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."

Cupid Limited , a global provider of wellness and public health products, has announced a significant business development that positions the company at the forefront of South Africa's national condom procurement program for 2025-2030.

Key Allocation Details

The company has secured a leading position in South Africa's five-year national procurement program for female and male condoms. Here's a breakdown of the allocation:

Financial Impact

The allocation translates into substantial financial visibility for Cupid Limited:

Implementation and Strategy

Cupid Limited is actively preparing for the program's commencement in December 2025:

• Coordinating with South African distributors for phased deliveries
• Finalizing local labelling and pack variants
• Scheduling capacity, quality assurance, and logistics for consistent supply

The company plans to offer a variety of flavors for both female condoms (Strawberry, Vanilla, Caramel) and male condoms (Vanilla, Banana, Grape, Strawberry) as per tender specifications.

Management Commentary

Aditya Kumar Halwasiya, Chairman and Managing Director of Cupid Limited, stated, "These allocations place Cupid at the forefront of South Africa's prevention program. This is the highest ever multi-year visibility milestone and a validation of our quality and reliability. This outcome will notably strengthen our international order pipeline and will allow us to exceed our annual guidance given previously."

Company Background

Cupid Limited, established in 1993, is India's premier manufacturer of male and female condoms, water-based lubricants, and other wellness products. The company exports to over 110 countries and is the first globally to achieve WHO/UNFPA pre-qualification for both male and female condoms.

In line with its growth strategy, Cupid has recently expanded into FMCG products and completed a strategic land acquisition in Palava, Maharashtra, in March 2024. This acquisition is expected to increase the company's production capacity by 1.5 times, adding approximately 770.00 million male condoms and 75.00 million female condoms to its annual output.

This development marks a significant milestone for Cupid Limited, reinforcing its position in the global public health sector and potentially driving substantial growth in the coming years.