Cupid Limited reported a 165% increase in profit after tax to ₹108 crore for the year ended March 31, 2026, driven by strong growth in both its global healthcare and domestic consumer businesses. Total income rose 93% to ₹391 crore from ₹203 crore in the previous fiscal year.

The company exceeded its initial FY26 guidance of ₹335 crore revenue and ₹100 crore profit, ending the year with its strongest quarter in history. EBITDA increased 180%, and the net profit margin crossed 30%. Net worth expanded from ₹342 crore to ₹451 crore during the period.

Strategic growth drivers

The performance reflects a transformation driven by new capabilities and wider market reach. The global business, serving national health programmes and multilateral agencies, contributed ₹208 crore in exports, accounting for nearly 60% of revenue across 125+ countries. Cupid remains the first company globally to receive WHO/UNFPA pre-qualification for both male and female condoms.

The consumer business contributed approximately ₹122 crore, including ₹84 crore from recently launched FMCG products. The strategy focuses on scaling from global leadership to consumer scale in Bharat. Key initiatives include:

• Commitment of ₹331.53 crore to Baazar Style Retail, providing access to over 280 stores expected to cross 500 in the next two to three years.
• Development of nitrile capabilities at the new 170,000 sq. ft. Palava facility, scheduled for commissioning next quarter.
• CE certification under European IVDR for HIV, Hepatitis B, Syphilis, and pregnancy test kits.

Post-FY26 developments and guidance

Following the close of FY26, Cupid made an additional USD 5 million follow-on investment in GII Healthcare Investment Limited in July 2026. In August 2026, the Board gave in-principle approval for a proposed manufacturing venture in South Africa, where Cupid is expected to hold up to 49%.

Entering FY27 with momentum, total income grew 142% to ₹157 crore in the June quarter, while profit after tax increased 194% to ₹44 crore. Based on this strength, the company raised its FY27 guidance to:

Medium-term targets include FY28 revenue of ₹1,085 crore and FY29 revenue of ₹1,500 crore.

AGM resolutions and board changes

At the 33rd Annual General Meeting held on September 22, 2026, shareholders adopted the audited standalone and consolidated financial statements for FY26. The meeting also approved key board changes through special resolutions:

• Continuation of Thallapaka Venkateswara Rao as Independent Director despite attaining age 75.
• Appointment of Kerala Prasad Yadaw as a new Independent Director.
• Re-appointment of Aditya Kumar Halwasiya as director retiring by rotation.

Remote e-voting facilities were provided from September 18 to September 21, 2026. The AGM concluded at 4:56 pm on September 22, 2026.

What the numbers show

The divergence between the 93% revenue growth and the 165% profit growth indicates significant operating leverage. While revenue nearly doubled, profit more than doubled, suggesting that incremental margins were substantially higher than existing ones. This is further supported by the EBITDA growth of 180%, which outpaced revenue growth, indicating improved cost efficiency or a favorable product mix shift towards higher-margin segments like the newly launched FMCG products which contributed ₹84 crore.

Cupid co-promoter Aditya Kumar Halwasiya acquired 5.90 lakh shares in the open market on September 15, 2026, lifting the promoter group's total ownership to 46.87%.

Shareholding details

The acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The open market purchase marks a direct addition to the promoter group's stake in Cupid Limited.

Prior to this transaction, Aditya Kumar Halwasiya held 45,55,82,093 shares, representing 33.88% of the total share capital and 33.82% of the diluted voting capital. Other promoter entities, specifically Columbia Petro Chem Private Limited, held 1,74,19,92,50 shares, accounting for 12.95% of the total share capital.

Following the purchase of 5,90,000 equity shares (face value ₹1 each), Aditya Kumar Halwasiya's holding increased to 45,61,72,093 shares. This brings his individual stake to 33.92% of the total share capital and 33.87% of the diluted voting capital.

The promoter group's combined holding now stands at 6,30,37,13,43 shares, which is 46.87% of the total share capital and 46.80% of the diluted share capital. There are no encumbrances, pledges, or liens on these shares.

Regulatory context

The disclosure was filed with both the BSE Limited and the National Stock Exchange of India Limited. Cupid Limited's total equity share capital remains at ₹134,46,60,700, divided into 13,44,66,07,000 equity shares of ₹1 each. The total diluted share capital stands at ₹134,70,00,000.