Cupid Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Cupid Ltd trades at ₹265, in a confirmed uptrend and 69 weeks into that stage. That is +61.3% against its own 200-day average. It sits at 88% of a 52-week range of ₹52 to ₹294. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 32 straight weeks.

Today the stock is in a confirmed uptrend — week 69 of stage 2, confirmed. At ₹265 it trades +61.3% versus its 200-day average and sits at 88% of its 52-week range (₹52–₹294).

Against the market, two honest reads. Cumulative: over the last 10.6 years the stock moved +13,019% while the NIFTY 500 moved +272% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 32 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Cupid Ltd trades at 259.0× P/E, at the pricey end of its own range (95th percentile). Its long-run median P/E is 43.1×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 259.0× is at the pricey end of its own range (95th percentile), against a long-run median of 43.1× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +166.7% against a +516.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +158.2%/yr price move, ~+35.9%/yr came from earnings growth and ~+122.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Cupid Ltd reads as improving on its fundamental arc. Improving — EPS growth bottomed 6 quarters ago at −42.3% and has held its recovery at +191.4%, ROCE lifting at 35.6%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

4-Factor Sector Score

88.7/100 — rank 1 of 2 in Contraceptives/Protectives · 90% evidence confidence

Cupid Ltd scores 88.7 out of 100 against the 2 companies it is compared with in Contraceptives/Protectives, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 35 + 20 + 13.7 + 20 = 88.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Cupid Ltd reported ₹155 Cr of revenue in the Jun 26 quarter, +158.3% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 19.4% a year. The last full year, FY26, came in at ₹358 Cr. The last four reported quarters add to ₹453 Cr.

FY26 revenue came in at ₹358 Cr (+95.6% on the year), capping 10 years at 19.4% compound. The latest quarter (Jun 26) printed ₹155 Cr, +158.3% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +119.2% growth against the decade's 19.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +122.1% over the last 4 quarters against +59.5%/yr over the last 8 — accelerating; TTM profit +185.4% vs +72.6%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Cupid Ltd's operating margin is 39.0% in the Jun 26 quarter, +11.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 41.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 39.0%, +11.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–41.0%.

Why the margin moved: operating margin went +11.3 pp year on year while gross margin went −1.6 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Cupid Ltd earned ₹44.0 Cr of net profit in the Jun 26 quarter, +193.3% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹108 Cr. The 10-year compound rate is 21.0%. That is 28.4% of the quarter's revenue. The same quarter a year earlier earned ₹15.0 Cr.

Jun 26 profit was ₹44.0 Cr, +193.3% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹108 Cr (+163.4%), and the 10-year compound rate is 21.0%.

Why profit moved: revenue contributed +158.3% and the margin +11.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +183.3% vs revenue +119.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 23% of Cupid Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹46.0 Cr of operating cash against ₹108 Cr of profit. After ₹24.0 Cr of capital spending, ₹22.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹46.0 Cr against reported profit of ₹108 Cr, leaving free cash of ₹22.0 Cr after ₹24.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 23% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 23%: the cash cycle stretched 212 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 212 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Cupid Ltd's cash conversion cycle runs 301 days in FY26, up from 89 days in FY21. Capital spending ran ₹68.0 Cr over the last 3 years. At FY26 sales of ₹358 Cr each day of that cycle holds about ₹1.0 Cr, so roughly ₹295 Cr sits inside the business at any moment.

FY26: debtors at 103 days, inventory at 350 days — roughly 11.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 301 days, looser than FY21's 89.

The full loop: cash goes out to suppliers and production on day 0; stock waits 350 days to sell; customers pay about 103 days after that; and suppliers themselves are paid at 153 days — netting out to the 301-day cycle.

In money terms: at FY26 sales of ₹358 Cr, each day of the cycle holds about ₹1.0 Cr — so the 301-day loop keeps roughly ₹295 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹68.0 Cr over the last 3 fiscal years against ₹12.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹25.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Cupid Ltd earns a ROCE of 34% in FY26. That is up from a trough of 3% in FY14. Return on invested capital clears the cost of that capital by +23.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 30.2% net margin on 0.65× asset turns.

FY26 ROCE is 34%, recovered from a FY14 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 30.2% net margin × 0.65× asset turns × 1.23× balance-sheet leverage ≈ 24.1% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 35.4% − 12.0% = a +23.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Cupid Ltd carries total debt of ₹56.0 Cr against shareholder equity of ₹451 Cr as of Mar 26, a debt-to-equity of 0.12 — effectively unlevered. On the annual view that ratio went from 0.06 in FY22 to 0.12 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹56.0 Cr against shareholder equity of ₹451 Cr — a debt-to-equity of 0.12. On the annual view, debt-to-equity went from 0.06 (FY22) to 0.12 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 1.8 points of Cupid Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 4.2% of the company. Promoters moved +1.4 points over the same window, to 46.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −1.8 points over 8 quarters to 4.2%; Promoters: +1.4 points over 8 quarters to 46.2%; Domestic institutions: +0.3 points over 8 quarters to 0.3%.

🚨 Why the register moved: foreign institutions drove it (−1.8 points), absorbed on the other side by promoters (+1.4 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Cupid Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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