Order Book Or Contract Wins
Expected: H2 FY26 and beyondHIGH confidence
What: Order Book Value: Highest-ever
“Highest-ever order book and diversified business mix provide clear earnings visibility for H2 FY26 and beyond.”
Cupid Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +59.3%Average6w Streak
In , Cupid Ltd (Contraceptives/Protectives) is outperforming Nifty 500 with +59.3% relative strength. Fundamentals: Average. On a 6-week streak.
Cupid Ltd Key Facts
- PE Ratio
- 193.0x
- Market Cap
- ₹16,079 Cr
- PAT Growth YoY
- +200%
- Revenue Growth YoY
- +104%
- OPM
- 37.0%
- RS vs Nifty 500
- +59.3%
PE: At PeakRiding Wave
What's Happening
📊PE near cycle highs — limited room for further expansion
📊Debt increased 42% YoY — leverage rising
🌐FII stake decreased 0.8% this quarter
💰Trading 78% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
H2 FY26 and beyondHIGH
2. Geographical Expansion
2025-2030HIGH
3. Operating Leverage Inflection
CurrentMEDIUM
Key Risks
1. Entry into regulated global tenders requires maintaining WHO/UNFPA prequalificat
MEDIUMSector-Specific Signals
Order Book ValueHighest-everNot Given
Female Condom Revenue Share61%Not Given
Export Revenue %94%Not Given
Capacity Utilisation90%Not Given
Key Numbers
PAT Growth YoY
+200%
Inflection Up
Revenue YoY
+104%
Inflection Up
Operating Margin
37.0%
+1200 bps YoY
PE Ratio
193.0
Current Price
₹120
Fundamental Score
55/100
Average
3Y PAT CAGR
+34%
Market Cap
18.0K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Cupid Ltd's Earnings Accelerating?
Based on Q4 FY26 earnings • Updated Apr 18, 2026
Geographical Expansion
Expected: 2025-2030HIGH confidence
What: South Africa Program: $12.98 Mn annual revenue
Impact: ~₹115 Cr per year
“Secured Allocation Under South Africa’s 5-year (2025–2030) National Female & Male Condoms Program... Total $ 12.98 Mn (~₹115 Cr).”
Operating Leverage Inflection
Expected: CurrentMEDIUM confidence
What: EBITDA Margin: 36.69%
Impact: 1213 bps expansion
“Improved scale and operating leverage supported healthy profitability, despite continued investments in growth.”
New Product Or Brand Launch
Expected: OngoingMEDIUM confidence
What: FMCG SKU Count: Multiple new launches
“New product launches have received encouraging consumer response... FMCG products witnessing improving acceptance in domestic markets.”
Regulatory Approval Or License Win
Expected: CurrentLOW confidence
What: CE Certifications: Achieved for IVD kits
“CE (EU IVDR) Certifications Achieved... Enables participation in European, African, and Latin American tenders.”
Revenue beat of 105.64% Y-o-Y
HIGH confidence
What: Revenue beat of 105.64% Y-o-Y
“Strong revenue growth driven by a record order book, steady export execution, and rising FMCG contribution.”
Revenue guidance raised
HIGH confidence
What: ₹335 Cr → > ₹335 Cr
“We are confident of exceeding our FY26 revenue guidance of ₹335 crore, with net profit expected to exceed ₹100 Cr”
What Are the Key Risks for Cupid Ltd?
Earnings deceleration risks from management commentary
Entry into regulated global tenders requires maintaining WHO/UNFPA prequalificat
MEDIUMTrigger: High entry barriers are maintained through these certifications; any lapse would impact tender eligibility.
Management view: Company focuses on certification-led competitive advantage to enable participation in regulated tenders.
Monitor: regulatory
What Is Cupid Ltd's Management Saying?
Key quotes from recent conference calls
“We are confident of exceeding our FY26 revenue guidance of ₹335 crore, with net profit expected to exceed ₹100 Cr [Previous Revenue Guidance FY26 guidance]”
“₹ 150 Cr incremental revenue expected in FY27... annual business potential within three years as the ecosystem scales. [Initiative: Style Baazar Strategic Investment]”
“Board has granted in-principle approval to set up a FMCG manufacturing facility in Saudi Arabia which the management is currently exploring. [Initiative: Saudi Arabia FMCG Facility]”
“WHO/UNFPA prequalification and USFDA CE certifications create high entry barriers and enable participation in regulated global tenders. [Risk (regulatory): MEDIUM]”
What Did Cupid Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹104.38 Cr
YoY +105.64%QoQ +10.72%
Why: Strong revenue growth was driven by a record order book, steady export execution, and rising FMCG contribution.
The company achieved its highest-ever quarterly revenue, crossing the ₹100 Cr mark for the first time.
EBITDA
₹34.30 Cr
YoY +201.27%Margin 36.69%
Why: Improved scale and operating leverage supported healthy profitability despite continued investments in growth.
EBITDA margins expanded significantly from 24.56% in Q3 FY25 to 36.69% in the current quarter.
PAT
₹32.83 Cr
YoY +196.26%QoQ +36.06%
Why: Profitability was bolstered by high-margin female condom sales and increased other income of ₹10.89 Cr.
Net profit margins reached 35.12%, aided by a mix shift toward higher-margin products.
Other Highlights
• Highest-ever order book providing clear revenue visibility for H2 FY26 and beyond.
• Other income rose to ₹10.89 Cr from ₹4.41 Cr in the previous year's quarter.
• Earnings Per Share (EPS) increased to ₹1.22 from ₹0.41 Y-o-Y.
What Sector Metrics Matter for Cupid Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Order Book Value
Highest-ever
YoY Not GivenQoQ Not Given
Why: Driven by multi-year international contracts and rising FMCG traction.
Female Condom Revenue Share
61%
YoY Not GivenQoQ Not Given
Why: Mix shift toward higher-margin female condoms in the Brazil and South Africa orders.
Export Revenue %
94%
YoY Not GivenQoQ Not Given
Why: Dominance of international B2B tender business.
Capacity Utilisation
90%
YoY Not GivenQoQ Not Given
Why: High demand from international orders.
FMCG Retail Reach
1.50 lakh+
YoY Not GivenQoQ Not Given
Why: Aggressive expansion of domestic distribution backbone.
Post-expansion Male Condom Capacity
~1.25 Bn
YoY Not GivenQoQ Not Given
Why: Expansion at Palava facility to support rising volumes.
Post-expansion Female Condom Capacity
~125 Mn
YoY Not GivenQoQ Not Given
Why: Expansion at Palava facility to support rising volumes.
Rapid IVD Test Kits in Production
15
YoY Not GivenQoQ Not Given
Why: Scaling up the diagnostics business as a new growth engine.
What Is Cupid Ltd's Management Guidance?
Forward-looking targets from management for FY26
Revenue Outlook
> ₹335 Cr
Management Tone: BULLISH
Guidance Changes
RAISED
Revenue: ₹335 Cr → > ₹335 Cr
How Fast Is Cupid Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +104% | +11% | Inflection Up |
| PAT (Net Profit) | +200% | +34% | Inflection Up |
| OPM | 37.0% | +1200 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Frequently Asked Questions: Cupid Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Cupid Ltd's latest quarterly results?
Cupid Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +200.0% (turning around (inflection up))
- Revenue Growth YoY: +104.3%
- Operating Margin: 37.0% (volatile)
Is Cupid Ltd's profit growing or declining?
Cupid Ltd's profit is growing with an turning around (inflection up) trend.
- PAT Growth YoY: +200.0% (latest quarter)
- PAT Growth QoQ: +37.5% (sequential)
- 3-Year PAT CAGR: +34.1%
- Trend: Turning around (inflection up) — consistent growth pattern
What is Cupid Ltd's revenue growth trend?
Cupid Ltd's revenue growth trend is turning around (inflection up).
- Revenue Growth YoY: +104.3%
- Revenue Growth QoQ: +11.9% (sequential)
- 3-Year Revenue CAGR: +11.2%
How is Cupid Ltd's operating margin trending?
Cupid Ltd's operating margin is volatile.
- Current OPM: 37.0%
- OPM Change YoY: +12.0% basis points
- OPM Change QoQ: +3.0% basis points
What is Cupid Ltd's 3-year profit and revenue CAGR?
Cupid Ltd's long-term compounding rates
- 3-Year Profit CAGR: +34.1%
- 3-Year Revenue CAGR: +11.2%
Is Cupid Ltd's growth accelerating or decelerating?
Cupid Ltd's earnings growth is turning around (inflection up) with positive momentum on a sequential basis.
- YoY Acceleration: 0.0% bps
- Sequential Acceleration: -12.5% bps
What is Cupid Ltd's trailing twelve month (TTM) performance?
Cupid Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹84 Cr
- TTM PAT Growth: +58.5% YoY
- TTM Revenue: ₹294 Cr
- TTM Revenue Growth: +54.7% YoY
- TTM Operating Margin: 31.8%
Is Cupid Ltd overvalued or undervalued?
Cupid Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 193.0x
- Price-to-Book: 42.3x
What is Cupid Ltd's current PE ratio?
Cupid Ltd's current PE ratio is 193.0x.
- Current PE: 193.0x
- Market Cap: 16.1K Cr
How does Cupid Ltd's valuation compare to its history?
Cupid Ltd's current PE is 193.0x.
- Current PE: 193.0x
- Valuation Assessment: Significantly Overvalued
What is Cupid Ltd's price-to-book ratio?
Cupid Ltd's price-to-book ratio is 42.3x.
- Price-to-Book (P/B): 42.3x
- Book Value per Share: ₹3
- Current Price: ₹120
Is Cupid Ltd a fundamentally strong company?
Cupid Ltd is rated Average with a fundamental score of 54.59/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +104.3% (10% weight)
- PAT Growth YoY: +200.0% (10% weight)
- PAT Growth QoQ: +37.5% (10% weight)
- Margins stable (10% weight)
Is Cupid Ltd debt free?
Cupid Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹19 Cr
What is Cupid Ltd's return on equity (ROE) and ROCE?
Cupid Ltd's return ratios over recent years
- FY2023: ROCE 26.0%
- FY2024: ROCE 22.0%
- FY2025: ROCE 17.0%
Is Cupid Ltd's cash flow positive?
Cupid Ltd's operating cash flow is negative (FY2025).
- Cash from Operations (CFO): ₹-11 Cr
- Free Cash Flow (FCF): ₹34 Cr
- CFO/PAT Ratio: -27% (weak cash conversion)
What is Cupid Ltd's dividend yield?
Cupid Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹120
Who holds Cupid Ltd shares — promoters, FII, DII?
Cupid Ltd's shareholding pattern (Mar 2026)
- Promoters: 46.0%
- FII (Foreign): 1.0%
- DII (Domestic): 0.2%
- Public: 52.8%
Is promoter holding increasing or decreasing in Cupid Ltd?
Cupid Ltd's promoter holding has increased recently.
- Current Promoter Holding: 46.0% (Mar 2026)
- Previous Quarter: 45.6% (Dec 2025)
- Change: +0.47% (increasing — positive signal)
How long has Cupid Ltd been outperforming Nifty 500?
Cupid Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
Is Cupid Ltd a new momentum entry or an established outperformer?
Cupid Ltd is an established outperformer with 6 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Cupid Ltd?
Cupid Ltd has 7 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Multi-year international contracts provide strong earnings visibility.
- Geographical Expansion — Secured allocation under South Africa’s 5-year national condom program.
- Operating Leverage Inflection — Improved scale and fixed cost absorption as revenue doubled.
- New Product Or Brand Launch — New product launches in personal care and fragrances are receiving encouraging response.
What are the key risks in Cupid Ltd?
Cupid Ltd has 1 key risk worth monitoring
- [MEDIUM] Entry into regulated global tenders requires maintaining WHO/UNFPA prequalificat — High entry barriers are maintained through these certifications; any lapse would impact tender eligibility.
What did Cupid Ltd's management say in the latest earnings call?
In Q4 FY26, Cupid Ltd's management highlighted
- "We are confident of exceeding our FY26 revenue guidance of ₹335 crore, with net profit expected to exceed ₹100 Cr [Previous Revenue Guidance FY26 gui..."
- "₹ 150 Cr incremental revenue expected in FY27... annual business potential within three years as the ecosystem scales. [Initiative: Style Baazar Stra..."
- "Board has granted in-principle approval to set up a FMCG manufacturing facility in Saudi Arabia which the management is currently exploring. [Initiat..."
What is Cupid Ltd's management guidance for growth?
Cupid Ltd's management has provided the following forward guidance for FY26
- Revenue outlook: > ₹335 Cr
- Margin outlook: Not Given
- Capex plan: Not Given for Palava manufacturing facility expansion
- Management tone: bullish
- Milestone: [RAISED] Revenue: ₹335 Cr → > ₹335 Cr
What sector-specific metrics matter most for Cupid Ltd?
Cupid Ltd's most important sub-sector-specific KPIs from the latest concall
- Order Book Value: Highest-ever (YoY Not Given) (QoQ Not Given) — Driven by multi-year international contracts and rising FMCG traction.
- Female Condom Revenue Share: 61% (YoY Not Given) (QoQ Not Given) — Mix shift toward higher-margin female condoms in the Brazil and South Africa orders.
- Export Revenue %: 94% (YoY Not Given) (QoQ Not Given) — Dominance of international B2B tender business.
- Capacity Utilisation: 90% (YoY Not Given) (QoQ Not Given) — High demand from international orders.
- FMCG Retail Reach: 1.50 lakh+ (YoY Not Given) (QoQ Not Given) — Aggressive expansion of domestic distribution backbone.
- Post-expansion Male Condom Capacity: ~1.25 Bn (YoY Not Given) (QoQ Not Given) — Expansion at Palava facility to support rising volumes.
Is Cupid Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Cupid Ltd may be worth studying
- Earnings growing at +200.0% YoY
What is the investment thesis for Cupid Ltd?
Cupid Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +104.3% YoY
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Entry into regulated global tenders requires maintaining WHO/UNFPA prequalificat
What is the future outlook for Cupid Ltd?
Cupid Ltd's forward outlook based on current data signals
- Earnings Trend: turning around (inflection up)
- Revenue Trend: turning around (inflection up)
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Entry into regulated global tenders requires maintaining WHO/UNFPA prequalificat
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.