Cupid Limited, a manufacturer and exporter of personal care products including male condoms, female condoms, water-based lubricants, and in vitro diagnostics kits, announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The company demonstrated robust financial performance with significant growth across key metrics.

Financial Performance Highlights

The company's financial results for Q3FY26 showed remarkable improvement compared to the corresponding period last year:

For the nine-month period ended December 31, 2025, the company maintained strong momentum with revenue from operations reaching ₹23,774.71 lacs, marking an 87.1% increase from ₹12,703.95 lacs in the corresponding period of the previous year. Net profit for the nine-month period stood at ₹7,200.19 lacs compared to ₹2,937.64 lacs in the previous year, representing a growth of 145.1%.

Board Decisions and Corporate Actions

The Board of Directors, in their meeting held on January 29, 2026, approved several significant corporate actions:

The bonus issue is subject to approval from shareholders at an Extraordinary General Meeting. The company has adequate free reserves of ₹21,954.93 crores as of March 31, 2025, to support this bonus issue. The estimated timeline for crediting bonus shares is within two months from the Board approval date, by March 29, 2026.

Operational and Expense Management

The company's expense management showed mixed trends during Q3FY26. Total expenses increased to ₹6,109.01 lacs from ₹3,666.27 lacs in Q3FY25, primarily driven by higher purchase of stock-in-trade and material consumption costs. However, the company benefited from favorable inventory changes and maintained disciplined cost control in other areas.

Other Corporate Matters

The Board also approved the continuation of Mr. Rajinder Singh Loona as Non-Executive Independent Director post attaining 75 years of age, subject to shareholder approval. The company operates in the personal care segment as its single reportable business unit, focusing on manufacturing and trading of personal care products.

The financial results were reviewed by the audit committee and approved by the Board of Directors. The statutory auditors, Chaturvedi Sohan & Co., expressed an unqualified opinion on both standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Cupid Limited announced on 28th January, 2026, that it has received CE (EU IVDR) certification for two critical in-vitro diagnostic products, marking a significant expansion of its global market access in the diagnostics sector. The certifications cover the CupiKIT HIV 1&2 Antibody Test Kit and the CupiKIT Hepatitis B Surface Antigen Test Kit, both designed for early detection and large-scale screening programs.

Regulatory Milestone Achievement

The certifications have been granted under the European Union In Vitro Diagnostic Regulation (EU) 2017/746, which represents among the most stringent regulatory standards globally. This approval enables Cupid Limited to market the certified products across the European Economic Area and other CE-recognized international markets.

Strategic Market Expansion

The newly certified products are intended for early detection and large-scale screening programs, particularly across public health initiatives and institutional procurement channels in Europe, Africa, and other emerging markets. The certifications enhance Cupid's eligibility to participate in government tenders, multilateral agency programs, and regulated international healthcare supply chains where EU IVDR compliance is mandatory.

These approvals mark a key milestone in Cupid's strategy to build a globally compliant and diversified rapid diagnostics portfolio. The addition of HIV 1&2 and Hepatitis B test kits strengthens the company's footprint in infectious disease diagnostics, complementing its existing focus on maternal health and screening solutions.

Management Commentary

Commenting on the development, Mr. Aditya Kumar Halwasiya, Chairman & Managing Director of Cupid Limited, stated that the CE certification represents a meaningful step in strengthening the company's global diagnostics business. He emphasized that these approvals expand access to regulated international markets and enhance the ability to participate in large-scale screening and public health programs.

Company Background and Expansion

Established in 1993, Cupid Limited has evolved from being a leading manufacturer of male and female condoms into a diversified healthcare platform. The company now offers rapid diagnostic test kits, water-based personal lubricants, and a wide range of FMCG and wellness products including fragrance products, personal care items, and wellness solutions.

The company maintains a strong international presence, exporting to over 125 countries and holding the distinction of being the first company globally to receive WHO/UNFPA pre-qualification for both male and female condoms. In March 2024, Cupid completed a strategic land acquisition in Palava, Maharashtra, to expand manufacturing capabilities by 1.5 times, adding approximately 770 million male condoms and 75 million female condoms annually.