Cupid Limited has delivered its strongest-ever annual performance in FY26, reporting revenue of ₹358 Cr and net profit of ₹108 Cr, surpassing its own guidance of ₹335 Cr revenue and ₹100 Cr net profit. The company's Q4 FY26 results marked the strongest quarter in its history, with total income rising 116.07% year-on-year to ₹132.04 Cr. Building on this momentum, Cupid has set ambitious multi-year financial targets, aiming for ₹600 Cr in revenue and ₹180 Cr in net profit by FY27, with net margins projected to exceed 30%.

Record Q4 FY26 and Full-Year Financial Performance

Cupid Limited's Q4 FY26 results demonstrated exceptional growth across all key financial metrics. Revenue from operations for Q4 FY26 stood at ₹119.96 Cr, up 112.39% year-on-year from ₹56.48 Cr in Q4 FY25. EBITDA expanded 179.93% year-on-year to ₹37.52 Cr, with EBITDA margins improving to 31.27% from 23.73% in Q4 FY25. Net profit for Q4 FY26 surged 215.03% year-on-year to ₹36.26 Cr, with net profit margins at 30.23%. For the full year FY26, total income reached ₹391.40 Cr, up 92.63% from ₹203.18 Cr in FY25, while net profit grew 164.71% to ₹108.23 Cr.

The key financial metrics for Q4 FY26 and FY26 are summarised below:

FY26 Revenue Composition

Cupid Limited's FY26 revenue was driven by a diversified product mix spanning its core export business and growing FMCG segment. Male condoms remained the largest contributor at ₹181.11 Cr (51.60% of revenue), followed by new FMCG products at ₹84.26 Cr (24.01%), female condoms at ₹60.72 Cr (17.27%), and IVD kits & lubricants at ₹24.97 Cr (7.11%). Exports contributed ₹208.13 Cr, representing 59.30% of total revenue, with the company maintaining a presence across 125+ countries.

Strategic Growth Targets and Multi-Year Outlook

Cupid Limited has outlined a structured multi-year growth roadmap, targeting significant scale-up in both revenue and profitability. The company aims to achieve ₹600 Cr in revenue and ₹180 Cr in net profit by FY27, with net margins above 30%. Over the medium term, targets extend to ₹875 Cr revenue and ₹275 Cr net profit by FY28, and ₹1,150 Cr revenue and ₹390 Cr net profit by FY29.

Baazar Style Retail Investment and FMCG Distribution

A key pillar of Cupid Limited's domestic growth strategy is its strategic investment of ₹331.53 Cr in Baazar Style Retail Limited, with the first phase deployment of ₹82.88 Cr already completed. This investment has allotted 1.01 Cr warrants, convertible into equity shares, and provides direct access to a retail network of over 260 stores from day one. The store network is planned to scale to 500+ stores over the next 2 to 3 years. The Style Baazar ecosystem is expected to generate approximately ₹150 Cr in incremental revenue in FY27 and scale up to approximately ₹500 Cr annually over the medium term, significantly enhancing brand visibility and last-mile reach.

On the broader FMCG front, Cupid's products are currently available across 1.50 lakh+ retail outlets nationwide, with modern trade presence spanning 2,934+ stores and projected to reach 4,000+ stores in FY27. The company has also serviced 52,000+ orders through its e-commerce channels.

Manufacturing Capabilities and IVD Certifications

During Q4 FY26, Cupid commenced the development program for nitrile female condoms, entering a premium segment that commands 25–35% higher pricing and has historically been supplied by a single global manufacturer. The company is the only condom manufacturer in India with integrated dual-polymer capability, with planned annual capacity of approximately 1.25 billion male condoms and approximately 125 million female condoms. The global female condom market stood at $770 Mn in 2024 and is projected to reach approximately $1.2 Bn by 2030. Cupid has also strengthened its global positioning through a 'Made in India with Japanese Quality' initiative, supported by a collaboration with one of Asia's oldest condom manufacturers.

In diagnostics, the company received CE EU IVDR certification for its HIV 1&2 Antibody and Hepatitis B Surface Antigen test kits, along with CE certification for Syphilis and Pregnancy test kits during FY26. These approvals enhance access to the European Economic Area and other CE-recognized markets.

Balance Sheet and Key Financial Ratios

Cupid Limited's balance sheet reflects a strengthened financial position as of FY26. Total equity stood at ₹450.81 Cr, up from ₹342.19 Cr in FY25, while cash and bank balance increased to ₹186.45 Cr from ₹68.57 Cr. The company issued 4:1 bonus shares during FY26. Key financial ratios highlight improving efficiency and financial health:

As of May 15, 2026, Cupid Limited's share price stood at ₹121.23, with a market capitalisation of ₹16,301.32 Cr. The company had 1,34,46,60,700 shares outstanding, with a face value of ₹1.00. The 52-week adjusted high-low range was ₹133.92 to ₹16.82. The shareholding pattern as of March 31, 2026 showed promoter and promoter group holding at 46.03% and public holding at 53.97%.

Cupid Limited reported strong standalone financial results for the fourth quarter and financial year ended March 31, 2026, with net profit rising sharply to 362M rupees compared to 116M rupees in the same period of the previous year. Revenue for the quarter came in at 1.2B rupees, against 565M rupees in the corresponding period last year, reflecting robust year-on-year growth across key financial parameters. In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company subsequently published newspaper clippings of its audited financial results in Business Standard (English) and Maharashtra Times (Marathi) dated May 16, 2026.

Financial Performance

The company's quarterly performance demonstrated significant improvement across profitability and operational metrics. EBITDA for the quarter stood at 463M rupees, compared to 135M rupees in the year-ago period, while EBITDA margin expanded meaningfully to 38.6% from 23.81% in the same quarter last year. The following table summarizes Cupid's key standalone financial metrics for the quarter:

The sharp expansion in EBITDA margin — from 23.81% to 38.6% year-on-year — underscores the company's improved cost management and stronger operating leverage. The full-year standalone profit after tax was recorded at 640.42M rupees, with total income from operations at 6,651.38M rupees for the financial year ended March 31, 2026.

Regulatory Disclosure

The Board of Directors approved the audited financial results at a meeting held on May 15, 2026. Following the board approval, Cupid filed the requisite newspaper clippings with BSE Limited and the National Stock Exchange of India Ltd. on May 16, 2026, as mandated under Regulation 33 read with Regulation 47(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The submission was signed by Hardik Chandra, Company Secretary and Compliance Officer. The detailed results, along with the Auditor's Report, have been posted on the company's website at https://www.cupidlimited.com/financial-reports/ .

Publication Details

The following table outlines the key details of the newspaper publication:

Cupid Limited is a manufacturer and exporter of male condoms, female condoms, water-based lubricants, and In Vitro Diagnostics (IVD) kits, operating from its registered and factory office in Nashik, Maharashtra.

Source: None/Company/INE509F01029/79c8ac2878fb4be6.pdf