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Cupid

CUPID NSE
₹336.50 −2.00 (−0.59%)
P/E
329.90
View as Markdown
MCP
Close 4 Nov 2026 ₹336.50 +287.42 +586% 1Y
Start ₹49.08

Key Fundamentals

MidcapPersonal ProductsFMCG

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
33.90%
Debt to Equity
0.12
EPS (TTM)
₹1.02
Book Value
₹3.35
Market Cap
—
P/E (TTM)
329.90
P/B
100.45
ROE
27.60%
Dividend Yield
1.48%
EBITDA
₹150 Cr
52W High
₹368.95
52W Low
₹48.44
Day Range
₹329.60 – ₹344.00
Volume
98,15,243

Peer Comparison

Fast Moving Consumer Goods › Consumer Goods › Personal Care

Cupid peer comparison
Godrej Consumer Products
₹849.0045.38₹86,648 Cr6.891.82%16.10%18.80%₹15,949 Cr₹1,914 Cr
Dabur India
₹395.0035.52₹69,681 Cr6.142.16%17.00%20.30%₹13,552 Cr₹1,947 Cr
Colgate Palmolive
₹1,660.7033.17₹45,422 Cr27.921.47%82.70%108.00%₹6,391 Cr₹1,362 Cr
Cupid (this company)
₹336.50329.90₹44,683 Cr100.451.48%27.60%33.90%₹484 Cr₹137 Cr
Gillette
₹7,527.0036.71₹23,745 Cr25.923.32%66.50%90.70%₹3,176 Cr₹668 Cr
P&G Hygiene and Health Care
₹6,959.0028.57₹22,555 Cr29.983.61%115.00%157.00%₹4,245 Cr₹790 Cr
Emami
₹381.3522.24₹16,773 Cr5.692.62%26.20%28.10%₹3,915 Cr₹749 Cr
Median 7 companies₹849.0035.52₹44,683 Cr25.922.16%27.60%33.90%₹4,245 Cr₹790 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

62 Good

Data confidence 98/100

surveillance:ASM1

Category scores

Quality
66
Strong
Returns, margins, earnings quality 22% weight
Valuation
33
Poor
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
89
Strong
Solvency, leverage, coverage 9% weight
Momentum
99
Strong
Trend strength, vol-adjusted 12% weight
Ownership
78
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 31.3% CAGR over last 5 years
  • Promoter holding has increased by 1.45% over last quarter.
  • Company's working capital requirements have reduced from 150 days to 119 days

Weaknesses

2
  • Stock is trading at 95.4 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish379
OscillatorsBearish270
Moving AveragesStrong Bullish109

Key readings

RSI (14)
57.61
Neutral
MACD (12,26,9)
7.27
Bearish
SMA (50)
303.88
Bullish
SMA (200)
181.08
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+19.36%
5Y+20.15%
3Y+31.07%
1Y+95.63%
TTM+115.63%

Net profit

Net profit growth by window
10Y+21.04%
5Y+30.08%
3Y+50.00%
1Y+163.41%
TTM+185.42%

Operating cash flow

Operating cash flow growth by window
10Y+13.47%
5Y+1.84%
3Y+11.71%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−7.74 pp
5Y+8.07 pp
3Y+7.45 pp
1Y+10.29 pp
TTM+7.84 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹84.00 Cr
Mar 2018₹81.00 Cr
Mar 2019₹85.00 Cr
Mar 2020₹160 Cr
Mar 2021₹143 Cr
Mar 2022₹133 Cr
Mar 2023₹159 Cr
Mar 2024₹172 Cr
Mar 2025₹183 Cr
Mar 2026₹358 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹21.00 Cr
Mar 2018₹17.00 Cr
Mar 2019₹15.00 Cr
Mar 2020₹40.00 Cr
Mar 2021₹29.00 Cr
Mar 2022₹17.00 Cr
Mar 2023₹32.00 Cr
Mar 2024₹40.00 Cr
Mar 2025₹41.00 Cr
Mar 2026₹108 Cr

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Cupid Ltd trades at ₹340.5 as of 2026-11-02 with a market cap of ₹44,898 Cr, reflecting an extraordinary stock price rally of 564% over the past year. The company demonstrates strong profit growth (52% CAGR over 3 years) and healthy return ratios (ROE 24%, ROCE 30.87%), but its valuation at a PE of 333.82x and PB of 101.64x prices in substantial future expectations.

Bull Case 8
  • Compounded profit growth of 52% CAGR over 3 years and 31% CAGR over 5 years signals a sustained earnings acceleration trend
  • TTM sales growth of 116% and TTM profit growth of 188% indicate a sharp recent inflection in business scale and profitability
  • ROCE of 30.87% reflects efficient capital deployment, well above the cost of capital for most consumer goods companies
  • ROE of 24.01% (with a last-year figure of 28%) shows the company is generating strong returns on shareholder equity and improving over time
  • Debt-to-equity ratio of just 0.12 indicates a near debt-free balance sheet, reducing financial risk and interest burden
  • Promoter holding has increased by 1.45% over the last quarter, suggesting insider confidence in the business trajectory
  • Working capital requirements have reduced from 150 days to 119 days, pointing to improved operational efficiency and cash conversion
  • Compounded sales growth of 19% over 10 years demonstrates a long track record of consistent revenue expansion
Bear Case 7
  • Trailing PE of 333.82x is extraordinarily elevated, implying the stock price assumes massive future earnings growth that may be difficult to sustain
  • Despite reporting repeated profits, the company is not paying out dividends (dividend yield listed at 1.54% notwithstanding the known concern about no payouts), raising questions about capital allocation priorities
  • The stock has surged 564% in one year, rising from a 52-week low of ₹46 to ₹340.5, which embeds significant momentum risk and potential for sharp corrections
  • TTM EPS of ₹1.02 supports a market cap of ₹44,898 Cr, a disconnect that requires earnings to multiply many times over to justify the current valuation
  • The gap between 10-year ROE of 22% and the current PB of 101.64x suggests the market is pricing in a structural shift in profitability that is not yet proven over a full cycle
  • While 3-year stock CAGR is 298%, such parabolic re-ratings in consumer goods companies often revert when growth normalises, as the 5-year profit CAGR of 31% is far below what the current PE demands
  • A 52-week range of ₹46 to ₹368.95 represents over 700% spread, indicating extreme volatility that amplifies downside risk for late entrants

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Cupid is making an aggressive push into organised retail through its exclusive V2 Retail partnership, which could unlock meaningful revenue scale if execution meets the ₹400 crore target. The warrant conversion in Baazar Style signals continued capital deployment into retail investments. No clear headwinds emerged in recent news, but the V2 deal's revenue impact hinges on a mid-December 2026 rollout timeline and actual store-level sell-through. The trend is constructive, with the retail expansion strategy as the key catalyst to watch.

Positives 1
  • V2 Retail exclusive partnership Nov 4

    Cupid signed a long-term exclusive retail deal with V2 Retail covering 425+ stores with 400 sq ft dedicated space each (1.7 lakh+ sq ft total), targeting ₹400 crore in incremental annual revenue with product rollout by mid-December 2026.

Neutral 2
  • Baazar Style warrant conversion Oct 15

    Cupid converted 30 lakh warrants into Baazar Style Retail equity shares at ₹328.25 per share, reducing outstanding warrants to 56 lakh.

  • Large block trade flagged Oct 15

    Approximately 7.3 lakh Cupid shares worth ₹25.78 crore changed hands near ₹353.20 per share in a large trade on NSE; buyer and seller identities remain undisclosed.

Quarterly Results

₹ Cr
CUPID quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
35
36
40
66
44
47
51
61
65
90
104
132
157
Expenses
32
29
28
32
32
31
35
43
43
56
59
82
95
Operating Profit
3
7
12
34
12
16
16
18
21
34
45
50
62
OPM %
9%
20%
30%
51%
26%
34%
31%
30%
33%
38%
43%
38%
40%
Other Income
1.52
1.99
1
0
0
0
0
0
0
0
0
0
0
Interest
0
0
0
1
0
1
0
1
1
1
1
1
1
Depreciation
1
1
1
1
1
1
1
1
1
1
1
1
1
PBT
2
6
12
32
11
14
14
16
20
32
43
47
60
Tax %
3%
20%
24%
26%
22%
29%
21%
28%
23%
25%
24%
24%
26%
Net Profit
2
5
9
24
8
10
11
12
15
24
33
36
44
EPS (₹)
0.02
0.04
0.07
0.18
0.06
0.07
0.08
0.09
0.11
0.18
0.24
0.27
0.33

Profit & Loss

₹ Cr
CUPID profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
44
61
84
81
85
160
143
133
159
172
184
358
484
Expenses
32
36
50
53
65
108
107
109
118
121
141
239
292
Operating Profit
13
25
34
27
21
52
36
23
41
51
42
119
191
OPM %
29%
41%
41%
34%
24%
33%
25%
17%
26%
30%
23%
33%
40%
Other Income
1
2
1
1
2
3
5
4
5
7
19.66
32
0
Interest
0
0
0
0
0
1
1
0
1
2
2
3
3
Depreciation
2
2
2
2
2
2
3
3
3
3
4
5
5
PBT
11
25
32
26
21
53
38
25
42
53
55
142
183
Tax %
33%
36%
37%
34%
27%
24%
24%
30%
25%
24%
25%
24%
—
Net Profit
8
16
21
17
15
40
29
17
32
40
41
108
137
EPS (₹)
0.06
0.12
0.15
0.13
0.11
0.3
0.22
0.13
0.24
0.3
0.3
0.81
1.02
Div. Payout %
22%
21%
22%
29%
35%
15%
21%
35%
21%
0%
0%
0%
—

Balance Sheet

₹ Cr
CUPID balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
11
11
11
13
13
13
13
13
13
27
134
Reserves
13
25
43
55
63
90
118
129
154
288
315
316
Borrowings
2
1
0
2
2
31
0
9
6
12
19
56
Other Liabilities
8
14
9
10
15
30
22
23
16
7
11
46
Total Liabilities
35
51
63
78
93
165
152
174
189
320
372
553
Fixed Assets
16
16
16
16
21
26
29
31
36
58
67
67
CWIP
0
0
0
0
0
3
1
6
0
0
6
25
Investments
0
0
5
18
22
21
48
54
69
147
103
75
Other Assets
19
35
42
44
50
114
74
84
83
114
196
386
Total Assets
35
51
63
78
93
165
152
174
189
320
372
553

Cash Flow

₹ Cr
CUPID cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
7
13
20
3
18
19
42
10
33
8
−11
46
Investing
−1
−1
−5
−9
−14
−37
−9
−13
−22
−80
45
28
Financing
−3
−6
−4
−3
−5
16
−33
3
−11
99
−1
35
Net Cash Flow
3
6
11
−9
0
−2
0
−1
0
27
32
110
Free Cash Flow
6
11
17
1
12
8
38
2
30
−17
−31
21
CFO/EBITDA
69
76
94
50
119
60
142
83
106
41
5
66

Ratios

CUPID financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
67
79
59
100
97
95
65
84
59
102
134
103
Inventory Days
155
60
133
259
168
437
230
197
229
184
450
350
Days Payable
84
27
80
162
135
579
168
134
105
1
13
153
Cash Conversion Cycle
139
112
112
198
130
−46
127
147
183
285
570
301
Working Capital Days
58
77
67
130
108
40
87
87
77
123
210
119
ROCE %
48%
79%
72%
43%
29%
50%
28%
17%
26%
22%
17%
34%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Cupid insights

68 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 47.69%
  • Public 23.33%
  • Others 23.09%
  • FIIs 4.69%
  • DIIs 1.20%

7.64% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q4 FY26 concall · May 2026
    PPT
  • Q3 FY26 concall · Jan 2026
    PPT
  • Q1 FY26 concall · Aug 2025
    PPT
  • Concall · May 2025
    PPT
  • Q1 FY25 concall · Aug 2024
    PPT

Frequently Asked Questions about Cupid

What does Cupid Ltd do?
Established in 1993, CUPID Limited is India's premier manufacturer of male and female condoms, personal lubricant, and IVD kits.
Where is Cupid Ltd (CUPID) listed?
Cupid Ltd trades as CUPID on the NSE and under code 530843 on the BSE.
Which sector does Cupid Ltd belong to?
Cupid Ltd is classified under the Consumer Goods sector, in the Personal Care industry.
What is the PE ratio of Cupid Ltd?
Cupid Ltd trades at a PE ratio of 329.90 as of 4 Nov 2026, on earnings per share of ₹1.02, against a book value of ₹3.35 per share.
What is the 52-week high and low of Cupid Ltd?
Over the last 52 weeks Cupid Ltd has traded between ₹48.44 and ₹368.95 as of 4 Nov 2026.
Does Cupid Ltd pay dividends?
Cupid Ltd has a dividend yield of 1.48%.
What is the Return on Equity (ROE) of Cupid Ltd?
Cupid Ltd reported a return on equity of 27.60%. Its debt-to-equity ratio is 0.12.

Company Information

Established in 1993, CUPID Limited is India's premier manufacturer of male and female condoms, personal lubricant, and IVD kits.

Website cupidlimited.com
CEO Mr. Aditya Kumar Halwasiya
Employees 217
Listed 16 Sep 2016
Face Value ₹1

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