Synopsis: Cupid Ltd announced its largest-ever confirmed B2B export order book worth over Rs. 100 crore across condoms and lubricants, to be executed in Q2 and Q3 FY26.
A healthcare products stock advanced in early trade after the company announced record export orders in its core condom and lubricant business, alongside growing traction in IVD kits and new international market expansions. Investor sentiment turned positive on strong revenue visibility, tender wins, and a robust pipeline across Africa, Europe, and Latin America.
Cupid Limited, with a market capitalization of Rs. 4,773.35 crore, opened at Rs. 186.30 against the previous close of Rs. 181.25. The stock’s intraday high reflected a gain of 2.8 percent from the previous close.
What’s the News?
Cupid Limited announced that its current B2B export order book stands at USD 11.5 million (over Rs. 100 crore), spread across three of its key products: male condoms, female condoms, and lubricants. These confirmed orders, slated for execution in Q2 and Q3 FY26, originate from government tenders in South Africa, Tanzania, and Kenya, as well as international agencies WHO/UNFPA and NGOs like MSI and PSI.
In addition, Cupid’s IVD Kits are gaining traction in Africa and Asia, with European market entry expected in Q4 FY26 following CE certification of four kits. The company also foresees substantial orders from Brazil, having secured L1 in a recent tender for 6.25 million female condoms valued at about Rs. 40 crore.
New female condom orders are anticipated from Tanzania, along with supply commitments under South Africa’s upcoming five-year tender beginning Q4 FY26, where Cupid qualifies to supply 100 percent of both male and female condom requirements.
Further, WHO/UNFPA, NGOs, CIS private markets, and other international B2B channels are being tapped via multiple new country registrations and business development efforts across Latin America, Europe, and Africa. Meanwhile, Cupid’s branded B2C FMCG business is preparing for entry into GCC nations, Africa, and the Indian subcontinent during FY26–27.
Diversification
In line with its growth strategy, the company has broadened its portfolio into FMCG offerings, including fragrances (Eau De Perfumes, deodorants, pocket perfumes), personal care items (toilet sanitizers, hair and body oils, hair removal sprays, face wash), and other wellness solutions.
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Capacity Addition
In March 2024, Cupid acquired land in Palava, Maharashtra, enabling a 1.5x expansion in production capacity. The upgraded facility will increase annual output by about 770 million male condoms and 75 million female condoms. The company currently exports to over 110 countries, with a major share of revenue derived from overseas markets.
Management Commentary
Commenting on the development, Mr. Aditya Kumar Halwasiya, Chairman and Managing Director,Cupid Limited, stated, “Our current confirmed order book is the highest in the company’s history from our Top 3 Products, this provides us very strong revenue visibility for the coming quarters.
In addition, the expected female condom orders from Brazil, new tender opportunities in Tanzania, and commencement of the South Africa five-year tender will significantly enhance our international business. Alongside, the growing traction of our IVD Kits and our planned expansion into new B2C international markets position Cupid well for sustainable growth in FY26 and beyond.”
About the Company
Founded in 1993, Cupid Limited is India’s leading manufacturer and brand of male and female condoms, personal lubricants, IVD kits, and a growing range of FMCG products including deodorants, perfumes, hair oils, body oils, petroleum jelly, and wellness solutions.
The company operates with a strong focus on public health, ethical practices, and compliance with international quality standards. The company has a prominent presence in international markets and is the first company in the world to attain WHO / UNFPA pre-qualification for both male and female condoms.
Written by – Manan Gangwar
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