Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 15 Oct - Cupid converted 30-lakh Baazar Style warrants into shares at ₹328.25; 56-lakh remain.
Source: Bse
Cupid Limited (CUPID)
Micro CapFMCG stocks · Micro cap · NSE
Cupid Limited is a diversified healthcare and consumer products company with a strong global B2B export presence and a rapidly expanding FMCG business. It is a leading supplier of male and female condoms, personal lubricants, and IVD kits, exporting to over 125 countries, and scaling a branded FMCG platform domestically.
₹336.3
-17.40 · -4.92%
Market cap ₹47,561 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result07 Oct, 06:43 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
57Neutralfull bull SMA stack · SMA20 +12.7% / mo · MACD + · near 52W high · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 84
Sector RS: 18
Sector 3M: -10.2% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CUPIDD candles · FIT view+197.4%Latest close ₹336.30 on 2026-10-19
Bar
-4.9%
RSI
59
MACD hist
1.36
52W pos
90%
2026-10-19O ₹353.70H ₹358.00L ₹333.70C ₹336.30Vol 2.3Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CUPIDNifty FMCGNifty 500
- CUPID
- +62.3%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- +67.8 pp
Chart stats
19 Oct 2026- From 52W high
- -8.8%
- 52W range position
- 90%
- ATR (14)
- 4.8%
- Volume vs 20D
- 0.78x
- Avg traded value
- ₹888 Cr
- 20D price channel
- ₹246 - ₹369
₹369
₹45.4 - ₹369
₹16
Latest completed session
20-session average
63.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +141.5% · PAT +193.3% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model-632.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +142% YoY · PAT +193% YoY · margin expansion · +19% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹157 Cr | +141.5% | +18.9% |
| EBITDA | ₹62 Cr | +195.2% | +24.0% |
| Operating margin | 40.0% | +700 bps | +200 bps |
| PAT | ₹44 Cr | +193.3% | +22.2% |
| PAT margin | 28.0% | +495 bps | +76 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 346.00
- P/B
- 105.67
- EV/EBITDA
- 288.59
- Market Cap
- 47561.00Cr
Profitability
- ROE
- 27.60%
- ROCE
- 33.90%
- ROA
- 24.77%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 75.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 53.33×
- Altman Z
- 8.87
- Book Value
- 3.35
Cash Flow
- FCF Yield
- 0.16%
- FCF Positive Y
- 3/5
- OCF
- 46.00 Cr
- EPS TTM
- 1.02
Shareholding
- Promoter Hold
- 46.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 95%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 358+95.6% vs prev
Net Profit
₹ CrLatest: 108+163.4% vs prev
Return on Equity
%Latest: 24.0+100.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 59. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~11.3% over last month) — short-term momentum positive.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 9% off 52W high · 641% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
99
RS percentile
Stage 2 UptrendEstablished S2
1M return
+26.9%
3M return
+62.3%
6M return
+197.8%
1Y return
+586.1%
RS 1D
0
RS 20D
0
Sector rank
#13
Industry rank
#66
Stage evidence
- Price is 70.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +18.7%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
28 May 2025
S2 age
359 trading sessions
Sector
weakening
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 803.98-3.93%
RS vs Nifty 500804
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth20/25
Quality17/20
Balance Sheet9/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 17/20 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -632.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
346.0
PB
105.7
EV/EBITDA
288.6
ROE
27.6%
ROCE
33.9%
FCF Yield
0.2%
Debt/Equity
0.1
MoS
-632.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-632.7%
Previous: -632.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹8.77
-3735.4% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹45.9
-632.7% MoS
PEG
7.21
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ORKLAINDIA
Micro
Orkla India Limited
Consumer Goods
match 123
53
24.5
11.2%
+44%
FAIR VALUE
DABUR
Mid
Dabur India Limited
Consumer Goods
match 121
42
34.3
17.0%
-285%
WATCHLIST
GODFRYPHLP
Mid
Godfrey Phillips India Limited
Consumer Goods
match 120
77
20.6
23.4%
+54%
DEEP VALUE
GILLETTE
Large
Gillette India Limited
Consumer Goods
match 120
69
35.2
66.5%
+21%
UNDERVALUED
EMAMILTD
Large
Emami Limited
Consumer Goods
match 119
62
21.8
26.2%
+50%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T06:37:52.180Z
Management commentary snapshot
Cupid delivered a historic FY26, surpassing annual guidance with ₹358 Cr revenue and ₹108 Cr net profit, driven by strong execution and demand across exports, FMCG, and IVD. Q4 FY26 marked the strongest quarter ever, reflecting improved operating leverage and sustained growth momentum.
The company has demonstrated strong financial performance, exceeding its FY26 guidance. Strategic investments in FMCG distribution and product innovation, particularly in nitrile condoms and IVD kits, position it for continued growth. The robust order book and secured raw material position provide good visibility, though execution on ambitious FY27 targets and FMCG scale-up remains key.
Current business mix
FY26 Revenue Contribution
Latest issuer-disclosed distribution across 4 reported categories.
Male Condoms51.6%
Female Condoms17.3%
IVD Kits & Lubricants7.1%
New FMCG Products24.0%
Growth engines
Domestic FMCG Distribution
positiveStrategic investment in Baazar Style Retail provides access to 260+ stores, expected to scale to 500+ stores in 2-3 years, targeting ₹150 Cr incremental revenue in FY27.
Nitrile Female Condoms
positiveDevelopment program commenced for nitrile female condoms, a premium segment with higher pricing and global demand for supply diversification.
IVD Portfolio Expansion
positiveReceipt of CE EU IVDR certification for HIV, Hepatitis B, Syphilis, and Pregnancy test kits enhances access to regulated markets and public health programs.
Global Institutional Business
positiveStrongest ever order pipeline across global institutional agencies and government procurement programs, with repeat orders supporting consistent inflows.
Capacity and execution
Condom Manufacturing Capacity
positivePlanned annual capacity of ~1.25 billion male condoms and ~125 million female condoms, with integrated dual-polymer capability.
FMCG Retail Network
positiveDirect access to 260+ Baazar Style Retail stores from day one, with plans to scale to 500+ stores over the next 2-3 years.
Tailwinds
Favorable Currency Environment
positiveElevated USD/INR levels are supporting export realizations for the company.
Strong Raw Material Position
positive6+ months raw material inventory secured, protecting against supply disruptions and input volatility.
Growing Global Demand
positiveCompany is well-positioned to benefit from growing global demand and increasing participation in regulated and emerging markets.
Risk radar
Concentration Risk Mitigation
neutralManagement states diversified markets reduce concentration risk, implying it was a factor previously.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY highlights the significant annual growth and overall business expansion, while QoQ shows the strong sequential momentum in the 'strongest ever quarter' and the ramp-up of new initiatives like FMCG distribution.
Sector KPIs management disclosed
EBITDA Margin
positiveQ4 FY26 EBITDA Margin was 31.27% (vs 23.73% in Q4 FY25). FY26 EBITDA Margin was 32.63% (vs 22.74% in FY25).
Premiumization
positiveCompany commenced development program for nitrile female condoms, a premium segment commanding 25–35% higher pricing.
Distribution Expansion
positiveFMCG products are available across 1.50 lakh+ retail outlets nationwide, including 75,043 chemists and 47,543 cosmetics outlets.
Input Cost Trends
positiveManagement states 6+ months raw material inventory is secured, providing protection against supply disruptions and input volatility.
Management forward view
FY27 Revenue Target
positiveManagement is confident of achieving FY27 revenue target of ₹600 Cr with net margins above 30%.
FMCG Revenue Potential
positiveBaazar Style ecosystem is expected to generate ~₹150 Cr incremental revenue in FY27 and scale up to ~₹500 Cr annually over the medium term.
Global Footprint Expansion
positiveTargeting ~35% expansion in global footprint over the next year, driven by new partnerships and deeper market penetration.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Target | ₹600 Cr | Progress towards ₹600 Cr revenue and sustained net margins above 30%. |
| Baazar Style Retail Store Expansion | 260+ stores | Ramp-up to 500+ stores over the next 2-3 years and associated incremental revenue generation. |
| Nitrile Female Condom Development | Development program commenced | Progress in development, regulatory approvals, and commercialization of nitrile female condoms. |
| Global Footprint Expansion | ~35% expansion targeted | Execution on new partnerships and deeper market penetration in global markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 70th percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
76 docs text-extracted · 53 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · FMCG: 70th pctile, median 79 · Micro: 79th pctile, median 73
Evidence depth
Financial-only
76 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸ROCE is 33.9%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Cupid Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - Cupid expects Q2 FY27 revenue above ₹200 Cr; raises FY27 guidance to ₹800+ Cr revenue and ₹250+ Cr profit.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 26 Sep - Cupid approves conversion of up to 30 lakh Baazar Style warrants for Rs73.86 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Sep - Cupid Limited is hereby informing BSE about Newspaper Clippings of IEPF Notice to Shareholders
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 17 Aug - Cupid appointed Shri Keral Prasad Yadaw as additional independent director for five years from August 17, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug - Cupid Limited is hereby informing BSE about Newspaper Publication for giving Public Notice to the Members intimation that 33rd AGM of the Company will be …
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Jul - Cupid reclassified from BSE Group B to Group A on 11 July 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Cupid Limited is hereby informing BSE about Newspaper Publication - Un-audited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 7 Aug - Q1 FY27 results approved; West Bengal project exploration, cost auditor reappointment, AGM notice, director continuation.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Aug - Q1 FY27 net profit rose 194% to ₹44.15 crore; FY27 revenue guidance raised to ₹725-750 crore.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Jun - Q1 FY27 revenue seen above ₹150 Cr; FY27 guidance raised to ₹660+ Cr, with Palava facility due next quarter.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.