The shares of the Small-cap company, specializing in the manufacturing of sexual and reproductive health products, including male condoms, female condoms, personal lubricant jelly, and In Vitro Diagnostic (IVD) kits, are in focus following a strategic acquisition aimed at expanding into the Middle Eastern luxury market.
With a market capitalization of Rs. 5,299.54 crores on Wednesday, the shares of Cupid Ltd rose by 1.6 percent after making a high of Rs. 199.95 compared to its previous closing price of Rs. 196.75.
Cupid Ltd, engaged in the manufacturing of sexual and reproductive health products, including male condoms, female condoms, personal lubricant jelly, and In Vitro Diagnostic (IVD) kits, has announced that it has entered into a Term Sheet to acquire a strategic stake in Mansam, a Saudi Arabian luxury fragrance brand.
Mansam, founded in 2022 and promoted by Key Notes Trading LLC, is the first Arabian fragrance brand with a vision to expand globally. This investment, facilitated through a fund managed by GII Investment Management Limited, will allow Cupid Limited to strengthen its presence in the lifestyle and consumer sectors, particularly in the rapidly growing Middle Eastern luxury market.
Financials & Others
The company’s revenue rose by 47.07 percent from Rs. 44 crore to Rs. 65 crore in Q1FY25-26. Meanwhile, the Net profit rose from Rs. 8 crore to Rs. 15 crore during the same period.
Cupid Limited, established in 1993, is a trusted Indian manufacturer and global exporter of male and female condoms, personal lubricants, and IVD kits, operating in numerous countries. The company is the first globally to receive WHO/UNFPA prequalification for both male and female condoms and holds ISO 9001:2015 certification and USFDA (510K) clearance.
The company has strong B2B partnerships with organizations like the WHO, UNFPA, and government bodies, driving consistent sales across domestic and international markets. It plans to enter the B2C FMCG space in 2024, launching a range of branded personal care products, including deodorants, perfumes, and toilet sanitizers.
It has over three decades of in-house manufacturing experience, and the company operates in over 110 export countries and has a pan-India presence for its B2C FMCG business. With a network of 55+ super stockists and over 850 distributors, it has more than 1.2 lakh retail touchpoints. The company boasts a sales force of 315+ members and a 100,000 sq. ft. manufacturing facility, employing over 180 staff members with an average of 10 years of experience.
Cupid Limited’s product portfolio for FY25 revenue is dominated by male condoms, which contribute 64% of total revenue, amounting to ₹117.45 Cr. The female condoms category brings in ₹27.53 Cr, making up 15% of the revenue. IVD kits generate ₹12.85 Cr (7%), and other consumer products, including a range of personal care items, contribute ₹25.69 Cr, or 14% of the total revenue.
Written by Sridhar J
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