Cupid Limited has successfully deployed Rs 82.88 crore as the first phase of its strategic investment in Baazar Style Retail Limited, marking a significant milestone in the company's retail expansion strategy. This investment represents 25% of the total planned investment of Rs 331.53 crore in Style Baazar, positioning Cupid for enhanced market penetration and distribution capabilities.

Investment Structure and Warrant Allocation

Following the investment, Cupid Limited has been allotted 1,01,00,000 warrants that are convertible into equity shares of Baazar Style Retail Limited. The strategic partnership provides the company with immediate access to Style Baazar's extensive retail infrastructure and distribution network.

Strategic Benefits and Market Access

The investment provides Cupid Limited with direct access to a large and rapidly expanding retail network of 260+ stores, significantly strengthening market access, shelf visibility, and last-mile reach for its FMCG product portfolio. The partnership enables immediate availability of Cupid's products across Style Baazar stores, enhancing in-store presence and consumer engagement from the outset.

The collaboration is expected to support faster rollout of Cupid's expanded product portfolio, leveraging Style Baazar's strong store-level execution capabilities and consumer insights. This strategic alliance will enable deeper penetration across high-potential regional markets with improved speed and efficiency.

Growth Projections and Expansion Plans

Style Baazar's planned expansion to over 500 stores in the next two to three years is expected to further scale this opportunity, with Cupid's FMCG offerings growing alongside the network and significantly increasing consumer touchpoints and brand visibility. With this ecosystem in place, Cupid Limited expects to generate incremental annual revenue of Rs 500 crore within the next three years as the platform scales across geographies and product categories.

Management Commentary

Commenting on the development, Mr. Aditya Kumar Halwasiya, Chairman & Managing Director of Cupid Limited, stated that the company is pleased to complete the first phase of the strategic investment in Style Baazar. He emphasized that this development strengthens the retail presence and significantly enhances FMCG distribution reach across key markets, expressing confidence in driving strong growth through improved market access and deeper consumer engagement.

Mr. Shreyans Surana, Managing Director of Baazar Style Retail Limited, highlighted that the partnership with Cupid Limited's strong FMCG portfolio and execution capabilities complements their retail platform, enabling better product availability and customer experience while supporting their expansion journey.

About Cupid Limited

Established in 1993, Cupid Limited is India's premier manufacturer and brand of male and female condoms, water-based personal lubricants, IVD kits, deodorants, perfumes, almond hair oil, body oils, petroleum jelly, and other FMCG products. The company has recently expanded its product offerings to include fragrance products, personal care items, and wellness solutions. In March 2024, the company completed a strategic land acquisition in Palava, Maharashtra, enabling it to amplify its production capacity by 1.5 times the existing output. Cupid currently exports its products to over 125 countries and is the first company in the world to attain WHO/UNFPA pre-qualification for both male and female condoms.

Cupid Limited is positioned to deliver its best-ever quarterly performance while surpassing its FY26 guidance, demonstrating exceptional execution across its core business segments. The Mumbai-based manufacturer and exporter of male condoms, female condoms, water-based lubricants, and IVD kits has confirmed strong performance that will exceed the company's annual revenue guidance of ₹335 Cr and net profit guidance of ₹100 Cr for FY26.

Record Quarterly Performance Against Annual Targets

The company's robust operational execution has positioned it to deliver its strongest quarterly results while comfortably exceeding established financial guidance for the current fiscal year.

This exceptional performance reflects the company's effective business model execution and sustained demand momentum across its diverse product portfolio.

Ambitious Growth Targets for FY27

Building on this strong foundation, Cupid Limited has outlined ambitious targets for the upcoming fiscal year, reflecting confidence in its growth trajectory.

These targets represent significant growth expectations, supported by the company's expanding market presence and operational capabilities.

Strategic Advantages Supporting Growth

The company operates from a position of considerable strength, with multiple factors supporting its growth outlook:

• Raw Material Security: Adequate inventory ensuring no near-term challenges from crude-derived inputs, with visibility secured for the next six months
• Currency Benefits: Favorable USD-INR environment supporting export realizations
• Export Expansion: Strong growth outlook with increasing traction across international markets

Management Commentary

Mr. Aditya Kumar Halwasiya, Chairman & Managing Director, expressed satisfaction with the record performance trajectory: "We are pleased with our performance that is set to exceed our annual guidance on both revenue and profitability. This reflects the strength of our business model, disciplined execution, and growing global demand for our products."

He further emphasized the company's growth prospects: "Looking ahead, we are confident of sustaining this growth momentum. With strong export tailwinds, stable input costs, and a well-secured raw material position, we are well positioned to scale our operations meaningfully over the coming years."

Company Profile and Market Position

Established in 1993, Cupid Limited has evolved into India's premier manufacturer of male and female condoms, water-based personal lubricants, IVD kits, and various FMCG products including deodorants, perfumes, and personal care items. The company holds the distinction of being the first globally to attain WHO/UNFPA pre-qualification for both male and female condoms.

The company's international presence spans over 125 countries, with substantial revenue generated from export markets. Recent strategic initiatives include a land acquisition in Palava, Maharashtra, which will amplify production capacity by 1.5 times, adding approximately 770 million male condoms and 75 million female condoms to annual capacity.