Synopsis: A wellness stock advanced over 3.3 percent in Thursday’s session after posting a record Q2FY26 performance, with net profit surging 140 percent year-on-year. Investor optimism was supported by strong domestic FMCG growth, B2B exports, and a broad product portfolio that continues to gain market acceptance.
A small-cap wellness stock rose sharply on Thursday, marking its strongest quarterly performance in history as net profit jumped 140 percent year-on-year in Q2FY26. The rally comes after the stock delivered investors up to 233 percent returns over the last six months, highlighting its strong performance trajectory.
Cupid Ltd, with a market capitalization of Rs. 7,707.69 crore, opened at Rs. 283.60 on the BSE against a previous close of Rs. 279.70. The stock hit an intraday high of Rs. 289, representing a gain of 3.41 percent from the previous close.
Financial Snapshot – Q2FY26 Consolidated
Quarter-on-Quarter (QoQ): Revenue from operations rose from Rs. 60 crore in Q1FY26 to Rs. 84 crore in Q2FY26, up 40 percent. Operating profit increased from Rs. 16 crore to Rs. 28 crore, a jump of 75 percent, with operating margin expanding from 28 percent to 34 percent.
Profit before tax grew from Rs. 20 crore to Rs. 32 crore, up 60 percent, while net profit rose from Rs. 15 crore to Rs. 24 crore, a gain of 60 percent sequentially. Earnings per share increased from Rs. 0.56 to Rs. 0.90. EBITDA margins expanded from 28 percent to 34 percent, and PAT margin improved from 25 percent to 29 percent.
Year-on-Year (YoY): Compared to Q2FY25, revenue doubled from Rs. 42 crore to Rs. 84 crore, up 100 percent. Operating profit surged from Rs. 10 crore to Rs. 28 crore, a 180 percent increase, with operating margin improving from 25 percent to 34 percent.
Profit before tax rose from Rs. 14 crore to Rs. 32 crore, up 128.6 percent, while net profit grew from Rs. 10 crore to Rs. 24 crore, a rise of 140 percent. EPS increased from Rs. 0.37 to Rs. 0.90. EBITDA margin expanded from 25 percent to 34 percent, and PAT margin rose from 24 percent to 29 percent.
Operational Highlights
Cupid Ltd achieved record quarterly revenue and profitability, supported by broad-based growth in India’s FMCG segment and strong B2B exports. Execution discipline, aided by capacity de-bottlenecking and improved procurement strategies, enhanced on-time delivery and reduced operational constraints. Healthy order visibility and stronger customer relationships provided multi-year momentum.
The new Ring Female Condom is undergoing UNFPA/WHO prequalification, positioning the company to compete effectively in global procurement programs. Strengthened relationships translated into large allocations and order inflows across priority markets. Certification advantages and consistent product quality drove higher win rates in tenders and long-term supply programs. The company’s portfolio continued to gain acceptance across key categories, including condoms, deodorants, fragrances, pregnancy detection kits, hair-removal sprays, almond hair oil, and petroleum jelly.
New launches of facewash and talcum powder are in the pipeline, while wider retail reach across modern trade, general trade, and e-commerce is supporting repeat sales. Continued investments in brand-building and activation are strengthening category awareness and unit economics.
Outlook & Guidance
The company expects the second half of FY26 to outperform H1, driven by strong order visibility and improving execution. For FY26, Cupid reiterates its topline guidance of Rs. 335 crore, with potential upside to be reviewed after Q3.
Net profit for the year is expected to exceed Rs. 100 crore. From FY27 onwards, Cupid aims to emerge as a fast-maturing FMCG player with expanding retail presence in domestic and global markets, supported by key certification milestones, capacity expansion and enhanced distribution.
Management Commentary
Commenting on the performance, Mr. Aditya Kumar Halwasiya, Chairman and Managing Director said:
“Q2 FY26 is a milestone for Cupid—the strongest quarter in our history and, more importantly, a proof-point that our strategy is working across India FMCG, B2B exports, and Diagnostics. What excites me is the quality of growth: brand acceptance in India, deeper relationships and large allocations in exports and certification tailwinds that expand our addressable markets. With capacity expansion and smarter procurement, we are removing execution bottlenecks and building a durable growth engine. We remain on track for our ₹335 Cr topline in FY26 and will reassess guidance during H2 in light of the constructive developments across our portfolio.”
About the Company
Established in 1993, Cupid Limited is India’s premier manufacturer and brand of male and female condoms, water-based personal lubricants, IVD kits, deodorants, perfumes, almond hair oil, body oils, petroleum jelly, and other FMCG products. The company operates with a strong commitment to public health and wellbeing, maintaining ethical business practices aligned with international standards. Cupid has a prominent presence in international markets and is the first company globally to attain WHO/UNFPA pre-qualification for both male and female condoms.
-Manan Gangwar
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