Cupid shares extended their remarkable rally for the 15th consecutive trading session on Thursday, hitting a fresh all-time high of ₹526.00 on BSE. The small-cap FMCG player has demonstrated sustained buying interest, with the stock surging approximately 34% over just the last 15 trading sessions. The momentum has been even more impressive over a longer timeframe, with the stock delivering multibagger returns of nearly 141% in the past three months, more than doubling investor wealth during this period.

Strategic International Expansion

In a significant development, Cupid announced on December 29, 2025, that its Board of Directors has granted in-principle approval to establish a new FMCG manufacturing facility in the Kingdom of Saudi Arabia. This represents the company's first manufacturing unit outside India, marking a major milestone in its global expansion strategy.

The proposed facility is designed to support the company's FMCG growth strategy and strengthen its footprint in overseas markets, particularly within the GCC region. By establishing manufacturing operations closer to key international markets, Cupid aims to improve supply efficiency, reduce delivery timelines, and enhance product availability across Saudi Arabia and other GCC countries.

Improved Promoter Confidence

On December 23, 2025, the company disclosed a significant reduction in pledged shares by its promoter and promoter group. The pledged equity decreased substantially from 36.13% as of September 30, 2025, to 20.00%, indicating improved financial strength and stronger promoter confidence in the company's long-term growth prospects.

Lower promoter pledging is generally viewed positively by investors as it reduces balance sheet risk and demonstrates management's confidence in the business outlook.

Valuation and Technical Analysis

At current market prices, Cupid is trading at elevated valuation levels, reflecting strong growth expectations factored in by the market:

These premium multiples indicate that investors are willing to pay a significant premium for the company's future expansion prospects and growth potential.

From a technical perspective, Cupid continues to exhibit strong bullish momentum, though indicators suggest the rally may be stretched in the near term. The 14-day Relative Strength Index stands at 93.00, well above the 80.00 mark, placing the stock in a strongly overbought zone. Such elevated RSI levels often signal the possibility of short-term correction or consolidation.

Despite overbought conditions, the broader trend remains positive. The stock is currently trading above all key short and long-term moving averages, maintaining a bullish structure across all eight simple moving averages, which reinforces the underlying strength of the ongoing uptrend.

Market Outlook

Cupid's recent rally appears to be driven by a combination of strong price momentum, improving promoter confidence, and strategic international expansion plans. The company's decision to establish manufacturing operations in Saudi Arabia represents a significant step toward geographic diversification and market expansion. However, elevated valuations and overbought technical indicators suggest that investors may exercise caution in the near term while monitoring the stock's ability to sustain current momentum levels.

Cupid shares extended their remarkable rally on Wednesday, touching a new all-time high of ₹519.90 on the BSE. The smallcap FMCG player has delivered an impressive 58% surge over the past month, continuing its exceptional momentum across multiple timeframes.

Exceptional Multi-Period Performance

The stock's performance across various timeframes demonstrates consistent strength and investor confidence:

Strategic Expansion and Corporate Developments

While the latest rally is not tied to fresh announcements, it follows two significant corporate updates. On Monday, Cupid announced receiving in-principle board approval to establish its first overseas FMCG manufacturing facility in Saudi Arabia. This strategic expansion aims to enhance regional supply capabilities across Gulf Cooperation Council (GCC) markets and will be funded through internal accruals.

A week earlier, the company disclosed a substantial improvement in its financial position, with the promoter group reducing pledged shareholding from 36.13% to 20%. This development highlights improved financial strength and demonstrates long-term commitment to the business.

Technical Analysis and Market Position

Technical indicators reveal strong momentum, with the stock trading above all key exponential moving averages including 10-day, 20-day, 50-day, 100-day, and 200-day EMAs. However, the Relative Strength Index (RSI) stands at 92.50, indicating the stock is in strongly overbought territory, which could warrant a near-term pullback or consolidation.

Despite the high valuation metrics and surveillance status, investor interest remains elevated amid strong momentum and recent strategic updates. The company's expansion into international markets and improved promoter financial position continue to support the positive sentiment surrounding the stock.