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CUPID - Cupid

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

📢 Recent Corporate Announcements

Cupid Limited Aligns with Japanese Quality Standards via Strategic Partnership

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 16 Mar 2026, 04:35 PM

Cupid Limited has announced a strategic branding alignment, 'Made in India' with 'Japanese Quality,' through a collaboration with Asia’s oldest latex condom manufacturer. This move is designed to enhance technological capabilities and boost confidence among global OEM partners and retail consumers. The company currently exports to over 125 countries and holds unique WHO/UNFPA pre-qualifications. This initiative complements their recent capacity expansion, which added 770 million male condoms to their annual output.

Collaboration with Asia’s oldest latex condom manufacturer to adopt 'Japanese Quality' standards.
Strategic focus on 125+ export markets and global OEM partnership growth.
Leverages 28 years of manufacturing expertise to improve product precision and reliability.
Follows a 1.5x capacity expansion, adding 770 million male and 75 million female condoms annually.

💡 This move strengthens Cupid's competitive positioning in the premium and OEM segments; investors should watch for improved margins and new international contracts resulting from this quality upgrade.

Cupid Ltd Announces Strategic Branding Alignment with Japanese Quality Standards

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 16 Mar 2026, 04:33 PM

Cupid Limited has entered into a strategic collaboration with Asia's oldest latex condom manufacturer to adopt 'Japanese Quality' standards for its 'Made in India' products. This initiative aims to bolster consumer trust and strengthen relationships with global OEM partners across 125 countries. The branding shift coincides with a significant capacity expansion at its Palava facility, which is set to add 770 million male and 75 million female condoms annually, representing a 1.5x increase in production. This move is designed to leverage the company's 28-year manufacturing heritage to capture higher market share in the premium wellness segment.

Collaboration with Asia's oldest latex manufacturer to integrate Japanese precision and quality standards.
Ongoing capacity expansion to add 770 million male and 75 million female condoms annually (1.5x growth).
Global footprint spanning over 125 countries with existing WHO and UNFPA pre-qualifications.
Strategic focus on premiumization to enhance appeal for both retail consumers and global OEM partners.

💡 Investors should monitor the impact of this premium branding on export margins and the company's ability to secure higher-value OEM contracts. The successful integration of Japanese quality standards could serve as a key differentiator in the competitive global wellness market.

Cupid Ltd Allots 107.57 Cr Bonus Shares; Paid-up Capital Rises to Rs 134.47 Cr

🟡 NEUTRAL ⭐ 7/10

ROUTINE 📅 10 Mar 2026, 01:24 PM

Cupid Limited has finalized the allotment of 1,07,57,28,560 bonus equity shares to eligible shareholders as of the record date, March 9, 2026. The bonus issue was executed in a 4:1 ratio, providing four new shares for every one existing share held. This corporate action has significantly increased the company's paid-up share capital from Rs 26.89 crore to Rs 134.47 crore. The new shares will rank pari-passu with existing shares and are expected to enhance the stock's liquidity in the market.

Allotment of 1,07,57,28,560 bonus equity shares with a face value of Re. 1 each
Bonus issue ratio maintained at 4:1 (4 new shares for every 1 existing share)
Total paid-up share capital increased from Rs 26,89,32,140 to Rs 134,46,60,700
Record date for eligibility was March 9, 2026, with allotment approved on March 10, 2026
New shares will rank pari-passu in all respects with existing equity shares

💡 Investors should monitor their demat accounts for the credit of bonus shares and note the proportional adjustment in the stock price. No further action is required as the total investment value remains fundamentally unchanged despite the increased share count.

Cupid Limited Independent Director Smeeta Bhatkal Resigns Effective March 2, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Mar 2026, 06:38 PM

Ms. Smeeta Bhatkal has resigned from her position as an Independent Director at Cupid Limited, effective from the close of business on March 2, 2026. She cited full-time professional commitments as the primary reason for her departure and confirmed that there are no other material reasons for the resignation. As a result of this change, she also ceases to be a member of the company's Audit Committee. The company has filed this disclosure in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

Ms. Smeeta Bhatkal resigned as Independent Director effective from the closure of business hours on March 2, 2026.
The resignation leads to her immediate cessation as a member of the company's Audit Committee.
The reason provided for the resignation is 'full-time professional commitments' with no other material reasons cited.
Ms. Bhatkal continues to serve as an Independent Director and Chairperson of the Audit Committee at Prime Securities Limited.

💡 This is a routine board-level change and does not affect the company's business operations or financial health. Investors should watch for the appointment of a new Independent Director to ensure continued compliance with board composition norms.

Cupid Ltd Sets March 9, 2026 as Record Date for 4:1 Bonus Issue

🟢 POSITIVE ⭐ 8/10

OTHER 📅 02 Mar 2026, 04:59 PM

Cupid Limited has officially fixed March 09, 2026, as the record date for its 4:1 bonus share issue. Eligible shareholders will receive four new equity shares for every one share held as of the record date. The company will issue a total of 1,07,57,28,560 new shares with a face value of Re. 1 each. The deemed date for the allotment of these shares is March 10, 2026, following in-principle approvals from both BSE and NSE.

Record date for 4:1 bonus issue fixed as March 09, 2026
Shareholders to receive 4 new shares for every 1 existing share held
Total allotment of 1,07,57,28,560 fully paid-up equity shares of Re. 1 each
Deemed date of allotment set for March 10, 2026
In-principle approvals received from BSE and NSE on Feb 27 and March 02, 2026

💡 Investors interested in the bonus shares must hold the stock before the ex-date. Be aware that the share price will adjust downward proportionally on the ex-bonus date to reflect the increased share count.

Promoter Aditya Kumar Halwasiya Acquires 2.27 Lakh Shares of Cupid Limited via Open Market

🟢 POSITIVE ⭐ 6/10

OTHER 📅 26 Feb 2026, 06:15 PM

Mr. Aditya Kumar Halwasiya, the Promoter, Chairman, and Managing Director of Cupid Limited, has increased his stake by acquiring 2,27,000 equity shares through open market purchases. This transaction represents approximately 0.08% of the company's total share capital. Following this acquisition, his individual holding has risen from 32.76% to 32.84%. The total promoter group holding now stands at 45.79%, signaling strong management confidence in the company's future performance.

Acquisition of 2,27,000 equity shares (0.08% stake) via open market purchase on February 26, 2026.
Individual promoter holding of Aditya Kumar Halwasiya increased from 32.76% to 32.84%.
Total promoter and promoter group holding reached 45.79% post-transaction.
The acquisition involved equity shares with a face value of Re. 1/- each.

💡 Promoter buying from the open market is typically a bullish signal reflecting internal confidence in the company's valuation and prospects. Investors may view this as a positive reinforcement of the company's long-term outlook.

Cupid Ltd Appoints Former BHEL CMD Bontha Prasada Rao as Independent Director for 5-Year Term

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 25 Feb 2026, 12:57 PM

Cupid Limited has appointed Mr. Bontha Prasada Rao as an Additional Non-Executive Independent Director for a five-year term starting February 25, 2026. Mr. Rao is a highly distinguished professional who previously served as the Chairman and Managing Director of BHEL, a Maharatna PSU, where he led the company to surpass ₹50,000 crores in sales. He currently serves on the boards of several reputable companies including Havells India and Titagarh Rail Systems. This appointment is subject to shareholder approval and is expected to significantly enhance the company's corporate governance and strategic depth.

Mr. Bontha Prasada Rao appointed as Independent Director for a 5-year term effective February 25, 2026.
The appointee is the former CMD of BHEL, where he managed operations for a company with over ₹50,000 crore in annual sales.
Mr. Rao brings extensive board experience from roles at CDSL, Poonawalla Fincorp, Havells India, and Tata-Boeing Aerospace.
He holds a Post Graduate degree in Industrial Engineering from NITIE (now IIM Mumbai) and an Honorary Doctorate from JNTU.
The appointment was recommended by the Nomination and Remuneration Committee and approved via circular resolution.

💡 Investors should view this as a positive governance move that brings high-level industrial and strategic expertise to the board. No immediate action is required, but the presence of such experienced directors often increases institutional confidence in the company.

Cupid Ltd EGM: Shareholders Consider Bonus Issue and Increase in Authorized Capital

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 24 Feb 2026, 01:11 PM

Cupid Limited conducted an Extraordinary General Meeting (EGM) on February 24, 2026, to seek shareholder approval for five key resolutions. The most significant items included the issuance of Bonus Shares and an increase in the company's Authorized Capital. Additionally, the company sought approval to increase limits for loans and investments and to create charges on its assets, signaling potential future expansion or funding requirements. The final voting results are expected to be released separately following the meeting's conclusion.

Proposal for the issuance of Bonus Shares to eligible shareholders was considered.
Resolution to increase Authorized Capital and alter the Capital Clause of the Memorandum of Association.
Approval sought for increasing thresholds for loans, guarantees, and investments under Section 186.
Creation of mortgage or charge on company assets under Section 180(1)(a) for financial flexibility.
Continuation of Mr. Rajinder Singh Loona as Independent Director beyond the age of 75 years.

💡 Investors should monitor the upcoming announcement regarding the voting results to confirm the approval of the bonus issue and the subsequent record date. The increase in investment limits and asset charging suggests the company is positioning itself for potential growth or capital expenditure.

Cupid Limited Issues Advisory Against Unauthorized Multibagger Promotional Messages

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 18 Feb 2026, 04:42 PM

Cupid Limited has issued a formal warning to investors regarding unauthorized promotional messages circulating on SMS, WhatsApp, and Telegram. These messages falsely use the company's name and past performance to promote fraudulent 'multibagger' investment opportunities. The company clarified that these communications are not endorsed and are likely the work of third parties with vested interests. Investors are urged to rely only on official BSE/NSE filings and consult SEBI-registered advisors for investment decisions.

Company warns against fake promotional messages on SMS, WhatsApp, and Telegram platforms
Third parties are misusing the 'CUPID' name to lure investors into unrelated schemes
Investors are advised to verify information only through official stock exchange filings and the company website
Cupid continues its expansion plans to reach a capacity of 770 million male and 75 million female condoms annually

💡 Investors should ignore unsolicited investment tips and verify all company-related news through official exchange filings. Exercise caution against potential market manipulation or pump-and-dump schemes orchestrated by unauthorized entities.

Cupid Limited Reconstitutes Nomination and CSR Board Committees

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 12 Feb 2026, 06:04 PM

Cupid Limited has announced the reconstitution of its Nomination and Remuneration Committee (NRC) and Corporate Social Responsibility (CSR) Committee effective February 12, 2026. The NRC is now composed entirely of three Independent Directors, ensuring high standards of corporate governance. The CSR Committee will be chaired by the Chairman and Managing Director, Mr. Aditya Kumar Halwasiya, alongside one Independent and one Executive Director. These changes are routine administrative updates to align with regulatory frameworks.

Reconstitution of the Nomination and Remuneration Committee with 3 Independent Directors.
Mr. Inder Singh Loona appointed as the Chairman of the Nomination and Remuneration Committee.
CSR Committee to be chaired by CMD Mr. Aditya Kumar Halwasiya.
Changes approved via board resolution passed by circulation on February 12, 2026.

💡 This is a routine governance update with no immediate impact on business operations or stock valuation. Investors should maintain their current outlook based on the company's core financial performance.

Promoter & MD Aditya Kumar Halwasiya Acquires 6.46 Lakh Shares of Cupid Ltd

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 05 Feb 2026, 08:18 PM

Mr. Aditya Kumar Halwasiya, the Promoter, Chairman, and Managing Director of Cupid Limited, has increased his stake in the company through an open market purchase. He acquired 646,513 equity shares on February 5, 2026, representing approximately 0.24% of the company's share capital. This transaction raises his individual holding from 32.58% to 32.82%. Consequently, the total promoter group holding has increased from 45.56% to 45.80%.

Acquisition of 6,46,513 equity shares via open market purchase on February 5, 2026
Individual stake of MD Aditya Kumar Halwasiya increased from 32.58% to 32.82%
Total promoter and promoter group holding rose to 45.80% from 45.56%
The acquisition involved shares of face value Re. 1/- each

💡 Promoter buying from the open market is typically a strong signal of management's confidence in the company's future prospects and intrinsic value. Investors should view this as a positive development, though they should continue to monitor the company's operational performance.

Cupid Limited Independent Director Santosh Desai Resigns Effective February 3, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 03 Feb 2026, 06:31 PM

Mr. Santosh Desai has resigned from his position as an Independent Director at Cupid Limited, effective February 3, 2026. The resignation is attributed to his other professional commitments, and he has confirmed there are no other material reasons for his departure. Consequently, he will also cease to be a member of the company's Nomination and Remuneration Committee. Mr. Desai continues to serve on the boards of other listed entities including FSN E-Commerce Ventures and D B Corp.

Mr. Santosh Desai resigned as Independent Director effective February 3, 2026.
The resignation is due to other professional commitments with no material concerns reported.
He will step down from the Nomination and Remuneration Committee simultaneously.
Mr. Desai holds directorships in other major listed firms like FSN E-Commerce Ventures and D B Corp.

💡 Investors should monitor the company's upcoming appointments to ensure the board remains compliant with regulatory requirements for independent directors. No immediate impact on business operations is expected from this routine board change.

Cupid Ltd Q3 FY26: Net Profit Surges 196% YoY to ₹32.83 Cr; Best-Ever Quarterly Performance

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Jan 2026, 05:43 PM

Cupid Limited reported its strongest-ever quarterly results in Q3 FY26, with revenue doubling to ₹104.38 crore and net profit jumping 196% YoY to ₹32.83 crore. The company's EBITDA margins expanded significantly to 36.69% from 24.56% a year ago, driven by a record order book and steady export execution. Management has raised expectations for FY26, guiding for revenue above ₹335 crore and net profit exceeding ₹100 crore. Key growth drivers include a major 5-year South African contract and the scaling of the domestic FMCG and IVD segments.

Revenue grew 101.71% YoY to ₹104.38 crore, while Net Profit increased by 196.26% to ₹32.83 crore.
EBITDA margins improved sharply to 36.69% compared to 24.56% in the same quarter last year.
Secured a major 5-year South African national program providing annual revenue visibility of approximately ₹115 crore.
Management expects FY26 net profit to exceed ₹100 crore, surpassing previous guidance.
FMCG distribution expanded to over 1.50 lakh retail outlets across India with 1050+ distributors.

💡 Investors should view this as a strong growth signal given the margin expansion and high revenue visibility from the record order book. Monitor the execution of the Saudi Arabia expansion and the ramp-up of the IVD business for long-term value.

Cupid Limited Announces 4:1 Bonus Issue to Boost Liquidity and Retail Participation

🟢 POSITIVE ⭐ 8/10

OTHER 📅 29 Jan 2026, 05:37 PM

Cupid Limited's Board of Directors has approved a 4:1 bonus issue, granting four new equity shares for every one share held by eligible shareholders. This strategic move is intended to enhance stock liquidity and make the shares more affordable for retail investors by reducing the per-share price. The company is currently undergoing a significant capacity expansion, aiming to increase production by 1.5 times following a land acquisition in Palava. Management's decision reflects strong confidence in the company's growth trajectory across its healthcare, diagnostics, and FMCG segments.

Approved a 4:1 bonus issue (4 new shares for every 1 existing share held)
Aims to increase trading liquidity and broaden the retail investor base
Ongoing expansion to increase production capacity by 1.5x, adding 770 million male condoms annually
Maintains a global footprint in 125+ countries with WHO/UNFPA pre-qualification
Strategic diversification into IVD kits, wellness, and FMCG products like fragrances

💡 Investors should watch for the announcement of the record date to qualify for the bonus shares. While the bonus issue is fundamentally value-neutral, the improved liquidity and lower share price often lead to increased retail demand.

Cupid Limited Announces 4:1 Bonus Issue to Enhance Shareholder Value and Liquidity

🟢 POSITIVE ⭐ 8/10

OTHER 📅 29 Jan 2026, 05:33 PM

Cupid Limited's Board has approved a significant 4:1 bonus issue, granting four additional equity shares for every one share held by eligible investors. This move is strategically designed to improve stock affordability for retail participants and increase overall market liquidity. Alongside this corporate action, the company is progressing with a major capacity expansion in Palava, Maharashtra, aimed at increasing production by 1.5 times. This expansion will add an annual capacity of 770 million male condoms and 75 million female condoms to support its global export footprint across 125 countries.

Approved a 4:1 bonus issue (4 new shares for every 1 existing share held).
Manufacturing capacity set to increase by 1.5x through a new facility in Palava, Maharashtra.
Expansion adds 770 million male and 75 million female condoms to annual production capacity.
Company maintains a strong international presence, exporting to over 125 countries with WHO/UNFPA pre-qualification.
Bonus issue is subject to shareholder and regulatory approvals with the record date to be announced later.

💡 Investors should view the 4:1 bonus issue as a positive signal of management's confidence in future growth and a move to improve stock liquidity. While the share price will adjust downward proportionally on the ex-date, the increased share count may attract more retail participation.

View All CUPID Announcements on Live Market Tracking →

💰 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.

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.