Synopsis: A small-cap wellness products manufacturer has secured a leading role in South Africa’s five-year national procurement program for male and female condoms, ensuring annual financial visibility of Rs. 115 crore. The allocation, set to begin in December 2025, strengthens its global footprint and validates its reliability in international health projects.
The wellness products sector gained investor focus as one of its key players secured a landmark allocation in South Africa’s national procurement program, signaling long term visibility and global recognition.
Cupid Limited, with a market capitalisation of Rs. 6,585.50 crore, opened at Rs. 249 and touched an intraday high of Rs. 256.95 against its previous close of Rs. 241.35, marking a rise of 6.46 percent at the day’s peak. The share has given investors returns of 196.19 percent in the last 6 months.
What’s the News?
Cupid Limited announced that it has secured a leading position in South Africa’s five-year (2025–2030) national procurement program for Female Condoms (FC) and Male Condoms (MC). According to the allocation notifications shared with approved distributors, procurement under this program will commence from December 2025.
Under the allocation, Cupid has been granted 23.4 million units of Female Condoms per year through approved distributors, representing a dominant 59 percent share of the total 40 million units allocated annually among all suppliers. For Male Condoms, the company has received an allocation of 0.77 million boxes per year (200 pieces per box), equating to approximately 153 million pieces annually across different variants.
This allocation provides Cupid with an annual financial visibility of around USD 12.98 million, or approximately Rs. 115 crore, comprising USD 8.89 million (Rs. 79 crore) from Female Condoms and USD 4.09 million (Rs. 36 crore) from Male Condoms. The achievement marks Cupid’s highest-ever multi-year international visibility milestone, further strengthening its leadership position in the public-health supply domain.
Comments from Management
Commenting on the development, Mr. Aditya Kumar Halwasiya, Chairman and Managing Director,
Cupid Limited, stated, “These allocations place Cupid at the forefront of South Africa’s prevention program. We’re working on the ground with our customers and the public-health system to ensure a smooth start in December 2025 and consistent supplies thereafter. This is the highest ever multi-year visibility milestone and a validation of our quality and reliability. This outcome will notably strengthen our international order pipeline and will allow us to exceed our annual guidance given previously. This further reinforces our conviction for the capacity expansion underway at Cupid.
I must thank the South African Authorities for reposing their faith in Cupid and we will work diligently to reaffirm their faith in us.”
Financial Snapshot – Q1FY26
On a quarter-on-quarter basis, the company reported a steady improvement in financial performance. Revenue rose 7.1 percent to Rs. 60 crore from Rs. 56 crore in the preceding quarter. Operating profit grew 23.1 percent to Rs. 16 crore from Rs. 13 crore, while profit before tax advanced 25 percent to Rs. 20 crore from Rs. 16 crore. Net profit also increased 25 percent to Rs. 15 crore compared with Rs. 12 crore in the previous quarter.
Year-on-year, Cupid posted robust growth across all key parameters. Revenue surged 53.8 percent to Rs. 60 crore from Rs. 39 crore in the year-ago period. Operating profit more than doubled, rising 128.6 percent to Rs. 16 crore from Rs. 7 crore, while profit before tax grew 81.8 percent to Rs. 20 crore from Rs. 11 crore. Net profit expanded 87.5 percent to Rs. 15 crore from Rs. 8 crore in the same period last year.
About the Company
Established in 1993, Cupid Limited is India’s leading manufacturer of male and female condoms, personal lubricants, IVD kits, deodorants, perfumes, almond hair oil, and other wellness and FMCG products. The company focuses on public health and well-being while adhering to strict ethical and quality standards aligned with international norms. Recently, it diversified into FMCG categories such as perfumes, deodorants, toilet sanitizers, hair and body oils, and face washes.
-Manan Gangwar
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