Synopsis:
Cupid Limited, a leading Indian manufacturer of condoms, IVD kits, and FMCG products, has delivered a 160 percent six-month return, driven by strong exports, rising domestic presence, and diversification into personal care. Robust Q1FY26 results, capacity expansion plans, and a growing international footprint reinforce its long-term growth outlook.
The sexual wellness and personal care industry in India has witnessed a transformation in recent years, with growing awareness, rising exports, and rapid entry into the FMCG space. Investors have taken notice, as stocks from this sector deliver remarkable returns supported by both domestic and international demand.
Cupid Limited, with a market capitalization of Rs. 4,682.07 crore, opened at Rs. 186.30 on 3rd September, 2025. Over the last six months, the stock has delivered an impressive 160 percent return, reflecting strong investor confidence in its growth strategy.
About the Company
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.
With a long-standing focus on public health, the company operates in strict alignment with international standards. In recent years, Cupid has diversified into FMCG by launching perfumes, deodorants, pocket perfumes, hair and body oils, toilet sanitizers, face wash, and other wellness solutions, strengthening its consumer-facing portfolio.
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Operational Highlights
Cupid currently exports its products to over 110 countries, generating more than half its revenue from international markets. The company has built a vast distribution network of over 850 distributors, 55 super stockists, and more than 1.2 lakh retail touchpoints.
Its export business contributes Rs. 93.58 crore, or 52 percent, of total sales. Notably, Cupid was the first globally to achieve WHO/UNFPA prequalification for both male and female variants.
In India, Cupid has strengthened its domestic presence, increasing revenue share from this segment to 52 percent within two years. Its B2C FMCG portfolio is seeing strong traction, with management targeting Rs. 100 crore plus from this segment in FY26.
The business also remains insulated from global trade and tariff barriers, while benefiting from a favourable rupee-dollar exchange rate and a robust international order book and order pipeline.
Cupid’s state-of-the-art 170,000 sq. ft. plant, scheduled for completion by FY26, will expand condom production capacity by 1.5 times and introduce in-house protein synthesis for IVD kits. Post-expansion, the annual output will rise to 1.25 billion male condoms and 125 million female condoms, with incremental additions of 770 million and 75 million units respectively.
Product Categories and Revenue Mix
Cupid derives the majority of its revenue from male condoms, contributing Rs. 117.45 crore, or 64 percent of sales. Female condoms account for Rs. 27.53 crore, or 15 percent, while IVD kits generate Rs. 12.85 crore, or 7 percent. Other consumer products, including FMCG lines, contribute Rs. 25.69 crore, or 14 percent.
The high-margin IVD segment is scaling rapidly with strong domestic demand and global entry, and the company is targeting a fourfold increase in production capacity from one lakh kits per day to four lakh kits per day by 2026. Cupid’s products are already supplied to 120+ ESIC hospitals via the GeM portal, alongside sales through labs and chemists nationwide.
Global Exposure
Cupid has built long-term relationships with the WHO, UNFPA, and health ministries across several countries, becoming the largest supplier of female condoms to the South African Ministry of Health.
It has also secured multi-year tenders in South Africa, Tanzania, Ethiopia, and Kenya. The company is preparing for entry into regulated European markets, expanding OEM business in CIS countries, and pushing into the GCC region’s private market in the UAE and Saudi Arabia.
In Latin America, Cupid supplies to Brazil, Chile, Honduras, and is registering its products in Argentina. In Asia, it is expanding into Bangladesh, Nepal, Bhutan, and the Philippines.
Financial Snapshot
Cupid posted a strong financial performance in Q1FY26. On a quarter-on-quarter basis, sales rose 7.14 percent from Rs. 56 crore to Rs. 60 crore. Profit before tax increased 25 percent from Rs. 16 crore to Rs. 20 crore, while net profit grew 25 percent from Rs. 12 crore to Rs. 15 crore.
On a year-on-year basis, sales jumped 50 percent from Rs. 40 crore to Rs. 60 crore. Profit before tax surged 81.82 percent from Rs. 11 crore to Rs. 20 crore, and net profit nearly doubled, rising 87.5 percent from Rs. 8 crore to Rs. 15 crore.
Shareholding Pattern
As of the latest data, promoters hold 42.51 percent of the company, while foreign institutional investors (FII) own 0.95 percent and domestic institutional investors (DII) hold 0.11 percent. The remaining 56.43 percent is held by the public.
Written By Manan Gangwar
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