share keeps rising . Cash conversion cycle, the days cash stays tied in stock and receivables, improved from 213.7 days in FY25 to 143.1 days in FY26 .

Two engines: global health anchor, Bharat consumer scale-up

Cupid describes two complementary engines — a global healthcare business serving national programmes, multilateral agencies and brand owners, and a Bharat consumer business in condoms, lubricants and FMCG . It says it is the first company in the world to receive WHO and UNFPA pre-qualification for both male and female condoms, a quality clearance that lets it bid for large public tenders . In FY26 exports reached Rs 208 crore, close to 60% of revenue, across more than 125 countries, with the order pipeline at its strongest level .

The May 2026 investor presentation puts FY26 exports at Rs 208.13 crore, or 59.30% of revenue from operations . Product split for FY26 was male condoms Rs 181.11 crore or 51.60%, female condoms Rs 60.72 crore or 17.27%, IVD kits and lubricants Rs 24.97 crore or 7.11%, and new FMCG products Rs 84.26 crore or 24.01% . The consumer business contributed about Rs 122 crore in FY26 including Rs 84 crore from recently launched FMCG products . A year earlier in FY25, exports were Rs 93.58 crore or 52% of sales , so the export share moved up in FY26 even as FMCG scaled.

Tender visibility is central to the export story. Management called the order pipeline the strongest ever across global agencies, government programmes and FMCG channels . The anchor disclosed in January 2026 is South Africa's five-year national programme for 2025 to 2030, where Cupid secured 2.34 crore female condoms per year, 59% of the 4 crore annual allocation, plus 7.70 lakh boxes of male condoms per year or about 15.30 crore pieces, with procurement from December 2025 . That programme alone implies about 79 crore rupees a year from female condoms at 88.90 lakh dollars and about 36 crore rupees from male condoms at 40.90 lakh dollars, totalling about 115 crore rupees at 1.30 crore dollars .

Palava capacity and the nitrile bet

The 170,000 sq ft Palava facility is scheduled for commissioning in the next quarter and is expected to support total capacity of about 125.00 crore male condoms and 12.50 crore female condoms a year at full capacity . The company calls it its largest manufacturing investment . Earlier disclosures said Palava adds about 77 crore male condoms and about 7.50 crore female condoms a year over the existing base .

Cupid is developing nitrile capability, including a premium latex-free nitrile female condom, aimed at a global market expected to exceed 120.00 crore dollars by 2030 . With dual-polymer lines at Palava, it is developing capability to make both latex and nitrile condoms in Bharat . The May 2026 presentation frames the female condom market at 77 crore dollars in 2024 rising to about 120.00 crore dollars by 2030, with nitrile commanding 25 to 35% higher pricing and demand for supply diversification beyond single-source dependency . It says Cupid is the only condom maker in India with integrated dual-polymer capability across male, female and nitrile female condoms, on dedicated lines with no cross-contamination .

On diagnostics, Cupid received CE certification under the European IVDR for its HIV, hepatitis B, syphilis and pregnancy test kits, supporting access to European markets and global screening programmes . The May 2026 presentation says these approvals enhance access to regulated markets such as Europe and strengthen eligibility for government tenders and multilateral programmes .

Baazar Style Retail: paying for shelf access

Cupid committed Rs 331.53 crore to Baazar Style Retail, giving access to more than 280 stores, with the network expected to cross 500 stores over the next two to three years . It expects about Rs 150 crore revenue in FY27 from the initiative, with potential to scale toward Rs 500 crore a year in the next few years .

The May 2026 presentation says Rs 82.88 crore was already deployed for access to over 260 stores from day one, scaling beyond 500 stores in two to three years, with about Rs 150 crore incremental revenue in FY27 scaling to about Rs 500 crore a year over the medium term .

The context is a rapid FMCG build from a small base. Other consumer products were Rs 25.69 crore or 14% of FY25 revenue , rising to new FMCG products of Rs 84.26 crore or 24.01% in FY26 . Distribution reached more than 1.50 lakh retail outlets nationwide, with 75,043 chemist outlets, 47,543 cosmetics outlets, 12,584 grocery outlets, 12,346 pan-plus outlets and 2,983 open-format outlets, plus more than 52,000 e-commerce orders serviced . The January 2026 presentation listed more than 1,050 distributors, a more than 325 member sales force and presence across Amazon, Flipkart, JioMart, BigBasket and Zepto . New launches include flavoured condoms, deodorants and perfumes, face wash, talcum powder, sunscreen, shower gel and hand wash .

What came after FY26: GII top-up and South Africa plan

In July 2026 Cupid made an additional 50 lakh dollar follow-on investment in GII Healthcare Investment Limited, fully funded through internal accruals . It said the move strengthens the strategic relationship and gives greater exposure to the broader GCC healthcare opportunity including assets in Saudi Arabia .

In August 2026 the board gave in-principle approval for a proposed manufacturing venture in South Africa with a local partner . Cupid is expected to hold up to 49% while the South African partner and qualifying local shareholders would hold at least 51% . The proposed asset-light model has Cupid contributing manufacturing expertise, technology transfer, quality systems and training, while the local partner arranges capital expenditure, working capital and operating funding . The partner identity was not disclosed . The rationale is to align with South Africa's push for local manufacturing, support participation in the ongoing five-year tender and create a platform for wider Africa expansion and, subject to approvals, other international markets . Timeline for final agreements was not given .

On market visibility, Cupid completed a bonus issue in January 2026, was included in BSE Group A in July 2026 and joined the FTSE Emerging Markets All Cap Index effective September 21, 2026 .

Guidance implies another doubling, then more

For FY27 the company raised guidance to Rs 725-750 crore revenue and Rs 210-225 crore net profit . That is roughly double FY26 actual revenue of Rs 391 crore and profit of Rs 108 crore . The path has moved up through the year: the May 2026 presentation targeted FY27 revenue of Rs 600 crore with net profit of Rs 180 crore and net margins above 30% , followed by higher interim targets before the current Rs 725-750 crore and Rs 210-225 crore range .

For the medium term the AGM note guides FY28 revenue of Rs 1,085 crore and FY29 revenue of Rs 1,500 crore . That is above the May 2026 three-year view of Rs 875 crore in FY28 and Rs 1,150 crore in FY29, with net profits of Rs 275 crore and Rs 390 crore respectively . Management attributes the trajectory to wider Bharat distribution, rising consumer share, new capacity, global tenders and a broader international platform . Balance sheet support cited includes non-current borrowings of Rs 12.17 crore and current borrowings of Rs 38.81 crore totalling Rs 50.98 crore, with debt to equity of 0.11 times in FY26 against 0.04 times in FY24 and FY25 .

Chairman Aditya Kumar Halwasiya said FY26 marked an important phase with progress in core business, consumer portfolio and new capabilities, and that Palava expansion, deeper distribution, new product capability and international presence create multiple avenues for growth while keeping discipline on profitability, governance and capital allocation .

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