CUPID - Cupid

📊 NSE: CUPID 🏢 Personal Care - Indian 📅 Last Updated: 12/13/2025 21:16

💰 Financial Performance

Revenue Growth by Segment

B2C FMCG segment grew from zero to over INR 50 Cr (20%+ of topline) in FY25, targeting INR 125 Cr in FY26. B2B Exports contribute INR 93.58 Cr (52% of sales). IVD segment turned PAT positive in FY25.

Geographic Revenue Split

Exports to 110+ countries account for 52% of total revenue (INR 93.58 Cr). Domestic India operations account for the remaining 48%.

Profitability Margins

FY24 Net Profit was INR 39.85 Cr (23.3% margin). FY26 guidance targets Net Profit of over INR 100 Cr (approx. 29.8% margin based on INR 335 Cr topline).

EBITDA Margin

EBITDA margins are expanding due to a strategic pivot toward a higher-margin product mix, specifically IVD and B2C wellness products.

Capital Expenditure

Capacity expansion underway to scale production to 1.25 billion male condoms and 125 million female condoms annually within 18-24 months. New facility at Palava will boost production by 1.5x.

Credit Rating & Borrowing

The company operates with zero debt and maintains strong cash reserves. Borrowing costs are not applicable due to debt-free status.

⚙️ Operational Drivers

Raw Materials

Latex and Silicon Oil are the primary raw materials. Specific percentage of total cost is not disclosed, but pricing is strategically monitored.

Import Sources

Not specifically disclosed in available documents.

Key Suppliers

Not specifically disclosed, but the company has vendor approvals from Cipla Health and Godrej Consumer Products for OEM/white-label manufacturing.

Capacity Expansion

Male Condoms: 480 million current, expanding to 1,250 million. Female Condoms: 52 million current, expanding to 125 million within 18-24 months.

Raw Material Costs

Latex and silicon oil pricing is closely monitored; procurement is managed strategically to mitigate raw material inflation risks.

Manufacturing Efficiency

Implementation of real-time production monitoring to drive precision and scalability; removing execution bottlenecks through smarter procurement.

📈 Strategic Growth

Expected Growth Rate

40%

Growth Strategy

Achieving growth through a 1.5x capacity boost at the new Palava facility, scaling B2C FMCG revenue to INR 125 Cr by FY26, obtaining CE/WHO certifications for IVD kits to access European/African markets, and expanding OEM partnerships with Cipla and Godrej.

Products & Services

Male condoms, female condoms, water-based personal lubricants, IVD kits, deodorants, perfumes, almond hair oil, body oils, petroleum jelly.

Brand Portfolio

CUPID

New Products/Services

IVD kits (Malaria tests) and mass-market wellness products are expected to drive high-margin growth.

Market Expansion

Targeting regulated markets in Europe and Africa via upcoming CE and WHO prequalifications for IVD kits.

Market Share & Ranking

India's premier manufacturer of male and female condoms; only Indian manufacturer of female condoms with WHO/UNFPA prequalification.

Strategic Alliances

Long-term agreements with WHO and UNFPA; OEM/white-label collaborations with Cipla Health and Godrej Consumer Products.

🌍 External Factors

Industry Trends

The female condom market is growing faster than the male segment; India's IVD sector is expanding rapidly due to preventive healthcare awareness; domestic condom penetration remains low at <5%.

Competitive Landscape

Intense competition in sexual wellness and personal care FMCG markets requires continuous investment in branding and distribution.

Competitive Moat

Durable moat through being the first company globally with WHO/UNFPA prequalification for both male and female condoms, creating a high barrier to entry.