Cupid Limited has submitted its quarterly compliance certificate under SEBI regulations to stock exchanges, demonstrating adherence to regulatory requirements for the quarter ended March 31, 2026. The filing was made on April 3, 2026, addressing mandatory disclosure obligations under securities market regulations.

Regulatory Filing Details

The company filed its certificate under Regulation 74(5) of SEBI (Depository and Participants) Regulations, 2018 with both major stock exchanges. Company Secretary and Compliance Officer Saurabh V. Karmase signed the submission letter addressed to the exchanges.

Registrar Confirmation

Bigshare Services Private Limited, acting as the company's Registrar and Share Transfer Agent, provided the compliance certificate confirming proper handling of dematerialization processes. The registrar confirmed that securities received from depository participants for dematerialization up to March 31, 2026 were properly processed and confirmed to the depositories.

Akash Shamal, Authorized Signatory at Bigshare Services, certified the compliance in the official document dated April 3, 2026. The registrar confirmed that:

• Securities received for dematerialization were accepted or rejected appropriately
• All securities have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialization were mutilated and cancelled after due verification
• Depository names were substituted in the register of members within the required 15-day timeframe

Company Information

Cupid Limited operates as a manufacturer and exporter of male condoms, female condoms, water-based lubricants, and In Vitro Diagnostics (IVD) kits. The company's registered office and factory are located at A-68, M.I.D.C. (Malegaon), Sinnar, Nashik - 422113, Maharashtra, India.

This quarterly filing represents part of the company's ongoing compliance with SEBI regulations governing depository and participant operations, ensuring transparency in securities handling and dematerialization processes.

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.