Cupid
Key Fundamentals
MidcapPersonal CareConsumer GoodsPrice-based figures as of 15 Oct 2026, 15:58 IST · EPS basis: Standalone · TTM
Peer Comparison
Fast Moving Consumer Goods › Consumer Goods › Personal Care
| ₹869.40 | 46.47 | 88,966 Cr | 7.03 | 1.15% | 14.71% | 21.44% | 16,116 Cr | 1,914 Cr | |
| ₹383.30 | 34.47 | 67,996 Cr | 5.95 | 2.18% | 15.83% | 20.96% | 14,181 Cr | 1,947 Cr | |
| ₹1,781.10 | 35.95 | 48,443 Cr | 30.58 | 2.67% | 83.66% | 107.36% | 6,298 Cr | 1,348 Cr | |
| Cupid (this company) | ₹352.50 | 345.59 | 47,399 Cr | 105.22 | 1.42% | 24.01% | 30.87% | 484 Cr | 137 Cr |
| ₹7,095.00 | 29.13 | 23,031 Cr | 30.57 | 3.65% | 113.67% | 135.44% | 4,289 Cr | 790 Cr | |
| ₹7,052.00 | 34.40 | 22,979 Cr | 24.28 | 3.42% | 69.13% | 84.58% | 3,202 Cr | 668 Cr | |
| ₹373.60 | 21.78 | 16,308 Cr | 5.58 | 2.68% | 26.53% | 28.59% | 3,997 Cr | 749 Cr | |
| ₹447.90 | 58.55 | 14,603 Cr | 10.34 | 0.64% | 14.18% | 17.74% | 2,635 Cr | 248 Cr | |
| ₹468.50 | 27.43 | 6,119 Cr | 8.11 | 0.59% | 25.19% | 30.21% | 1,263 Cr | 223 Cr | |
| ₹1,004.45 | — | 1,913 Cr | 8.68 | 0.00% | 26.13% | 32.07% | — | — | |
| Median 10 companies | ₹668.95 | 34.47 | 23,005 Cr | 9.51 | 1.80% | 25.66% | 30.54% | 3,997 Cr | 749 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
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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 92.5 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
Technical Indicators
Oscillators
Bearish
Overall
Bullish
Moving Averages
Bullish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 40% · Jun 2026
AI Analysis — Bull vs Bear
As of the 2026-10-12 close, Cupid Ltd traded at Rs 361.8 with a market cap of Rs 48,649.82 cr, near its 52-week high of Rs 368.95 and about 7.97x its 52-week low of Rs 45.4. Fundamentals have improved sharply: TTM sales growth is 116%, TTM profit growth is 188%, ROE is 24.01%, ROCE is 30.87% and debt-to-equity is 0.12. Against that, the stock trades at a TTM P/E of 354.71 on EPS of Rs 1.02 and a P/B of 108, which prices in a very large amount of future growth.
- Growth has sped up a lot. TTM sales grew 116% and TTM profit grew 188%, against 3-year compounded rates of 31% for sales and 52% for profit.
- Profit has compounded at 31% a year over 5 years and 21% a year over 10 years, so the company has grown earnings over a long period, not just in one year.
- Capital efficiency is high: ROCE is 30.87% and ROE is 24.01%, and last year's ROE of 28% was above the 3-year average of 20% and the 5-year average of 19%.
- The balance sheet is conservative, with debt-to-equity of 0.12. That leaves little refinancing risk and room to borrow for capacity expansion if needed.
- Working capital needs have fallen from 150 days to 119 days. That frees up cash and suggests better collections or inventory management.
- The stock has strong price momentum. It is up 613% over 1 year and has compounded at 322% a year over 3 years, and the Rs 361.8 close is within about 2% of the Rs 368.95 52-week high.
- Sales have compounded at 19% a year over 10 years and 20% a year over 5 years, so recent growth is built on a consistent long-run base.
- The listed pros say the company is expected to report a good quarter. If that happens, it would extend the 188% TTM profit growth trend.
- The valuation is extreme. A TTM P/E of 354.71 on EPS of Rs 1.02 implies an earnings yield of about 0.28%. Profits would have to keep growing very fast for many years to justify this price.
- P/B of 108 is very high compared with a 24.01% ROE. Investors are paying about Rs 108 for every Rs 1 of book equity, so there is little support from book value if growth slows.
- The stock's run-up has far outpaced the business. The share price rose 613% in 1 year and is about 7.97x its Rs 45.4 52-week low, while TTM profit grew 188%. Most of the gain has come from the valuation multiple expanding, not from earnings.
- A market cap of Rs 48,649.82 cr rests on TTM EPS of only Rs 1.02. Any slowdown from the 116% TTM sales growth back toward the 10-year average of 19% could trigger a sharp de-rating.
- The current pace of growth may not last. TTM profit growth of 188% is about 6x the 5-year CAGR of 31%, which raises the risk that recent results reflect one-off or cyclical tailwinds.
- The dividend data is inconsistent. The stated 1.38% yield implies about Rs 5 per share, roughly 4.9x TTM EPS of Rs 1.02, which earnings could not sustain. Separately, the listed cons say the company is not paying a dividend. Both figures need checking.
- Working capital is still heavy. Even after improving, 119 days of working capital ties up a lot of cash relative to sales.
- ROE has been uneven over time: 22% over 10 years, 19% over 5 years, 20% over 3 years and 28% last year. The current 24.01% may not be a stable baseline.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- FY27 guidance raised after Q2 Oct 1
Cupid raised its FY27 revenue forecast to over ₹800 crore and its net profit target to over ₹250 crore. The company said strong Q2 performance drove the revision.
- Promoter open-market buying Sep 21
Promoter Aditya Kumar Halwasiya bought 4.1 million shares on Sep 21, 2026, which took his personal stake to 34.23%. This came after a 5.90 lakh share purchase on Sep 16 that lifted the promoter group's stake to 46.87%.
- Style Baazar warrant conversion Sep 26
The board approved converting up to 30,00,000 warrants of Baazar Style Retail into equity shares for about ₹73.86 crore. The move strengthens Cupid's retail presence.
- 33rd AGM, all resolutions passed Sep 23
Cupid held its 33rd AGM on Sep 22, 2026, and shareholders passed all six resolutions through e-voting. These included adopting the FY26 financials and appointing directors, with strong promoter support.
TL;DR: Momentum at Cupid is improving, led by the higher FY27 guidance of over ₹800 crore revenue and over ₹250 crore net profit, plus repeated promoter buying that took the group's stake to 46.87%. None of these articles reports a direct headwind. The main risks are execution against the higher targets and putting about ₹73.86 crore into Baazar Style Retail, which is outside Cupid's core business. Watch for H2 FY27 results that show steady growth toward the new guidance.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 (₹) | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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68 extracted metrics + investor summaries across FY11–FY27.
Documents
Frequently Asked Questions about Cupid
What does Cupid Ltd do?
Where is Cupid Ltd (CUPID) listed?
Which sector does Cupid Ltd belong to?
What is the market capitalisation of Cupid Ltd?
What is the PE ratio of Cupid Ltd?
What is the 52-week high and low of Cupid Ltd?
Does Cupid Ltd pay dividends?
What is the Return on Equity (ROE) of Cupid Ltd?
Company Information
Established in 1993, CUPID Limited is India's premier manufacturer of male and female condoms, personal lubricant, and IVD kits.[1]
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