Cupid logo

Cupid

CUPID NSE

Key Fundamentals

MidcapPersonal CareConsumer Goods
Market Cap
₹42,175 Cr
Volatility
Moderate
P/E Ratio
306.37
EBITDA
₹150 Cr
Return on Equity
24.01%
Debt to Equity
0.12
Book Value
₹3.35
52W High
₹312
52W Low
₹41.82

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 93.2 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

6d ago
AI opinion · based on fundamentals
Risk high

Cupid Ltd has a market capitalisation of about ₹36,716 Cr. Profits grew 188% over the trailing twelve months (TTM) and sales grew 116%, while 5-year profit and sales CAGRs are 31% and 20%. The stock has risen 526% in one year and trades at a P/E of 261.3 and a P/B of 79.51, which values it at roughly ₹140 Cr of implied TTM profit and about ₹462 Cr of implied book equity. Return on equity rose to 28% last year from a 3-year average of 20%, but the dividend data provided is contradictory and 52-week price range data is unavailable.

Bull Case 7
  • Growth has sped up sharply: TTM sales growth of 116% is well above the 3-year CAGR of 31% and the 5-year CAGR of 20%.
  • Profits are growing faster than sales. TTM profit growth is 188% against 116% sales growth, and the 3-year profit CAGR of 52% beats the 3-year sales CAGR of 31%, which points to operating leverage or better margins.
  • Return on equity rose to 28% last year, up from a 3-year average of 20% and a 5-year average of 19%, so capital is being used more productively as the company grows.
  • The company has a long record of growth: profits have compounded at 21% a year over 10 years and sales at 19%, and 10-year average ROE is 22%.
  • Working capital needs have fallen from 150 days to 119 days, which frees up cash and improves the quality of growth.
  • Profits have compounded at 31.3% a year over 5 years, so recent growth builds on a multi-year trend rather than a one-off.
  • Positive near-term earnings momentum has been noted, with the company expected to report a good quarter.
Bear Case 7
  • At a P/E of 261.3, the earnings yield is only about 0.38%. The valuation assumes that TTM profit growth of 188% carries on for many years, well beyond the 5-year profit CAGR of 31%.
  • A P/B of 79.51 (80.5x in another source) means the ₹36,716 Cr market cap sits on only about ₹462 Cr of implied book equity. That leaves little asset backing if growth disappoints.
  • Most of the stock's rise came from the market paying a higher multiple, not from earnings. The share price rose 526% in one year while profits grew 188%. Over 10 years, the stock compounded at 59% a year against 21% for profits.
  • Growth has been uneven. The 5-year and 10-year sales CAGRs of 20% and 19% are far below the TTM figure of 116%, so the current jump may not last and results may be hard to match next year.
  • The dividend data contradicts itself. The metrics show a 1.88% yield, but the listed cons say the company does not pay a dividend. At a P/E of 261.3, a 1.88% yield would also mean paying out about 4.9 times earnings, so the yield figure is likely wrong. Investors should not count on meaningful shareholder payouts.
  • Working capital has improved but still stands at 119 days, which is long for a consumer goods company and ties up a lot of capital in receivables and inventory.
  • Important data is missing. ROCE, debt-to-equity and EPS are null and the 52-week high and low are shown as 0, so leverage, capital efficiency and price volatility cannot be checked fully.

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

AI News Digest

1d ago
Positives 3
  • FY27 guidance raised sharply Oct 1

    Cupid raised its FY27 revenue guidance to over ₹800 crore and its net profit target to over ₹250 crore after a strong Q2. The profit target implies a net margin above 31%, so the company is signalling confidence in both growth and profitability.

  • Sustained promoter open-market buying Sep 21

    Promoter Aditya Kumar Halwasiya bought about 72.9 lakh shares in four open-market purchases: 15 lakh on Sep 9, 11 lakh on Sep 11, 5.90 lakh on Sep 16 and 41 lakh on Sep 21. His stake rose from 33.80% to 34.23%, and the promoter group's holding went from 46.75% to 46.87%.

  • Baazar Style 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. This deepens Cupid's strategic stake in organised retail.

Neutral 1
  • 33rd AGM clears all resolutions Sep 23

    At the 33rd AGM on Sep 22, 2026, shareholders adopted the FY26 financials and passed all six resolutions, including director appointments, through e-voting with strong promoter support.

TL;DR: Cupid's momentum looks strong. The company raised FY27 guidance to over ₹800 crore revenue and over ₹250 crore profit after Q2, and the promoter bought roughly 72.9 lakh shares in September, which suggests insiders are confident. The main risks are whether it can deliver the ambitious margins of over 31% the guidance implies, and whether the ₹73.86 crore going into Baazar Style Retail, outside its core consumer goods business, earns a good return. The overall trend is improving, and the next few quarters will show whether results keep pace with the raised targets.

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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68 extracted metrics + investor summaries across FY11–FY27.

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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 ₹42,175 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 306.37, 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 ₹41.82 and ₹312.
Does Cupid Ltd pay dividends?
Cupid Ltd has a dividend yield of 1.60%.
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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