Cupid Limited has announced a significant reduction in promoter share pledge, bringing down the pledged shareholding from 36.13% as of September 30 to 20% currently. This development marks a substantial improvement in the company's financial position and reflects strengthened promoter confidence.

Pledge Reduction Details

The reduction in pledged shares highlights Cupid Limited's improving financial strength and demonstrates the promoter's confidence in its long-term growth trajectory. The lower level of pledged shares may enhance investor confidence and reflects disciplined financial management practices.

Management Commentary

Commenting on the development, Aditya Kumar Halwasiya, Chairman and Managing Director of Cupid Limited, stated that the reduction in promoter share pledge reflects the company's strengthening balance sheet and sustained business momentum. He emphasized that this move reinforces the company's commitment to maintaining financial prudence, transparency, and long-term value creation for shareholders.

Company Profile and Operations

Established in 1993, Cupid Limited operates as a 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 maintains a commitment to public health and well-being while adhering to ethical business practices aligned with international standards.

Recent Expansion and Growth Initiatives

The company has expanded its product offerings to include Fast-Moving Consumer Goods such as fragrance products, personal care items, and wellness solutions. Cupid Limited completed a strategic land acquisition in Palava, Maharashtra, enabling it to amplify its production capacity.

Global Presence and Certifications

Cupid Limited holds the distinction of being the first company worldwide to attain WHO/UNFPA pre-qualification for both male and female condoms. The company currently exports its products to over 110 countries, with a substantial portion of its revenue generated from international markets. Additionally, Cupid Limited has established a long-term agreement with WHO/UNFPA, strengthening its position in global public health initiatives.

Cupid Limited , a leading manufacturer of male and female condoms, water-based lubricants, and in-vitro diagnostic kits, has reported exceptional financial results for the second quarter and provided strong business updates for the third quarter of fiscal year 2026. The company continues to demonstrate robust growth across key segments while expanding its global footprint.

Q2 FY26 Financial Performance

Cupid's Q2 FY26 results showcased remarkable growth across all financial metrics:

The company's operating income surged by 103% year-over-year to ₹84.45 crore, while EBITDA saw a remarkable increase of 176% to ₹28.41 crore. Net profit for the quarter more than doubled, reaching ₹24.12 crore.

Q3 FY26 Business Update

Cupid has reported strong operating momentum for Q3 FY26, with the company expecting this quarter to be its best-performing quarter to date. Key highlights include:

The company's order book stands at its highest level, providing clear visibility for performance in coming quarters. Management remains confident of exceeding earlier FY26 guidance of ₹335 crore in revenue and ₹100 crore in PAT.

Strategic Expansion: Saudi Arabia FMCG Facility

Cupid has announced plans for international expansion with a proposed FMCG manufacturing facility in Saudi Arabia. Following Board approval on December 29, 2025, the project details include:

Despite Saudi Arabia's smaller population of 34.90 million versus India's 1.47 billion, the market size comparison highlights higher per-capita consumption and premiumisation potential in the Kingdom.

Business Segment Performance

India FMCG

Cupid's FMCG portfolio continues experiencing growing acceptance across categories including condoms, deodorants, fragrances, and personal care products. Recently launched products such as Petroleum Jelly, Face Wash, and Talcum Powder have received encouraging consumer response with expanding retail presence.

B2B Exports and International Markets

The company reports strengthened customer relationships leading to large allocations across priority markets. Cupid holds key international certifications across its product portfolio, with upcoming CE certifications for IVD kits and lubricants, along with expected WHO prequalification for Malaria IVD kit and Version 3 Female Condom supporting international growth.

Capacity Expansion Progress

Work at the Palava, Maharashtra manufacturing facility continues as scheduled. Upon commissioning of the new plant in FY27, production capacity will increase by 2.50 times, supporting stronger execution capabilities.

Investment and Market Position

Cupid's investment in GII Healthcare Investment Limited Fund has appreciated to approximately 1.20 times the initial investment made in October 2025. The company currently exports to over 110 countries and maintains WHO/UNFPA pre-qualification for both male and female condoms.

Aditya Kumar Halwasiya, Chairman and Managing Director, commented: "We begin 2026 with encouraging momentum, strong order visibility, and steady progress across our expansion initiatives. The in-principle approval for the proposed Saudi FMCG facility reflects our intent to gradually build a broader and more diversified growth platform, while remaining focused on prudent capital allocation."