Cupid logo

Cupid

CUPID NSE

Key Fundamentals

SmallcapPersonal CareConsumer Goods
Market Cap
₹37,751 Cr
Volatility
Moderate
P/E Ratio
274.51
EBITDA
₹150 Cr
Return on Equity
24.01%
Debt to Equity
0.12
Book Value
₹3.35
52W High
₹299
52W Low
₹38.2

Tapetide Score

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

Key Insights

Strengths

3
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 31.3% CAGR over last 5 years
  • Company's working capital requirements have reduced from 150 days to 119 days

Weaknesses

2
  • Stock is trading at 83.5 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend

Growth Rate

Revenue Growth
92.62% higher than 3Y
Net Income Growth
165% higher than 3Y
Cash Flow Change
514% higher than 3Y
ROE
101% higher than 3Y
ROCE
90.2% higher than 3Y
EBITDA Margin (Avg.)
27.21% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Cupid Ltd, with a market cap of ₹37,751 Cr, has delivered explosive stock price appreciation of 589% over the past year alongside TTM sales growth of 116% and TTM profit growth of 188%. However, the stock trades at a PE of 272x and 82.7x book value, placing it in extremely elevated valuation territory relative to its fundamentals.

Bull Case 8
  • TTM sales growth of 116% indicates a sharp acceleration in revenue, well above the 5-year compounded sales CAGR of 20%
  • TTM profit growth of 188% significantly outpaces revenue growth, suggesting meaningful operating leverage and margin expansion
  • 5-year compounded profit CAGR of 31% demonstrates consistent earnings growth over a longer horizon, not just a one-year spike
  • Last year ROE of 28% is up from the 5-year average of 19%, indicating improving capital efficiency and higher returns for shareholders
  • 10-year compounded sales CAGR of 19% and profit CAGR of 21% reflect a long track record of sustained double-digit growth
  • Working capital days have reduced from 150 days to 119 days, freeing up cash and improving operational efficiency
  • Dividend yield of 1.8% provides some income return, which is uncommon for high-growth small/mid-cap companies
  • Stock price CAGR of 161% over 5 years and 61% over 10 years reflects prolonged wealth creation for long-term holders
Bear Case 8
  • PE ratio of 272x is extraordinarily elevated, implying the stock prices in many years of flawless execution with no room for disappointment
  • Price-to-book ratio of 82.7x is extreme by any benchmark and suggests the stock is trading far above its asset base
  • 1-year stock price CAGR of 589% raises concerns about speculative momentum driving the price rather than fundamentals alone
  • Despite reporting repeated profits, the company has not been consistently paying dividends, raising questions about capital allocation priorities
  • Key financial metrics such as EPS, debt-to-equity, and ROCE are unavailable or null, limiting the ability to fully assess financial health
  • 52-week high and low data are reported as 0, indicating potential data gaps that make technical and volatility assessment difficult
  • The gap between 3-year stock CAGR of 314% and 3-year profit CAGR of 52% suggests valuation multiples have expanded aggressively beyond earnings growth
  • At a market cap of ₹37,751 Cr with such elevated multiples, even a modest earnings miss could trigger sharp price corrections

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 4
  • Aggressive promoter share accumulation Sep 9

    Promoter Aditya Halwasiya bought over 78 lakh shares across seven open market transactions from Aug 17 to Sep 12, raising his stake from ~33.39% to 33.88% and promoter group holding to 46.83%.

  • South Africa manufacturing JV Aug 28

    Board gave in-principle approval for a South African JV to manufacture male condoms, with the local partner funding capex and Cupid holding up to 49% equity.

  • Strong FY27-FY29 revenue guidance Aug 26

    Cupid guided for FY27 revenue of ₹725-750 crore with net profit of ₹210-225 crore, and targets ₹1,500 crore revenue by FY29, implying ~2x growth in two years.

  • Zero Scope 2 GHG emissions Aug 25

    FY26 BRSR filing shows zero Scope 2 emissions, 12% capex allocated to environmental tech, and 100% MSME procurement, strengthening ESG credentials.

Neutral 2
  • 33rd AGM set for Sep 22 Aug 26

    Cupid scheduled its 33rd AGM for September 22, 2026, to be conducted via video conferencing.

  • New independent director appointed Aug 17

    Keral Prasad Yadav appointed as Additional Non-Executive Independent Director for a five-year term effective August 17, 2026, subject to shareholder approval at the AGM.

TL;DR: Cupid Ltd presents a strongly bullish picture with its promoter aggressively accumulating shares over multiple weeks, signaling high insider confidence. The company's FY27 guidance of ₹725-750 crore revenue and ₹1,500 crore FY29 target point to ambitious growth, supported by international expansion via the South Africa JV. No material headwinds are visible in recent news, though execution risk on the doubling-revenue target and JV delivery remain factors to watch going forward.

Quarterly Results

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
0
0
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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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
183
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
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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
69
76
94
50
119
60
142
83
106
41
5
66
Figures in ₹ Crores

Ratios

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

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66 extracted metrics + investor summaries across FY11–FY26.

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Shareholding Pattern

DIIs0.34%Promot.46.24%FIIs4.17%Others24.60%Public24.65%As ofJun 2026
8.03% of promoter holding pledged as of Jun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - May 2026 May 2026
3
Concall - Jan 2026 Jan 2026
4
Concall - Aug 2025 Aug 2025
5
Concall - May 2025 May 2025

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.[1]
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 market capitalisation of Cupid Ltd?
Cupid Ltd has a market capitalisation of ₹37,751 Cr, which places it in the Large Cap band.
What is the PE ratio of Cupid Ltd?
Cupid Ltd trades at a PE ratio of 274.51, 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 ₹38.2 and ₹299.
Does Cupid Ltd pay dividends?
Cupid Ltd has a dividend yield of 1.80%.
What is the Return on Equity (ROE) of Cupid Ltd?
Cupid Ltd reported a return on equity of 24.01%. 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.[1]

Website cupidlimited.com
CEO Mr. Aditya Kumar Halwasiya
Employees 217
Listed 2016-09-16
Face Value ₹ 1
Issued Size 26,84,67,140

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